NU Online News Service, June 8, 2:45 p.m. EDT

Despite all the catastrophes of 2011, the year as a whole was income statement-driven—an earnings event—rather than a capital and surplus event.

Industry observers have declared as much, and a report on first-quarter results from 50 large U.S. property and casualty insurers followed by ALIRT Insurance Research, collectively called the ALIRT P&C Composite, would appear to back up the statements—and point to yet another reason many are tempering outlooks that a hard market is upon us.

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