Conning: another P/G profit predicted in '05.

Conning Research and Consulting Inc. is predicting another year of underwriting profits in 2005, but expects a downturn in 2006, according to a study released by the firm.

"Higher prices, tighter covers and more effective deductibles are the key contributors to industry performance in the 2004-2005 period," Stephan Christiansen, director of research at Conning, said in a statement. "Despite a softening market, we fully expect that the underwriting profits of 2004 will continue at least into 2005."

The property/casualty industry posted its first underwriting profit in 26 years in 2004.