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Current market conditions may be the “new normal”–lasting for several years– industry leaders predicted recently, with one attributing the continued softness to the absence of American International Group’s historical price leadership.

In the past, “when AIG decided to change the pricing, the market was able to follow along,” said John Molbeck, president and chief executive officer of Houston-based HCC Insurance Holdings. “This will be the first market cycle where we don’t have that event,” he said.

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