Bill Berkley is the Simon Cowell of insurance. He always speaks his mind, with no sugarcoating, and lets the chips fall where they may. He was back on his soapbox last week in Orlando at the National Council on Compensation Insurance annual symposium, where he lobbed more verbal grenades at rating agencies.
As reported by our own Dan Hays (click here for the full story), Mr. Berkley–W.R. Berkleys chairman and chief executive officer–hammered rating agencies for failing to keep up with what's important in today's market, charging that while the insurance world is moving at 90 miles per hour, rating agencies were lagging behind at 12 mph.
Citing, for example, the beating AIG took after recently announcing multi-billion dollar losses, Mr. Berkley said problems began developing at the iconic company six years ago, but rating agencies did nothing until the carrier announced them.
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