NEW YORK–Industry leaders need to get the message to front-line underwriters to maintain pricing discipline, but even that won't prevent inevitable soft markets–or a potential competitive pricing 'bloodbath' as early as October, CEOs said here.
Speaking at the Standard & Poor's Insurance Conference in New York, the chief executives–Ed Kelly of Boston-based Liberty Mutual, Martin Sullivan of New York-based American International Group, and Dinos Iordanou of Bermuda-based Arch Capital Group–sounded more pessimistic than S&P's analysts, who have stable outlooks on all sectors of the property-casualty industry.
"We don't seem to learn from the mistakes of the past. That's a fact," said Mr. Sullivan, responding to a question from panel moderator Thomas Upton, a managing director for S&P.
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