Due in large part to losses associated with Superstorm Sandy, underwriting results last year among surplus lines carriers fell below results of the P&C industry for the first time in more than a decade.
A new report on the market from ratings agency A.M. Best Co. says Sandy-related losses in the surplus market are difficult to measure but 2012 fourth-quarter loss ratios of carriers in this market soared 12 points to 64.8.
Net underwriting losses for the surplus industry topped $1 billion.
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