Insurers of commercial lines have proved to be the insuranceindustry's earnings stars in the first quarter, according to Bankof America.

Brian Meredith, a securities analyst for the bank, said that 80percent of commercial lines insurers in his coverage universe havereported upside surprises due to good underlying underwritingresults, reserve releases and light catastrophes losses.

He said Arch Capital, Renaissance Re and Montpelier Re performedabove expectations in net premium growth and earnings, while therest of the insurance universe had less than stellar growth.

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