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December 1, 1996
Vol. 8, No. 3
Let's Call the Whole Thing Off: Insurance deals and $20 cigars · Beware of investment bankers saying "shareholder value."… 1

Up the Insurance Department: The end of the Coral Reinsurance saga · Hank Greenberg tells the Delaware Insurance Department to shove it… 3

Small Change: A.M. Best tinkers with its ratings… 3

Reliance Group Can't Jump: Paint it Black. Clever Reliance forms an "African-American-owned" insurance company… 4

Saul Steinberg, Insurance Legend: The life and times of one of the industry's great men… 5

The Road to Riches: Insurance stocks meet the efficient bull market… 7

The Sisyphus Syndrome: To celebrate USF&G's centennial we examine the vicissitudes of its past… 8

USF&G and A.M. Best… 12

The Insurance Beat: The smokers' advantage · EMLICO: failure has its rewards · Busy CPCUs, and more… 15



October 1, 1994
Vol. 6, No. 4
Seems Like Old Times: Been down so long it looks like up… 1

The Ultimate Risk: Welcome to Lloyd's old chap. Adam Raphael's book about the decline of Lloyd's of London… 2

Clear and Present Danger: A.M. Best's covert rating agenda exposed. How "managed" ratings inflate the ratings of weaker companies… 4

The Harder They Fall: Why A.M. Best's revised ratings portend a rash of downgradings · A recent history of Best's B+ rating… 5

Seneca Insurance Company: A big-city "regional" carrier… 9

Other People's Money: The squeeze play at Arista Insurance Company… 10

The Insurance Beat: Graphological analysis of insurance company chief executives · $2.6 billion misunderstanding in California auto insurance market · Yasuda's art · Good housekeeping… 11
August 1, 1994
Vol. 6, No. 3
It Ain't the Meat, It's the Motion: Inspirational pap is a staple of the life insurance industry · A&A spurned approaches to acquire it outright · Equitable's deceptive ad · What price risk? Some day ratings will be important · Does Continental deserve a B+ rating instead of an A-?… 1

All Shook Up: Tennessee Farmers Mutual and the New Madrid fault… 3

Disaster Re Company: How to take advantage of the Natural Disaster Protection Act. Paulsen, Dowling's modest proposal… 4

It Ain't Necessarily So: Chubb's tall tale… 6

The Banality of Greatness: State Farm is there. It doesn't care about growth; it just wants to serve its customers. David Schiff pays a visit to this great American institution… 7

The Insurance Beat: The Oracle at Delphi Financial · Cursed Table · 20th Century Insurance: The Methuselah Factor · An insurance agency in Georgia… 11
June 1, 1994
Vol. 6, No. 2
Drowning on Dry Land: Interest rates and environmental liabilities. A sharp decline in the property/casualty industry's surplus?… 1

Shaken, Not Stirred: 20th Century Insurance Company's $500,000,000 miscalculation. An unbelievably stupid mistake jeopardizes an otherwise great company · 20th Century's California Earthquake Liability Questionnaire and catastrophe reinsurance program… 3

Grandfather Knows Best: Shelby Cullom Davis, the most successful insurance investor of all time · Chris Davis: a "genetic disposition" to insurance stocks… 7

Father, Can You Spare a Dime?: The Davis family's squabble over a trust fund invested in insurance stocks… 8

Cincinnati Financial: Making money the old-fashioned way… 9

The Insurance Beat: USF&G: "a different light" · Free Enterprise Strikes Again · Behind the Green Door · Sotheby's it's not… 11
March 1, 1994
Vol. 6, No. 1
Deceit is Alive and Well: Insurance fraud, fraudulent insurance, banks and insurance… 1

Sell the Sizzle: Annuities are hot products. Truth in advertising?… 2

Do You Sincerely Want to Be Rich?: Western National Life-Conseco's greatest deal · Western National's deceptive memo… 3

Let's Face the Music and Dance: Why does an insurance company that faces an "unreasonable risk of insolvency" still have an "A-" Best rating?… 6

Rater Rips Berkshire: Standard & Poor's flawed methodology leads to wrong rating for Berkshire Hathaway's insurance operations… 7

Earthquake Watch: Estimating seismic probabilities · Annual average loss probabilities… 8

Fire fighting in America: A brief history… 9

Editor's Letter: How an $8 million lawsuit made us what we are… 10

The Insurance Beat: CNA's investment portfolio · A&A's art collection, and much more… 11


December 1, 1993
Vol. 5, No. 4
An Insurance Industry Paradox: The vision thing… 1

You Want Deals? We Got Deals: PartnerRe raises $1 billion · Lutine Capital: Lloyd's of London with limited liability · Debt Be Not Proud: Reliance Group… 2

Some Rob You With a Six-gun, Some With a Fountain Pen: The New York State Workers' Compensation Insurance Fund teeters on the brink of solvency… 5

AIG: Swaps and Derivatives… 7

Been Down So Long It Looks Like Up: David Schiff attends the annual insurance brokers' junket at the Greenbrier and bites the hand that feeds him · For whom the Lutine Bell tolls… 8

James Grant. 'Observer' Extraordinaire: The world's greatest financial writer… 10

The Insurance Beat: Breast implant coverage · A&A at the crossroads, and much more… 11
October 1, 1993
Vol. 5, No. 3
Gala Reinsurance and Catastrophe Issue Reinsurance Alchemy: Zurich Reinsurance Centre and Mid Ocean show how it's done · Berkshire Hathaway's Ajit Jain ·

Catastrophe Reinsurance Price Index… 1

The Price Was Right: E.W. Blanch cashes in… 5

Hugh Hefner, The Sultan of Brunei, and the Chairman of Conseco:… 6

The Will Rogers of Insurance Rating Agencies: A.M. Best almost never meets an insurance company it doesn't like · A surprising letter… 7

'An Unreasonable Risk of Insolvency': So says Prudential Property and Casualty · A.M. Best: wrong again. · Allstate's probable maximum loss-bigger than you might think… 8

I Was a 'Street'-wise Patsy: David Schiff gets snookered in Hungary… 10

The Insurance Beat: Insurance happenings from around the world: Dan Quayle · The 'Bristol Bleeder' · AIG's Laissez-faire, and much more… 11