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Willis Group Holdings CEO Plumeri Decries "Insurance Terrorists"

Willis Group Holdings chairman and chief executive officer Joseph Plumeri has criticized what he termed "insurance terrorists" for engaging in irrational pricing and personnel raids....
August 9, 2005

Willis Group Holdings chairman and chief executive officer Joseph Plumeri has criticized what he termed "insurance terrorists" for engaging in irrational pricing and personnel raids. The National Underwriter reports Plumeri made the remarks during a recent conference call to discuss second-quarter results with analysts. "It is very important, in these uncertain times, to protect the franchise we have and protect the interests of this company long-term," the Underwriter quoted him as saying. "What is happening out there is that we have a way of life - a way of life that has to do with working hard, being accountable and being very professional." He charged that certain players are practicing "real crazy" pricing for short-term gain.

"There are some people out there who represent insurance terrorists," he continued. "They are doing things that we believe are a little bit irrational, and we are not going to change our way of life because we are building something for the long term."

Plumeri Attacks 'Terrorists' In Insurance (National Underwriter 8/6/05)

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