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Despite a slew of catastrophe losses, property-casualty insurers last year posted their first underwriting profit in 26 years, totaling $5 billion, according to a study by the Insurance Services Office (ISO) released today.

Jersey City-based ISO said those results came in the face of slowing premium growth, and that insurers’ net income after taxes and overall profitability rose for the third consecutive year as surplus climbed to a record high.

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