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W. R. Berkley's CEO Hosts UBS Global Financial Services Conference Call (Transcript)

But all our units don’t grow at the same pace. One of the things people worry surprisingly disappointed it was that we only grew a little over a 11% in the first quarter after having grown 18% in the prior quarter. But the nature of our business is such that various businesses grow at different paces depending on what was being competitive at what point in time. And in fact some of our businesses shrank, and we’re really pleased about that, because we don’t want businesses to growth when it’s not going to be profitable.

When you look at our growth and our individual operating business, you can see they have different characteristics. They grow at different rates, they are all different, different scale, their price increases are all different, their exposure change and each of them represents what we think is opportunity out there for all of them. And we don’t think they can all behave the same way all the time. We think what they do in fact is each seek out the right opportunity to optimize where we consider our mantra risk adjusted written and we are pretty comfortable that the people who run our businesses do that.

When we look ahead our new units build the platforms that allow them to seize the opportunity. We continue to believe that we will grow when we can and we will be able to seize those opportunities. We consistently focus on being sure that we build on the long standing relationships of our people, of our company, we take the infrastructure that Berkley has developed and build and great people can come and plug in their relationships and that growth is due not because we have an objective of growth but because they seize the opportunity for profitability.

We clearly have demonstrated and this chart will look the same no matter how far back you went. We have a loss ratio that is substantially better than the industry. And it continues to be so.

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