Look for big numbers from the property/casualty sector of the insurance industry for full-year 2009. Light catastrophe losses were a big help, leaving more cash in the coffers to benefit from the recovering financial markets following the September 2008 crisis. Reinsurance companies, in particular, will benefit from the light catastrophe activity of 2009.

Among 52 publicly traded insurance companies, rating agency Fitch reports, the incurred loss ratio fell to 65.8%, a decline of 1.8 percentage points, and the expense ratio increased to 28.5% (up 0.6 percentage points). This caused underwriting profits for the entire group to improve, as indicate by the overall combined ratio of 94.3% for 2009, down from 95.5% in 2008 (a lower combined ratio s a positive development).

The rest of the world is going to help U.S. consumer product manufacturers next year. Look for international growth to push the likes of Colgate-Palmolive (CL), Avon (AVP) and Clorox (CLX) higher in 2010, according to Fitch Ratings. In an interview with Reuters, a director gave the Fitch's outlook for consumer goods.

The household and personal care segments increased revenue every year from 2003 to 2008. So, 2009 was but a bump in the road. Even in a recession, you need toilet paper and shampoo, so expect the spending to come back.

Traditionally, private equity firms have focused on brick-and-mortar companies. The targets are often underperforming – yet have strong cash flows and stable contracts.

But, recently, private equity firms have moved to tech companies. And some of the deals have been huge, such as the $17.6 billion buyout of Freescale Semiconductor, Inc. (NYSE:FSL) and the $11.4 billion Sungard buyout.

So, is this the beginning of a major trend?

The answer is "no" from a top credit analysis firm, Fitch Ratings.

Why?

First, tech companies are not ideal for loading-up the balance sheet with debt. That is, the free cash flow tends to be too low – or too erratic. Besides, there is "technology risk," in which a company's products can become obsolete from intense competitive forces.

Next, because of the dot-com implosion, many tech companies have already restructured operations. In other words, there is little opportunity for improvement that a private equity can provide.

Despite all this, Fitch did find a few attractive candidates for buyouts: CA, Inc. (NYSE:CA), Convergys Corporation (NYSE:CVG) and even Dell Inc. (NASDAQ:DELL).

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Financial Statements.