American Re Posts $88.5M Net Income

American Re Corp. on Monday reported $88.5 million in first-quarter 2005 GAAP net income, compared to $80.9 million in first quarter 2004. On March 31, the statutory surplus of the Company's reinsurance and insurance subsidiaries was $3.49 billion, representing a 3% increase in statutory surplus from $3.39 billion on Dec. 31, 2004. For the first three months of 2005, gross written premiums were $954.1 million, a 2.2% decrease from $975.3 million for the first quarter of 2004. The company's GAAP combined ratio for the first quarter was 90.8%, compared to 100% in 2004. The accident year co...