A.M. Best: Resurgent Catastrophe Losses Hit P/C Industry in Q1

High levels of catastrophe losses led to a deterioration of underwriting results for the U.S. property and casualty industry in the first quarter of 2016, according to an A.M. Best report. The industry posted an underwriting gain of $2.1 billion for the quarter, down from $3.9 billion in the first quarter of 2015. The resulting combined ratio of 97.4 was 1.6 points worse than the 95.8 posted last year, according to the report. First-quarter catastrophe losses were at the highest level since 2011, according to A.M. Best. Net investment income and realized gains also fell in the quarter ...