U.S. property and casualty insurers' loss reserves appear to have dropped close to breakeven sometime during the second half of 2008, according to a report by Moody's Investors Service.

But the rating service said it has concluded that "overall reserve adequacy is still within reasonable bounds and close to a breakeven level, so that we do not expect to take broad rating actions as a result of this analysis."

The firm noted "a wide range of reserve levels among individual companies" and said "those insurers with significant shortfalls could see their ratings affected, particularly if such a shortfall is combined with other stresses."

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