New York — The U.S. property/casualty insurance industry reported mixed results in the first six months of 2008, according to a Fitch Ratings Ltd. report, “Property/Casualty Insurers' Mid-Year 2008 Results Review,” released yesterday. Profitability declined due to poor investment performance and deteriorating accident-year underwriting results, which were partially offset by favorable prior years' loss reserve development.
A number of insurers also experienced declines in GAAP common equity during the first half of 2008, largely as a result of significant unrealized investment losses following equity market declines and widening credit spreads that caused unfavorable mark-to-market adjustments in both insurers’ and reinsurers’ investment portfolios.
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