NU Online News Service, July 21, 3:10 p.m. EDT
The common assertion that the level of prior-year loss-reserve releases declined last year is not entirely correct, according to a recent compilation of reserve changes that excludes the impact of one large carrier's reserve hike.
National Underwriter, using data from year-end statutory filings now available in the aggregate and on a group basis through Highline Data, an NU data affiliate, finds the level of prior-year takedowns for the property and casualty industry neared $17 billion for the second consecutive calendar year, if a $5 billion prior-year boost from Chartis is excluded from the totals.
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