In a review quarterly earnings, Keefe, Bruyette and Woods found the property/casualty space performed very well in the first quarter of 2012.

KBW’s “1Q12: Surprising Strength in P&C” found exactly that in a review of 55 non-life insurance stocks, although the company says that strength is unlikely to be repeated. KBW also expects mixed results for the rest of the year and a “wide divergence between winners and losers.”

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