In industry news:

The U.S. property/casualty industry posted a first-quarter 2017 net underwriting loss of $841.5 million, according to preliminary financial results from A.M. Best, continuing the industry’s underwriting loss trend seen in 2016. The first-quarter loss was significantly less than the $2.0 billion net underwriting profit reported in first-quarter 2016, and was the only first-quarter underwriting loss reported in the last five years. The data for the report titled, “A.M. Best First Look—1Qtr 2017 U.S. Property/Casualty Financial Results,” is derived from companies’ three-month 2017 interim statutory statements that were received as of May 17, 2017, representing an estimated 96 percent of the total property/casualty industry’s net premiums written.

Read more via Insurance Journal here.

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