Property-casualty insurers' investment income should be up in2008, but pricing for all lines and reinsurance should be down,according to a recent analysis by a leading investment firm.

The report, with estimates for 2008 and 2009 by New York-basedMerrill Lynch, states that despite falling prices, the firm is “notexpecting an irrational price war to emerge and price declinesshould stay in the single digits for most lines of business.”

For brokers, Merrill Lynch said the pricing outlook means theirrevenues will remain under pressure through 2009 with organicgrowth in the low- to mid-single digits with “some improvement inoperating margins.”

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