William R. Berkley, chairman and CEO of W.R. Berkley Corp., saysthe company isn't planning any celebratory parties, but for thefirst time in about four years the commercial-lines writer can sayprices during a quarter were up, albeit very slightly.
Berkley says he sees the uptickin prices of nearly 1 percent in nearly all areas as a “real changedirectionally.” The outspoken executive's prediction late last year for a turn in the market was off, butnow it appears people are behaving differently, as poorunderwriting results and low returns on investment income areimpacting companies' thinking, he says.
“Fear will replace greed,” Berkley said during a conference callon first-quarter earnings.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
