Combined ratios north of 130 for directors and officers insurance in the not-so-distant past haven't led underwriters to swear off the business, but they're picking their spots to try to turn a profit.

Still, it's no easy task, and 1,400 attendees at a D&O seminar listening to insurance and reinsurance experts speak yesterday heard the panelists admit they may be fooling themselves to think profits are possible.

Moderating the panel of underwriters at the Professional Liability Underwriting Society D&O Annual Conference in New York, Chris Cavallaro, a broker with ARC Excess & Surplus in Garden City, N.Y., asked, "Why are you still in the business?"

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