NEW YORK--While enterprise risk management and predictive underwriting models should theoretically dampen cyclical pricing swings, it's na?ve to think property-casualty insurance management teams will universally follow their indications, executives said here.

Their comments came during a panel discussion at Standard & Poor's 2007 Insurance Conference.

Ramani Ayer, chairman and chief executive officer of The Hartford, said "tools are only one part of the game. Management will--management resolve--is the key differentiator in terms of when we decide that terms are unacceptable and we'd better stop kidding ourselves."

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