P&C sector slides to Q1 US underwriting loss: AM Best

Property and casualty insurers in the US swung to a first
quarter underwriting loss while National Indemnity Company's
retroactive reinsurance deal with American International Group
dramatically reduced the sector's net income for the period,
according to AM Best.
At the same time, a sharp increase in catastrophe losses mostly
tied to severe weather also eroded profits.
Offsetting factors included a 6.3 percent increase in favourable
reserve development and a 9.5 percent jump in net investment
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