WASHINGTON--Stronger support for their mortgage-backed securities holdings makes the government's decision to place mortgage giants Fannie Mae and Freddie Mac into conservatorship a net positive to publicly held property-casualty insurers and reinsurers, according to a new report by Credit Suisse analysts.

That is so even though the prices of the companies' common and preferred stock are a shadow of their former value, according to their study.

At the same time, Credit Suisse analyst Vinay Misquith acknowledged a "concern" about the losses from steep declines in Fannie and Freddie common and preferred stock on the balance sheets of a number of publicly held p-c insurers and reinsurers.

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