NU Online News Service, June 22, 2:41 p.m. EDT

Keefe Bruyette & Woods says the property and casualty industry is under-reserved for accident years 2008-2011 and most carriers will see a drop-off in the benefit of favorable reserve development going forward.

Accidents years 2002-2007 remain redundant, according to an update issued by the investment bank, but KBW sees many companies taking reserve charges during the next couple of years.

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