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The Once and Future C&F
was north of 200 rather than the booked, already awful, 110. The fact that this is not common knowledge speaks to our industry’s ability to bury its mistakes. Well-meaning, well-trained management teams — captains of the insurance industry — could, and did, end their careers with the attendant honors without realizing that they blew up the business. So you may ask: Could they have known? Surely, that couldn’t happen today, right? How can anyone function in a business with that much uncertainty? How can any company still be standing from before that time? Ahh! I’m happy you asked. Now we can begin our story.
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(Facing page) First page of first policy register of the North River Insurance Company.
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