Description: This paper focuses on the role of holism in enterprise risk management ERM. The performance measure known as market consistent embedded value is discounted for being overly reductionistic. The concept of an economic capital charge or credit is seen here as a potential bridge from the reductionistic to the holistic approach. It shows some promise for achieving holism, but falls short.

Description: 1999 SOA Annual Meeting, San Francisco. This panel examined the determination and use of the cost of capital for both stock and mutual companies. Topics covered included: 1. How to measure the cost of capital. 2. Use of cost of capital in choosing among options or setting an enterprise's direction. 3. Should different costs of capital be used for different purposes? 4. Options for financing and the effect on cost. 5. Maximizing return by proper mix of options. 6. Example of an acquisition. 7. Appropriate amount of capital. 8. International perspective.

Description: Presented at May 2005 Spring Meeting. Provides an overview of recent trends with EV in North America and the implications of European EV on North American EV reporting.

Description: A discussion of the theoretically correct approach to the valuation of cross-border insurance ventures

Description: Presented at May 2002 Spring Meeting. This session presents analysts' views on major insurance multinationals, discussing the way investment analysts look at large companies in determining their buy/sell recommendations.

Description: Feature article discussing the implications and uses of market consistent embedded value in developing investment strategy.

Description: A discussion of European CFO Embedded Value Guidelines

Description: Discussion of a survey inquiring into the use of Embedded, or Shareholder, Value by U.S. and European Insurance Companies

Description: Presented at May 2005 Spring Meeting. Panelists discuss the use of stochastic embedded value 'EV' in financial management and risk measurement, including considerations in reconciling period-to-period results.

Description: This paper illustrates the calculation of embedded value of an insurance company. The principles should be applicable to similar calculations for other companies.