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2009 U.S. Commercial Lines Outlook: Catastrophe And Investment Losses Could Lead To A Less Competitive Market Dec 08
Standard & Poors, Dec 2008
Abstract
The U.S. commercial property casualty (p/c) sector might be glad to see 2008 wind down if only the prospects for 2009 were any better. Ongoing price declines for commercial lines, substantial second-half catastrophe losses incurred as a result of such events as hurricanes Gustav and Ike and the wildfires in California, decreased investment income, and very substantial increases in unrealized capital losses added up to make for tough going in 2008. Unfortunately, it doesn't look like things are going to get much better anytime soon. Reflecting our concerns, Standard & Poor's Ratings Services is maintaining its negative outlook for the U.S. commercial lines p/c sector into 2009. Many of these difficult conditions led us to change our sector outlook to...
Companies mentioned in this report are: American International Group Inc.,Cincinnati Financial Corp.,Safeco Corp.,Old Republic International Corp.,Liberty Mutual Insurance Co.,Fireman's Fund Insurance Co.,Munich Reinsurance Co.,ACUITY a Mutual Insurance Co.,Fairfax Financial Holdings Ltd.,QBE Insurance Group Ltd.,Mapfre S.A.,Tokio Marine Holdings Inc.,Liberty Mutual Group Inc.,Praetorian Financial Group Inc.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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