TITLE
"Relationships between Property-Liability Insurance Stock Returns and the Business and Underwriting Cycles," Journal of Insurance Issues,   M. Carol Lancaster and Mark L. Cross. March 1994, Vol. XVII, No. 1, pp. 89-106.

ABSTRACT
This research examines quarterly excess returns for a property-liability (P&L) insurance stock portfolio over the period 1975-90. The excess portfolio returns are not correlated with the general business cycle. This study concludes that excess returns do occur during periods of increased underwriting profitability.