Hard market created stronger risk managers; Approaches adopted in difficult times should be maintained as conditions improve.(Perspectives)

Byline: Gregory Belton

Hard market risk managers have proven their mettle as never before. Coming off the unprecedented soft market of 1985-2001, they've adapted remarkably to an abrupt and brutal market correction, satisfying the draconian demands of underwriters who've sharpened their pencils to the finest point they've wielded in a generation.

The big question now is whether the experience and lessons of the past few years and the enhanced role of risk management that ensued will prevail.

The answer isn't far off, because we're now in the nascent stages of a softening market. The early signs are here, across the board.

Suddenly, more than one underwriter …