Greenberg’s casualty sidecar revue: Who’s left holding the trash?

You can package casualty risk a dozen different ways, but no amount of clever bundling cleans up a dirty tail. So goes the Greenberg variation on the Sidecar Critic Revue’s familiar rendition of “The Long Tail Blues”. Sooner or later, the underlying loss costs have their say versus initial pricing and underwriting skill, and the brutal long game may come down to making sure others are “holding the trash” when the music stops.