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No Turn Without AIG Price Leadership, Carrier Exec Says

Current market conditions may be the "new normal"--lasting for several years-- industry leaders predicted recently, with one attributing the continued softness to the absence of American International Group's historical price leadership.

By Susanne Sclafane | Updated on June 20, 2010

Current market conditions may be the “new normal”–lasting for several years– industry leaders predicted recently, with one attributing the continued softness to the absence of American International Group’s historical price leadership.

In the past, “when AIG decided to change the pricing, the market was able to follow along,” said John Molbeck, president and chief executive officer of Houston-based HCC Insurance Holdings. “This will be the first market cycle where we don’t have that event,” he said.

Mr. Molbeck made the observation during the Standard & Poor’s Insurance Conference earlier this month, where more than a dozen insurance and reinsurance company executives and analysts predicted that a market turn is at least a year away.

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