Capital is the essential raw material used in producing insurance products. The UK industry is lithe, lean and dynamic. If the present system lives on, this could dump a brick in a rucksack on its back.

Hope is the raw material of losers.

Being free of hurricanes the last several years has helped [the insurance industry] but other things have negatively impacted capital positions of companies, like the stock market and underwriting losses.

The world is not to be approached, blueprint in hand, as if it were so much raw material waiting to be fashioned to someone's design.

Everything is raw material to me. Land is raw material... I take one form and transform it into other forms.

The prices of raw materials do not fluctuate directly with the labour cost of producing them.