Property and casualty insurers in the US enjoyed a $1.7 billion increase in capital gains during the first quarter of 2003, thanks to a reduction in underwriting losses. According to Weiss Ratings, the figures reflect a 118% improvement over the  $683 million recorded at the same time last year.

Premiums in the first quarter of 2003 rose $18.7 billion to $160 billion compared with  $142 billion at the same time last year. These results, combined with reduced underwriting losses and an increase in net income from $9.3 billion in 2002 to $12.1 billion this quarter, have eased the pressure on insurers across the US.

One in particular, the Berkshire-Hathaway group, accounted for 62.8% of the industry’s first quarter share, earning over $1.2 billion. Other winners included Swiss Reinsurance America Corp., American Re-Insurance and General Reinsurance Corp.