In its new Global Reinsurance Results Dashboard, Fitch Ratings says that the group of global reinsurers that it tracks improved their reinsurance calendar year combined ratio to 85.4% in 2013, compared with 89.3% in 2012, benefiting from lower catastrophe-related losses. All reinsurers in the group posted combined ratios below 100%.
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 are limited, although individual company growth varied considerably. Munich Reinsurance Company and Swiss Reinsurance Company Ltd. maintained their positions as the top two largest global reinsurers.