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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.”

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