NEW YORK–Diversification and managing costs are crucial for brokers as they navigate through the current soft market conditions, according to a panel of chief executives from insurance brokerage firms.
Their observations came during the Standard & Poor's "Insurance 2008 Conference: Operating Within a Global Economy," held here yesterday.
Martin P. Hughes, chairman and chief executive officer of Chicago-based Hub International, said he believes this soft market cycle will last longer than many believe, in part because many carriers believe that the market is fine.
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