Member companies of the Association of Bermuda Insurers and Reinsurers (ABIR) saw their profits increase in a year of low catastrophe activity.

Releasing 2013 underwriting results on Thursday, ABIR said profits totalled $11.7 billion in 2013 for the 18 of 21 member companies that participated in its survey, up from $9.4 billion in 2012.

The 18 re/insurers wrote $70.1 billion in global gross written premium (up from $66.4 billion in 2012) on a capital and surplus base of $95.4 billion (up from $95.2 billion in 2012).

The gross premium to equity ratio for the group remained at 0.7 to 1.

“The $11.7 billion in net income demonstrated earnings power during a year characterised by low catastrophe losses,” ABIR president Bradley Kading said.

“But this number was still below net income reported by the membership in 2009.

“ABIR members reported their largest group total equity base in the eight years in which data has been collected, even though the number of members reporting was reduced by one due to an acquisition completed in 2013.

“ABIR members have welcomed the interest of alternative capital providers including pension funds into the risk taking business and have focused in 2013 on expanding markets given the availability of new capital in taking on insurance and reinsurance risk.”

The companies underwrite out of centres in Europe, Asia, and North and South America, as well as Bermuda.

Ace Ltd, which has grown out of its Bermuda roots into a major global player with headquarters now in Switzerland, accounted for nearly a third of gross premiums written by the group ($22.8 billion) and a similar proportion of net income ($3.7 billion).

XL Group was the only other company to top $1 billion in net income ($1.06 billion) and chalked up $7.7 billion in gross premiums.

PartnerRe, with $5.6 billion in gross premiums written, and Catlin, with $5.3 billion, were the only other companies among the group to top $5 billion.

Also notable was that Aspen Insurance Holdings and its suitor Endurance Specialty Holdings wrote almost identical amounts of business. Aspen’s gross premiums totalled $2.65 billion, while Endurance’s totalled $2.66 billion.