Description: The article focuses on the need to develop a strategy for investing surplus resulting from the buildup of significant excess capital. The author discusses three principles on which a company can base its surplus investment strategy, including the risk/return preference of the client, attribution of surplus to the products and an investment strategy based on all company risks.

Description: This article is an overview of the presentations made at the Advanced Risk Management Seminar. Some topics were 1 the importance of enterprise risk management 2 how policyholder behavior affects the risks of GMBD riders and 3 credit risk.

Description: Full version of Risks and Rewards Newsletter, October 2003, Issue No. 43.

Description: The international risk management community is now being served by two professional organizations, the Global Association of Risk Professionals GARP and the Professional Risk Managers' Association PRIMIA. The article describes both professional organizations.

Description: Full version of Risks and Rewards Newsletter, October 2002, Issue No. 40.

Description: The author notes that “insurance companies have been in the business of risk management for hundreds of years. The latest trend towards risk management in banks is both new to insurance companies and very old hat—new because it applies new techniques at least new to the last half century and old hat because many risk management techniques are so old hat to insurance companies that they are almost unconsciously performing them.”

Description: Full version of Risks and Rewards Newsletter, February 2002, Issue No. 38.

Description: “Many commentators have suggested that firms need to do stress tests to examine their vulnerability to adverse situations that are not within the data set used to parameterize their risk models. We suggest the adop¬tion of a terminology to describe stress tests and also a meth¬odology that can be adopted by any risk model user to test and communicate a test of the stability of model results.”

Description: An overview of the recent Advanced Risk Management Seminar New York, December 2002.

Description: The US life insurance industry is just beginning to talk about risk management best practices. This article discusses the practices that have evolved in other industries by those before.