Description: As equity markets decline and become more volatile, the likelihood of significant guaranteed benefit claims increases, while increases from mortality and expense fees declines. The article illustrates how to use a derivative contract, a properly structured total return swap, to turn a company's uncertain M&E revenue patterns into predictable revenue.

Description: This presentation, session number 87PD, took place at the 1999 Spring Meeting of the Society of Actuaries, held May 24-25 in Atlanta. Panelists discuss the value of convertible bonds as an asset class for insurance companies. The topics include an overview of the market, different types of convertible bonds, and historical performance. Discussion from participants is included. From the Record of the Society of Actuaries, Vol. 25, No. 1.