Insurer AIG posted a sharp rise in quarterly adjusted profit on Thursday, driven by strong underwriting and a steep decline in catastrophe-related losses from a year earlier when the industry was hit by claims from the Los Angeles wildfires. The New York-based company - one of the world's largest commercial insurers - said general insurance underwriting income more than tripled to $774 million in the first quarter, while catastrophe-related charges plunged 66% to $180 million. Peer Travelers also exceeded analysts' expectations for first-quarter profit earlier this month, as blazes in key states such as California have been markedly lower than a year earlier.