Underwriting results for the Guy Carpenter European Composite were less positive in 2008 than in 2007, with earnings mitigated by hurricane losses. Still, most groups had combined ratios of below 100 percent, with only two companies reporting technical losses in the first nine months. The simple average of Europeans’ nine month combined ratios was 98.8 percent. For comparison, in the first nine months of 2007, only Hannover Re reported a combined ratio above 100, and the simple average of combined ratios was 92.3 percent.
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