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S&P says it believes overall property and casualty reserves are adequate, and does not believe that recent reserving troubles at QBE Ltd., Tower Group International, and Meadowbrook Insurance Group are indicative of an overall trend for the industry.

The 2014 outlook for the global P&C industry is stable thanks to expected premium growth from the economic recovery and stable-to-rising penetration rates, says Moodys Investors Service.

Moodys reduced QBEs issuer and senior unsecured debt ratings to Baa2 from Baa1, following Mondays announcement by QBE in which the Australia-based property and casualty firm reported the expected losses related to the writedown of intangible assets of some $930 million.

The 2014 outlook for the global P&C industry is stable thanks to expected premium growth from the economic recovery and stable-to-rising penetration rates, Moodys says. Meanwhile, Fitch says the U.S. insurance-broker industry also has a stable ratings outlook for 2014

U.S. property and casualty reserve releases have held steady over the past five years, but the composition of reserve development has shifted since 2008, with personal-lines releases increasing while commercial-lines releases have retreated, according to Moodys.

Specialty insurer Assurant, Inc. says it will purchase U.K. mobile phone insurance insurer Lifestyle Services Group for $160 million, a move Moodys Investors Service says should help diversify Assurants sources of net operating income over time.

The U.S. personal lines insurance industry remains financially sound despite significant catastrophe losses last year from high frequency, low-severity events and Superstorm Sandy, Moody's Investors Service says.

Moodys reports its rated commercial lines insurers are indicating a reduced appetite for risk.