The arts of successful underwriting and broking both have a surprising amount in common.
Both become near impossible at either extreme of the market cycle.
The art of soft market underwriting is the ability to say no to a broker, but to do this politely and charmingly enough that they still come back and see you with another (hopefully better-priced) risk tomorrow.
Meanwhile, during hard markets rare and fleeting excess returns must be exploited to the full and it is...
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