Hicks warns of cracks in insurers' profitability

Alleghany president and CEO Weston Hicks has warned that cracks
are starting to appear in insurers' underwriting accounts and
loss reserves.
In commentary accompanying the carrier's results yesterday,
Hicks noted that while the insurance industry does a good job of
adjusting its prices to trailing loss experience, it historically
has not been good at calling inflection points in these trends.
"In the second half of 2016 cracks began to appear in the
foundation of the industry's underwriting acco