The property/casualty industry experienced unprecedented investment losses in 2008 due to the overall worldwide economic downturn. Underwriting results also deteriorated significantly relative to recent history as a result of increased accident-year losses and above-average catastrophe losses.
Fitch's Rating Outlook remains Negative for the U.S. property/casualty industry for both personal and commercial lines insurers. Near-term market fundamentals are not supportive of a return to strong underwriting profits and previous double-digit returns on surplus.
Investment returns are expected to remain inhibited by low yields and recognition of other-than-temporary impairments (OTTI) into earnings. Underwriting performance is likely to suffer from deteriorating accident-year loss experience, and diminished favorable prior period reserve development in 2009.
To access this Special Report, 'Property/Casualty Industry Statutory Results And Forecast, visit the Fitch Ratings Web site at http://us.lrd.yahoo.com/_ylt=AkHCxegzLNY.vM9URZWOGtavMncA/SIG=158e8m9cu/**http%3A//cts.businesswire.com/ct/CT%3Fid=smartlink%26url=http%253A%252F%252Fwww.fitchratings.com%26esheet=5984895%26lan=en_US%26anchor=www.fitchratings.com%26index=1 under Financial Institutions > Insurance > Special Reports.
- The Main Street America Group announced the availability of its new Main Line business owners’ policy (BOP) product and Main Street Station for Commercial Lines quoting and policy issuance system via its independent agent-customers in Massachusetts, Connecticut and North Carolina.
Main Street America’s Main Line BOP property and liability product for the small business owner, now available in seven states, features broader eligibility than its previous BOP. Four new programs — condominium associations, garages, restaurants and light manufacturing — have been added, with 106 new classes. With the existing wholesale, retail, services, offices, apartments and contractor programs, Main Line BOP features a total of nearly 500 classes.
The new product also has significantly increased limits, and 50 new or expanded coverages, including two that are particularly important to small businesses today — employment practices liability insurance and identity theft. Other coverages include contractors’ limited property of others, contractors’ work site limited short-term pollution event, garage extension endorsement and automatic additional insured.
Coverage can be extended with the BOP’s many new options, such as product withdrawal, and condominium directors and officers, and Main Line Extension and contractors’ inland marine endorsements.
Main Street America’s independent agent-customers in Massachusetts, Connecticut and North Carolina can quote and submit new business applications for Main Line BOP on the company’s new Main Street Station for Commercial Lines quoting and processing system. As the new system features automated underwriting, agents will receive an immediate response on eligibility, or notification of referral to a Main Street America underwriter.