The U.S. property/casualty industry recorded an underwriting profit of $13.2 billion during the first six months of 2005, a substantial gain from the record results posted during the same period last year, A.M. Best Co. announced on Monday.
Robust operating results drove the industry's surplus base to a new high, despite unrealized capital losses, increased shareholder dividends and other losses in surplus as insurers continued to reap the benefits of the hard market. However, these results were driven largely by rate increases earning through on policies that were written in prior periods...
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