It will take guts for executives of excess and surplus lines carriers to get through 2010, especially those who head up publicly traded operations, experts said at an investment analysts' conference recently.
"If you tell it like it is, it's not very good and your stock will go down–even lower than it is now," said Stephen Way, the managing director of Houston-based Southwest Insurance Partners, speaking at a panel discussion at the New York Society of Securities Analysts annual conference in New York earlier this month.
Mr. Way was referring to the dismal state of the property and casualty insurance industry, what he sees as the unlikely prospect of a pricing turn in 2010, and the fact that stocks of some publicly traded E&S/specialty insurers–including some conference presenters–are trading at fractions of their book values, hovering around 50 percent in some cases.
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