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Twenty-three years ago in the midst of a soft market trough, I stood in an assemblage of underwriters, actuaries, and claim employees listening to a CEO state that he could have paid the underwriting sector to stay home and play golf for the entire year and made more money than having them write the kind of business they had placed on the company’s books. The messages at that time was clear: Manage the front door. Understand what the exposure. Does it meet the organization’s underwriting standards? Is it priced appropriately? In other words, underwrite the risk before binding coverage. When this is performed in a consistent and disciplined manner over time, value is created.

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