Total and complete greed and stupidity exhibited by insurance company executives such as O’Hara and Rampino of Fremont and Gentz and Seaman of Superior National.
Both companies tried to “buy” the market by severely low-balling their rates, and by buying crappy companies (i.e. purchase of CalComp by Superior National, and to a lesser extent, the purchase of Industrial Indemnity by Fremont).
Total and complete greed and stupidity exhibited by insurance company executives such as O’Hara and Rampino of Fremont and Gentz and Seaman of Superior National.
Both companies tried to “buy” the market by severely low-balling their rates, and by buying crappy companies (i.e. purchase of CalComp by Superior National, and to a lesser extent, the purchase of Industrial Indemnity by Fremont).
Stupidity was the biggest factor, IMHO.