A group of global reinsurers tracked by Fitch Ratings have improved their reinsurance calendar year combined ratio to 85.4 percent in 2013, compared with 89.3 percent in 2012.
This improvement is largely due to lower catastrophe-related losses, according to Fitch's Global Reinsurance Results Dashboard. All reinsurers in the group posted combined ratios below 100 percent.
Solid underwriting profitability was offset by an adverse change in unrealised investment gain/loss position on fixed maturities and capital market activity, resulting in muted shareholders' equity growth in 2013.
In addition, the group of insurers experienced only marginal growth in overall reinsurance premiums written, as underwriting opportunities were limited, although the individual company growth varied considerably.
Munich Reinsurance Company and Swiss Reinsurance Company maintained their positions as the top two largest global reinsurers.
