NU Online News Service, March 22, 1:15 p.m. EST

As a further sign the insurance-pricing cycle is beginning to shift, Moody's Investors Service says some companies are reporting strong growth in excess and surplus lines business, generally a sign that standard-market carriers are tightening underwriting and shedding business.

Moody's makes the observation in a Special Comment released today that reports 2011 U.S. property and casualty net income for Moody's-rated companies was down 33 percent compared to 2010, due largely to catastrophes.

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