Now in the P&C industry, we all know better than to expect an immediate turnaround in underwriting results. But as our actions take hold, improvements will accelerate, we believe. Everyday, these businesses are decreasingly affected by prior decisions and increasingly improving as a result of our corrections. As we've shared with you, some of these 7 businesses are already on their way to reaching appropriate margins. And at the same time, as we have emphasized, we are watching all of our businesses with intense focus, always on the lookout for anything that warrants special attention or greater opportunity to expand our profit.Turning to another source of confidence. Pricing improved in each month of the first quarter. To use the metric that many of our peers report, North American Property & Casualty rate growth was 5% in the first quarter and rate achievement was accelerating throughout the quarter. I'll ask Greg and Jamie to elaborate, but we feel very comfortable that our positive rate change will continue. We are a long way from regaining the ground lost over the past 10 years, but as the momentum moves in the right direction, we believe XL is well positioned to benefit from this rate movement.
XL Group's CEO Discusses Q1 2012 Results - Earnings Call Transcript
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