The agency commented that insurers had defied expectations through 2006 and into 2007 with strong results against a background of softening rates and intense competition.
Fitch said that this signaled hopes that some of the lessons of previous soft cycles had been learned, although it remained imperative for insurers to continue to retain their discipline at all stages of the underwriting cycle.
"Insurers have demonstrated effective capital management to put them in a position of strength at
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