Industry leaders need to get the message to front-line underwriters to maintain pricing discipline, but even that might not prevent a pricing "bloodbath" this fall if the hurricane season is moderate, CEOs here warned.

Speaking at the Standard & Poor's annual insurance conference, the chief executives--Edmund Kelly of Liberty Mutual, Martin Sullivan of 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 the panel's moderator, Thomas Upton, a managing director for S&P.

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