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In the spotlight *.

"The insurance cycle is endemic to human nature. Events that can't be predicted tend to influence pricing. Cycles are something that we are going to have to manage our way through."

John T. Sinnott Former Chairman, CEO Current Senior Adviser Marsh & McLennan Cos.

"This industry is unique in that it allows so many players to perform poorly. I think the industry is flawed in that you've got to look at your costs, and price your products right to get the return you want."

Joe Plumeri Chairman and CEO Willis Group

"What does stagger me is that there are people out there in the industry who are remunerated on the basis of their premium income or their market share rather than their profitability."

Nick Prettejohn Chief Executive Lloyd's

"Effective risk management creates a value for the business and the shareholders. And we need to be able to articulate that value."

Patrick Thomas European Development Director Aon Risk Services International

"In my opinion, the CEO of every insurance company should be held personally responsible for his underwriters' performance. They have the responsibility for leading the troops."

Michael I.D. Morrison Vice Chairman Allied World Assurance Co. Ltd.

"Captives serving industry tend to wax and wane with the ups and downs of the market. Many association captives, for instance, had gone dormant until about two years ago. Now, many are being revived and are writing business again."

David Ezekiel President, Managing Director International Advisory Services Ltd.

"Many companies may have chosen to be conservative in their loss picks in 2003 and even 2004 because of what happened in the last cycle, and they don't want a repeat of that."

Maurice R. "Hank" Greenberg Chairman American International Group

"The era where seniors have to worry about whether they'll pay for their prescriptions or other basic necessities--that's over. These cards are going to allow seniors to get some long-overdue help with their prescription costs."

Mark McClellan Administrator Centers for Medicare & Medicaid Services

"We're an industry that has about 8% of the world's gross domestic product, but only 5% of the market capitalization. That's not a good indicator."

John Coomber Chief Executive Officer Swiss Re Group

* Excerpted from BestWeek
COPYRIGHT 2004 A.M. Best Company, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:Comment
Publication:Best's Review
Geographic Code:1USA
Date:Jul 1, 2004
Words:363
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