During the first three months of 2013 private insurers in the U.S. turned an underwriting profit for the first time since the 2009 fourth-quarter.
According to ISO, a Verisk Analytics company, and the Property Casualty Insurers Association of America, insurers' first-quarter underwriting income was $4.6 billion compared to a net loss on underwriting of $100 million during the same time in 2012.
In his commentary on the results, Robert Hartwig, president of the Insurance Information Institute, says profitability was "propelled chiefly by growth in premiums, a reduction in catastrophe losses and favorable prior-year reserve development."
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