Auden, CFA Managing Director +1 312 368 3146 Fitch Ratings,

Better Profitability on Pricing canada goose coats Improvement Canada Goose Jackets Promotes Stable P

property/casualty insurance industry Canada Goose Online in 2014. In canada goose black friday sale addition, the fundamental buy canada goose jacket cheap sector outlook is stable based on expectations for a second consecutive Canada Goose Coats On Sale year of underwriting profits in 2014, with a canada goose modest reduction in cheap Canada Goose projected underwriting performance and earnings for the year. In a canada goose outlet store locations new Outlook Report, Fitch discusses the rationale Canada Goose sale for its market outlook and key factors that will influence insurer performance in the near term. Insurers have benefited from higher Canada Goose online premium rates in nearly all commercial and personal lines over the last two years. This trend has fostered a return to strong premium growth and meaningful canada goose replica loss ratio improvement. Core underwriting improvements, combined with a sharp reduction in canada goose store insured losses from natural catastrophes will lead to a 2013 industry combined ratio of 96.4% versus 103.2% canada goose outlet toronto factory in 2012. This result represents the best underwriting year since 2007, and only Canada Goose Parka the fourth year in the last 35 with an aggregate combined ratio below 100%. The industry return canadagoosejackets7v on surplus is projected at 8.5% in 2013 which exceeds the long run historical average of 8%. Looking forward, there are growing signs that the recent hardening phase of the market underwriting cycle has peaked. Recent premium movements remain positive, but the magnitude of rate changes is declining in many areas. A further flattening in pricing is more likely in canada goose coats on sale the latter half of 2014 as underwriting capacity remains abundant and will likely spur heightened market competition for buy canada goose jacket business. Fitch is projecting modest deterioration in underwriting performance in 2014 with an industry statutory combined ratio of 97.3%. The recognition of recent favorably priced business into earned premiums will foster core loss ratio improvement, but this will be offset by an anticipated return cheap Canada Goose Jackets to historical loss levels from natural catastrophes and a reduction in favorable loss reserve development from prior underwriting periods. Reduced underwriting Canada Goose Outlet profits and strain on investment income from low portfolio yields will lead to reductions in net earnings and return on surplus is projected at 7.4% in 2014. Industry policyholders’ surplus will reach record levels at yearend 2013. Fitch canadian goose jacket believes that the industry’s capital position remains strong based on several quantitative measures. As such, a change to 2018 canada goose outlet a negative rating outlook is less likely in the near term, barring a sharp decline in capital from severe catastrophe losses and/or investment market declines, or an interest rate/inflation canada goose clearance shock that leads to large losses from not only asset value declines but also underwriting losses from reserve deficiencies and pricing inadequacy. Contact: James B. Auden, CFA Managing Director +1 312 368 3146 Fitch Ratings, Inc. 70 W. Madison Street Chicago, IL 60602 Christopher A. Property/Casualty Insurance here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. PUBLISHED RATINGS, canada goose clearance sale CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES canada goose deals AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.