"Florida insurers especially benefitted from a decline in non-named storm catastrophe losses, which did not recur at the same level as the first half of 2017," Director Christopher Grimes said in a statement. (Photo: Shutterstock)

Mid-year results for both U.S. property & casualty (P&C) insurers and reinsurers show sectors on the mend following a trying 2017, according to a new report from Fitch Ratings.

Operating performance moderately improved for P&C insurers and reinsurers during the first half of the year thanks to improved core loss ratios, lower catastrophe-related losses and lower taxes — the group's overall effective tax rate declined to 17.4% in the first half of 2018, compared with 24.5% in the first half of 2017, due to the recently enacted U.S. Tax Cut and Jobs Act — along with favorable movement in loss reserves. The group operating return climbed to 8.0%, up from 6.8% in the prior year.

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Denny Jacob

Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].

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