Some standard markets that jumped into the excess and surplus business in recent years have already gotten out, an executive of a large E&S carrier said recently, going on to predict that the retreat–and other factors–could mean a market turn by 2010.
William Berkley, chair and CEO of Greenwich, Conn.-based W.R. Berkley Corp., made the observation and the prediction during an earnings conference call earlier this month.
Some standard insurers, he said, "have seen very quickly how mispriced business can result in losses."
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