Specialty commercial insurers continued to post better underwriting results compared with other property/casualty insurers in the first nine months, when the industry's overall results declined compared with the same period in 2010, according to Fitch. The aggregate combined ratio of 47 publicly traded P/C carriers and reinsurers deteriorated to 105.3 so far this year from 96 at the same point last year, Fitch said. A pricing shift is "well overdue,” the ratings firm said, adding that "it remains unclear if momentum will hold for further pricing improvement that is necessary to return the broader market to adequate return on capital levels."

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