Standard & Poor's concedes that its longstanding belief about diminishing reserve releases has not yet come to pass.
But the ratings agency is standing firm in its projection, stating in a recent report, "Commercial-lines reserve releases have nowhere to go but down."
S&P adds, "Most of the reserve redundancies accumulated during the last hard-market cycle—2002-2006—have likely already been released into earnings, so any further earnings benefit should be smaller."
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