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When looking at the property and casualty industry’s performance for the first nine months of 2011, or even just the third quarter, the news is the same: sharply declining profits and underwriting results compared to the same periods in 2010, according to three recent reports.

Fitch Ratings analyzed a group of 47 publicly traded U.S. and non-U.S. insurers and reinsurers through the first nine months of 2011 and found the aggregate net profit was $9.7 billion, compared with a net profit of $26.4 billion during the same period last year.

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