NU Online News Service, April 26, 3:02 p.m. EDT
William R. Berkley, chairman and CEO of W.R. Berkley Corp., says the company isn’t planning any celebratory parties, but for the first time in about four years the commercial-lines writer can say prices during a quarter were up, albeit very slightly.
Berkley says he sees the uptick in prices of nearly 1 percent in nearly all areas as a “real change directionally.” The outspoken executive’s prediction late last year for a turn in the market was off, but now it appears people are behaving differently, as poor underwriting results and low returns on investment income are impacting companies’ thinking, he says.
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