Let The Bean Counters Beware

To The Editor:

I see that you folks agree with the assessment by Julian James, director of worldwide markets at Lloyd’s, that the insurance industry should put an end to its cycle mentality. (See “Will Insurance Cycles Endure?” in the Nov. 11, 2002, “Editorial Comment” on page 32.)

Insurance company management began its serious decline after the start of the “cash flow” craze in the late 1970s. The concept allowed insurance companies to value financial wizards to the detriment of knowledgeable managers who understand the complex business of insurance.

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