Underwriters: Like Lambs To Slaughter?
One of my reinsurer sources knows a broker who years ago lined up gleefully (with many of his brethren) at the desk of a wet-behind-the-ears underwriter in the London company market, who was foolishly writing any risk that came his way.
That young underwriter was a popular man within the London brokerage community in his short career. The insurance company ultimately suffered–no doubt from a general lack of underwriting controls and not just from the activities of one underwriter. Meanwhile, the brokers laughed all the way to the bank.
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