US reinsurers made a combined profit of $US3.7 billion ($3.56 billion) in the six months to June 30 – up substantially on the previous corresponding period when they were hit by earthquake, tsunami and flood losses.

The Reinsurance Association of America surveyed 19 companies, which reported a combined profit of $US1.66 billion ($1.6 billion) in the first half of 2011.

The companies’ collective combined ratio was 91.5% in the first half of this year, compared with 116.2%.

They wrote $US21.8 billion ($21 billion) of gross written premium, up from $US20.6 billion ($19.9 billion).

All but three companies posted profits, although eight had combined ratios above 100%.

The expense ratio was 31%, compared with 29% for the corresponding period last year.

QBE North America overtook Swiss Re to become the second-largest company in terms of gross written premium, at $US3.2 billion ($3.1 billion). Its combined ratio was 100.4% and it reported a net profit of $US74.73 million ($72 million).