More than 20 years ago a Lloyd's underwriter told me: "the threat to this market is not a Japan ese earthquake."

20多年前，劳合社(Lloyds)一名保险商告诉我：“这个市场面临的威胁不是日本地震。”

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The question that preoccupies every underwriter and broker is this: will Lloyd's be able to maintain its new regime of discipline when the market turns?

ECONOMIST: Lloyd's of London

Only after the failures in 2000 of Reliance, a large underwriter in America, and several syndicates at Lloyd's of London did the soft pricing cycle turn.

ECONOMIST: Insurance broking