While this year marks the "Year of the Ox" on the Chinese calendar, participants in the E&S/specialty insurance segment are ushering in 2009 as the "Year of the Underwriter," according to the head of a large excess and surplus lines carrier.
Explaining how his company will deal with the challenges that an economic downturn will create for specialty insurers in 2009, Peter Eastwood, president and CEO of Lexington Insurance, said that "we must stay focused on what is within our control. 2009 will be the year of the underwriter."
"The carrier that is nimble and executes well, will weather the storm. Those that do not may flounder," he added.
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