Moody's Investors Service announced that it has changed the outlook for the North American property-casualty commercial lines insurance sector to stable from negative.
The New York-based rating firm said its change in outlook reflects the strength of commercial insurers' earnings over the past several years, improvements in risk-adjusted capitalization, and a renewed commitment to underwriting discipline.
Moody's said the change also reflects its view that the number of rating downgrades will be small, driven by company-specific circumstances rather than industrywide fundamentals.
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