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Good results not down to leadership: Kelly
17 March 2010
Insurance leaders should not fool themselves that the industry’s recent strong underwriting returns are down to good management, Ted Kelly, CEO of US insurer Liberty Mutual, has warned.
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Liberty Mutual
Ted Kelly
World Insurance Forum
Bermuda
Brian Duperreault
Insurance leaders should not fool themselves that the industry’s recent strong underwriting returns are down to good management, Ted Kelly, CEO of US insurer Liberty Mutual, has warned. He was speaking on a panel of high-profile CEOs at the World Insurance Forum in Bermuda.
The panel was discussing market conditions. Neill Currie, CEO of RenaissanceRe, who was moderating the panel, said the industry has benefited from low catastrophe losses last year
“I call it the perfect non-storm because last year we didn’t have a storm. So we made lots of money and we were trading close to book value, so it was pretty easy for us to work out what to do. We should have been trading at 1.7, 1.8 times book value so we are buying our shares back.”
Brian Duperreault, CEO of Marsh & McLennan Companies, highlighted the bitter-sweet relationship between how the industry...
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