NU Online News Service, Nov. 23, 10:22 a.m. EST
On the heels of a report from one rating agency showing that U.S. property and casualty results are down for the first nine months of 2011 compared to 2010, another rating agency reports that 2011 third quarter net income for its rated companies, at $1.6 billion, is also down sharply from the 2010 third quarter, when net income was $5.4 billion.
In a Special Comment, Moody’s Investors Service says the drop is due largely to catastrophe losses, but points out that the companies collectively were able to report a net profit.
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