Fitch Sees More Downgrades for 2000

The international rating agency, Fitch, revised its near-term ratings outlook for the U.S. P/C industry from stable to negative. Deteriorating results among many insurers with marginal financial strength is outpacing growth among stronger companies. Fitch has downgraded eight companies this year and upgraded only three, reflecting continued poor P/C underwriting results. In January, Fitch analysts projected a record 106% combined ratio for the overall P&C industry in 2000. The revised predictions have the full-year combined ratio at closer to 110%-111%, based largely on a first-half ratio ...