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It doesn’t take long to realize that what some companies are doing in not raising rates fast enough is “stupid. Stupidity is not limited to any one company, or any one underwriter; it pops up in all markets.”

—William R. Berkley, CEO of W.R. Berkley Corp., W.R. Berkley: ‘Stupid’ Companies May Not Be Able to Make Hard Turn

“The insurance industry is just headed for bankruptcy if you keep doing what you’re doing. [New York is] the most dangerous place in the world for storm surge. A Category 2 in New York is equal to a Category 4 in Charleston.”

—Nicholas Coch, coastal geologist and professor at Queens College, Industry ‘Headed for Bankruptcy’ When a Hurricane Hits New York City

“We are very pleased to repay 100 percent of all that America invested in AIG plus a total combined positive return—or profit—of $22.7 billion. On behalf of the 62,000 employees of AIG, it is my honor and privilege to thank America for giving us the opportunity to keep our promise to make America whole on its investment in AIG plus a substantial profit. Thank you America. Let’s bring on tomorrow.”

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