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October 20, 2004 at 08:00 PM
Ordinary reinsurance in force grew to $5.65 trillion last year
By Jim Connolly
Total U.S. ordinary reinsurance assumed has remained relatively constant, according to several years of data culled from an annual survey jointly sponsored by Munich American Reassurance Corp., Atlanta, and the Society of Actuaries, Schaumburg, Ill.
In 2003, total ordinary reinsurance assumed was $1.29 trillion compared with a $1.3 trillion total in 2002. The corresponding figures for prior years were $1.54 trillion in 2001, $1.19 trillion in 2000, and $980.2 billion in 1999.
Among the changes that occurred in the 2003 survey was the merging of the totals for Allianz Life Insurance Company of North America and Reinsurance Group of America. In December 2003, RGA completed the purchase of the life reinsurance business of Allianz. In 2002, Allianz posted total reinsurance assumed of $54.8 billion and RGA, $138.3 billion. In 2003, the combined production was $197.4 billion including $71 billion in production from Allianz.
Other significant changes, according to the survey, include sizeable increases in totals of reinsurance assumed by ING Re and Munich American Re. For ING Re, the total climbed to $167 billion in 2003 compared with $144.2 billion in 2002. Munich American Re experienced growth that increased total ordinary reinsurance assumed to $118.5 billion in 2003 from $90.6 billion in 2002.
