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You do not need to understand everything to make a great decision. You need to understand the one thing that matters most — and price it correctly.
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The best insurance decisions I have ever made are the risks I declined to write. Saying no is the most underrated skill in underwriting.
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Risk is not the enemy. Mispriced risk is. If you understand the risk better than the market, you should take it. If you don't, walk away.
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Warren has always said — and I agree — that the most important thing in insurance is not growth. It is discipline. One bad year of poor underwriting can erase a decade of profits.