For the second quarter of 2009, tightening credit spreads and a stock market rally brought about a substantial change in earnings. The Guy Carpenter Global Reinsurance Composite posted an aggregate loss of USD3.5 billion for the first half of last year. For the same period in 2009, it showed an increase of USD4.6 billion. A significant reduction in unrealized investment losses was largely responsible — from USD11.7 billion last year to USD1.5 billion this year (a favorable change of 87 percent). Realized investment losses also contributed, dropping 43 percent to USD1.2 billion.
September 1st, 2009
Posted at 4:00 PM ET
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