Interestingly, we were the slowest-growing large insurer in the years immediately preceding 1985. In fact, we shrank—and we will do so again from time to time in the future. Our large swings in volume do not mean that we come and go from the insurance marketplace. Indeed, we are its most steadfast participant, always standing ready, at prices we believe adequate, to write a wide variety of high-limit coverages. The swings in our volume arise instead from the here-today, gone-tomorrow behavior of other insurers. When most insurers are “gone,” because their capital is inadequate or they have
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