Global reinsurers performed well in first-half 2021, expanding their capital base and achieving exceptionally strong premium growth, according to Willis Re’s latest Reinsurance Market Report.

Dedicated capital for the global reinsurance industry came in at $688 billion for the first six months of 2021—up 4 percent from December 2020. Willis Re said the rise was driven primarily by strong net income.

Meanwhile, global reinsurers achieved 15 percent premium growth in first-half 2021, aided by price increases at both the primary and reinsurance levels. Willis Re said the growth rate is the strongest it has seen at the half-year stage since it began producing this analysis in 2014.

The weighted average reported combined ratio was 94.1, a dramatic improvement from 104.1 in first-half 2020.

The reported ROE went from minus 0.7 percent in first-half 2020 to reach 13.9 percent, while the underlying ROE more than doubled to reach 6.3 percent.