NU Online News Service, April 24, 11:48 a.m. EDT

Declaring that a turn to a hard market cycle is more visible, the chief executive of W.R. Berkley Corp. says a company somewhere is in for major trouble because they are "stupid" not to increase rates.

"Hard markets always start this way and then something happens," which leads to "dire financial difficulties," says William R. Berkley, the CEO of the Greenwich, Conn.-based insurer during a conference call to discuss first quarter earnings today.

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