ORLANDO, Fla.–William R. Berkley, who heads the insurance company that bears his name, blasted rating agencies and risk modelers today, suggesting their efforts did not reward careful attention to underwriting.
Speaking at the National Council on Compensation Insurance annual symposium here, Mr. Berkley, W.R. Berkley's chairman and chief executive officer, also leveled criticism at insurers whom he said had accepted the situation and contributed to it.
Answering a question about the impact of rating agencies, he said they "don't like to apply judgments and respond to the pace of change." The world, Mr. Berkley said, is "moving at 90 miles per hour," and rating agencies at 12 miles per hour.
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