Description: Mergers and acquisitions 'M&A' are major forces driving change in the life insurance industry. This editorial discusses how the articles in this newsletter address the M&A phenomenon.

Description: This document is an an address presented by the Honorable Dr. Henry Wallich at the April 1976 Washington D.C. meeting on the topic of how to protect savings during a time of inflation.

Description: This session from the 1995 SOA Spring Meeting has a panel of investment experts that answer investment-related questions from the audience including investment policy for long term care insurance, asset allocation and derivatives. From Record of Society of Actuaries Vol. 21, No. 1.

Description: This session from the 1995 SOA New York City Meeting discusses recent activity of the issuance of surplus notes by mutual insurance companies, advantages and disadvantages, risks and cost involved, process, implications for investment management, regulatory developments, financial impacts, financial statements, rating agencies, and future trends. From the Record of the Society of Actuaries, Vol. 21, No. 2.

Description: Panelists provide an educational description of Lloyd's of London, including its Equitas reconstruction and renewal program. From the 1997 Record of Society of Actuaries, Vol. 23, No. 3.

Description: This session at the SOA 1998 Maui I Spring Meeting focuses on creating shareholder value from the standpoint of two rating agencies and a securities firm. Factors that influence shareholder value are discussed.

Description: Interest rate modeling is discussed in this paper with special emphasis on the long and short rate model of Brennan and Schwartz. Comment is made on an unexpected aspect of the solution of the resulting partial differential equation. Also, an analysis is made of the predictive power of the term structure of interest rates. From the Actuarial Research Clearing House 1991 Vol. 1.

Description: This paper introduces the Bond Manager's Method for ALM which allows the impact of a change in interest rate levels on the present value of a stream of cash flows to be directly determined from the coupon rates and prices on benchmark bonds without the intermediate step of determining spot rates. From Actuarial Research Clearing House 1993, VOL. 3.

Description: This research paper explores an insurer's surplus needs and its cost of equity capital for mutual life insurance companies.

Description: The sale process is a team effort. On the sell side, the team usually consists of the seller, their investment banker, the external actuaries and a legal team. On the buy side, the team consists of accounting and tax experts in addition to the previous disciplines. For a sale to be successful, the team on each side must be able to communicate the story of the company in a consistent, focused manner to their publics. From Actuarial Considerations in Insurance Mergers and Acquisitions, M-FI03-1.