Focusing on the core business and what the company does best is integral to succeeding during any financial crisis. That is the view of Kenneth LeStrange, CEO of Endurance Speciality Holdings Ltd., who said that while a number of firms may have suffered from exposure to investments in the likes of Lehman Brothers, Merrill Lynch and American International Group within their portfolios, Directors & Officers and other liability claims, and paying out big claims on Hurricanes Gustav and Ike, it was important to concentrate on factors such as good business practices and being well-capitalised.

He said it was crucial for companies to stick to principles and procedures which had served them well in the past, but equally, to adapt to change and move with the times.

"In terms of Endurance, what we are finding is that many of our principles and operating philosophies are serving us well in this current crisis," he said.

"It is important to anticipate events and issues like this when we can and have an understanding of the risk that one takes in aspects of the company's activities.

"The systems, processes, technology and people that we have are performing very well in this kind of climate.

"Communication is awfully important in these types of times as well as trying to give people an accurate and contemporary sense of where we are and what that means to them."

Mr. LeStrange said one of the most challenging parts of leadership during a crisis was implementing change and getting staff involved in the whole process, in terms of taking on board their ideas and concerns, at the same time as letting people know why the change was happening and being flexible to it to be successful.

He said a combination of being conservative and prudent where assets held were concerned has proved to be a winning formula, while Endurance has seen several of its competitors being hit hard by exposure to bad credit, securities and other investments.

"I think it is important to managing all kinds of risks in the company from a risk capital point of view and a rating agency point of view," he said.

"When I look ahead to 2009, there is a paradox with the world economy and financial institutions and all of that change - most of it is very negative in parts of the economy and companies within them, but that creates a very high level of opportunity for others."

Mr. LeStrange said there were three key components to running a successful company - maintaining a strong capital business, using data and technology to full effect and having the best personnel in place to carry that out.

"This is the time that the quality of people in our organisation and the ability to work together well in terms of a team is hugely important," he said.

"There is a very constant stream of information from all parts of the organisation to the centre and a lot of communication back to the other parts in terms of understanding what is going on out there and how to best position ourselves to serve our clients. I believe that an organisation's values and cultures matter a lot as well."

And he reckons there will be significant opportunities, especially for insurance companies, in the wake of the financial crisis.

"Clearly we are moving towards a supply/demand balance of the business," he said.

"The demand for reinsurance may likely on aggregate go up significantly and there has been an amount of capital lost in investment losses, mark-to-market losses and to some extent Hurricane Ike and the supply of capital has been reduced in a meaningful way, so to me that means there will be opportunity if you charge the right price.

"It is an opportunity to improve our positioning with our existing clients to navigate through these tough times, particularly on the insurance side."