It has been a rough decade for regional insurers, as a Fitch Ratings performance review of the last decade shows regionals lagging behind other types of insurers in two key metrics. 

The analysis, "Property/Casualty Insurers' Long-Term GAAP Performance Review," breaks the past decade down into two five-year periods — 2002-2006, and 2007-2011 — and measures average net income return on equity (ROE), and compound annual growth rate (CAGR) in book value per share (BVPS).

Fitch notes that, overall, industry profitability deteriorated in the second half of the decade compared to the first, with average net income ROE falling to 8.9 percent in the latter five years compared to 11.6 percent in the 2002-2006 period for the five P&C sectors analyzed: diversified, regional, specialty, personal and reinsurance. 

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