NU Online News Service, Dec. 14, 11:12 a.m. EST

On the heels of Fitch Ratings' negative analysis of the insurance industry's near-term future, an analyst with Celent said he is even more pessimistic about the industry than Fitch.

In an interview with National Underwriter, Mike Fitzgerald, senior analyst with Celent, a Boston-based financial research and consulting firm, said he is more negative when it comes to rating the P&C insurance industry, saying that the issue with this soft market cycle is "too much capacity. That's the problem."

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