The Reinsurance Association of America (RAA) says members recorded a net profit of $US7.5 billion ($8.26 billion) in the first nine months of the year, up from $US5.88 billion ($6.47 billion) on improved underwriting income.

The group, comprising 20 US reinsurers, booked gross written premium (GWP) of $US32.71 billion ($36.02 billion), down from $US34.04 billion ($37.48 billion) in the corresponding period last year.

Group member QBE North America reported net profit of $US79.11 million ($87.12 million), up from $US61.1 million ($67.25 million), and GWP of $US4.87 billion ($5.35 billion), down from $US5.45 billion ($5.99 billion).

RAA members’ overall combined ratio was 85.8%, compared with 91.8% in the corresponding period last year. The loss ratio was 56.5%, moving from 62.7%, and the expense ratio was 29.4%, compared with 29.1%.

RAA underwriting income was $US2.61 billion ($2.87 billion), up from $US1.35 billion ($1.48 billion).