Insurers roared back to profitability in the third quarter, possibly bolstering a pillar of buy-side support for tax-exempt municipal bonds.

The property and casualty insurance industry reported $11.47 billion in pretax operating income in the third quarter, the Property Casualty Insurers Association of America said in a report yesterday. The industry lost $1.48 billion in the third quarter last year, according to the group.

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