The U.S. property & casualty (P&C) market continued building on the momentum from the first half of the year into the third quarter, according to Burns & Wilcox, Ltd., which reported insurers and reinsurers remain committed to underwriting profitability through close management of rates, terms, conditions and spread of risk.

While the market is trending up, incoming quarterly earnings reports are showing mixed signs, according to Burns & Wilcox, with some margins seen significant declines, while others met or exceeded estimates. The differing results were primarily due to COVID-19 losses, as some carriers took reserves earlier in the year while others maintained a wait-and-see approach. An extremely active hurricane season, which saw more named storms coming ashore than in any previous year, also had an impact on Q3 results.