National Indemnity losses dent reinsurers’ total profits

US reinsurers’ pre-tax income for the first nine months was down $1.5bn as a result of losses at the Berkshire unit

The US non-life reinsurance industry posted a substantial increase in underwriting profits in the first nine months of 2007 but overall profitability for the sector was down on the prior-year period, largely due to non-operating losses incurred by one major player, according to a survey of statutory results by the Reinsurance Association of America (RAA).