[0] Fitch Publishes Report On P&C Insurers Nine-Month Results.

Business Editors

CHICAGO--(BUSINESS WIRE)--Dec. 3, 2001

Fitch has published a new report that reviews the nine-month 2001 reported GAAP results for the larger property/casualty insurers to assess operating performance thus far this year and to get an early indication of results for full-year 2001 and beyond.

Based on its analysis, Fitch believes that the property/casualty industry is headed towards its worst underwriting year ever as the losses from the events of September 11 added severely to what was already shaping up to be another disappointing year for the industry. Heavier than normal catastrophes through six-months combined with significant reserve strengthening at several companies had already dashed hopes that 2001 performance would show even a modest improvement over a lackluster 2000.

However, such horrific results will likely set the stage for a sharp hardening of the property/casualty market in 2002, building on already favorable marketwide pricing trends.

Fitch will provide a more complete review of 2001 and estimate of 2002 underwriting results and industry outlook in its `Review & Outlook: 2001-2002 U.S. Property/Casualty Insurance' report that will be published in January 2002.

A full copy of this new report titled `U.S. Property/Casualty Insurers Nine-Month 2001 Results' is available within Fitch's Web site located at `www.fitchratings.com' or by contacting Products & Services at 212/908-0800.