SM SCHIFFThe world’s most dangerous’ insuranceS publication INSURANCE OBSERVER

failing companies and ratings, (August ratings definition changes, ‘B++’ and A page number with an f indicates a chart 1999):4–5; (October 25, 1999):1; ‘B+’, (October 1994):6 or graph; a t indicates a table. (November 17, 1999):1; (June 5, ratings definition changes, ‘C++’ and 2000):1; (June 12, 2000):1–2; (March ‘C+’, (December 1996):3 ~A~ 21, 2002):1 ratings definition changes, ‘D,’ (October high ratings given by, (March 1991):7; 1994):6 A. I. M. (Associated Industries of (Autumn 1993):7–9; (August 1994):2; ratings definitions, (October 1994):5–7; Massachusetts) (October 1994):4–5; (March 1999):11; (January 1995):3; (April 1995):2; (October 25, 1999):1; (November 17, (March 1996):2; (December 1996):3; misleading advertising, (September 10, 1999):1; (June 12, 2000):1–2; (March (March 1999):11; (November 17, 2004):2 21, 2002):1 1999):2t; (November 22, 2002):10 ratings, (September 10, 2004):2 insolvencies of highly-rated companies, ratings history changes, ‘B+’, (October A. L. Williams Company (March 1991):7; (September 1991):1–2; 1994):7t See also Primerica Financial Services; (June 1993):4; (Autumn 1993):7–9; ratings process, (November 22, 1994):6–7 Williams, Arthur L. (March 1994):6–7; (October 1994):4–5; reinsurance’s role in ratings, (November complex accounting system of, (April 5, (March 21, 2002):1–3 22, 1994):7 2002):2 insurance companies’ investments effect Review of 1992 P/C Trend and Rating criticism by The Insurance Forum, (June on ratings, (November 22, 1994):8 Changes, (Autumn 1993):7 1990):4 Kellogg’s depositions regarding Executive Schiff’s call for revised ratings system, Primerica and, (July 1996):3 Life’s ratings, (November 22, (Autumn 1993):7–9; (March 1994):6–7; 1994):6–8 (November 22, 1994):1; (December A. M. Best “managed” ratings, (October 1994):4–6; 1996):3; (August 1999):5 See also A. M. Best company ratings; rat- (November 22, 1994):2; (December Schiff’s proposed ratings system, (April ings; ratings agencies 1996):12; (June 12, 2000):2; (March 21, 1995):2 on affiliate bailouts by parent companies, 2002):1–3 Standard & Poor’s ratings definitions, (March 1999):9; (November 22, mission statement, (Autumn 1993):7; compared, (November 17, 1999):2t 2002):8 (October 1994):5 on Superfund reform, (June 1994):2 analyst qualifications, (November 22, Moody’s ratings definitions, compared, “Superior” or “Excellent” ratings per- 1994):7–8 (November 17, 1999):2t centage, (Autumn 1993):7f; (October Belth’s study of ratings by, (March “Mr. Big’s” letters to Schiff’s, (March 21, 1994):5f 1991):6–7 2002):1–2 Weiss Research’s ratings compared, black-hole effect, (August 1999):5; ‘NA’ ratings, (December 1991):6 (March 1991):7; (September 1991):3f (November 17, 1999):1 property/casualty companies rated below Will Rogers analogy, (Autumn 1993):7–9; cartoons, (October 1994):4 ‘A,’ (October 1994):5t (October 1994):4; (August 1995):15; covert ratings agenda, (October 1994):4–5 property/casualty companies rated (December 1996):12; (March 21, “The Devil’s Dictionary” column in Best’s ‘Superior’ or ‘Excellent,’ (Autumn 2002):1 Review, (Autumn 1993):7–8 1993):7f; (October 1994):5f distribution of ratings, (June 1993):4f property/casualty company ratings distrib- A. M. Best company ratings downgrade expectations by Schiff’s, ution, (June 1993):4f Allied Insurance Group, (October 1997):6 (October 1994):5–7; (November 22, ratings, ‘A++’ and ‘A+’, decline in num- Allstate, (Autumn 1993):9 1994):1–2; (August 1995):15; (February ber given, (October 1994):5 American International Group, (March 1998):22 ratings, ‘A’ and ‘A-’, increase in number 28, 2003):2–3 “The Effects of Best’s Rating Changes given, (October 1994):5 Amwest Insurance Group, (March on Insurance Company Stock Prices” ratings, pressure to eliminate, (March 1999):5; (November 22, 2002):4 (Singh and Power), (Autumn 1993):8; 1994):6 Atlantic Mutual, (September 10, 2004):2 (October 1994):6 ratings, resumption of letter rankings, Casualty Indemnity Exchange, (June environmental/asbestos liability esti- (March 1994):6 1993):4 mates, (June 1994):2–3 ratings accuracy, (October 1994):5 Cigna, (January 1995):11 evolving ratings structure, (October ratings changes, (Autumn 1993):8; Colonial Penn, (March 1999):11; 1994):5–7; (November 22, 1994):1–2; (October 1994):6 (November 22, 2002):10 (January 1995):3; (April 1995):2; ratings definition changes, ‘B’ and ‘B-’, Condor Insurance Company, (March (March 1996):2; (December 1996):3 (March 1996):2; (December 1996):3 1999):5; (November 22, 2002):4 Confederation Life, (October 1994):4–5;

SCHIFF’S INSURANCE OBSERVER • 300 CENTRAL PARK WEST, NEW YORK, NY 10024 • (212) 724-2000 • DAVID@INSURANCEO BSERVER. COM (December 1996):12; (March 21, ABN Amro Chicago Corporation Schroeder on reliable information in the 2002):1 FCCI Mutual conversion and, (May insurance industry, (February 12, Continental Insurance Companies, 1998):6 2002):2 (August 1994):3; (January 1995):11; statutory adjustments to GAAP, (March (October 30, 2001):3 Abramson, Daniel M. 30, 2005):3 Employers Re, (November 22, 2002):1; Skyscraper Rivals—The AIG Building and unrealized gains on financial statements, (December 9, 2002):1 the Architecture of Wall Street, (April 9, (May 1998):4 Equitable, (December 1992):9 2004):3 wasting assets, (September 24, 2001):3–4 First Executive, (December 1991):4; Acacia Mutual Life Insurance (Autumn 1993):7 accounting, company practices Frontier Insurance Company, (March Company See also accounting 1999):12; (November 17, 1999):1; Calvert’s New Africa Fund, (August AIG, (April 5, 2002):1–2; (July 25, (June 12, 2000):2; (March 21, 1995):1 2002):1–2; (February 26, 2004):1–6; (March 15, 2005):1; (March 30, 2002):1–2; (November 22, 2002):11 accounting General American Life, (December 2005):1–4; (April 4, 2005):1–3 See also accounting, company practices; American Skandia, (September 24, 1999):9 audit committees; auditors; mark-to- The Guardian, (December 1991):2 2001):3–4 market valuations Bankers Life, (March 1994):3; (April The Home, (November 22, 1994):1–2; accretion/dilution, (October 1998):5 (April 1995):1–2; (March 1999):8; 1995):5–6; (August 1995):15; after Enron collapse, (January 25, (December 2, 1999):2; (December 19, (November 10, 1999):1; (March 21, 2002):1–3; (February 12, 2002):1–2; 2002):1; (November 22, 2002):7 2002):3 (April 5, 2002):1; (May 2, 2002):1; (July Berkshire Hathaway, (April 5, 2002):2–5 Kemper Insurance Companies, (January 25, 2002):3 9, 2003):2–3 Coca-Cola, (April 5, 2002):2 aggressive, (February 12, 2002):1 Conseco, (March 1994):3; (April Kemper Reinsurance Company, (June 15, asset/liabilities ratios, (September 1991):7 2001):2 1995):4–7; (August 1999):9; (December audit committees and, (August 16, 2, 1999):1–2; (December 19, 2002):2–3 Lumbermens Mutual surplus notes, 2002):3; (April 7, 2003):1 (December 31, 2002):1; (January 9, Continental Corporation, (June 1991):3; “black box” companies, (April 5, (October 30, 2001):2 2003):1–3; (January 13, 2003):1 2002):1–2 MassMutual ratings, (May 6, 2003):1–2 Coral Re, (March 1996):6–7; (July “Bonfire of the Beancounters” 1996):10–13; (December 1996):3; Mutual Benefit, (September 1991):1–2; (Shroeder), (February 12, 2002):2 (Autumn 1993):7 (February 28, 2005):1 Briloff on present-value-of-purchased- Enron, (January 25, 2002):2; (February NY State Workers’ Compensation Fund, business, (March 1994):3 (December 1991):6 12, 2002):1 Buffett on irregularities in, (November General Electric, (April 5, 2002):2 PMA Capital Insurance Company, 1995):5 (November 22, 2005):3, 4, 5 IBM, (April 5, 2002):2 cartoons, (January 25, 2002):1; (August 16, ITT, (June 1992):3–4 PMA Insurance Group, (November 22, 2002):1 2005):5 Lloyd’s of London, (October 1994):2–3 codification standards lobbying by Nationwide Financial Services, PRUPAC, (Autumn 1993):8–9; (March PricewaterhouseCoopers, (February 1994):6–7 (September 24, 2001):3 12, 2002):2–4 New York State Workers’ Compensation RelianceDirect’s inaccurate ratings cited in Corcoran’s views on, (September 1991):7 ads, (February 1998):27 Fund, (September 1992):5–6 decline in standards, (March 1999):1; Presidential Life Corporation, (June Reliance Group Holdings, (October 25, (February 12, 2002):1 1999):1 1992):3 earnings manipulation, (June 1992):2; Reliance Insurance Company, (July 14, Reliance Insurance Company, (March (February 12, 2002):1; (August 16, 1992):4, 5; (August 1999):4–5; 2005):2 2002):2–3; (December 9, 2002):3; Skandia Life Assurance, (September 24, (November 17, 1999):1; (June 5, (February 26, 2004):1–6 2000):1; (June 12, 2000):1–2; (March 2001):3 embedded-value and GAAP, compared, Unistar Financial Service Corporation, 21, 2002):1–3 (September 24, 2001):3 USF+G, (November 22, 1994):2; (August 1999):20–29 forward roll transactions, (August 1999):9 Worldcom, (July 25, 2002):1 (December 1996):12 GAAP, (September 24, 2001):3; (August AAI Syndicate #1 16, 2002):3–4; (February 26, 2004):1–4; ACE Limited African-American ownership, (December (March 30, 2005):3 Clements and, (December 31, 2001):1–2 1996):4 gain-on-sale, (October 1998):5; company profile, (June 1993):6 (December 2, 1999):1; (September 24, foreign brokers, (June 1993):6 Aaron Richardson Insurance 2001):3 J. P. Morgan investment in, (June 1993):6 Services Corporation goodwill, (October 1998):3 Marsh & McLennan investment in, (June Richardson’s ownership of Sable life insurance companies in 1968, (March 1993):6 Insurance Company, (December 30, 2005):3 Methuen acquisition by, (March 1996): 1996):4 non-recurring charges, (July 1996):2 public stock offering, (June 1993):6 off-balance sheet transactions, Spitzer’s lawsuit, (October 15, 2004):1; AARP. See American Association of (December 9, 2002):3 (October 22, 2004):1 Retired Persons (AARP) pooling of interests, (June 1992):3–4; stock price below book value, (December (July 14, 2005):2 21, 2003):2 AASCIF. See American Association of pro-forma, (February 26, 2004):2–4 Tempest Re acquisition by, (March 1996): State Compensation Insurance Funds realized gains and losses reporting, U. S. tax laws and, (June 1993):6 (AASCIF) (February 26, 2004):1–6

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 Acoma Indian pueblo, New (August 16, 2005):2 1994):2 Mexico, visit by Schiff, on tort costs, (March 11, 2004):3 First Providian Life and Health (June 1990):4 Insurance Company, (October 1997):23 Adkins, Kelston & Zavez, P.C. Florida Progress, (March 1999):15–16; acquisitions. See M&A (mergers and as Allied Mutual plaintiffs’ class counsel, (November 22, 2002):14–15 acquisitions); M&A (mergers and acquisi- (August 16, 2005):3 Frontier Insurance Company, (March tions) activity advertising 1999):12; (August 1999):13; (December 31, 2001):1; (November 22, 2002):11 See also advertising, misleading actuaries General Electric, (March 1999):10–12; banks’ investment products and the Actuarial Standards Board, (August 25, (August 1999):13; (November 22, elderly, (March 1994):2 2000):2 2002):1–2, 9–11; (December 9, 2002):1 brand name recognition, (January lapse-supported policies and, (February General Motors, (March 1999):12; 1995):6–9; (December 22, 2004):3; 15, 2005):2, 4–5 (November 22, 2002):11 (March 21, 2005):1–2 number of, (March 1996):11 Gulf Insurance Group, (March 1999):12; Direct Mail Copy That Sells! (Lewis), as profession, (March 1996):11 (November 22, 2002):11; (December 9, (March 14, 2005):1 reputation for conservatism, (December 2002):1 directors and officers (D&O) liability 1991):2 Insurance Marketplace Standards insurance, (April 7, 2003):3–4; (March at Travelers, (March 1996):11 Association and, (August 1999):13 14, 2005):1–4 Unismoker Select & Ultimate Table LifeUSA, (April 1995):9 fear as motivator, (April 7, 2003):3–4; (1975-1980), (February 15, 2005):4 MassMutual, (March 1999):13; (August (March 14, 2005):1–4 1999):13; (November 22, 2002):12; Adams, Ben Internet interactive, (March 1999):28 (May 6, 2003):1–2 mortgage loan by Allied Life to, lapse-supported pricing and, (February MetLife, (August 1999):10–11 (February 1998):4 15, 2005):3, 6–7 MIC Re, (March 1999):12; (November logos and corporate symbols, (January 22, 2002):11 Adamson, Geoffrey 1995):6–9; (March 1999):5–6; Mid-Continent Life Insurance Company, support for PMA Capital Insurance (November 22, 2002):4–5; (March 21, (March 1999):15–16; (November 22, Company’s proposed unstacking, 2005):1–2 2002):14–15 (November 22, 2005):5 Lynch’s ads for Fidelity Mutual Funds, Prudential, (February 1998):10; (March (November 15, Adkins, Jason 1999):10; (November 22, 2002):9 2001):2 See also The Center for Insurance PXRE, (March 1999):13; (November 22, NY State Insurance Department rules on, Research 2002):12 (March 1999):4–5; (November 22, Allied Mutual policyholder lawsuit, RelianceDirect, (February 1998):27; 2002):3–4 (March 1999):19–20, 25; (May 31, (March 1999):13–14; (November 22, radio, (March 1999):28 2001):1; (August 16, 2005):2–3 2002):12–13 biography, (May 1998):14–15 advertising, misleading Travelers Property Casualty Corporation, Illinois MIHC legislation hearings, (June A. I. M. (Associated Industries of (December 31, 2001):1; (December 9, 15, 2001):1 Massachusetts), (September 10, 2002):2 John Hancock demutualization hearings, 2004):2 Unionamerica Insurance Company, (May 20, 2003):2; (July 18, 2003):3; American International Group (AIG), (March 1999):12; (November 22, (September 25, 2003):6 (August 1999):13; (March 28, 2003):2–3 2002):11 John Hancock policyholder lawsuit and, Amwest Insurance Company, (March United Capitol Insurance Company, (July 18, 2003):8 1999):5; (August 1999):13; (December (March 1999):12; (August 1999):13; Liberty Mutual MIHC conversion plan 31, 2001):1; (November 22, 2002):4 (November 22, 2002):11 testimony, (March 28, 2001):2 “The Annals of Misleading Advertising,” Winterthur Swiss Insurance Group, on MetLife’s value, (August 1999):12 (March 1999):4–17; (November 22, (March 1999):12–13; (November 22, mutual policyholder advocacy by, 2002):3–16 2002):11–12 (February 1998):12; (May 1998):14–15; annuity products, (March 1994):2 Zurich Insurance Company, (March (October 1998):12–13; (March Atlantic Mutual Insurance Company, 1999):14–15; (November 22, 1999):2–3; (June 28, 2002):3; (May 20, (September 10, 2004):2–3 2002):13–14 2003):1–2; (July 18, 2003):2, 3; Chase Insurance Agency, (March Advisory Research (September 25, 2003):5, 6 1999):16–17; (November 22, MONY proposed sale to AXA and, on mutual policyholder lawsuits, (May 31, 2002):15–16 (February 10, 2004):1–2 2001):1 Citigroup, (March 1999):12; (November NY State MIHC public hearings and, 22, 2002):11 Aetna Insurance (February 1998):12, 14, 18; (December Colonial Penn, (March 1999):10–11; stock price below book value, (December 9, 2001):2 (November 22, 2002):9–10 21, 2003):2 Principal Mutual MIHC conversion plan Condor Insurance Company, (March hearings, (October 1998):12; (March 3, 1999):5; (August 1999):13; (December Aetna Life and Casualty 2000):2; (August 25, 2000):1; (October 31, 2001):1; (November 22, 2002):4 See also Travelers/Aetna 17, 2002):2 Employers Reinsurance Corporation American Re sold by, (December 1996):2 Provident Mutual MIHC conversion plan (ERC), (March 1999):11–12; annual report reviews, (June 1993):4; opposition, (May 1998):14–15; (June (November 22, 2002):1–2, 10–11; (November 2, 2001):2 28, 2002):2–3 (December 9, 2002):1 capital-to-liabilities ratio comparisons, Schiff’s meeting with, (October 1998):12; The Equitable Companies, (August (August 1994):2

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 corporate symbols, (March 1999):6; 11, 2005):1 1998):3t (November 22, 2002):5 Sikorsky S76-B helicopters, (July 11, board of directors (See also Evans, John) environmental/asbestos liabilities, (June 2005):1 Andersen, Douglas, (October 1997):15; 1994):2–3 survey results, (Autumn 1993):6t (February 1998):5; (May 1998):9; environmental loss reserves, (August (March 1999):19–22 1995):1 Albuquerque, New Mexico visit by Callison, James, (October 1997):9, 15, 17, logo, (January 1995):9 Schiff, 20–22; (May 1998):9t; (March 1999):19 mission statement, (November 2, 2001):2 (June 1990):3–4 Carpenter, Harold, (October 1997):9 property/casualty acquisition by Colby, Charles, (October 1997):9 Alcatel N.V. Travelers, (March 1996):1 Evans, Harold, (May 1997):9t; (October sale by ITT, (June 1992):4 stock price, (March 1996):2 1997):9, 15; (March 1999):19 Alexander & Alexander Hancock, William, (October 1997):9 affiliates acquisition attempts for, (August 1994):2 Hoak, James, Jr., (October 1997):9 financial backing by parent companies, AIG cash infusion, (August 1994):2 Jones, B. Rees, (October 1997):9 (March 1999):4–17; (November 22, Alexander Howden Group acquisition by, Kirkpatrick, James, (May 1998):9; (March 2002):1–16; (December 9, 2002):1; (October 1994):3 1999):19 (September 10, 2004):3 art collection of, (March 1994):11 Langdon, Hershel, (October 1997):9 parent-company support of affiliates, earnings, (Fall 1989):1 Morgan, C. Fred, (May 1998):9; (March (December 9, 2002):1 earnings deficits and dividend payments, 1999):19 African-American-owned insur- (Autumn 1993):11 ownership by, (May 1998):9t; (March 1999):18 ance companies financial condition, (December 1993):11 Putney, Mark, (October 1997):9 AAI Syndicate #1, (December 1996):4 Greenberg on independence of, (August Shaffer, Jamie, (October 1997):8, 10–11, Sable Insurance Company, (December 1994):2 12–13, 15; (February 1998):4, 5 1996):4; (August 16, 2000):1 Irvin’s retirement, (March 1994):11 stock buybacks by, (December 1996):2 Willis, Donald, (October 1997):9 agents stock price, (December 1996):2 cartoons, (October 1997):20; (February See also Independent Insurance Agents of takeover rumors, (December 1993):11 1998):4, 6 America (IIAA); NACSA/NACSE Zarb’s tenure at, (August 1994):2 cherry-picking allegations, (February Conference; National Association of 1998):3 Independent Insurers Alexander Howden Group conflicts of interest, (October 1997):7–18, Allied Insurance Group and, (October Alexander & Alexander’s acquisition of, 20–22; (February 1998):2; (May 1997):6, 11 (October 1994):3 1998):8–10; (March 1999):18–20; careers as, (November 1995):15 Lloyd’s of London and, (October 1994):3 (August 16, 2005):1–3 Cincinnati Financial ownership by, (June Panamanian reinsurance scandal, Dougherty Dawkins acquisition by, 1990):2; (June 1993):5; (June 1994):9 (October 1994):3 (October 1997):8 at Erie Insurance Exchange, (August Posgate on Bogardus’ lack of sophistica- earnings, (October 1997):13–14, 18; (May 1995):8–10 tion, (October 1994):3 1998):9f; (March 1999):19 National Association of Professional Posgate on Grob’s dishonesty, (October employee stock options, (October Insurance Agents (PIA), (December 1994):3 1997):7, 8, 15 31, 2004):2 Swiss bank account scandal, (October employee stock ownership plan, (October price firming reported by, (August 1994):3 1997):9–10; (August 16, 2005):2 employee transfers from Allied Mutual, 1999):14–15 Algren, Nelson productivity gains using computer sys- (October 1997):10, 13 on playing cards, (February 1998):3 tems, (July 12, 2005):2–3, 5 executive compensation, (October risk-taking study of, (August 1994):2–3 Allen, Richard R. 1997):8 at State Farm Insurance, (August on United Fire’s purchase by Towers expense ratios, 1988-1996, (February 1994):7–10 Financial, (March 1993):8 1998):3f stock splits and, (August 1995):1 former Iowa insurance commissioners’ Allen, Woody relationships with, (March 1999):23 Aidinoff, Bernard on success, (December 1996):8 initial public offering, (October 1997):7 AIG’s board of directors and, (May 2, “Iowa-rooted conservatism” and, 2002):3 Alliance of American Insurers (October 1997):15–16 state workers’ compensation funds and, Nationwide acquisition of, (March AIG. See American International Group (March 1993):4–5 1999):18–22; (August 1999):8; (January (AIG) Allied Group 18, 2000):1; (August 16, 2005):1, 3 Nationwide lawsuit of, (August 16, AIRCO. See American International See also Allied Insurance Group; Allied 2005):3 Life Insurance Company; Allied Reinsurance Company (AIRCO) pooling-administration changes, Mutual; AMCO; Callison, James; (February 1998):6; (August 16, 2005):1 aircraft ownership by insurance Evans, Harold; Evans, John; Shaffer, preferred-for-common stock swap, companies Jamie (October 1997):12–13; (February by Allied Mutual, (October 1997):15 in the 1980s, (October 1997):8 1998):5–6; (March 1999):19; (August Boeing 727-100 airplanes, (July 11, AIDCO program, (October 1997):11 1999):6; (August 16, 2005):1 2005):1 Allied Life transaction, (October preferred stock shares to ESOP, (October by Conseco, (Autumn 1993):6 1997):8–10 1997):10 by Reliance Insurance Company, (July annual earnings, 1986-1996, (February premium pool, (October 1997):7–8, 10–13

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 premium pooling agreement, (October 1997):10 2005):1–2 1997):7, 13–14; (February 1998):6; Allied Group’s IPO and, (October 1997):7 premiums, (March 1999):19t (August 1999):6–8; (August 16, Allied Group’s stock price and surplus, premiums compared to Allied Group’s, 2005):1–2 (October 1997):7f (October 1997):11, 21 premiums, (March 1999):19t Allied Group stock sale, (October premium volume, 1986-1996, (October premium volume, 1986-1996, (October 1997):14, 16 1997):9f 1997):9f Allied Jet Center, Inc. and, (October regulatory complacency, (August 16, regulatory complacency, (August 16, 1997):15 2005):3 2005):3 annual earnings, 1986-1996, (February retention rates, (March 1999):21t Schiff’s call for reversal of Allied Mutual 1998):3t Rieff v. Evans et al., (February 1998):1; transactions, (October 1997):21–22; annual meeting, (May 1998):8 (March 1999):25; (May 31, 2001):1; (August 16, 2005):2 board of directors, (October 1997):9, (August 16, 2005):1–3 Schiff’s estimated value of, (March 16–18, 21; (March 1999):19, 25 Schiff’s board nomination and proxy 1999):19–20 capital-raising strategies, (October fight, (October 1997):17, 20–22; shareholder gains, (October 1997):7–18 1997):6–7 (February 1998):1–2, 5f, 24–25; (May stock offerings, (October 1997):7, 11 cartoons, (October 1997):20; (February 1998):8–10; (October 1998):12; (August stock repurchases by, (October 1997):8 1998):4, 6 1999):7; (August 16, 2005):2 stock swaps by, (October 1997):12–13; Conning fairness opinion on preferred- Schiff’s estimated valuation of, (March (February 1998):5–6; (March 1999):19; for-common stock swap, (October 1999):19–20 (August 1999):6; (August 16, 2005):1 1997):12–13; (February 1998):5–6; Schiff’s plan to seize control of, (October summary of Allied Mutual transactions, (March 1999):19; (August 1999):6–8 1997):20–22; (August 16, 2005):2 (October 1997): 14, 16; (February de facto demutualization of, (August 16, Skow’s interview of Schiff about, 1998):1–3; (May 1998):8; (March 2005):2 (February 1998):24–25 1999):18–19; (May 31, 2001):1; (August director liabilities, (March 1999):25 stock price, (October 1997):7f 16, 2005):1–4 DLJ fairness opinion for Allied Mutual summary of Allied Group transactions surplus, (March 1999):19t merger with Nationwide Mutual, with, (October 1997):14, 16; (February takeover price, (March 1999):19t (March 1999):20–22 1998):1–3; (May 1998):8; (March underwriting results, 1990-1996, (October earnings, (May 1998):9f 1999):18–19; (August 1999):6–8; (May 1997):14f employee gifts of policies from, 31, 2001):1; (August 16, 2005):1–4 value transferred from Allied Mutual, (February 1998):2; (August 16, 2005):2 surplus, (October 1997):7f; (October (October 1998):12; (August 16, employee transfers to Allied Group, 1997):13–14; (March 1999):19t 2005):1–3 (October 1997):10, 13; (August 16, takeover price, (March 1999):19t Walter’s policy error by, (February 1998):2 2005):1, 2 time line, (October 1997):18 Western Heritage Insurance Company expense ratios, 1988-1996, (February underwriting results, 1990-1996, (October and, (October 1997):7–8 1998):3f 1997):14f former Iowa insurance commissioners’ value transferred to Allied Group, Allied Group Information Systems relationships with, (March 1999):23 (October 1998):12; (August 16, (AGIS) improper loans to Allied officers, 2005):1–3 employees, (October 1997):8 (February 1998):4–5 Vaughan’s order for a fair election, formation by Allied Group, (October lawsuit against Evans and directors of, (February 1998):2; (May 1998):8 1997):8 (February 1998):1; (March 1999):25; (May 31, 2001):1 Allied Property and Casualty Allied Insurance Group Nationwide acquisition of, (August 16, Insurance Company See also Allied Group; Allied Mutual 2005):1, 3 See also Allied Group agents and, (October 1997):6, 11 Nationwide Mutual acquisition of, AIDCO program and, (October 1997):11 annual meeting “ticket,” (February (March 1999):18–22; (August 1999):8; underwriting results, (October 1997):14 1998):2f (January 18, 2000):1 Best’s rating of, (October 1997):6 Allstate Insurance Nationwide settlement with policyhold- conservative strategies of, (October See also Sears, Roebuck and Company ers of, (August 16, 2005):1, 3 1997):6–7 American Heritage Life acquisition by, policyholder claim forms, (August 16, organizational chart, 1984 and 1997, (December 1999):5 2005):3 (October 1997):12f analyst predictions for, (December policyholders’ desire to settle with 1999):5 Nationwide, (August 16, 2005):1, 3 Allied Life Insurance Company auto insurance business, (December policyholder value lost, (October Allied Group stock trade, (October 1999):4 1997):12–14; (February 1998):2, 5–6; 1997):8–10 auto insurance pricing models, (October 1998):12; (March 1999):19 company overview, (October 1997):9, 15 (December 22, 2004):3, 6 preferred-for-common stock swap, improper loans to Allied officers, Best’s rating of, (Autumn 1993):9 (October 1997):12–13; (February (February 1998):4–5 catastrophe exposure, (December 1999):4 1998):5–6; (March 1999):19; (August IPO, (October 1997):14–15 CNA acquisition by, (December 1999):5 1999):6; (August 16, 2005):1 stock options granted, (October 1997):15 core competencies and, (April 1997):3; preferred stock block to Nationwide (December 1999):4–5 Allied Mutual acquisition, (March 1999):19 distribution system expansion, (August See also Allied Group; Allied Insurance premium pool administration contract 1999):15; (December 1999):4–5 Group transferred to Allied Group, (October earnings, 1984-1998, (December 1999):4f aircraft ownership, (October 1997):15 1997):7–8, 10–14; (February 1998):6; earnings per share, (October 30, 2001):2 Allied Group’s ESOP and, (October (August 1999):6–8; (August 16,

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 on earthquake loss potential, (Autumn American Asiatic Underwriters American Express 1993):9 (AAU) executive travel insurance, (August growth plans, (October 30, 2001):2 Starr’s founding of, (April 9, 2004):2; 1999):31 Hurricane Andrew losses, (Autumn (March 30, 2005):1 Fireman’s Fund acquisition by, (July 11, 1993):9 2005):3 hurricane maximum loss potential, American Association of Retired Weill’s tenure at, (July 1996):3 (Autumn 1993):9 Persons (AARP) logo, (January 1995):7 annuities/FDIC insurance study, (March American Family Insurance long-tail environmental liability insur- 1994):2 auto insurance pricing models, ance, (Autumn 1993):4 Interstate Insurance Product Regulation (December 22, 2004):6 Northbrook Insurance sale by, (April Compact and, (March 14, 2003):3 American Financial Group 1997):3 mutual policyholder advocacy by, (March American International Group attempted reinsurance operations sale by, (April 1999):2–3 stock purchase of, (April 5, 2001):2 1997):3 ice cream purchases by, (August 1999):31 Schiff’s investment in, (January 1995):3; American Association of State (December 1999):4–5; (October 14, Compensation Insurance Funds American Fire Insurance 2000):2; (December 21, 2003):2 (AASCIF) Company Sears’ net income from, (June 1992):4 State Compensation Insurance Funds: Still corporate symbols, (March 1999):6; Sears shareholders’ attempted divestiture, the Best Alternative, (March 1993):5 (November 22, 2002):5 (June 1992):4 on surplus deficits, (March 1993):5 stock offerings, (June 1993):4–5; (Autumn American General 1993):9 American Bankers Insurance American International Group’s attempt- stock price, 1993-1999, (December Company ed takeover of, (April 5, 2001):1–3 1999):5f AIG’s attempted acquisition of, (May logo, (January 1995):9 stock price below book value, (December 1998):5 Prudential Plc’s acquisition offer for, 21, 2003):2 Cendant acquisition of, (May 1998):5–6 (April 5, 2001):1 stock repurchases by, (December logo, (January 1995):9 USLife acquisition by, (April 5, 2001):2 1999):5f; (January 18, 2000):1; (March American Bonding Insurance 28, 2003):2 American Heritage Life withdrawal from Florida homeowners Company Allstate Insurance acquisition of, market, (June 1993):1; (Autumn logo, (January 1995):8 (December 1999):5 1993):9 American Capital Access Holdings American Home Assurance withdrawal from New Jersey, (December IPO prospectus, (September 10, Company 1991):1 2004):1–2 AIG acquisition of, (April 9, 2004):2; Amato, Theresa ratings downgrades, (September 10, (March 15, 2005):3; (March 30, 2005):4 mutual policyholder advocacy by, (March 2004):1–2 AIG as holding company for, (March 30, 1999):2–3 American Council of Life 2005):2–3 appeal of PMA Capital Insurance Insurance Companies AmBase Company’s unstacking approval by Interstate Insurance Product Regulation See also Home Insurance Company Pennsylvania Dept. of Insurance, Compact and, (March 14, 2003):3 Drexel Burnham’s unsecured creditor, (November 22, 2005):5 (June 1990):2 American Country Insurance D&O advertisement, (April 7, 2003):3–4; junk bond portfolio of, (June 1990):2 Schiff’s favored undervalued stocks, (March 14, 2005):2–4 proposed sale of The Home Insurance (January 18, 2000):2; (December 21, Globe & Rutgers merger with, (April 9, Company, (June 1990):2; (September 2003):2 2004):2; (March 30, 2005):1 1990):2 Schiff’s investment in, (January 18, Greenberg’s career at, (March 15, 2005):1–2 Amboy, California visit by Schiff, 2000):2; (October 14, 2000):2; (December 21, 2003):2 Greenberg’s transformation of, (March 15, (June 1990):4; 2005):2 (August 1995):13 American Eco Corporation Spitzer’s lawsuit, (October 15, 2004):1; AMCO Insurance Company Cambridge Consulting Services acquisi- (October 22, 2004):1 See also Allied Group tion by, (August 1999):23, 27 value in 1968, (March 30, 2005):3 Dominion Bridge and, (August 1999):27 Allied’s premium pooling agreement, American Indians (October 1997):13–14; (February International Surety & Casualty’s sale of stock in, (August 1999):23 histories, (June 1990):4; (June 1991):6; 1998):6; (August 1999):6 (August 1995):13 annual earnings, 1986-1996, (February Mann and, (August 1999):23, 27 1998):3t stock price, (August 1999):23, 27 American Insatiable Group U. S. Industrial stock option agreement, expense ratios, 1988-1996, (February parody ad, (July 1996):11 1998):3f (August 1999):27 expenses, (October 1997):14 Unistar and, (August 1999):23, 27 American Institute for CPCU underwriting results, (October 1997):14 USIS Acquisition LLC purchase of notes, code of professional ethics changes, (July America, Inc.: Who Owns and Operates the (August 1999):27 1996):15 United States (Cohen), (July 12, 2005):1 American European Group American Institute of Architects DeAlessandro and, (October 1998):8 on Connecticut General campus build-

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 ings, (July 7, 2004):3; (July 19, 2004):2 25, 2002):1–3; (August 16, 2002):1–4; D&O premiums paid, (April 7, 2003):1f, 3 American International Group, Owens (April 7, 2003):1–2 earnings, (Fall 1989):1; (June 1992):5; Financial Group v., (March 1999):5; auto insurance business, (March 28, (September 2000):1–2; (February 16, (November 22, 2002):4 2003):2 2001):3; (April 5, 2002):2; (May 2, balance sheet, 1968, (March 30, 2005):3 2002):2–3; (February 26, 2004):1–6 American International Group benefits from tort system and liability cri- earnings, compared with offering and in (AIG) sis, (February 5, 2003):3 2004, (March 15, 2005):3 See also C. V. Starr & Company; board of directors earnings growth, (July 1996):13; (April 5, Greenberg, Maurice R. (Hank); Starr Aidinoff, Bernard, (May 2, 2002):3 2001):1–3 Foundation Cohen, Marshall, (March 1996):7; (April earnings per share, (October 1998):2; $2.8 billion pretax charge, (February 5, 7, 2003):2, 3t (February 5, 2003):1 2003):1–3; (February 26, 2003):1; Futter, Ellen, (April 7, 2003):2, 3t; (June earnings “smoothing,” (April 5, 2002):2; (April 7, 2003):3; (February 26, 23, 2003):1–3 (March 18, 2005):1 2004):2–6 Hills, Carla, (May 2, 2002):3; (April 7, employee deferred-compensation pro- accounting complexity, (April 5, 2003):2, 3t gram, (March 30, 2005):1 2002):1–2; (July 25, 2002):1–2; independence of, (April 5, 2002):2; (May exchange offer prospectus, (March 30, (February 26, 2004):1–6; (March 15, 2, 2002):3; (April 7, 2003):2–3; (June 2005):4 2005):1; (March 30, 2005):1–4; (April 4, 23, 2003):1–3 exchange offer to go public, (March 15, 2005):1–3 Levitt as advisor to, (July 12, 2005):1 2005):3; (March 30, 2005):4 advertising, (March 1999):5, 13; (August role of directors, (August 16, 2002):2 Financial Services Group of, (December 1999):13; (November 22, 2002):4, 12; Zarb, Frank, (May 2, 2002):4; (August 16, 1993):7 (March 28, 2003):2–3; (April 7, 2002):3; (April 7, 2003):2, 3t financial statements inaccuracies, (April 2003):3–4; (September 10, 2004):3; book value, (August 1999):2; (September 4, 2005):1–3 (March 14, 2005):1–4 2000):1–2; (February 16, 2001):3; financial strength, (April 5, 2002):2; (July AIG Financial Products investments, (February 5, 2003):1; (April 7, 2003):2f; 25, 2002):1–2; (February 5, 2003):3; (December 1993):7 (April 9, 2004):3; (December 31, (September 10, 2004):3 AIRCO’s ownership of, (March 30, 2004):2 General Re “reinsurance” transactions, 2005):4 book value, at offering, (March 15, (April 4, 2005):1 AIRCO’s relationship with, (March 30, 2005):3 Globe & Rutgers and, (April 9, 2004):2 2005):1–2, 4 Brightpoint Inc. securities fraud and, Greenberg as nonexecutive chairman, Alexander & Alexander and, (August (December 9, 2004):3 (March 15, 2005):3 1994):2 business overview, (October 1998):2; Greenberg’s certification of AIG’s finan- American Bankers attempted acquisition (September 2000):2 cials, (July 25, 2002):3; (August 16, by, (May 1998):5 C. V. Starr & Co. and, (March 30, 2002):2f, 4 American Financial attempted sale of 2005):1–4 Greenberg’s compensation, (April 7, Progressive stock to, (April 5, 2001):2 Capco Reinsurance Company transac- 2003):2–3 American General takeover attempt by, tions, (April 4, 2005):2 Greenberg’s management style, (April 5, (April 5, 2001):1–3 cartoons, (February 26, 2003):1 2002):2 American Home Assurance Company changes made in response to criticism, Greenberg’s ouster as CEO, (March 15, acquisition by, (March 15, 2005):3 (May 2, 2002):3; (August 16, 2002):1 2005):1–3; (March 18, 2005):1–3 American Home Assurance Company “Code of Business Conduct and Ethics,” Greenberg’s successor, (April 5, 2002):2; and, (April 9, 2004):2; (March 30, (April 4, 2005):2 (May 2, 2002):3 2005):2–4 commercial lines business, (March 14, growth of, (October 1998):1–3; (February American International Group: Cultivating 2005):3 26, 2004):1–6; (April 9, 2004):2 Global Growth (Schroeder et al.), conflicts of interest, (April 4, 2005):2 history, (April 9, 2004):1–2; (April 9, (September 2000):1–2 Coral Reinsurance Company Ltd. and, 2004):1–3; (March 30, 2005):1–4 American International Group, Inc.: The (March 1996):6–7; (July 1996):10–13; hostile takeovers and, (April 5, 2001):1–2 Emperor of Financial Services (Hicks & (December 1996):3; (February 28, HSB acquisition by, (September 2000):2 Lai), (October 1998):2 2005):1; (April 4, 2005):1 InsWeb leads handling, (March 1999):29 American International Underwriters and, corporate headquarters, (April 9, 2004):3 intercompany conflicts of interest, (March (March 30, 2005):1–2, 4 Davis’ stock pick, (June 1994):8 30, 2005):1–4 American Life Insurance Co. and, (March debt ratings, (February 5, 2003):3 investment income misclassification, 30, 2005):2–3 Delaware Insurance Department’s exami- (April 4, 2005):2–3 American Museum of Natural History nation of, (December 1996):3 J. & W. Seligman and, (April 9, 2004):2 board connections, (April 7, 2003):2; directors/officers’ conflicts of interest, on “junk insurance,” (September 10, (June 23, 2003):1 (March 30, 2005):1–4; (April 4, 2005):2 2004):3 American Reinsurance takeover by, (April directors/officers’ ownership of AIRCO, lawsuits, (March 1999):5; (November 22, 5, 2001):2; (March 15, 2005):1 (March 30, 2005):4 2002):4 analyst recommendations, (October directors/officers’ ownership of C. V. Starr life insurance business, (August 1994):2; 1998):1; (February 5, 2003):1; & Co., (March 30, 2005):4 (April 5, 2001):1 (February 26, 2003):1 disclosure issues, (June 23, 2003):1–2; liquidity, (October 1998):1 annual reports, (June 1991):4–5; (June (April 4, 2005):2 logo, (January 1995):9 1992):5; (December 1993):7; (February D&O advertisements, (April 7, 2003):3–4; Loss Mitigation Unit services, 26, 2004):1–6 (March 14, 2005):1–4 (December 9, 2004):3 annual statement costs, (July 16, 2003):2 D&O liability insurance business, (March loss reserve study, (February 5, 2003):2 audit committee, (May 2, 2002):1–4; (July 14, 2005):1–4 market cap, (October 1998):1; (February

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 16, 2001):3; (October 15, 2004):1 on the SEC’s Regulation G, (February 26, Starr Foundation’s ownership of, (March Merrill Lynch study on P/E ratios, (April 2004):4 30, 2005):4 5, 2001):3 securities analyst recommendations, usefulness as antitakeover strategy of misleading practices, (March 1999):5, 13; (September 2000):1 AIG, (March 30, 2005):4 (August 1999):13; (November 22, shortselling, complaints about, (May 2, 2002):4, 12; (March 28, 2003):2–3; 2002):3–4 American International (February 26, 2004):1–6; (March 18, Sosin’s investments, (December 1993):7 Underwriters 2005):1 Spitzer’s lawsuit, (October 15, 2004):1–2; AIG acquisition of, (April 9, 2004):2 Mission Insurance ownership by, (April 5, (October 22, 2004):1 AIG’s directors/officers’ conflicts of inter- 2001):2 Starr Foundation and, (April 7, 2003):2; est, (March 30, 2005):1, 4 National Union acquisition by, (March 15, (June 23, 2003):1–2; (March 30, pooled companies, (April 9, 2004):2; 2005):3 2005):1–4; (April 4, 2005):2 (March 30, 2005):2 National Union and, (July 1996):10, 15; Starr International Company and, (August Starr’s founding of, (March 30, 2005):1 (March 1999):5; (November 22, 1999):17; (March 30, 2005):1–4; (April American Life and Casualty (opera), 2002):4; (March 30, 2005):2–4 4, 2005):1–2 (August 1995):15 New Hampshire Insurance Company Starr’s founding of, (June 23, 2003):1–2; The American Life Convention: A Study in the acquisition by, (March 15, 2005):2 (April 9, 2004):1–2 History of Life Insurance (Buley), (June New Hampshire Insurance Company stock as currency for acquisitions, 16, 2004):1 and, (April 9, 2004):2; (March 30, (February 16, 2001):3; (April 5, American Life Group 2005):2–4 2001):1–3; (May 2, 2002):2 IPO, (November 1995):2 non-insurance operations, (December stock price, (Fall 1989):1; (October 1993):7 1998):2f, 3f; (August 1999):2; American Life Insurance Company offshore reinsurance transactions, (April 4, (September 2000):1–2; (April 5, accounting methods in 1968, (March 30, 2005):1–2 (See also Coral Reinsurance 2001):3; (November 15, 2001):1; (May 2005):3 Company Ltd.) 2, 2002):1–4; (July 25, 2002):1–3; AIG acquisition of, (March 30, 2005):2–3 operating income overstatement, (April 4, (February 5, 2003):1; (April 7, 2003):2f; AIG as holding company for, (March 30, 2005):2–3 (April 9, 2004):3–4; (October 15, 2005):2–3 premiums, (July 1996):12 2004):1–2; (December 31, 2004):2 value in 1968, (March 30, 2005):3 pretax profit by division, (December stock price, fluctuation of, (October 1993):7t 1998):2; (April 5, 2001):1–3; (February American Motorists price-earnings ratios, (December 1993):7; 5, 2003):1 earnings, (June 15, 2001):1–2 (October 1998):2, 3f; (September subsidiaries, (July 1996):15; (August Kemper Corp. stock swap for, (June 15, 2000):2; (April 5, 2001):1t, 3; (April 5, 1999):17 2001):1–2 2002):2; (May 2, 2002):2; (July 25, Sullivan on AIG’s financial condition, policyholder surplus, (June 15, 2001):2 2002):1–3; (April 7, 2003):2f (April 4, 2005):3 price to book value, (October 1998):3f; SunAmerica acquisition by, (October American Museum of Natural (September 2000):2f; (April 5, 2001):3; 1998):2–3; (September 2000):2 History (April 5, 2002):2; (April 7, 2003):2f swaps and derivatives, (December AIG board connections to, (April 7, PricewaterhouseCoopers audit of, (May 2, 1993):7 2003):2; (June 23, 2003):1; (March 30, 2002):2 Transatlantic Re and, (December 1996):3 2005):1 pro-forma earnings, (February 26, 20th Century Industries and, (August Futter’s connections to, (April 7, 2003):2; 2004):2–4 1999):17 (June 23, 2003):1; (March 30, 2005):1 Progressive shares owned by, (April 5, 21st Century Insurance ownership by, Greenberg’s connections to, (April 7, 2001):2 (April 5, 2001):2 2003):2; (June 23, 2003):1; (March 30, proxy statements, (April 7, 2003):1–4; Union Excess “reinsurance” transactions, 2005):1 (June 23, 2003):1–2 (April 4, 2005):1–2 Starr Foundation grants to, (April 7, rate increase request after Hurricane USLife stock ownership by, (April 5, 2003):2; (June 23, 2003):1; (March 30, Andrew, (December 1992):1 2001):2 2005):1 ratings, (April 5, 2002):2; (July 25, “We know risk,” (March 18, 2005):3 American Mutual Holding 2002):1–2; (February 5, 2003):3; World Trade Center loss reporting, Company (March 28, 2003):2–3; (September 10, (February 26, 2004):2, 5–6 2004):3 Yahoo! Finance bulletin board postings See also AmerUs realized gains and losses reporting, regarding, (February 26, 2003):1–5 first mutual insurance holding company, (February 26, 2004):1–6 (February 1998):7 American International reserves, (February 5, 2003):3; (February American Reinsurance Reinsurance Company (AIRCO) 26, 2003):1 advertising, (January 9, 2004):1 AIG acquisition of, (April 9, 2004):2 retentions, (July 1996):12 Aetna’s sale of, (December 1996):2 AIG’s directors/officers’ ownership of, retros and, (March 1992):2 AIG’s ownership of, (April 5, 2001):2 (March 30, 2005):4 revenues, (March 15, 2005):3 combined ratio, 1981-1991, (March AIG’s formation by, (March 30, 2005):2 Richmond Insurance Company’s “rein- 1993):2f AIG shares owned by, (March 30, 2005):4 surance” transactions, (April 4, 2005):2 Kohlberg Kravis Roberts acquisition of, Bermuda headquarters, (March 30, San Francisco earthquake and, (Fall (December 1996):2 2005):1, 4 1989):1 logo, (January 1995):8 Globe & Rutgers Fire Insurance Co. Schedule Y filings, (August 1999):17 Munich Re acquisition of, (December acquisition by, (April 9, 2004):2; Schiff’s investment in, (January 1995):3; 1996):2 (July 25, 2002):3 (March 30, 2005):1

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 net premiums earned, 1981-1991, (March 2000):2–3 Angle, John 1993):2f Brooks’ stock options, (May 22, 2001):2 Probe newsletter, (June 1991):8 non-cash charges, (July 1996):2 demutualization, (March 1999):3 public stock offerings, (March 1993):2 dividends, (February 1998):7 annual reports ratings downgrades, (January 9, 2004):1 Iowa Insurance Department and, annoying, (June 1992):5 reserve strengthening, (July 1996):2 (February 1998):7; (November 18, Cooper-Hewitt Museum exhibit of, Riscorp and, (December 1996):2 2002):2 (November 2, 2001):1 IPO, (February 1998):7 design, (November 2, 2001):1–2 American Reliance Insurance SEC regulation of, (March 3, 2000):1 financial reporting quality, (August 16, Group stock repurchases by, (May 22, 2001):2 2002):2–3 effects of Hurricane Andrew on, subscription rights offerings, (March images projected by CEOs in, (October (December 1992):1 1999):26 30, 2001):1–3 regulation of, (November 2, 2001):1 Americans for Insurance Reform AMEX Insurance Company reviews, (June 1990):1–3; (June on tort costs, (March 11, 2004):3 long-term care insurance sales tech- 1991):1–5; (June 1992):1–6; (June niques, (November 1995):15 American Skandia Life Assurance 1993):2–6; (May 1998):3–6; (October 30, 2001):1–3; (November 2, 2001):1–2; See also Skandia Insurance Company Amish country trip by Schiff, (November 9, 2001):1–2 accounting methods, (September 24, (December 1991):6, 7 Securities Exchange Act of 1934 require- 2001):3 ments, (November 2, 2001):1 earnings, (September 24, 2001):3–4 AMS Performance Advantage variable annuity, InsWeb and, (March 1999):28 annual statements (September 24, 2001):1–4 Amscot Auto Insurance Agency costs to purchase, (September 2000):10t; revenues, (September 24, 2001):3 (July 16, 2003):1–3 variable-annuity asset growth, MacKechnie’s plea agreement, (August 1999):29 described, (September 2000):9; (July 16, (September 24, 2001):2 2003):1, 4 variable-annuity assets under manage- Nelson’s undercover investigation of, (August 1999):29 out-of-state insurer filing requirements, ment, (September 24, 2001):2–3 (July 16, 2003):2 variable-annuity fees, (September 24, Unistar’s acquisition of, (August 1999):28–29 public inaccessibility to, (September 2001):2–3 2000):9–11; (July 16, 2003):1–6; (June variable-annuity guarantee liability, AmVestors 16, 2004):1–4; (December 9, 2004):2 (September 24, 2001):2–3 AmerUs’ acquisition of, (August 25, Schedule G, (June 16, 2004):1–4 variable-annuity mutual funds available, 2000):2–3 (September 24, 2001):2 Goldman Sachs and, (August 25, annuities variable-annuity surrender rates, 2000):2–3 See also single-premium deferred annu- (September 24, 2001):3 ities (SPDAs); variable annuities wasting assets oil well analogy, Amwest Insurance Group AARP study on FDIC insurance and, (September 24, 2001):3–4 Best’s ratings of, (March 1999):5; (March 1994):2 (November 22, 2002):4 advantages of, (March 1994):2 American States Condor’s advertising and, (March 1999):5; advertising, (March 1994):2 Safeco acquisition of, (January 18, 2000):1 (August 1999):13; (December 31, bank sales of, (June 1993):9; (March American Stock Exchange 2001):1; (November 22, 2002):4 1994):2, 4 in bear markets, (March 1996):4 Unistar Financial’s listing under review, liquidation proceedings, (December 31, Blackfeet National Bank CD/annuity, (August 1999):29 2001):1 (March 1994):2 American Trial Lawyers Amwest Surety Insurance commissions, (March 1994):2 Association Company crediting rates, (March 1996):3 Interstate Insurance Product Regulation logo, (January 1995):9 deposit insurance and, (March 1994):2 described, (June 1993):9; (March 1994):4 Compact and, (March 14, 2003):4 Andersen, Douglas Dirks’ endorsement of, (June 1993):9 See also Allied Group; Allied Mutual American Woolen Equitable Life Assurance Society, in Allied Group shares owned, 3/31/1997, Little’s conglomerate strategy and, (July 1933, (March 1991):4 (May 1998):9 11, 2005):2 fixed, (March 1999):7; (November 22, on Allied Group’s preferred-for-common Textron’s acquisition of, (July 11, 2005):2 2002):6 swap, (February 1998):5 growth of, (March 1994):1–4; (March Allied-Nationwide public hearings and, America Online 1996):3 (March 1999):19–22 earnings, (December 1999):3 industry-leading insurance companies, incorrect citation of “Iowa law,” market cap, (December 1999):3; (January (June 1993):9 (February 1998):2 18, 2000):1; (October 14, 2000):2 insurance company investments and, response to cherry-picking allegation, (March 1991):6 Ameritas (February 1998):3 Kendel on “Annuities ‘R’ Us,” conversion to MIHC, (March 1999):3 on Schiff’s Allied board nomination, (December 1991):3 (February 1998):1–2; (August 16, AmerUs mutual funds compared to, (March 2005):2 See also American Mutual Holding 1994):4 stock options received, (October 1997):15 Company ownership statistics, (June 1993):9; AmVestors’ acquisition by, (August 25, (September 24, 2001):2

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 popularity of, (March 1996):3 Araskog, Rand Seagram Building, (July 19, 2004):2 product overview, (March 1994):4 See also ITT Skyscraper Rivals—The AIG Building and profitability requirements, (March Cooney’s comparison to, (June 1992):4 the Architecture of Wall Street 1996):3 on creating shareholder value, (June (Abramson), (April 9, 2004):3 regulation, (March 1999):7; (November 1992):4; (November 9, 2001):1 social values of preservation, (July 19, 22, 2002):6 leadership of ITT, (June 1992):4 2004):4–6 reserves, (March 1996):3–4 Stuyvesant Town, (February 1998):19 returns, (March 1996):3 Arch Capital Group Wilde Building, (July 7, 2004):2–3; (July risks associated with, (November 17, See also Risk Capital Reinsurance 19 2004):1–6 1999):1 Company Woolworth Building, (February 1998):14 savings and loans and, (June 1993):9 Bermuda reinsurance deals, (November Schiff’s opinion of, (March 1994):4; 15, 2001):3 Arctic Circle, Ltd. (March 1996):3 Clements and, (December 31, 2001):1–2 Furman and, (August 1999):27 Schiff’s outlook for, (January 18, 2000):1 IPO, (December 31, 2001):2 USIS Acquisition LLC and, (August Search Out the Good Shepherds of private-equity funding closing, 1999):27 (December 31, 2001):2 Shareholder Funds (Spehar), (March Argonaut Insurance Company 1996):3–4 reinsurance business, (December 31, Schiff’s favored undervalued stocks, spreads, (March 1994):4; (March 2001):2 (August 1999):2; (January 18, 2000):2; 1996):3–4 stock price, (December 31, 2001):2 (December 21, 2003):2 surrender fees, (March 1996):3–4 stock price below book value, (December Schiff’s investment in, (August 1999):2; surrender ratios, (March 1996):4 21, 2003):2 (January 18, 2000):2; (December 21, Towers Perrin distribution study, (March Architectural League of New York 2003):2 1994):2 Wilde Building recognition by, (July 19, unconditional guarantee to insureds, (July United Pacific Life and, (December 2004):2 1996):15 1991):3 architecture Ario, Joe Anthem Casualty Insurance See also art works on NAIC’s purpose, (July 16, 2003):2 Company AIG corporate headquarters, (April 9, Holtz’ appointment to board of directors, Arista Insurance Company 2004):3 (April 1995):8 Bunshaft’s building designs, (July 7, See also Kooper, Bernie 2004):2–3; (July 19, 2004):1–6 1995 annual meeting, (November 1995):4 Anthem Insurance board of directors, (October 1994):10; California workers’ compensation market, CIGNA, (July 7, 2004):2–3; (July 19, 2004):1–6 (November 1995):4 withdrawal from, (April 1997):3 financial statements, (October 1994):10 core competencies and, (April 1997):3 College of Insurance building, (February 1998):14 history of, (November 1995):4 Anton, Frederick W., III Connecticut General corporate headquar- Kooper’s holdings in, (October 1994):10; as PMA Capital Corporation chairman ters, (July 7, 2004):2–3; (July 19, (November 1995):4 and CEO, (November 22, 2005):2 2004):1–6 NY State Disability and, (October as PMA chairman, (November 22, 2005):2 Emhart Building, (July 7, 2004):2–3; (July 1994):10 as PMA Foundation chairman, 19, 2004):1–6 Old Lyme Holdings’ acquisition attempts (November 22, 2005):2, 3 Equitable Life building, (December of, (October 1994):10 Republican Party affiliation, (November 1991):2; (July 19, 2004):1 Schiff’s investment in, (October 1994):10; 22, 2005):2 Erie Insurance Exchange headquarters, (January 1995):3; (November 1995):4 SEC allegations of passing inside infor- (August 1995):9 Schiff’s proxy dispute, (November mation, (November 22, 2005):3 Gilbert’s building designs, (February 1995):4 1998):14 Schiff’s speech to shareholders, Anton Members Agency, Ltd. The Guardian Life Insurance Company (November 1995):4 Lutine Capital Corporation and, headquarters, (December 1991):2 Arista Investors Corporation. See (December 1993):3–4 historical landmark preservation, (July 7, Arista Insurance Company AOL. See America Online 2004):2–3; (July 19, 2004):1–6 John Hancock corporate headquarters, Arizona Insurance Department Aon Corporation (October 28, 2003):1 Schedule Y filings by AIG, (August addition to S&P 500, (December 1996):7 Knoll’s interior designs, (July 19, 2004):3 1999):17 UK restructuring, (October 26, 2005):1 Metropolitan Life building, (July 19, workforce reductions, (October 26, 2004):1 Arizona trip by Schiff, 2005):1 New York Life Insurance headquarters, (June 1990):4 (January 1995):11; (May 1998):18; (July Arkansas Insurance Department Applied Insurance Research, Inc. 19, 2004):1 filings available on web site, (July 16, CATMAP computer model, (March Noguchi’s sculptures, (July 19, 2004):3 2003):2–3 1994):8 NYC Financial District buildings, (April earthquake analysis, (March 1994):8 9, 2004):3 Arlington, Iowa visit by Schiff, Pei’s building designs, (October 28, Aquila, Inc. (October 1998):15 2003):1 Chubb Corp. surety bonds, (December 9, Pennsylvania Station, New York City, ARM Financial Group 2002):2 (December 1991):7; (July 19, 2004):1 bankruptcy, (December 1999):9

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 General American Life’s funding agree- conference on, (January 1995):4 auto insurance ments, (September 2, 1999):1 Grant on, (January 1995):4 See also automobiles; commercial auto Integrity Life Insurance Company and, Hutchings on, (December 1991):2; insurance; S.U.V.s (sport utility vehi- (September 2, 1999):1 (January 1995):4; (March 1999):15; cles) ratings agency notifications by, (November 22, 2002):14 accident prediction, (September 9, (September 2, 1999):1 2005):1 Associated Industries of stock price, (September 2, 1999):1 actuarial data on S.U.V.s, (October 26, Massachusetts. See A. I. M. 2005):2 Armstrong, Donald (Associated Industries of AIG’s misleading advertising, (March 28, A History Of The Property Insurance Massachusetts) 2003):2 Business in The United States Prior to benefit payments, (March 1991):6 1890, (December 1992):2–3 Associated Life Insurance Buffett’s comments on, (Summer 1989):1 Company Armstrong, Neil in California, (December 1991):1; (June See also Towers Financial moon walk, (October 1998):10 1992):5; (June 1993):6; (June conservatorship and liquidation, (March Ohio National Life Insurance Company 1994):3–4; (October 1994):11; (May 1993):8–9 and, (October 1998):10 1998):1 purchase by Towers Financial, (March cartoons, (September 9, 2005):1 Armstrong Investigations 1993):8 data analysis, (December 22, 2004):1–6; Hughes’ questioning of executives, Association of Metropolitan (September 9, 2005):1; (October 26, (February 1998):13–14 2005):2 Sewerage Agencies life-insurance industry improprieties in the District of Columbia, (March 7, Campanaro on broker of record agree- leading to, (February 1998):12–14 2002):3–4 ments with, (April 1997):9 reforms enacted as a result of, (February future of, (March 1996):2; (May 1998):1; U. S. Insurance Brokers agreement with, 1998):14; (June 16, 2004):1–3; (December 1999):4–5 (July 1996):9; (April 1997):9; (October (February 15, 2005):6 generalists and specialists, (December 22, 1998):8 tontine policy mismanagement, 2004):2 (February 15, 2005):6 assymetric information theory history, (December 1992):7; (September 17, 2002):3 art works certainty effect and, (September 17, 2002):2 in Illinois, (October 1994):11; (December See also architecture definition, (September 17, 2002):2 22, 2004):3–6 Alexander & Alexander collection, Internet markets, (March 1999):28–30; (March 1994):11 Atlantic Mutual Insurance (August 1999):15; (December 1999):5; Noguchi sculptures, (July 19, 2004):3 Company (January 18, 2000):1; (May 5, 2001):3 Steinberg’s Old Masters, (October kosher food contamination coverage, in Iowa, (Fall 1989):1; (March 1991):5 1994):11; (May 31, 2000):1 (March 1993):3 monitoring devices in cars, (September 9, Yasuda Fire & Marine Insurance logo, (January 1995):9 2005):1; (October 26, 2005):2–3 Company collection, (October 1994):11 misleading advertising, (September 10, in New Jersey, (Fall 1989):1; (March asbestos liabilities 2004):2–3 1991):5; (December 1991):1; (May 1998):1; (March 7, 2002):3–4 Best’s estimated reserve shortfalls, (June ratings and financial strength, (September in New York State, (February 12, 1994):2–3 10, 2004):2–3 2002):2–4; (March 7, 2002):1–4 Buffett on, (November 1995):10 surplus notes, (March 28, 2003):2 no-fault, (March 7, 2002):3 commercial insurance buyers and, (June audit committees nonstandard markets, (October 1997):1–2; 1994):3 See also accounting; auditors (December 22, 2004):2 companies with possible exposure, (June authority of, (August 16, 2002):2 PAIN (personal auto insurance nastiness) 1994):2–3 “blue-ribbon” panel on, (August 16, index, (March 7, 2002):4 Comprehensive General Liability poli- 2002):3; (April 7, 2003):2 politics and, (December 1991):1; (March cies, (June 1994):2 GAAP conformity by, (August 16, 7, 2002):2–4 industry exposure to, (June 1994):2–3; 2002):3–4 premiums, (Fall 1989):1; (March (September 17, 2002):2 history, (August 16, 2002):2–4 1991):5–6; (December 1991):1; (April Other Liability and Products Liability reports by, (July 25, 2002):1–3; (August 1997):1; (May 1998):1; (December premiums, (June 1994):2 16, 2002):2–3 1999):4; (March 21, 2001):3t; (February Outhwaite’s asbestos and pollution rein- SEC on role of, (May 2, 2002):2; (August 12, 2002):3–4; (March 7, 2002):1–4 surance losses, (October 1994):3 16, 2002):2–4 pricing sophistication, (December 22, 2004):2–6 Asia. See China; Japan; South Korea auditors profitability, (October 1994):11; See also accounting; audit committees asset-backed securities (December 1999):4 financial statements manipulation by, banks’ risk-shifting to insurers, prohibition of policy cancellations, (February 12, 2002):1 (December 22, 2003):1 (September 17, 2002):3 independent, (February 12, 2002):1–4 Conseco Finance and, (December 9, rate-cutting in, (April 1997):1 as lobbyists, (February 12, 2002):2–4 2002):2 RelianceDirect, (February 1998):27 during prosperous times, (February 12, insurers’ risk appetite, (December 9, Roberts on effects of mergers and acqui- 2002):1 2002):2 sitions on, (July 14, 2005):1, 5 signing off on underreserved companies, risk factors, (December 9, 2002):2 Snyder’s comments on, (Spring 1989):2 (August 1999):2; (January 25, 2002):3 S.U.V.s and auto safety, (September 9, asset-liability matching

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 2005):1–6 Condon on rate-cutting cycles, (June tenure at ISO, (April 1997):6 trends in, (December 22, 2004):2 1992):6 World Trade Center losses on September Greenberg on strengthening in, (June Bankers and Shippers Indemnity 11, 2001, (March 7, 2002):4 1992):6 Integon purchase of, (October 1997):2 Auto Insurance Report AXA The Bankers Association of on Internet insurance markets, (May 5, MONY acquisition proposal by, (February Minnesota. See Securian Financial Group 2001):3 10, 2004):1–3 Bankers Life on nonstandard auto insurance, (October Conseco’s accounting methods involving, 1997):1–2 (March 1994):3; (April 1995):5–6; PAIN index, (March 7, 2002):4 ~B~ (August 1995):15; (December 2, automobiles Backup Re 1999):2; (December 19, 2002):3 See also S.U.V.s (sport utility vehicles); Disaster Re and, (August 1994):4 Conseco’s acquisition of, (April 1995):6 specific auto manufacturers Conseco’s attempted sale of, (April Bridgestone Firestone tires recall, Bagdasarian, Christopher 1995):6 (September 9, 2005):6 See also Normandy America Bankers National construction background, (August 1995):2; (December Conseco and, (December 2, 1999):2 autos compared to S.U.V.s and trucks, 1996):1 dividend upstreams to Conseco, (September 9, 2005):1, 2 fraud charges against, (December 1996):1 (December 2, 1999):2 cost factors, (September 9, 2005):1 investment portfolio, (August 1995):2; negative unassigned surplus, (December minivans compared to S.U.V.s, (December 1996):1 2, 1999):2 (September 9, 2005):2, 5 restricted stock allocation to, (August unit-body, (September 9, 2005):1, 2 1995):2 Bank of United States drivers financial services conglomerates and, accident prediction, (September 9, Baglini, Norman See also Insurance Institute of America (October 1998):4 2005):1; (October 26, 2005):2–3 Money of the Mind (Grant), (October behavior and fatality rates, (September 9, (IIA) on IIA courses, (December 1996):15 1998):4 2005):5–6 New York real estate properties, (October risk, attitudes toward, (September 9, Baker, Daniel 1998):4 2005):5 Cracking the Corporate Closet, (April driving tests 1995):11 bankruptcies experienced/unexperienced driver reac- See also financial strength; insolvency; tion times, (September 9, 2005):5 Baldwin & Lyons run-off; solvency test track results, (September 9, A and B class shares, (January 9, “death spiral” process, (January 9, 2005):3–4 2004):2–3 2003):1–3 safety business overview, (January 9, 2004):2 of highly-rated companies, (September crash test results, (September 9, 2005):2 debt, (January 9, 2004):2 1991):1–2; (June 1993):4; (Autumn fatalities, statistics on, (September 9, investment portfolio, (January 9, 2004):2 1993):7; (October 1994):4–7 2005):4f opposition to PMA Capital Insurance life insurance companies, within five and handling and, (September 9, 2005):1, 3 Company’s proposed unstacking, ten years, (October 1994):6t “passive” and “active,” (September 9, (November 22, 2005):4 in the life insurance industry, 1929-1936, 2005):4, 5 premiums, (January 9, 2004):2 (March 1991):4 S.U.V.s and, (September 9, 2005):1–6 Protective Insurance Company and, Mandel’s losses, (March 1991):3 (January 9, 2004):2 record numbers of, (March 1992):1 Avemco Corporation Sagamore Insurance Company and, of savings and loans, (December 1992):2 annual report review, (June 1992):5–6 (January 9, 2004):2 The Sun Also Rises dialog on, (December combined ratios, 1982-1991, (June Schiff’s investment in, (January 9, 2004):3 1999):1 1992):6t shareholder equity, (January 9, 2004):2 Condon on the insurance climate, (June stock price below book value, (January bankruptcy filings 1992):6 18, 2000):2; (December 21, 2003):2; See also specific companies GEICO ownership of, (June 1992):5 (January 9, 2004):2–3 ARM Financial Group, (December Greenberg on aviation and marine mar- stock prices of A and B shares, (January 9, 1999):9 kets, (June 1992):6 2004):2–3 Casualty Indemnity Exchange, (June Hall’s predictions for reinsurance sector, stock repurchases by, (March 28, 2003):2 1993):4 (June 1992):6 Chase Manhattan Mortgage & Realty Markel Corp. purchase of shares of, Baldwin Piano & Organ Company Trust, (March 1999):9; (November 22, (December 1996):7 increasing shareholder value, (April 2002):8 pricing practices, (June 1992):6 1997):12 Confederation Life, (October 1994):4–5; removal from Russell 3000 Index, insurance and annuity business, (April (December 1996):12; (March 21, (December 1996):7 1997):12 2002):1 Conseco, (December 19, 2002):1–3 Avery, Cindy Baldwin United Enron, (January 25, 2002):2 Chubb’s Indianapolis account story and, Baldwin Piano & Organ Company and, Executive Life, (September 1991):3 (August 1994):6 (April 1997):12 First Capital Life Insurance Company, (March 1999):10; (November 22, aviation insurance Banfield, Carole

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 2002):9 (November 22, 2002):8 Beck, Ted First Executive, (December 1991):2, 4–5; Towers Perrin annuities distribution background, (July 1996):8–9 (Autumn 1993):7 study, (March 1994):2 Century Industries and, (July 1996):8–9 General American Life, (September 2, 1999):1–2; (December 1999):6–9 Barbados Beers, Paul D. John Muir & Company, (June 1993):8; Capco Reinsurance Company, (April 4, on PMA’s loss of influence, (November (October 1998):9 2005):2 22, 2005):2 Macy’s, (March 1992):2 Coral Reinsurance Company Ltd., on PMA’s support of the Republican Mid Atlantic Insurance Brokers, (July (March 1996):6–7; (July 1996):10–13; Party, (November 22, 2005):2 1996):8 (December 1996):3; (February 28, Belden, Blair Mutual Benefit, (September 1991):1–6; 2005):1; (April 4, 2005):1 support of Golden Eagle Insurance (December 1991):2; (March 1993):6; disclosure requirements in, (March Company, (April 1997):12 (Autumn 1993):7 1993):9; (March 1996):6 statutory requirements in, (July 1996):13 Reliance Group Holdings, (October 30, Belth, Joseph M. tax advantages of, (July 1996):13 2001):2 See also The Insurance Forum newsletter Union Excess Reinsurance, (April 4, Rockefeller Center Properties, (March background, (May 1998):14 2005):1 1999):9; (November 22, 2002):8 on Best’s ratings standards, (March Towers Financial Corporation, (August Barnes, Roosevelt “Booba,” 1991):6–7 1994):11 (Winter 1990):2 biography, (August 22, 2003):1 banks George Polk Award recipient, (February Barnette, Curtis 1998):18; (May 1998):14 See also deposit insurance; FDIC (Federal on MetLife board of directors, (February letter to Schiff’s on Schedule G informa- Deposit Insurance Corporation) 1998):10–11 tion, (July 7, 2004):3 annuity sales by, (June 1993):9; (March Life Insurance: A Consumer’s Guide, (March 1994):2, 4 Barrack Rodos & Bacine 1999):4; (November 22, 2002):3 Bank Holiday, (March 1991):2–4 as Allied Mutual plaintiffs’ class counsel, mutual policyholder advocacy by, (May Bank of United States, (October 1998):4 (August 16, 2005):3 1998):14–15; (March 1999):2–3; (June Blackfeet National Bank’s CD/annuity 28, 2002):3; (July 18, 2003):2; products, (March 1994):2 Bartley, Aaron (September 25, 2003):5 Bush’s request for banks to make more The Center for Insurance Research and, mutuals defined by, (August 22, 2003):1 loans, (March 1991):2 (May 1998):15 Provident Mutual MIHC conversion plan call reports, (September 2000):11; (July baseball public hearings statement, (May 16, 2003):6 Beane’s analysis of statistics, (September 1998):14–16; (June 28, 2002):2 Chase Manhattan Bank, (March 1999):9, 25, 2003):1 on Provident’s severance packages to offi- 16–17; (November 22, 2002):8, 15–16 Bunning’s strikeouts, (December cers, (October 17, 2002):3 Chase National Bank, (March 1999):9; 1993):11 on regulator approval for surplus note (November 22, 2002):8 executive compensation analogy, payments, (December 31, 2002):2 Chemical Bank, (March 1992):2; (May (September 25, 2003):1 Schedule G disclosures and, (June 16, 1998):5; (June 1, 2000):1–2; (June 1, insurance comparisons, (December 22, 2004):1–3; (July 7, 2004):3 2000):2 2004):1 Schiff’s description of, (June 1990):4 Citibank, too-big-to-fail, (March 1999):17; Kiner’s request for raise, (Summer Schiff’s meeting with, (May 1998):14–15 (November 22, 2002):16 1989):2 Schulte’s comments about, (December credit card interest rates, (March 1994):2 Moneyball (Lewis), (September 25, 1991):5 during the Great Depression, (March 2003):1; (December 22, 2004):1 on tax treatment of demutualization dis- 1991):2–4 Oakland A’s, (September 25, 2003):1; tributions, (August 22, 2003):1–4 Insull on bankers, (Autumn 1993):10; (December 22, 2004):1 (October 25, 1999):1 statistics, (December 22, 2004):1 Belth v. New York State Department in the insurance business, (Spring Tinker to Evers to Chance, (October of Insurance 1989):1; (September 1991):7; (June 1998):4 Schedule G disclosures, (June 16, 1993):9; (December 1993):11; (March 2004):1–3; (July 7, 2004):3 1994):2, 4; (April 1995):11; (August Beane, Billy 1995):4f Moneyball on, (September 25, 2003):1; Benchimol, Albert investment product marketing to the (December 22, 2004):1 See also Reliance Group elderly, (March 1994):2 on Sable Insurance Company, (December The Beardstown Ladies’ Common- Money of the Mind (Grant), (September 1996):4 1992):6; (December 1993):10; (October Sense Investment Guide 1998):4 actual returns, (May 1998):4 Benchley, Robert National City Bank’s Peruvian govern- Schiff’s review of, (April 1995):8; (May on liquor as slow poison, (December ment bonds, (March 1999):9; 1998):3–4 1999):1 (November 22, 2002):8 Beatles trivia, Benjamin Graham on Value Investing property-casualty underwriting, com- (Summer 1989):2 (Lowe), pared, (September 1992):2–3 (December 22, 2003):2 resurgence ability, (July 1996):2 Beck, Ken risk-shifting to insurers, (December 22, Provident Mutual MIHC conversion plan “Berigan, Rowland” (pseudonym) 2003):1 hearings, (May 1998):14–17 on price firming, (August 1999):14 Rockefeller family, (March 1999):9;

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 Berkley, William R. ment, (January 9, 2003):2 ers, (December 9, 2001):1 See also W. R. Berkley mutual fund similarities, (August 1995):2 Bialkin, Kenneth 1990-91 market outlook, (June 1991):4 net-worth position, (November on interest rates and earnings, (March 1995):9–13 as Citigroup director, (July 12, 2005):6 1996):2 premium-to-surplus ratios, (November as Cogan, Berlind, Weill & Levitt coun- on investment yield declines, (June 1995):9 sel, (July 12, 2005):6 1993):4 Schiff’s investment in, (January 18, on Congress’ role to test new ideas, (July ISO conversion, opposition to, (April 2000):2 12, 2005):6 1997):4 Schiff’s pro-forma cost of float, 1999-2001, as Greenberg counsel, (July 12, 2005):6 on stock buybacks, (April 1997):2 (April 5, 2002):4, 5t on holding companies’ increased efficien- stock options, (May 22, 2001):2 single-premium-deferred annuities, cies, (July 12, 2005):6 (August 1999):3 on mergers and acquisitions, benefits to Berkshire Hathaway Standard & Poor’s incorrect rating of, shareholders and policyholders, (July See also Buffett, Warren (March 1994):7 12, 2005):6 accounting complexities, (April 5, “super-cats” catastrophe coverage, (June as Skadden, Arps, Slate, Meagher & 2002):2–5 1991):2; (Autumn 1993):4 Flom partner, (July 12, 2005):6 annual meeting attendees, 1976-1999, surplus, philosophy and rules on, as Weill advisor, (July 12, 2005):6 (August 1999):3f (Autumn 1993):4 as Willkie Farr & Gallagher partner, (July annual meeting transcripts, ordering taxes, (June 4, 2002):1 12, 2005):6 information, (November 1995):5 underwriting losses, (June 1993):4; (April Bickerstaff, Whately, Ryan & annual report reviews, (June 1990):1; 5, 2002):5 Burkhalter (June 1991):2; (June 1993):4 volume, (November 1995):7 annual reports, ordering information, opinion on PMA’s proposed unstacking, (November 1995):5; (October 30, Bermuda (November 22, 2005):3 American International Reinsurance 2001):3 Biederbecke, Bix annual reports excellence, (April 1995):8; Company, (March 30, 2005):1, 4 in Davenport, Iowa, (October 1998):14 (October 30, 2001):3 Arch Capital Group reinsurance deals, board of directors, (April 5, 2002):2 (November 15, 2001):3 Biggs, Barton Buffett on stock split of, (October 30, Buffett on insurance companies locating on Yasuda’s art collection, (October 2001):3 in, (November 1995):12 1994):11 Buffett on strengths of, (November Dickson on future of money in, 1995):6 (December 1993):1 Bill Harris & Associates Buffett’s collected letters to shareholders, Dowling on venture capitalists located in, house-cleaning service, (August 1994):11 (April 1995):8; (April 5, 2002):1 (November 15, 2001):2–3 Birge, Mike Buffett’s management style, (April 5, Electric Mutual Liability Insurance on Liberty Mutual’s rate cuts, (April 2002):2 Company (EMLICO) operations in, 1997):3 Buffett’s successor, (April 5, 2002):2 (December 1996):15 California Earthquake Authority reinsur- insurance companies locating in, Bissonette, Harold ance and, (March 1996):5 (December 1993):1–3; (November lecture on mutual conversions, (October capital gains, (June 4, 2002):1 1995):12; (December 21, 2003):1 1998):11 catastrophe policies, (Autumn 1993):4–5 Lloyd’s competition in, (December cost of float, 1967-1994, (November 1993):4 Blackfeet National Bank 1995):8t Marsh & McLennan’s reinsurance deals, CD/annuity product, (March 1994):2 cost of float, 1967-2001, (April 5, (November 15, 2001):3 2002):2–4, 3t Richmond Insurance Company, (April 4, Blackmun, John cost of funds, (June 1993):4; (November 2005):2 See also New York Marine & General 1995):8–9 Risk Capital Reinsurance Company’s Insurance Company financial strength of, (March 1994):7 redomestication, (December 31, on casualty market rates, (November float, (June 1991):2; (June 1993):4; (June 2001):2 1995):2 1994):1; (November 1995):8–13; Starr International Company, (March 30, Blackmun, Mark 2005):1, 4 (August 1999):2; (April 5, 2002):2–5 See also New York Marine & General startups after September 11, 2001, GEICO ownership by, (June 1992):5 Insurance Company (December 21, 2003):1 General Re’s acquisition by, (April 5, on casualty market rates, (November White Mountains Insurance Group’s rein- 2002):2; (June 4, 2002):1 1995):2 General Re’s complexity, (April 5, surance deals, (November 15, 2001):3 2002):2–5 Blake, Norman Best’s Insurance Reports insurance subsidiaries of, (Summer See also USF+G insurance company coverage, (October 1989):1 on financial statement strength, (June 1998):6 investment portfolio, (June 4, 2002):1 1993):4 subscribers, (November 22, 1994):8 Kemper Insurance Companies reinsur- USF+G leadership, (December 1996):8, ance agreement, (January 9, 2003):2 Best’s ratings agency. See A. M. Best 12–13 limits on catastrophe policies, (Autumn USF+G severance package, (May 1993):4 Best’s Review 1998):3f Lloyd’s of London competition, Steinberg on industry surplus of capital, (November 1995):11 (March 1993):1 Blanch, Edgar W. Lumbermens Mutual reinsurance agree- on Sternberg’s dedication to policyhold- See also E. W. Blanch Holdings

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 on casualty insurance market, (Autumn 2005):3–4 Boston, Massachusetts 1993):5; (March 2, 2001):1 NY law on mutual policyholder nomina- City Council hearing on Liberty Mutual on catastrophe property brokerage rev- tions to, (February 1998):9 MIHC conversion, (March 28, enues, (Autumn 1993):5; (March 2, proxy rules reform, (September 25, 2001):1–3 2001):1 2003):3 powerful people in, (November 7, 2003):2 E. W. Blanch stock purchases from, (April statistics on, (November 7, 2003):1 1997):2 boxing stock options, (March 2, 2001):2 Bodman, Samuel Cooper’s championship belts, (Autumn stock sale, (Autumn 1993):5; (March 2, John Hancock board of directors connec- 1993):11 2001):1–2 tions, (October 23, 2003):2; (November D’Amato on, (June 1994):3, 6 7, 2003):2, 3t Goldman on picking fights, (November Bland, John Randolph 15, 1999):3; (June 28, 2002):1 Bogardus, Jack See also USF+G Liston on referees, (December 21, United States Fidelity & Guaranty and, as a Lloyd’s of London Name, (October 2003):2 (December 1996):8–9 1994):3 Louis on Conn, (November 15, 1999):4 Bland, R. Howard bond markets Bradsher, Keith See also USF+G 1980s rally in, (Fall 1989):1 on auto executives’ opinions of S.U.V. United States Fidelity & Guaranty and, during the Great Depression, (March buyers, (September 9, 2005):2 (December 1996):9–10 1991):2 on four-wheel-drive S.U.V.s, (September insurance industry losses in, (June 9, 2005):2, 5 Bland, Robert 1994):1–2 “High and Mighty,” (September 9, on Quotesmith’s future, (May 5, 2001):3 interest rates’ effect on earnings, (March 2005):2 1996):2 Blood Feast (film), on S.U.V. buyers’ motivations, life insurance and property/casualty insur- (September 9, 2005):2 (March 14, 2005):1 ance compared, (June 1994):1 Bloomfield, Connecticut stock market yields compared to, Brady, Brad (October 1997):3–4; (May 1998):4 CIGNA corporate headquarters and, (July on Givens’ business practices, (October 1998):8 19, 2004):2–6 bonds economic fluctuation in, (July 19, See also junk bonds; securities; surplus Brady, David 2004):3–5 notes on reputations, (May 6, 2003):1 Blue Cross and Blue Shield catastrophe, (May 1998):6 Chinese bond ratings, (December 22, Brady & O’Shea P.C. financial problems at Blue Cross plans, 2003):2 as Allied Mutual plaintiffs’ class counsel, (June 1991):5 Corporate Bond Quality and Investor (August 16, 2005):3 Medical Malpractice Insurance Experience (Hickman), (December Association funds transfer to, (March Bramson, Leonard 1991):4 1993):10–11 medical malpractice schemes, (March corporate bonds default rates study, rate increases, (March 1993):10 1994):1 (November 17, 1999):1 Blue Ridge Insurance Davis’ opinions of, (December 22, Bramson, Martin ratings, (March 1999):13; (November 22, 2003):3–4 medical malpractice schemes, (March 2002):12 interest rate and price relationship, 1994):1 (March 1991):2; (March 1992):1; The Blues, search for, (March 1996):2 Bramson, Norman (Winter 1990):2 Massachusetts State, (December 1991):6 medical malpractice schemes, (March Moody’s study on default rates, 1994):1 Blumenstein, Michael (November 17, 1999):1 on downstream stock subsidiaries, New York State, (December 1991):6 Branch, Harlee, (February 1998):3 prices during recessions, (March 1992):1 (June 1991):7 boards of directors railroads, (March 1991):1, 3, 4 Brands, Marilyn audit committees, (May 2, 2002):2; ratings of insurers of, (September 10, on Argonaut’s guarantee to insureds, (July (August 16, 2002):2–3; (April 7, 2004):2 1996):15 2003):1–2 regulatory investment requirements, ® CEOs serving on, (November 7, 2003):1 (Winter 1990):1 Brand Warfare : 10 Rules for compensation committees, (September risk factors, (Winter 1990):1; (April Building the Killer Brand 25, 2003):3 1995):9 (D’Alessandro), conflicts of interest, (May 1998):8–10 surety, (December 1992):7; (January 25, (July 18, 2003):1, 7; (September 25, directors and officers (D&O) liability 2002):2; (December 9, 2002):2 2003):4, 10; (October 23, 2003):1 insurance, (April 7, 2003):3–4; (March utility companies, (March 1991):3 14, 2005):1–4 value during economic downturns, breast implant warranty coverage duties and authority of, (August 16, (March 1991):2; (March 1992):1 by Frontier Insurance Company, (December 1993):11 2002):2 “Bonfire of the Beancounters” independence of, (June 23, 2003):1–2; (Shroeder), Brennan, Edward (September 25, 2003):3 (February 12, 2002):2 See also Sears, Roebuck and Company new securities, issuance of, (July 12, on Sears’ financial services divestiture,

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 (June 1992):4–5; (June 1993):4–5 (June 1991):7 1996):8 BRI Coverage Broad, Eli Bryant College See also Underwriters Financial Group See also SunAmerica Syron’s commencement address, business overview, (August 1995):3 on AIG board of directors, (April 7, (November 7, 2003):4 Chippewa Resources and, (August 1995):3 2003):3 failure of, (October 1998):8 compensation, (October 1997):3 Bryce, James Integrated Resources and, (August on SunAmerica’s investment products, stock options granted, (May 22, 2001):1 1995):3 (March 1996):4 Bryne, John International General Insurance and, on setting accurate loss reserves, (June (August 1995):3 Brockbank Group 1990):1 Kwajalein Island “guarantees,” (August Mid Ocean acquisition of, (March 1996):5 1995):3; (July 1996):8; (April 1997):9 Brokaw, Frank L. BT Financial map of company relationships with, (July See also Shelby Cullom Davis & Co. Principal Financial Group acquisition of, 1996):9f Davis’ purchase of brokerage firm, (September 3, 2002):1–2 principals of, (August 1995):3 (December 22, 2003):4 Principal Financial Group sale of, reinsurance business, (August 1995):4 death of, (December 22, 2003):4 (September 3, 2002):2 revenues, 1992, (August 1995):4 on insurance stocks, (December 22, Westpac acquisition of, (September 3, senior officer indictments, (October 2003):2–3 2002):2 1998):8 Transportation Fleet Managers and, brokers. See insurance brokerage industry Buckley, Keith (August 1995):3 on Fitch Ratings downgrade of Kemper, Underwriters Insurance Group and, Brooks, John (January 13, 2003):1–2 (August 1995):3; (March 1999):31 The Games Players, (March 1992):2 Buckley, Tom valuation of, (August 1995):4 “go-go years” and, (December 1996):11; (December 22, 2003):5 on Cassatt and New York Central Bridgeland, Brendan Railroad, (December 1991):6–7 The Center for Insurance Research and, Brooks, Roger Budd, Wayne (May 1998):15 stock options granted, (May 22, 2001):2 on John Hancock board of directors, on mutual ownership on Minnesota Broward County, Florida (October 23, 2003):3; (November 7, Mutual’s web site, (March 7, 2002):4 hurricane risk in, (Autumn 1993):8–9; 2003):2, 3t mutual policyholder advocacy by, (March (March 1994):6 1999):2–3 PRUPAC’s offer to policyholders to Budd Larner PC Bridgestone Firestone tires recall change homeowners carrier, (March suggested procedures for PMA’s unstack- ing, (November 22, 2005):4 driver control and safety issues, 1994):6 (September 9, 2005):6 Brown, Stephen L. Buffalo, NY, Hopkins v., Ford Explorer S.U.V.s and, (September 9, See also D’Alessandro, David; John (June 16, 2004):2 2005):6 Hancock Buffett, Warren Brightpoint Inc. on cash to John Hancock policyholders, See also Berkshire Hathaway AIG Loss Mitigation Unit and, (October 27, 2003):2 on the ability to generate funds at low (December 9, 2004):3 incentive awards granted, (July 18, cost, (November 1995):7 2003):5; (September 25, 2003):8 Briloff, Abraham J. on accounting irregularities, (November John Hancock board of directors connec- 1995):5 biography, (April 1995):4; (January 25, tions, (November 7, 2003):2 on Berkshire Hathaway’s net-worth posi- 2002):3; (February 12, 2002):4; on John Hancock executive stock tion, (November 1995):9–13 (December 19, 2002):1 options, (July 18, 2003):2; (September on Berkshire Hathaway’s price, (October on Conseco’s accounting methods, 25, 2003):5 30, 2001):3 (March 1994):3; (April 1995):4–7; on John Hancock policyholder cashout, on Berkshire Hathaway’s shareholders, (August 1999):9; (December 19, (September 2000):8; (July 18, 2003):7; (October 30, 2001):3 2002):1 (September 25, 2003):10 on Berkshire Hathaway’s strengths, Conseco’s attempt to silence, (April on John Hancock’s anti-takeover provi- (November 1995):6 1995):4–7; (August 1999):9 sion, (July 18, 2003):2–3; (September on Berkshire Hathaway’s volume, on ITT’s income statements, (June 25, 2003):5–6; (October 23, 2003):3; (November 1995):7 1992):4 (October 27, 2003):2 on Bermuda-based insurance companies, More Debits than Credits, (December 19, on John Hancock’s demutualization, (November 1995):12 2002):1 (May 20, 2003):2; (July 18, 2003):2–5, breakfast cereal/insurance industry analo- The Truth About Corporate Accounting, 7; (September 25, 2003):5–8, 10 gy, (Summer 1989):1 (December 19, 2002):1 John Hancock stock purchases, (July 18, on Buffett’s mistakes in the insurance Unaccountable Accounting, (December 19, 2003):3; (September 25, 2003):6 business, (November 1995):9 2002):1 on John Hancock’s value, (July 18, on buying a good insurance business, 2003):3–4, 7; (September 25, Brinling, John, Jr. (November 1995):5 2003):6–7, 10; (October 27, 2003):2 on Erie Insurance Exchange, (August on capacity of the insurance industry, 1995):9 Bryan, William Jennings (June 1990):1 gold standard campaign, (December cartoons, (June 1990):1; (December Brinson, Will T.,

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 1992):10; (November 1995):7; (April 5, 1998):6 on minority-owned insurance companies, 2002):1 on State Farm Insurance, (March 21, (December 1996):4 on catastrophic coverage, (June 1991):2; 2001):1 (November 1995):7–13; (May 1998):6 on stock split of Berkshire Hathaway, Butterfly Effect, on CEO compensation, (September 25, (October 30, 2001):3 (December 1999):2 2003):2 on the structured-settlement business, Byrne, John Coca-Cola Company audit committee (November 1995):11 See also Fireman’s Fund and, (April 7, 2003):1 on “super-cats,” (November 1995):9–13 on the insurance industry’s future, on combined ratios, (June 1994):1; on the underwriting cycle, (June 1990):1 (Summer 1989):2 (November 1995):7–8 on underwriting results, (November on cost estimates, (November 1995):7 1995):8, 12 on cost of funds, (November 1995):8–9 The Warren Buffett Way (Hagstrom), (April ~C~ on crop hail insurance, (November 1995):8 1995):8 C. V. Starr & Company on decision-making, (November 1995):7 Buley, R. Carlyle See also American International Group; on environmental/asbestos liabilities, The American Life Convention: A Study in the Starr, Cornelius Vander; Starr (November 1995):10 History of Life Insurance, (June 16, Foundation; Starr International on the fiduciary nature of the insurance 2004):1 Company business, (November 1995):11 history of Equitable Life Assurance AIG’s affiliation with, (April 9, 2004):1–2; on the flight to quality, (November Society, (March 1991):4 (March 30, 2005):1–4 AIG’s directors/officers’ conflicts of inter- 1995):6 bumper stickers, on float, (June 1991):2; (June 1993):4; est, (March 30, 2005):1, 4 (June 1991):8; (March 1992):6 (June 1994):1; (November 1995):8–13; AIG shares owned by, (March 30, 2005):1 (August 1999):2; (April 5, 2002):2–5 bungee-jumping insurance AIRCO voting rights held by, (March 30, on fraud and megalomania, (November Frontier Insurance Company, (June 2005):4 1995):7 1992):1 business overview, (March 30, 2005):1 on GEICO, (November 1995):5–6, 9 control disputes within, (March 30, on goal-setting, (November 1995):9 Bunning, Jim 2005):2–3 on insolvency, (November 1995):5–7 on Clinton’s health plan, (December employees, (March 30, 2005):1 on the insurance business, (November 1993):11 Greenberg’s career at, (April 9, 2004):1–2; 1995):5–13 (March 15, 2005):1–2 Bunshaft, Gordon on insurance distribution systems, Greenberg’s relationship with, (March 30, buildings designed by, (July 7, 2004):2–3; (November 1995):6 2005):1 (July 19, 2004):1–6 on interest rate changes and float, (June history, (April 9, 2004):1–2; (March 30, 2005):1 1994):1 Bureau of Liability Insurance owners, (March 30, 2005):1 investing genius of, (April 1995):8 Statistics, letters to shareholders, (October 30, revenues (2003), (March 30, 2005):1 (April 1997):5 as underwriting management company, 2001):3; (April 5, 2002):1 See also ISO (Insurance Services Office) letter to Schiff’s, (December 1992):10 (March 15, 2005):2 on liquidity, (November 15, 1999):3 Burger, Karen Cadillac Ranch, on Lloyd’s of London, (November American Institute for CPCU, (July (June 1990):3; (August 1995):13 1995):11 1996):15 on loss reserves, (June 1990):1 Cahill Gordon & Reindel on malpractice insurance, (November Bush, George H. W. on AIG/Coral Re relationship, (December 1995):8 on CEO compensation, (September 25, 1996):3 on management practices, (November 2003):2 1995):5; (July 1996):6 proposed tax law changes, (March 1992):6 Calagna, John management style of, (April 5, 2002):2 request for banks to make more loans, Levin’s photograph request by Schiff’s, on Munger’s demeanor, (July 7, 2004):1–2 (March 1991):2 (February 1998):21 on MetLife’s advertising, (August on naming successor, (April 5, 2002):2 Bush, George W. outlook for insurance industry, (Summer 1999):11 on corporate responsibility, (August 16, 1989):1; (June 1990):1 on NY State flex-rating, (May 1998):19 2002):4 on premium-to-surplus ratios, (November Enron’s ties to, (January 25, 2002):2 Caldera 1995):9 on life after September 11, 2001, International Surety & Casualty reverse on prices and profitability, (November (September 14, 2001):1 takeover of, (August 1999):20, 23, 27 1995):7 Mann and, (August 1999):23, 27 on pricing practices, (Spring 1989):2; Business Insurance magazine Unistar Financial Service Corp. and, (November 1995):6 on Alexander & Alexander takeover pos- (August 1999):20, 23 on profitability, (Spring 1989):2; (June sibilities, (December 1993):11 1990):1; (November 1995):8 on Bermuda-based insurance companies, CalFarm on ratings agencies, (November 1995):7 (December 1993):1 Nationwide Insurance acquisition of, on regulation, (November 1995):7 on insurance industry past mistakes, (January 18, 2000):1 on the reinsurance business, (November (December 1993):1 1995):5, 11–12 Caliber One on reserves, (November 1995):5–6 Busti, Dennis operating losses in 2002, (November 22, on risk, (November 1995):8, 12–13; (May See also Reliance National 2005):2

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 PMA Capital Insurance Company and, (Construction) Services reflected in the Catastrophe Price Index, (November 22, 2005):2 American Eco Corp. acquisition of, (May 4, 2001):2 run-off, placement into, (November 22, (August 1999):23, 27 shortages after MGM Hotel fire, 2005):2 Sparks and, (August 1999):23, 27 (September 14, 2001):1 surplus-lines business, (November 22, 2005):2 Cameron Phillips Capco Reinsurance Company Esquerra & Esquerra (accounting firm) AIG transactions, (April 4, 2005):2 California and, (July 1996):8 capitalization auto insurance, (December 1991):1; (June Underwriters Capital Corporation and, 1992):5; (June 1993):6; (June (August 1995):3; (July 1996):8 Armstrong on inadequate resources, 1994):3–4; (October 1994):11; (May (December 1992):2–3 1998):1 Camp, Frank earthquake insurance and, (September earthquake risks, (March 1994):8; (June on loans to insurance company officers, 1990):2 1994):6 (February 1998):4 of the insurance industry, (December insurance rates and governor’s race, (May 1992):2; (December 1993):1–2; Campanaro, Richard 1998):1 (November 1995):2–3; (April Century Industries and, (August Munger on workers’ compensation insur- 1997):1–3; (May 1998):1–6; (November 1995):3–4; (July 1996):8; (April 1997):9 ance in, (July 7, 2004):2 15, 2001):1–3 denials from, (July 1996):8; (April 1997):9 O’Farrell Theatre dancers’ lawsuit, (June premium-to-surplus ratios and, Kwajalein Island “guarantees” and, 1994):11 (September 1990):2; (November (August 1995):3; (July 1996):8; (April Orange County derivative investments, 1995):2–3 1997):9 (January 1995):4 profitability and, (September 1990):4 lawsuit against Schiff’s, (April 1997):8–9 Proposition 103, (Spring 1989):1; in the property-casualty industry, lawsuit against Underwriters Financial (Summer 1989):2; (December 1991):1; (December 1999):2 Group, (August 1995):4 (June 1992):5; (June 1993):6; (June ratios, 1990, (December 1991):2f letter to Schiff’s, (April 1997):9 1994):3; (October 1994):11 reserve estimates, (June 1990):1, 3 map of company relationships with, (July workers’ compensation market, (April Steinberg on “too much capital,” (March 1996):9f 1997):3 1993):1 Romero and, (August 1995):3; (July thrift industry crisis and, (September California Earthquake Authority 1996):8 1990):2 Berkshire Hathaway and, (March 1996):5 Royal Tandem Life and, (August 1995):3 E. W. Blanch and, (March 1996):5 Schiff’s rebuttal to letter from, (April Capitol Transamerica 1997):9 annual report review, (June 1993):5 California Insurance Department Tandem Financial Corp. and, (April Schiff’s favored undervalued stocks, E. F. Hutton Life Insurance Company 1997):9 (January 18, 2000):2; (December 21, seizure by, (September 1991):3 U. S. Insurance Brokers and, (July 2003):2 Golden Eagle Insurance Company 1996):8–9; (April 1997):9 Schiff’s investment in, (January 18, seizure by, (April 1997):12 Underwriters Capital Corporation and, 2000):2; (December 21, 2003):2 insurance brokerage industry investiga- (August 1995):3; (July 1996):8; (April Capote, Truman, tion by, (October 22, 2004):1–2 1997):9 Superior National supervision by, Underwriters Financial Group and, (June 1993):11 (January 9, 2003):2 (August 1995):4; (July 1996):8 Cardone, Albert 20th Century’s Schedule Y filings and, Underwriters Insurance Group and, See also Empire Blue Cross and Blue (August 1999):17 (August 1995):3; (July 1996):8; (April Shield 1997):9 California trip by Schiff, compensation and perks, (June 1993):1–2 (June 1990):4; (August 1995):13 Canada lifestyle of, (June 1993):1–2 guaranteed level premiums and cost-of- Callison, James careers in insurance insurance rates, (February 15, 2005):7 on Allied Group board of directors, actuaries, (March 1996):11 (October 1997):9, 21 capacity college students and insurance industry, Allied Group shares owned, 3/31/1997, Bermuda-based catastrophe underwriting, (June 1993):1 (May 1998):9t (December 1993):3 CPCU and IIA examinations, (December Allied Life options granted to J. Evans Buffett on, (June 1990):1 1996):15 by, (October 1997):15 of catastrophe reinsurance, (Autumn as independent insurance agents, Nationwide takeover approval, (March 1993):4t; (December 1993):3; (April (November 1995):15 1999):19 1997):2 Career Warfare: 10 Rules for Schiff’s nomination for election to board characteristics of, (January 1995):2 Building a Successful Personal Brand seat of, (October 1997):17, 20–22 at E. W. Blanch, (March 2, 2001):1 on the Business Battlefield excess, (November 1995):9 call reports as insurance cycle component, (D’Alessandro), bank filings with FDIC, (September (December 21, 2003):2 (October 28, 2003):2 2000):11; (July 16, 2003):6 insurers’ financial statements and, “car floor mat capital of the world,” Calvert Group (October 14, 2000):1 (June 1991):7 New Africa Fund, (August 1995):1 premium-to-surplus ratios and, (January 1995):2 Carpenter, Harold Cambridge Consulting profitability and, (June 1990):1 on Allied Group board of directors,

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 (October 1997):9 accounting practices, (January 25, 2002):1; (October 1998):5; (December 19, (August 16, 2002):1 2002):1 Carr, Fred AIG, (February 26, 2003):1 insurance agent commissions, (August See also First Executive Corporation Allied Group/Allied Mutual, (October 1995):4 biography, (December 1991):4 1997):20; (February 1998):4, 6 insurance brokers, (June 1991):8; (March Enterprise Fund, (June 1991):6; American Re, (March 1993):2 1992):1; (April 1997):6 (December 1991):4 annuities, (March 1994):1 insurance commissioners, (December The Fall of First Executive, The House that architectural design, (July 19, 2004):1 1991):1; (July 16, 2003):1; (June 16, Fred Carr Built (Schulte), (December auto insurance, (October 1997):1; (March 2004):1 1991):3–5 1999):28; (August 1999):24 insurance product variety, (April 1995):1; on interest rate risk, (June 1991):5 banks in the insurance business, (August (March 14, 2003):1 management style, (December 1991):4 1995):4 Integon auto insurance, (October 1997):1 Milken’s relationship with, (Winter board of directors conflicts of interest, Internet insurance markets, (March 1990):1; (June 1991):6; (December (February 1998):17 1999):28 1991):4–5 Buffett, Warren, (June 1990):1; Iowa, (October 1998):16; (November 18, Carr, William H. A. (December 1992):10; (November 2002):1 1995):7; (April 5, 2002):1 Jenrette, Richard, (December 1992):8 Perils Named and Unnamed: The Dramatic California Proposition 103, (Summer John Hancock, (May 20, 2003):2; (July 18, Story of the Insurance Company of North 1989):2 2003):1, 6; (September 25, 2003):1, 9; America, (April 1997):4–5 capacity, (October 30, 2001):1 (October 23, 2003):1, 2 Carroll, J. Patrick casualty reserves, (September 2000):1 junk bond investments, (Winter 1990):4 letter to Schiff’s, (June 1993):11 catastrophe insurance, (June 1994):1; Kamen, Harry, (February 1998):8, 13 letter to Schiff’s, (September 1991):8 (August 1995):1; (July 1996):1 Levin, Neil, (February 1998):13 CEOs, (June 1990):1; (March 1996):5; life insurance, aggressive sales of, cartels (September 25, 2003):1 (February 15, 2005):1 insurance price-fixing, (March 1991):5; Chookaszian, Dennis, (January 1995):1 life insurance company investments, (June 1992):1; (March 14, 2003):1 claims payment, (September 17, 2002):1 (March 1991):1 rating bureaus and, (September 17, Clements, Robert, (April 1997):10 Lloyd’s of London, (December 1993):9 2002):2 CNA acquisition of Continental, (January Lumbermens’ Mutual, (December 31, 1995):1 2002):1 Carter, Arthur combined ratios, (September 1992):1; McCarran-Ferguson Act, (September as Carter, Berlind & Weill founder, (July (August 1994):9 1991):1 12, 2005):6 Confederation Life Insurance Company mergers and acquisitions, (July 12, Levitt’s relationship with, (July 12, policyholders’ surplus, (October 2005):1 2005):6 1994):7 MetLife, (October 1994):1; (February Carter, Berlind, Potoma & Weill conservative insurance companies, (July 1998):8, 18; (August 1999):10 See also Weill, Sandy 14, 2005):1 Metropolitan Life Insurance Company, founding of, (July 1996):3 Coral Reinsurance, (July 1996):10 (Autumn 1993):11; (March 1999):7; corporate greed, (November 22, 2005):1 (November 22, 2002):6 Carter, Berlind & Weill D’Alessandro, David, (July 18, 2003):1, 6; MIHC conversions, (May 1998):1 See also Cogan, Berlind, Weill & Levitt, (September 25, 2003):1, 9; (October Miro, Carlos, (Autumn 1993):11 Inc. 27, 2003):1 Mosca, Mark, (April 1997):10 Carter as founder of, (July 12, 2005):6 demutualizations, (September 2000):8 Mutual Benefit, (September 1991):5; “The Financial Services Holding Dirks, Ray, (June 1993):8; (October (March 1992):6 Company” (Netter), (December 22, 1998):9 mutual policyholders, (March 1999):22 2003):4–5; (March 30, 2005):3; (July 11, Drury, David, (October 1998):13; nonstandard auto insurance, (September 2005):2; (July 12, 2005):2 (September 3, 2002):2 9, 2005):1 Leasco’s investment banking services by, Emerson, Reid & Company soup can, Planet Insurance, (December 1999):1 (May 1998):5; (July 12, 2005):1–3 (Fall 1989):2 policyholders’ surplus, (June 1992):1 Netter’s insurance research reports, Equitable Life Assurance Company, Principal Mutual, (October 1998):14 (December 22, 2003):4 (September 1992):4 products liability commemorative stamps, Evans, John, (October 1997):6; (February (September 1990):1; (April 1995):6 Carteret 1998):1; (March 1999):18; (August Prudential Insurance Company, (April The Home’s acquisition of, (March 1999):6 1997):1 1999):7; (November 22, 2002):6 Federal Disaster Reinsurance Fund, public stock offerings, (March 1996):1 Carter Group (December 1993):8 regulation of insurance companies, Carter’s ties to Carter, Berlind & Weill, free speech, (June 28, 2002):2 (December 1996):1 (July 12, 2005):6 General American, (December 1999):6 reinsurance companies, (Autumn 1993):1 Dominick on dangers of takeovers by Grant, James, (December 1993):10 risk managers, (June 1993):1; (June industry outsiders, (July 12, 2005):6 Greenberg, Maurice R. (Hank), (June 1994):6 initial public offering, (July 12, 2005):6 1990):1; (December 1992):1, 10; Schiff, David, (April 1997):8; (July 11, (November 1995):1; (July 1996):10; 2001):1; (April 4, 2005):1 cartoons (October 1998):1; (April 5, 2002):1; soft markets, (June 1991):1; (March See also parodies (May 2, 2002):1; (February 5, 2003):1; 1992):1; (March 1999):1 A. M. Best ratings, (October 1994):4 (February 28, 2005):1 Spitzer’s fraud investigations, (December Hilbert, Stephen, (November 22, 1994):1; 22, 2004):1; (March 14, 2005):1

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 statutory data, public access to, (July 16, Blanch’s predictions for, (Autumn 1993):5 Unistar shares unaccounted for, (August 2003):1 Buffett on, (November 1995):7–13 1999):20–29 Steinberg, Saul, (March 1993):1; California Earthquake Authority and, (December 1996):5–6; (April 1997):12; (March 1996):5 Cayman Islands Reinsurance (August 1999):4; (September 2000):3; capacity of, (Autumn 1993):4t; (April disclosure problems, (June 1993):8; (July 11, 2005):1 1997):2 (October 1998):9 stock offerings, (December 22, 2003):1 Catastrophe Price Index, (January 1995):2f; CDOs. SunAmerica acquisition by AIG, (October (May 5, 2001):2f See collateralized debt obligations 1998):1 contingent surplus note alternatives, (CDOs) Travelers-Citicorp merger, (May 1998):4 (April 1995):3 underwriters/underwriting, (Winter emerging companies in, (Autumn 1993):3 Cendant 1990):1; (March 1991):6; (November futures market in, (June 1993):2; (August American Bankers acquisition by, (May 1995):10; (December 21, 2003):1 1995):1illus., 15 1998):5–6 Unistar auto insurance, (August 1999):24 Guy Carpenter on rates for, (April 1997):2 variable annuities, (October 1997):3; Mid Ocean Reinsurance’s business in, The Center for Insurance Research (September 24, 2001):1 (Autumn 1993):3 See also Adkins, Jason Weill, Sandy, (November 1995):1; (July Natural Disaster Protection Act and, Liberty Mutual MIHC conversion and, 1996):7 (Autumn 1993):11; (August 1994):3–4 (March 28, 2001):1 Williams, Arthur L., (Autumn 1993):11; price indices, (Autumn 1993):4f; (June mutual policyholder advocacy by, (May (August 1994):1; (April 1995):8 1994):4f; (January 1995):2f, 3f; (May 5, 1998):14–15; (March 1999):3; (July 18, workers’ compensation, (December 2001):2f 2003):2; (September 25, 2003):5 1993):1 prices, 1992-1994, (February 16, 2001):1 Old Guard Mutual lawsuit by, (February rate increases after major losses, (October 1998):10 Carus, Marty 26, 2005):1 Centre Reinsurance Company on “fair and equitable” demutualizations seller’s market in, (Autumn 1993):2 Dickson future of Bermuda operations, and IPOs, (March 1999):31 “super-cats” policies, (June 1991):2; (December 1993):1 (Autumn 1993):4 Cashman, Michael Zurich Reinsurance Centre Holdings and, supply and demand, (October 26, 2005):1 See also E. W. Blanch Holdings (Autumn 1993):2 Zurich Reinsurance Centre Holdings, E. W. Blanch stock purchases from, (April (Autumn 1993):2–3 1997):2 Century Capital retirement of, (November 22, 1994):11 catastrophes InsWeb and, (March 1999):28 stock sale to Blanch, (November 22, See also catastrophe reinsurance; earth- Century Industries 1994):11 quakes; hurricanes See also Century Steel Products cash-value life insurance computer models of, (Autumn 1993):8–9; accountants and auditors, (July 1996):8; (November 1995):15 anticipated lapses, (February 15, 2005):2 (October 1998):9; (March 1999):31 industry exposure to, (January 1995):2; Campanaro on profitable history of, (April Cassatt, Alexander (September 17, 2002):2 1997):9 Pennsylvania Railroad and, (December insurance companies’ diversification and, Campanaro’s compensation in stock, (July 1991):6–7 (December 1993):2 1996):8 insurance industry surplus and, Campanaro’s connections to, (August Cassidy, Steven M. (December 1993):2 1995):3 independent agents and risk study, insurance stock prices after, (October 26, Century Steel Products’ estimated earn- (August 1994):2–3 2005):1 ings, (October 1998):8 Natural Disaster Protection Act, (Autumn Casualty and Indemnity Company DeAlessandro and, (October 1998):8; 1993):11; (August 1994):3–4 (Belize) (March 1999):31 prices and, (January 1995):2 financial statements, (July 1996):8 Goepfert and Pollack’s scams at, (March rates after, (October 26, 2005):1 1999):31 Florida JUA Homeowners Insurance rates and profitability trends after, Take Out Program earnings estimates, Casualty Indemnity Exchange (September 1992):3; (December (October 1998):8–9 high ratings and subsequent failure, (June 1992):1–2 initial public offering, (July 1996):8 1993):4 savings and loan disaster as, (December Internet IT industry, (March 1999):31 1992):2 lawsuit against Schiff’s, (April 1997):8–9; casualty insurance. Wall Street indifference to, (June 1993):2 (February 1998):22–23; (October See liability insurance; property and casu- catastrophe-triggered surplus notes 1998):8 alty insurance map of company relationships with, (July mechanics of, (April 1995):3 1996):9f catastrophe bonds Nationwide Mutual and, (April 1995):3 preferred stock sale attempt, (July Buffett on investor influx to, (May 1996):8 1998):6 Cauman, John Prestige Casualty Insurance Co. attempt- Buffett on riskiness of, (May 1998):6 on tragedy, (June 1991):5 ed purchase by, (July 1996):8; (October catastrophe reinsurance Caver, Nicole Clayton 1998):8; (March 1999):31 See also reinsurance industry See also Unistar Financial Service Prestige Casualty Insurance Company Berkshire Hathaway’s policies, (June Corporation and, (August 1995):3–4 1991):2; (Autumn 1993):4–5 International Fidelity Holding and, Republic Bankers Life and, (August (August 1999):20 1995):4

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 Roc Shores/Century Industries L.P. and, Range Rover in the snow story by, Chesler, Louis “Uncle Lou” (October 1998):9 (September 9, 2005):5 Universal Controls and, (November Schiff’s rebuttal to “profitable history,” 1995):3 (April 1997):9 Chaos (Gleick) Scibal Associates’ earnings estimates, Butterfly Effect, (December 1999):2 Chicago Board of Trade insurance catastrophe futures trading, (October 1998):8 Charles J. Givens Organization SEC filings, (July 1996):8; (April 1997):9; (June 1993):2 U. S. Insurance Brokers and, (July (October 1998):9 1996):9; (October 1998):8 Chicago Mercantile Exchange Security Capital Trading and, (October cheddar cheese futures, (February 1998):9 Charles Schwab 1998):27 Skow’s interview of Schiff about, low-load life insurance business, (July (February 1998):22–23 1996):2 chief financial officers (CFOs) stock swap transactions, (August 1995):4; qualifications, (December 9, 2002):2–3 (July 1996):8; (October 1998):8 Chase Insurance Agency U. S. Insurance Brokers and, (July misleading advertising, (March Childers, Ben, 1996):8–9; (October 1998):8 1999):16–17; (November 22, (June 1991):7 Underwriters Insurance Group and, 2002):15–16 (August 1995):4; (July 1996):8; Children’s Television Workshop Chase Manhattan Bank (October 1998):8; (March 1999):31 Cooney’s MetLife board membership, Chase Insurance Agency and, (March (February 1998):11 Century Steel Products 1999):16–17; (November 22, MetLife’s contributions to, (February See also Century Industries 2002):15–16 1998):11 creditors’ payoffs, (October 1998):8 Chase Manhattan Mortgage & Realty earnings estimates, (October 1998):8 Trust and, (March 1999):9; (November China lawsuit against Schiff’s, (April 1997):8–9 22, 2002):8 bond ratings, (December 22, 2003):2 MassMutual sales materials used by, Chubb’s expansion plans, (May 1998):4 CEO compensation. (March 1999):17; (November 22, GDP per capita, (December 22, 2003):1 See executive compensation 2002):16 government notes auctions, (December Rockefeller and, (March 1999):9; 22, 2003):1 CEOs (November 22, 2002):8 investment risks, (December 22, darker side of success, (May 31, 2000):1 “vanishing premiums” rule violation by, 2003):1–2 darker side of success, (March 18, 2005):1 (March 1999):17; (November 22, legal system, (December 22, 2003):2 hubris as tragic flaw, (May 31, 2000):1; 2002):16 life insurance in, (December 22, 2003):1 (March 18, 2005):1–3 Starr’s insurance companies in, (April 9, Chase Manhattan Mortgage & “certainty effect,” loss of 2004):2 Realty Trust asymmetric information theory and, bankruptcy of, (March 1999):9; China Life Insurance Company (September 17, 2002):2 (November 22, 2002):8 book value, (January 9, 2004):1 consequences of, (September 17, REITs and, (March 1999):9; (November IPO, (December 21, 2003):1; (December 2002):1,4 22, 2002):8 22, 2003):1–2; (January 9, 2004):1 insurance companies’ ability and willing- risk factors, (December 22, 2003):1–2; ness to pay claims, (June 4, 2002):2; Chase National Bank (January 9, 2004):1 (September 17, 2002):1–4 Bank of Manhattan merger with, (March stock price, (January 9, 2004):1 option theory and, (September 17, 1999):9; (November 22, 2002):8 2002):2 Kidder Peabody bailout by, (March “Chinese paper” (inflated stock) proposals for addressing, (September 17, 1999):9; (November 22, 2002):8 in Leasco’s acquisition of Reliance 2002):3–4 Rockefeller’s ownership of, (March Insurance, (March 1992):2; (December prospect theory and, (September 17, 1999):9; (November 22, 2002):8 22, 2003):5; (March 30, 2005):3; (July 2002):2 11, 2005):2; (July 12, 2005):4; (July 14, Cheatham, Owen 2005):3–4 certificates Prudential-Georgia-Pacific scandal, Levitt on, in Leasco’s acquisition of insurance policies, (March 1999):5–6; (November 1995):3; (May 1998):8 Reliance Insurance, (July 12, 2005):4 (November 22, 2002):4–5 Checchi, Al Chippewa Resources Cetta, Pat California insurance rates, (May 1998):1 BRI Coverage and, (August 1995):3 on American beef, (April 1995):11 Kwajalein Island “guarantees” and, Chemical Bank (August 1995):3 Chadbourne & Parke LLP Mickey Mouse joke about, (June 1, ISO conversion plan, (April 1997):6 2000):2 Chiyoda Life Insurance Company Chajet, Clive Steinberg’s attempted takeover of, loss reported by, (August 1995):1 (March 1992):2; (May 1998):5; (June 1, on insurance company logos, (January 2000):1–2 Choate, Jerry 1995):6 See also Allstate Insurance Cherokee Indian history, Champion, David on Allstate’s core competencies, (April (June 1991):6 1997):3 auto testing by, (September 9, 2005):3–4 on Chevrolet TrailBlazers, (September 9, Chesapeake & Ohio Railway Chokel, Chuck 2005):3 Young’s proxy fight for, (July 11, 2005):2 See also Progressive

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 on Progressive’s price and combined uncollateralized surety bonds, (December Citicorp ratio, (October 1997):2 9, 2002):2 Travelers merger with, (May 1998):5 Wall Street’s reaction to life insurance Chookaszian, Dennis business sale, (December 1996):2 Citigroup See also CNA See also Gulf Insurance Group; Travelers cartoons, (January 1995):1 CIGNA Property Casualty Corporation architecture, (July 7, 2004):2–3; (July 19, Bialkin as director, (July 12, 2005):6 Christian Science Monitor 2004):1–6 consolidation and cross-marketing by, on defeat of mutual conversions, Connecticut General merger, (July 7, (March 1999):17; (November 22, (December 9, 2001):1 2004):3 2002):16 Chrysler logo, (January 1995):7 Gulf Insurance Group affiliation, (March property/casualty operations sale specula- PT Cruiser window design, (September 1999):12; (November 22, 2002):11; tion, (March 1996):1 9, 2005):3 (December 9, 2002):1 ratings downgrade by Best, (January misleading advertising, (March 1999):12; Chubb, Percy, III 1995):11 (December 31, 2001):1; (November 22, Chubb’s 1986 letter to shareholders, slogan, (July 19, 2004):1 2002):11; (December 9, 2002):2 (November 9, 2001):1 St. Paul Travelers proposed restructuring, solvency in the financial services industry, procedures for, (November 22, 2005):4 (March 1999):9; (November 22, Chubb Corporation 2002):8 Cincinnati Bell Telephone See also O’Hare, Dean Travelers Property Casualty Corp. affilia- annual report reviews, (June 1991):3–4; Ohio National Life Insurance Company tion, (March 1999):5; (December 31, (November 9, 2001):1 and, (October 1998):10 2001):1; (November 22, 2002):4 annual reports, 1986 and 1996 compared, Cincinnati Financial (November 9, 2001):1 City Investing annual report reviews, (June 1990):2; Aquila, Inc. and, (December 9, 2002):2 The Home’s acquisition by, (November (June 1993):5–6 China expansion plans, (May 1998):4 22, 1994):3; (March 1999):7; combined loss and expense ratio, (June combined ratios, (June 1992):5 (November 22, 2002):6; (July 11, 1993):6f credit derivatives business, (December 9, 2005):3 competition, (June 1994):9–10 2002):2 Elchynski on success of, (June 1990):2 Davis’ stock pick, (June 1994):8 Civil War reenactments, financial statements, 12/31/1993, (June Dowling’s opinion on, (November 15, (June 1991):7–8 1994):10t 2001):3 financial statements, 1984-1993, (June claims earnings, (Fall 1989):1; (September 1994):10t after 1906 San Francisco earthquake, 2000):2 home office visit by Schiff’s, (June 1994):9 (June 1992):1 fidelity and surety business, (June insurance agent background, (June caps/limits on punitive damages, 1992):5 1990):2; (June 1993):5; (June 1994):9 (September 1992):1 financial statements, (November 9, investment strategy, (June 1993):6 general liability, 1980-1990, (September 2001):2 Joseph on service and loyalty of, (June 1992):2f on the insurance industry’s outlook, (June 1994):10 insurance companies’ ability and willing- 1990):2 Morgan on uniqueness and success of, ness to pay, (June 4, 2002):2; intrinsic value, mistakes in increasing, (June 1994):9 (September 17, 2002):1–4 (November 9, 2001):2 Nieberding on employee motivation, payment practices, changes in, investment strategy, (November 9, (June 1994):10 (September 17, 2002):3 2001):1 Plum on success of, (June 1994):9–10 J. P. Morgan lawsuit, (December 9, Clements, Robert policyholder satisfaction, (June 1993):6 2002):2 ACE Limited and, (December 31, Saturday office hours, (June 1990):2; life-insurance business sale, (April 2001):1–2 (June 1994):9 1997):2; (November 9, 2001):1 Arch Capital restricted stock grants, Schiff’s favored undervalued stocks, logo, (January 1995):9 (December 31, 2001):1–2 (January 18, 2000):2; (December 21, objectives, changes in management’s, illustration, (April 1997):10 2003):2 (November 9, 2001):1–2 Marsh & McLennan and, (April Schiff’s investment in, (January 1995):3; rate increase requests by, (August 1997):10–11; (December 31, 2001):1–2 (January 18, 2000):2; (October 14, 1999):15 Mid Ocean Reinsurance and, (December 2000):2; (December 21, 2003):2 ratings downgrades, (November 9, 31, 2001):1–2 Skockey on success of, (June 1994):10 2001):1 Risk Capital Reinsurance Company and, work ethic at, (June 1990):2; (June real-estate business sale, (April 1997):2 (December 31, 2001):2 1994):9–10 reserves for future development on XL Capital and, (December 31, 2001):1–2 reported claims, (June 1993):2 Cincinnati Insurance Company climate and weather Schiff as policyholder, (November 9, Zylstra on, (August 1999):14 2001):2; (December 9, 2002):2 insurance industry interest in, (April Schiff’s investment in, (January 1995):3; Citibank 1995):11 (January 18, 2000):2 See also National City Bank CMOs. stock repurchases by, (April 1997):2; (May loan to Conseco, (August 1994):2 See collateralized mortgage obligations 1998):4; (January 18, 2000):1; too-big-to-fail concept, (March 1999):17; (CMOs) (November 9, 2001):1–2; (January 9, (November 22, 2002):16 2003):1; (March 28, 2003):2 CNA

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 See also CNA Financial Cohen, Jerry S. Best’s ratings of, (March 1999):11; Allstate Insurance’s acquisition of, books by, (July 12, 2005):1 (November 22, 2002):10 (December 1999):5 on computerization and cost savings, financial strength and ratings claims, asbestos-related bodily injury claim (July 12, 2005):2–3, 5 (March 1999):11; (November 22, reserves, (June 1993):2 on exchange offer in Leasco acquisition 2002):10 Continental Insurance acquisition by, of Reliance Insurance Co., (July 12, guarantees made by, (March 1999):10–11; (January 1995):1illus., 11; (March 2005):3–4 (November 22, 2002):9–10 1996):1 as Exxon class-action lawsuit attorney, misleading advertising, (March interest rate predictions, (March 1994):11 (July 12, 2005):1 1999):10–11; (November 22, investment portfolio, (March 1994):11 on insurance companies as takeover tar- 2002):9–10 investment strategy, (June 1993):4; gets despite low profits, (July 12, Columbia Pharmaceutical (January 1995):3 2005):4–5 long-tail environmental liability insur- on rationale of Leasco acquisition of Kidd’s association with, (March 1999):31 ance, (Autumn 1993):4 Reliance Insurance Co., (July 12, Lane’s association with, (March 1999):31 marked-to-market net worth, 1981, 2005):2–3 Meier’s association with, (March 1999):31 (March 1991):1; (June 1994):2 on Reliance’s cash flow and surplus, best combined ratios notes offering, (January 1995):3 uses of, (July 12, 2005):4–6 See also specific companies S&P Multiline Insurance Index and, Senate Judiciary Subcommittee on Buffett on, (June 1994):1; (November (October 1998):19 Antitrust and Monopoly hearings, (July 1995):7–8 stock price, (March 1996):2 12, 2005):1–6; (July 14, 2005):1, 3–5 change in surplus and, (Fall 1989):3f stock price to book value, (March 1991):2 on state regulation of insurance compa- Goldman Sachs projections for, (Fall as undervalued troubled company, nies, (July 12, 2005):4 1989):3 (December 21, 2003):2 on “supermarket approach” to selling interest rates and, (June 1994):2 insurance products, (July 12, 2005):5–6 CNA Financial pretax operating cash flow, compared, market cap, (December 31, 2001):2 Cohen, Marshall (Summer 1989):3f Merrill Lynch analysts’ ratings for stock AIG/Coral Reinsurance connections, profitability and, (June 1992):1 and bonds, (December 31, 2001):3 (March 1996):7; (April 7, 2003):2 in property and casualty insurance, Schiff’s investment in, (December 31, Molson Companies and, (April 7, 2003):2 (September 10, 2004):1 2001):3; (June 4, 2002):2 tort system costs and, (March 11, senior notes, (December 31, 2001):2; COI charges. 2004):1–2 See cost-of-insurance (COI) rates (June 4, 2002):2 commercial auto insurance stock and bond investment returns, com- Colby, Charles Baldwin & Lyons, (January 9, 2004):2 pared, (December 31, 2001):2–3; (June on Allied Group board of directors, Liberty Mutual’s rates for, (April 1997):3 4, 2002):2 (October 1997):9 price firming, reports of, (August 1999):14 stock price, (December 31, 2001):2 valuation of, (December 1992):7 Coldwell Banker Commercial Credit Primerica acquisition by, (July 1996):3 Coca-Cola Company See also Sears, Roebuck and Company Sears shareholders’ attempted divestiture, Weill’s management of, (July 1996):3 audit committee report, (April 7, 2003):1 (June 1992):4 complex accounting system of, (April 5, commissions 2002):2 COLI policies. annuities and, (March 1994):2 banks in the insurance business and, codification. See Corporate-Owned Life Insurance (COLI) policies (August 1995):4f See under accounting contingent, (October 22, 2004):2; collateralized debt obligations coffee shops (December 9, 2004):1–2; (December in 17th-century London, (October (CDOs) 31, 2004):1 1997):23 investments in, (December 21, 2003):1 discounted rates and, (July 1996):2 Lewis on, (November 22, 1994):11 M. Rohr’s Fine Teas & Coffees, (October collateralized mortgage obligations 1997):23 low-load policies, compared, (February (CMOs) 15, 2005):3–5 Cogan, Berlind, Weill & Levitt, Inc. life insurance industry use of, (January See also Carter, Berlind & Weill; Levitt, 1995):4 Common Sense Product Liability Act Arthur; Weill, Sandy collateral source rule Bialkin as counsel, (July 12, 2005):6 criticism of, (April 1995):8 modifications to, (September 1992):1 dual roles in Leasco acquisition of Common Sense (Williams), Reliance, (July 14, 2005):4 The College of Insurance (April 1995):8 fire and casualty insurance industry architecture, (February 1998):14 investments, (July 12, 2005):2 illustrations, (November 22, 1994):11; compensation. Leasco’s finder’s fee, (July 12, 2005):3 (August 1999):25 See executive compensation Leasco’s investment banking services by, library donations, (February 1998):14 (December 22, 2003):5; (July 12, competition 2005):1–3; (July 14, 2005):4 Colonial within the insurance industry, (March Levitt’s role at, (July 12, 2005):1, 2, 6 logo, (January 1995):7 1999):1 Reliance buy recommendations made by, lapse-supported policies and, (February Colonial Penn (July 14, 2005):4 15, 2005):3

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 price-cutting compared to cost-cutting, Principal Mutual-Goldman Sachs, See also Hilbert, Stephen (March 1991):6 (August 25, 2000):2–3 accounting methods, (March 1994):3; Vaughan’s relationship with Allied, (April 1995):4–7; (August 1999):9; comprehensive earnings (March 1999):23–24 (December 2, 1999):1–2; (December defined, (May 1998):4 19, 2002):2–3 RLI’s emphasis on, (May 1998):4; conglomerates accretion/dilution, (October 1998):5 (November 11, 2002):2 See also M&A (mergers and acquisitions) acquisitions by, (March 1994):2t, 3; Bank of United States, (October 1998):4 Compton, Ronald E. (August 1994):2; (October 1998):6; Citigroup, (March 1999):17; (November (December 19, 2002):2 See also Aetna Life and Casualty 22, 2002):16 analyst estimates, (October 1998):7 on Aetna’s 1992 financial performance, corporate raiders and, (July 11, 2005):2–3 Bankers Life transactions, (March (June 1993):4; (November 2, 2001):2 cyclicality, (October 1998):4 1994):3; (April 1995):5–6; (August Aetna’s mission statement, (November 2, diversification and economic cycles, 1995):15; (December 2, 1999):2; 2001):2 (January 25, 2002):2; (July 11, 2005):2 (December 19, 2002):3 handwriting analysis, (October 1994):11 diversification through holding compa- Bankers National and, (December 2, computer models nies, (July 12, 2005):2, 4–6; (July 14, 1999):2 2005):2, 5 Applied Insurance Research, Inc. bankruptcy filing by, (December 19, golden age of, (July 11, 2005):2 CATMAP, (March 1994):8 2002):1–3 insurance company cash and surplus auto insurance pricing, (December 22, Briloff’s criticism of accounting methods spending, (July 12, 2005):4–6; (July 14, 2004):3–6 of, (March 1994):3; (April 1995):4–7; 2005):3–5 of catastrophes, (November 1995):15 (August 1999):9 insurance company management by, (July hurricane damage potential, (Autumn business overview, (October 1998):4 14, 2005):5 1993):8–9 CCP acquisition attempt, (August jargon of 1960s, (July 11, 2005):2 New York State Insurance Fund review 1995):15 Little’s concepts of, (July 11, 2005):2 of, (November 1995):15 Citibank loan, (August 1994):2 parent-company support of affiliates, Conseco Capital Partners II and, (April computer systems (March 1999):4–17; (November 22, 1995):6–7 productivity increases through use of, 2002):1–16; (December 9, 2002):1; corporate jet and airplanes, (Autumn (July 12, 2005):2–3, 5; (July 14, (September 10, 2004):3 1993):6 2005):2, 3 Prudential Financial, (October 8, 2001):1 cross-marketing opportunities, (October synergy and, (October 8, 2001):1; (July 1998):4–7 Conaway, Carrie 11, 2005):2 debt financing by, (April 1995):4 on architectural landmark preservation, unrealized capital gains as earnings, (July dividends, (December 2, 1999):1–2 (July 19, 2004):2–6 14, 2005):2 earnings, (October 1998):5–6; (December unsuccessful mergers, (October 1998):4; Condon, William 19, 2002):1–3 (July 12, 2005):5 See also Avemco earnings estimates, (March 1996):4; on rate-cutting cycles, (June 1992):6 Conn, Billy (December 2, 1999):1 executives’ investment in Conseco Louis on, (November 15, 1999):4 Condor Insurance Company Capital Partners II, (April 1995):6–7 Best’s ratings of, (March 1999):5; Connecticut executives’ option exercises, (April (November 22, 2002):4 CPCU Society study of insurance as 1995):6–7 misleading advertising, (March 1999):5; career choice of students, (June financial statements, 12/31/1994, (April (August 1999):13; (December 31, 1993):1 1995):6t 2001):1; (November 22, 2002):4 historic properties registration in, (July fixed-income portfolio of, (March 1994):4 19, 2004):6 forward roll transaction with Warburg Confederation Life Dillon Read, (August 1999):9 Best’s “managed” ratings of, (October Connecticut General Green Tree Financial acquisition by, 1994):4–5; (December 1996):12; corporate headquarters, (July 7, (May 1998):5; (October 1998):4–7; (March 21, 2002):1 2004):2–3; (July 19, 2004):1–6 (December 2, 1999):1 financial situation, (October 1994):4–5 merger with INA, (July 7, 2004):3 growth, (March 1994):3; (October 1998):5; real estate investments, (October 1994):4 (December 2, 1999):1–2; (December Connell, Gene seizure of, (October 1994):4 19, 2002):3 on Erie’s underwriting, (August 1995):10 conflicts of interest Hilbert’s compensation and benefits, See also disclosure Conning & Company (Autumn 1993):6 AIG-Starr relationships, (March 30, fairness opinion for Allied Mutual pre- Hoosier Park interests, (March 1996):11 2005):1–4 ferred-for-common stock swap, Jefferson National and, (December 2, by Allied Mutual’s directors, (October (October 1997):12–13; (February 1999):2 1997):7–18, 20–22; (February 1998):2; 1998):5–6; (March 1999):19; (August Kemper Corp. acquisition attempt, (May 1998):8–10; (March 1999):18–20 1999):6–8; (August 16, 2005):2 (August 1994):2; (April 1995):6; disclosure of, (May 1998):8–10 (August 1995):15 Connors, John M., Jr. John Hancock-Morgan Stanley, LBOs by, (March 1994):2t, 3; (August on John Hancock board of directors, (November 15, 1999):1–4; (May 20, 1994):2; (October 1998):6 (October 23, 2003):3; (November 7, 2003):2 life insurance acquisitions, (March 2003):2, 3t at mutual insurance holding companies, 1994):2t (February 1998):7–11 liquidity issues, (December 2, 1999):1–2 Conseco long-term care premium miscalculations

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 by, (February 15, 2005):1 through mergers and acquisitions, (March Best places “under review,” (August Merrill Lynch and, (March 1996):3; 1991):6 1994):3 (December 19, 2002):1 Wilcox on, (December 1992):9 CNA acquisition of, (January 1995):1illus., mutual policyholder advocacy by, (March 11; (March 1996):1 1999):2–3 “Consumer Advocate Activity at corporate symbols, (March 1999):6; price/earnings ratios, (October 1998):4–5 Principal Mutual’s Public Hearing” (November 22, 2002):5 purchase of Hilbert ‘s condominium, memo, dividend upstream to Continental Corp., (April 1995):7 (May 1998):15–16; (August 25, 2000):1; (October 30, 2001):2 purchase of Hilbert ‘s marital estate (June 28, 2002):2; (October 17, 2002):2 during the Great Depression, (March stock, (April 1995):7 1991):2 ratings, (August 1999):9 Consumer Federation of America Insurance Partners cash infusion, (January risky strategies, (December 19, 2002):2–3 on tort costs, (March 11, 2004):3 1995):11 shortselling allegations by, (December 2, consumers logo, (January 1995):7 1999):2; (December 19, 2002):1–2 See also policyholders maintenance of A- rating by Best, Spehar’s downgrade of, (March 1996):3; banks’ investment products marketing to (January 1995):11 (December 19, 2002):1 the elderly, (March 1994):2 ratings, (August 1994):3; (January stock price, (August 1999):9 Belth’s guide to life insurance, (March 1995):11; (October 30, 2001):3 stock price below book value, (January 1999):4; (November 22, 2002):3 18, 2000):1; (December 21, 2003):2 contribution principle brand name recognition by, (January defined, (August 25, 2000):1–2 stock repurchases by, (April 1995):7 1995):6–9; (December 22, 2004):3 synergy, (October 1998):4 criteria for choosing insurance companies, conversions. on TheStreet.com’s criticism, (December (October 30, 2001):1 See demutualizations 19, 2002):2 flight to quality by, (June 1992):5 Wendt’s replacement of Hilbert, fraud against, (March 1999):4; (November Conway, Albert, (December 19, 2002):2 22, 2002):3 (March 1991):1–2 Western National Life Insurance level and increasing premium assessment Cook, Steve Company and, (March 1994):3–4 by, (February 15, 2005):2 on TIG Insurance’s core competencies, long-term care insurance buyers, Conseco Capital Partners L. P. (April 1997):3 American Life Group acquisition by, (February 15, 2005):1–2 (November 1995):2 premium assessment by, (February 15, Coolidge, Calvin American Life Group IPO by, (November 2005):2 Rogers on, (October 1997):17; (August 1995):2 shopping for lower prices, (December 22, 1999):8 Conseco’s executives’ investment in, 2004):3, 6 Cooney, Gerry (April 1995):6–7 S.U.V. buyers, (September 9, 2005):2–6 Araskog’s comparison to, (June 1992):4 formation of, (March 1994):3 Continental Assurance investors in, (March 1994):3 Greenberg’s career at, (April 9, 2004):1, Cooney, Joan Ganz IPO, (March 1994):3 5–6 Children’s Television Workshop and, Statesman Group acquisition by, (February 1998):10–11 (November 1995):2 Continental Casualty on MetLife board of directors, (February Greenberg’s career at, (April 9, 2004):1, 1998):10–11 Conseco Finance Corporation 5–6; (March 15, 2005):1 See also Green Tree Financial U. S. Life acquisition by, (April 9, Cooper, Henry accounting methods, (December 19, 2004):2; (March 30, 2005):1 forced sale of boxing championship belts, 2002):3 (Autumn 1993):11 asset-backed securities ratings, Continental Corporation (December 9, 2002):2 accounting practices, (June 1991):3; Cooper, Robert W. finance receivables growth, (December 2, (October 30, 2001):2 An Historical Analysis of the Tontine 1999):1 annual report reviews, (June 1991):2–3; Principle, (February 15, 2005):6 guaranteed loan payment defaults, (June 1993):3; (October 30, 2001):3 (December 9, 2002):2 dividend upstream from insurance com- Cooper-Hewitt Museum panies, (June 1991):3; (October 30, annual reports exhibit, (November 2, Consolidated Nominees Limited 2001):2–3 2001):1 STG Investments and, (August 1999):24 executive compensation program, (June Coral Reinsurance Company Ltd. consolidation 1991):3 See also American International Group See also M&A (mergers and acquisitions) financial statements, (October 30, (AIG) by Citigroup, (March 1999):17; 2001):2–3 AIG’s relationship with, (March (November 22, 2002):16 hurricanes’ effect on dividends, (October 1996):6–7; (July 1996):10–13; effect on companies and policyholders, 30, 2001):3–4 (December 1996):3; (February 28, (September 17, 2002):2 ratings changes, (June 1993):3 2005):1; (April 4, 2005):1 in the insurance brokerage industry, (June ratings downgrades, (October 30, 2001):3 American International Management 1992):6–7 Continental Divide Gift Shop and Company and, (March 1996):6 insurance stocks and, (March 1993):1–2 Trading Post, board of directors, (July 1996):12 risks, (March 1999):9; (November 22, Delaware Insurance Department’s exami- (June 1990):3; (August 1995):13 2001):8 nation of, (December 1996):3 Steinberg on, (May 31, 2000):1 Continental Insurance Companies financial statements, 1987-1993, (July

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 1996):11t Experience (Hickman), You Aren’t (Baker et al.), Greenberg’s refusal to discuss, (March (December 1991):4 (April 1995):11 1996):6; (July 1996):11; (December 1996):3; (April 9, 2004):5; (February corporate headquarters. Crandall, Robert 28, 2005):1; (April 4, 2005):1 See architecture; specific companies AIG board of directors, (April 7, 2003):3 insurance operations, 1987-1993, (July Corporate-Owned Life Insurance The Crash and Its Aftermath 1996):12t investors in, (March 1996):6–7 (COLI) policies (Wigmore), management, control, and affiliation with cost-of-insurance rates for, (February 15, (March 1991):1–2 2005):4–5 AIG, (February 28, 2005):1 Crawford, Bob Molson Companies and, (April 7, 2003):2 corporate raiders See also Chubb Corporation Munich Reinsurance Company and, conglomerates and, (July 11, 2005):2–3 on Chubb’s Indianapolis account, (August (March 1996):6; (July 1996):12 1994):6 premiums from AIG, (March 1996):6; corporate symbols and logos (July 1996):10; (December 1996):3; of insurance companies, (January Crawford, John (February 28, 2005):1 1995):6–9; (March 21, 2005):1–2 See also Oklahoma Insurance Department private placement terms, (March misleading use of, (March 1999):5–6; Florida Progress’ commitment to Mid- 1996):6–7; (July 1996):10–12; (November 22, 2002):4–5 Continent Life, (March 1999):16; (February 28, 2005):1 (November 22, 2002):15 prospectus, (March 1996):6–7; (July corporations. 1996):10–12 See conglomerates; insurance companies credit risk See also financial strength regulatory inquiries into, (December Correa Berger & Associates 1996):3; (February 28, 2005):1 customer assumption of, (October Century Industries and, (October 1998):9 Sanwa Bank and, (March 1996):6; (July 1994):7; (June 4, 2002):2; (September 1996):10–11 cost-of-insurance (COI) rates 17, 2002):1 fixed-income securities and, (Winter secrecy of offering, (March 1996):6–7; in Canada, (February 15, 2005):7 1990):1; (April 1995):8 (July 1996):10–13 Corporate-Owned Life Insurance poli- interest rate risk compared to, (June cies, (February 15, 2005):4–5 Corcoran, James 1991):5; (April 1995):9 defined, (February 15, 2005):4 on banks’ entrance into the insurance low-load direct and agent-sold policies, business, (September 1991):7 credit spreads compared, (February 15, 2005):4–5 on being insurance commissioner, defined, (September 2, 1999):1 Unismoker Select & Ultimate Table (September 1991):7 (1975-1980), (February 15, 2005):4 Credit Suisse First Boston on Congress’ responsiveness to issues, fairness opinion on Liberty Mutual (September 1991):7 Covenant Life Insurance Company MIHC conversion, (March 28, 2001):3 on financial guaranty insurance, history, (May 1998):14 fairness opinion on Ohio National Life (September 1991):7 on mutual insurance ownership, (May Insurance’s conversion, (May 1998):11; on guaranty funds, (September 1991):7 1998):11 (October 1998):10 on insurance accounting methods, Provident Mutual Life Insurance merger on investing in demutualizations, (September 1991):7 with, (May 1998):14 (February 1998):3 on insurance companies in the financial on mutual insurance ownership, (May services business, (September 1991):7 Covent Insurance Company 1998):11 on junk bonds, (September 1991):7 International General Insurance agree- on life insurance companies’ solvency, ments, (August 1995):4; (July 1996):8 CRISIS and RECOVERY: A Review (September 1991):3, 7 liquidation of, (July 1996):8; (October of Business Liability Insurance in the on life insurance industry’s survival 1998):8 1980s strategies, (September 1991):7 Underwriters Insurance Group and, (Mooney), (September 1992):1–2 on pension plan exposure, (September (August 1995):4; (July 1996):8; 1991):7 (October 1998):8; (March 1999):31 Crispin, Robert on rate regulation, (September 1991):7 CPCUs See also UNUM on Reaganomics, (September 1991):7 on sale of UNUM’s stock portfolio, code of professional ethics changes, (July Schiff’s interview of, (September (March 1996):11 1991):6–7 1996):15 Crittenden, Michael on state compared to federal regulation, CPCU Society on MONY proposed sale to AXA, (September 1991):7 Connecticut study of insurance as career (February 10, 2004):1–3 core competencies choice of students, (June 1993):1 risk spreading vs. insurers’, (April 1997):3 examinations by, (December 1996):15 Crosby, Gordon Crabtree, Richard on USLife’s opposition to AIG’s takeover, Corey, Irwin (April 5, 2001):2 Conseco’s earnings explained by, Allied-Nationwide public hearings, (December 2, 1999):1 (March 1999):20 Crossett, Kevin S. Cracking the Corporate Closet: The on tax treatment of demutualization dis- Corn Belt Route, trip by Schiff, tributions, (August 22, 2003):2 (October 1998):15 200 Best (and Worst) Companies to Work For, Buy From, and Invest In If CSFB. Corporate Bond Quality and Investor You’re Gay or Lesbian—and Even If See Credit Suisse First Boston

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 CS First Boston. 1994):6 1999):3 See Credit Suisse First Boston Pataki and, (February 1998):12 Daily, Glenn Cucci, John on lapse-supported pricing, (February 15, D’Amato, Cus on New York State’s Regulation 68, 2005):1–7 on boxing, (June 1994):3, 6 (March 7, 2002):1 D’Alessandro, David Damn Right! (Lowe) Cullom, Shelby K. See also Brown, Stephen L.; John on Munger, (July 7, 2004):1–2 biography, (June 1994):7 Hancock annual pension, (July 7, 2004):1 D&O. Cumberland Technologies background, (October 28, 2003):1 See directors and officers (D&O) liability as undervalued troubled company, Brand Warfare®: 10 Rules for Building the insurance (December 21, 2003):2 Killer Brand, (July 18, 2003):1, 7; Davenport, Iowa (September 25, 2003):4, 10; (October Cumming, Ian Biederbecke and, (October 1998):14 23, 2003):1 See also Leucadia National Career Warfare: 10 Rules for Building a Davis, Christopher Cullom (Chris) acquisition strategies, (June 5, 2000):1–2 Successful Personal Brand on the Business on bear markets, (June 1994):8; (October Cunningham, Kansas, (June Battlefield, (October 28, 2003):2 14, 2000):1 1993):10 compensation, (May 20, 2003):1–3; (July biography, (June 1994):7–8; (August 18, 2003):1–8; (September 25, 2003):1, 1999):18 Cuomo, Mario 4–10; (October 23, 2003):1–3; (October on Fidelity Select Insurance Fund, on NY State Workers’ Compensation 27, 2003):1–3; (October 28, 2003):1; (January 1995):3; (November 1995):2; Fund, (September 1992):6 (November 7, 2003):1–4; (June 16, (May 5, 2001):1–2 2004):3; (July 7, 2004):1 hot dog/compound interest story, (June Curiale, Salvatore golden parachute, (July 18, 2003):3t; 1994):8 Blue Cross and Blue Shield rate increase, (September 25, 2003):6t insurance stock picks, (June 1994):8 (March 1993):10 incentive awards granted, (July 18, investment philosophy, (June 1994):8 Curiale, Salvatore R. 2003):5–6; (September 25, 2003):8–9; Venture Advisors funds and, (June (October 27, 2003):3; (October 28, on Cardone’s tan, (June 1993):1–2 1994):8 2003):1 Curley, James John Hancock board of directors connec- Davis, E. Asbury Davis See also 20th Century Insurance tions, (November 7, 2003):1–4 See also USF+G on earthquake exposure, (June 1994):6 on John Hancock’s demutualization, USF&G leadership, (December 1996):10 (May 20, 2003):2; (July 18, 2003):1–2; Davis, Florence currency exchanges (September 25, 2003):4–5 as AIG’s general counsel, (March 30, patsies and, (Autumn 1993):10 John Hancock stock purchases, (July 18, 2005):1; (April 4, 2005):2 2003):3, 6–7; (September 25, 2003):6, Starr Foundation and, (March 30, 2005):1; CyberComp 9–10 (April 4, 2005):2 Reliance Group Holdings and, (October on John Hancock’s value, (July 18, 25, 1999):3 2003):3–4; (September 25, 2003):6–7; Davis, Hockenberg, Wine, Brown, cyclicity of insurance industry, (October 23, 2003):1; (October 27, Koehn & Shors (Spring 1989):1, 2–3; (Fall 1989):1; (June 2003):2–3 on loans to insurance company officers, 1990):1; (March 1991):2, 5; (June lawsuits, (July 18, 2003):1, 8; (September (February 1998):4 1992):1–2; (December 1993):1–2; 25, 2003):4 (April 1997):1; (May 1998):1; (August loans from John Hancock, (July 18, Davis, Kathryn 1999):18; (December 1999):1–4; 2003):6; (September 25, 2003):9 College of Insurance library and, (October 14, 2000):1; (January 31, on Manulife-John Hancock merger, (February 1998):14 (October 27, 2003):3 2001):1–2; (February 16, 2001):1–3; Davis, Robert J. (September 14, 2001):1; (October 30, retirement from Manulife, (July 7, John Hancock board of directors connec- 2001):1–2; (January 25, 2002):2; 2004):1 tions, (November 7, 2003):2, 3t (December 21, 2003):1–2; (September Schiff’s call for firing of, (July 18, 10, 2004):1 2003):1–7; (September 25, 2003):4–10 Davis, Shelby on “value created” by John Hancock New York Venture Fund and, (June Czech Republic IPO, (July 18, 2003):5; (September 25, 1994):7 life insurance opportunities in, (August 2003):8; (October 27, 2003):2–3; (July 1999):3 7, 2004):1 Davis, Shelby Cullom D’Alessandro et al, Landy v., biography, (June 1994):7 College of Insurance library and, ~D~ (July 18, 2003):1, 8; (September 25, (February 1998):14 2003):4 Dade County, Florida “Davis Double Play,” (June 1994):7; homeowners insurance non-renewal D’Amato, Alfonse (October 1998):3 notices, (Autumn 1993):8–9 investment transactions by, (February The Davis Dynasty (Rothchild), hurricane risk in, (Autumn 1993):8–9; 1998):12 (December 22, 2003):3 (March 1994):6 Levin and, (February 1998):12 Diana’s trust and, (June 1994):8 PRUPAC’s offer to policyholders to NY State’s proposed MIHC legislation on the “Favorite Fifty,” (October 1998):3 change homeowners carrier, (March and, (February 1998):12; (March hot dog/compound interest story, (June

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 1994):8 2004):2–3 ings investment strategies, (December 22, Belth on, (March 1994):4 acquisitions after, (May 1998):6 2003):4 First Providian Life and Health advocates in fight against, (March on the long-term nature of insurance Insurance Co. rates, (October 1997):23 1999):2–3 business, (May 1998):2 in the insurance industry, (March bull markets and, (September 2000):7–8 opinions on bonds, (December 22, 1994):1–2 cessation of, (October 1998):12–13; 2003):3–4 (March 1999):2–3; (March 3, 2000):1–2; Shelby Cullom Davis & Co., (June DeCiccio, John (December 9, 2001):1; (June 28, 1994):7–8; (December 22, 2003):4 John Hancock demutualization plan hear- 2002):3 ings, (July 18, 2003):2, 5; (September competition and, (September 2000):7 DBL. 25, 2003):5, 8 Demutualization for Dimwits ad, (October See New York State Disability (DBL) Deere Park Equities, LLC 1997):16 “Demutualizations: What They Are, Why DeAlessandro, Joseph P. STG Investments and, (August 1999):24 You Care” (Devine), (February 1998):3 American European Group, (October executive compensations following, (May 1998):8 deferred-dividend policies 20, 2003):1–3; (July 18, 2003):2; background, (October 1998):8 lapse-supported pricing and, (February (September 25, 2003):5; (October 27, Century Industries and, (October 15, 2005):6 2003):3 1998):8–9; (March 1999):31 DeFillippo, Bob Financial Services Reform Act of 1999 on D&O liability insurance, (March 14, on Prudential policyholders’ ownership, redomestication provision, (March 3, 2005):2–3 (February 1998):10 2000):1 Florida JUA Homeowners Insurance full, (October 1998):12–13; (November Take Out Program earnings estimates, Delaney, William 15, 1999):1–3; (September 2000):7; (October 1998):8–9 support of Golden Eagle Insurance (May 20, 2003):1–3 Kentucky National and, (October 1998):8; Company, (April 1997):12 IPOs and, (March 1999):26–27, 31; (March 1999):31 (November 15, 1999):1–3; (September Rutgers Casualty and, (October 1998):8; Delaware Insurance Department 2000):7–8; (May 20, 2003):1–3; (March 1999):31 AIG/Coral Re examination, (December (December 9, 2004):2–3 Universal Property & Casualty Insurance 1996):3 Kamen on, (February 1998):8–11, 18–20; Company and, (March 1999):31 Lexington Insurance Company examina- tion, (December 1996):3 (August 1999):12 Dean Witter Levin on, (February 1998):12, 14–18, 21; See also Sears, Roebuck and Company Delphi Financial Group (May 1998):19; (March 1999):3, 26–27, Sears shareholders’ attempted divestiture, deleveraging of, (August 1994):11 31 (June 1992):4 earnings, (August 1994):11 Massachusetts statutes on, (July 18, Sears spinoff of, (June 1993):5 “gilt-edged” credit, (May 1998):3 2003):4–5; (September 25, 2003):7–8; ratings, (May 1998):3 (October 27, 2003):3 death benefits recent and projected growth, (May media coverage, (August 1999):29f; final-expense insurance, (March 1999):31 1998):3 (December 31, 2004):2–3 Rosenkranz’s letters to shareholders, membership rights, (February 1998):8, The Death of Common Sense: How (August 1994):11; (July 1996):15; (May 19; (March 1999):3, 20–22 Law is Suffocating America 1998):3 methods of, (September 2000):7 (Howard), stock price, (August 1994):11 motivations for, (May 20, 2003):1 (April 1995):8 mutual insurance holding companies, DeMichele, Robert Debevoise & Plimpton compared, (February 1998):25–26; letter to shareholders, (January 1995):11 (May 1998):12t; (October 26, 2005):1–2 John Hancock’s demutualization plan officers/directors’ conflicts of interest, hearings, (May 20, 2003):2 Democratic Party platform, 1932, (February 1998):7–11 New York Life Insurance Company and, (September 1992):6 parody ads, (October 1997):11, 16 (May 1998):18–19 policyholder approvals required for, NY State’s proposed MIHC legislation Demotech (February 1998):16–18; (October 26, and, (February 1998):12 See also ratings; ratings agencies 2005):2 Provident Mutual’s request for SEC con- Atlantic Mutual ratings, (September 10, prohibitions against, (December fidentiality, (May 1998):16–17 2004):2–3 1992):3–4 tax opinion on demutualization distribu- Frontier Insurance Company’s ratings, public hearings’ role in, (June 28, tions, (August 22, 2003):2 (March 1999):12; (November 22, 2002):11 2002):1–2 debt ratings The Insurance Forum’s article about, Schiff’s campaign against, (May financial strength ratings compared, (March 1999):12; (November 22, 1998):14–17; (October 1998):12–13; (September 10, 2004):3 2002):11 (March 1999):1–3; (February 11, ratings credibility of, (September 10, 2000):1 deception 2004):2 Schiff’s prediction for reform, (September See also advertising, misleading; fraud 1997):18; (February 1998):20; (March A. I. M. ratings claims, (September 10, demutualizations 1999):2 2004):2 See also demutualization subscription Skow’s interview of Schiff about, American International Group, (February rights; demutualized companies; mutu- (February 1998):25–26 26, 2004):1–6 al insurance; mutual insurance holding Smith Barney on, (February 1998):3 Atlantic Mutual ratings, (September 10, companies; policyholders; public hear- sponsored, (June 28, 2002):1–4

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 as tax-free reorganizations, (August 22, Prudential Insurance Company, (October Dick, Rollin 2003):3 1998):12; (March 1999):3 on Conseco’s earnings estimates, tax treatment of distributions from, (December 2, 1999):1 (August 22, 2003):1–4 DeNault, John B. three remaining stock insurance compa- 20th Century’s board of directors and, Dickson, Thomas nies, (December 1992):4 (August 1994):11 See also Centre Reinsurance Company on future of Bermuda operations, Woollard’s proposal for Standard Life Denver & Rio Grande Western Assurance Company, (February 11, (December 1993):1 Railroad 2000):1–2 Dominick on dangers of takeovers from Dimon, Jamie demutualization subscription rights industry outsiders, (July 12, 2005):6 Weill’s firing of, (March 1999):31 AmerUs’ policyholder participation in, deposit insurance Dingell, John (March 1999):26 See also banks; FDIC (Federal Deposit Failed Promises, (March 1991):6 “fair and equitable” statutes, (March Insurance Corporation) 1999):31 in 1933, (March 1991):3 Dingman, Mike Grannis on past experience of, (February annuities and, (March 1994):2 Henley Group and, (April 7, 2003):2 1998):15–16, 20 Blackfeet National Bank CD/annuity, institutional investors advantages over Direct Mail Copy That Sells! (March 1994):2 policyholders, (November 15, (Lewis), (March 14, 2005):1 Reliance National’s excess depositors’ lia- 1999):1–3; (May 20, 2003):1–2 bility insurance, (December 1993):11 John Hancock’s failure to issue, (July 18, directors and officers (D&O) liabili- state guaranty funds, compared to, 2003):2; (September 25, 2003):5 ty insurance (March 1991):6; (September 1991):3 Kamen on policyholder participation in, AIG premiums paid, (April 7, 2003):1f, 3 (February 1998):15–16, 19–20 Depositors Insurance Company American Home Assurance Company advertisement, (April 7, 2003):3–4; Levin’s testimony on, (February See also Allied Group (March 14, 2005):2–4 1998):15–16 Allied Mutual policies and, (October DeAlessandro on, (March 14, 2005):2–3 mutual policyholders and, (February 1997):11 history, (March 14, 2005):2–3 1998):15–16; (March 1999):26–27, 31; underwriting results, (October 1997):14 (September 2000):7–8 Dirks, Ray NY State MIHC legislation proposal and, deregulation on Allstate stock offering, (June 1993):5 (February 1998):15–16; (September real estate investments by life insurance annuities advocacy, (June 1993):9 2000):8 companies, (September 1991):2–3 biography, (June 1993):8–10; (October Schiff’s letter to Levin regarding, (March 1998):8–9 1999):26–27 derivatives cartoons, (June 1993):8; (October 1998):9 Schiff’s opinion of, (August 1999):12 definition, (December 1993):7 life insurance industry investments using, Century Industries and, (October demutualized companies (January 1995):4 1998):8–9 AmerUs, (March 1999):3 stock options as, (July 18, 2003):8 The Great Wall Street Scandal, (June The Equitable Companies, (December swaps, (December 1993):7 1993):8; (October 1998):9 1992):9–10 investment strategies, (June 1993):8–10; General American Life Insurance Des Moines, Iowa visit by Schiff (October 1998):9 Company, (March 1999):3 Chubb Corporation and, (August 1994):6 IPO expertise, (June 1993):8–9 John Hancock, (October 1998):12, 19; described, (October 1998):16–17; Schiff’s description of, (June 1993):8–9; (March 1999):3; (November 15, (November 18, 2002):1 (October 1998):9 1999):1–4; (May 20, 2003):1–3; (July interviews by Narcisse and Skow, Shortbuster Club, (June 1993):9 (February 1998):22–26 18, 2003):1–7; (September 25, disability insurance 2003):4–10; (July 7, 2004):1 “The Devil’s Dictionary,” See also New Jersey Temporary Disability Mercer Mutual, (July 7, 2004):1 (Autumn 1993):7–8 Benefits Law (TDB); New York State MetLife, (March 1999):3; (August See also A. M. Best Disability (DBL) 1999):12 statistics on long-term, (June 1991):8; MONY, (March 1999):26–27, 31; Devine, Colin (September 1991):8; (December (November 15, 1999):2–3; (February analyst recommendations on Conseco, 1991):8; (March 1992):8; (June 1992):8 10, 2004):1 (December 19, 2002):2 statutory disability plans compared, Ohio National Life Insurance Company, on demutualizations, (February 1998):3 (December 1992):10t (May 1998):11; (October 1998):10; Schiff’s opinion of, (December 19, 2002):2 UNUM claims for, (November 22, (March 1999):3 1994):11 Old Guard Mutual, (February 1998):10 Devlin, Robert M. Principal Financial Group, (March 3, See also American General Disaster Re 2000):1–2; (August 25, 2000):1–3 American General attempted takeover by Dowling’s proposal, (August 1994):4 Principal Mutual, (February 1998):21; AIG, (April 5, 2001):2 Natural Disaster Protection Act and, (May 1998):15–16; (October 1998):12; Southeastern Asset Management’s (August 1994):4 (November 15, 1999):1; (August 25, MONY management proposal, 2000):1–3 (February 10, 2004):2 disclosure See also advertising; conflicts of interest; Provident Mutual, (May 1998):14–17; DeWolfe, Richard (November 15, 1999):2; (June 28, policyholders John Hancock board of directors connec- 2002):1–4 annual statements inaccessibility, tions, (November 7, 2003):2, 3t

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 (September 2000):9–11; (July 16, fairness opinion on Allied Mutual’s merg- (January 25, 2002):2 2003):1–6 er with Nationwide Mutual, (March Armstrong Investigations and, (February 1999):20–22 Dowling & Partners Securities 1998):13–14; (June 16, 2004):1–3 Home Holdings stock offering by, (March company van, (May 1998):18 bank filings, (September 2000):11; (July 1999):8; (November 22, 2002):7 downsizing 16, 2003):6 on underreserved insurance industry, German and U. S. methods compared, certainty effect and, (June 4, 2002):2; (December 1992):2 (December 1996):2 (September 17, 2002):3 Lloyd’s of London, (March 1993):1 commissions, (October 22, 2004):2; Donegal Group property/casualty industry, (March (December 9, 2004):1–2; (December Old Guard Mutual acquisition attempt 1993):1–2; (December 1996):2 31, 2004):1 by, (February 1998):10 Sears, Roebuck and Company, (June EDGAR database filings, (September stock price below book value, (January 1993):5 2000):10–11; (July 16, 2003):6 18, 2000):2; (December 21, 2003):2 Sumitomo Life Insurance Company, executive compensation, (September 25, Donley, Joseph (August 1995):1 2003):2–3; (June 16, 2004):1–4; (July 7, opposition to PMA Capital Insurance USF+G, (December 1996):12–13 2004):3 Company’s proposed unstacking, SEC disclosure compared to MIHC dis- (November 22, 2005):4–5 downstream stock subsidiaries closure, (February 1998):20 See also mutual insurance; mutual insur- Donna Miller & Associates ance holding companies; policyholders Disneyworld vacation by Schiff, Century Industries and, (October 1998):9 conflicts of interest from, (October (June 1991):6 1997):6 Donnellan, Susan District of Columbia the Downstream Gambit, (October Schiff’s Schedule G requests and, (June auto insurance in, (March 7, 2002):3–4 1998):11 16, 2004):3–4 securities analysts on, (February 1998):3 dividends Dougherty Dawkins shareholder/policyholder equitableness, lapsed policy profits and, (February 15, (February 1998):3, 7 Allied Group acquisition of, (October 2005):3 Skow’s interview of Schiff about, 1997):8 required notification of payments by (February 1998):26 insurance companies, (November 22, Dow 36,000 (Glassman and Drain and Shea v. Provident Mutual 1994):4 Hassett), Life Insurance Company, tax status of, (December 31, 2004):1 (September 2000):7 tontine policies and, (February 15, (May 1998):14; (October 17, 2002):1; 2005):6 Dow Jones Industrial Average (December 9, 2004):2 1932 low, (December 22, 2003):2 Drexel Burnham DLJ. Moody’s Aaa bond index yield, compared, See also Joseph, Fred; Milken, Michael See Donaldson, Lufkin & Jenrette (DLJ) (May 1998):4; (November 11, 2002):2 AmBase and, (June 1990):2 “Doc” (agent) Dow Jones News Retrieval conference table at Towers Financial’s on price firming, (August 1999):14 press mentions of “demutualization,” bankruptcy auction, (August 1994):11 First Executive Corp. and, (Winter Dodd, David (August 1999):29f press mentions of “stock,” “market,” 1990):1; (June 1991):6; (December on investment and speculation, com- “bubble,” (April 5, 2001):2 1991):4–5 pared, (October 14, 2000):1 on investment grade/junk bonds, Security Analysis, (October 14, 2000):1 Dow Jones Property/Casualty (December 1991):5 Dodge City, Kansas trip by Schiff, Index Reliance Group Holdings and, (March (June 1993):11 growth from 1982-1995, (March 1996):2 1992):3; (October 25, 1999):3 Dodson, Dwight Dowling, V. J., Jr. drug usage by employees, on potential loss from earthquakes, on Bermuda-based venture capital, (November 22, 1994):8 (August 1994):3 (November 15, 2001):2–3 See also workplace safety biography, (August 1999):18 Dole, Burton on the “cheating phase” of the insurance Drury, David on MetLife board of directors, (February cycle, (March 1999):1; (February 12, See also Principal Mutual Life Insurance 1998):10–11 2002):1 Company on Chubb’s stock performance, cartoons, (October 1998):13; (September Dominick, Peter (November 15, 2001):3 3, 2002):2 on dangers of takeovers by industry out- on Cigna’s A- rating, (January 1995):11 on competition as a mutual, (September siders, (July 12, 2005):6 Disaster Re and, (August 1994):4 3, 2002):1 on mutual insurance ownership, (May Dominion Bridge IBNR Insurance Weekly and, (August 1994):4 1998):11; (September 3, 2002):1–2 American Eco Corp. and, (August on property/casualty industry’s negative on Principal Financial’s acquisition of BT 1999):27 cash flow, (May 1998):1 Financial, (September 3, 2002):1–2 Feldman and, (August 1999):27 on property-casualty insurance stocks, Principal Mutual MIHC conversion plan Gerrard and, (August 1999):27 (November 15, 2001):2–3 testimony, (August 25, 2000):1–2 Donaldson, Lufkin & Jenrette Snyder’s nickname by, (August 1995):15 on Principal Mutual’s dividends to policy- holders, (August 25, 2000):1–2 (DLJ) on surety losses from Enron debacle,

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 on Principal Mutual’s value, (August 25, 2001):2t 1994):3 2000):2; (September 3, 2002):1 recent problems, (March 2, 2001):1–2 revenues and EPS, 1988-1992, (Autumn East Texas Oil Field and Museum, DuBois, Cornelius 1993):5; (March 2, 2001):1 (March 1992):7 history of insurance brokerage business, Schiff’s outlook on future of, (Autumn Eavis, Peter (June 1992):6; (December 1992):6–7; 1993):5; (March 2, 2001):2 Conseco articles by, (December 19, (August 1999):16; (October 22, 2004):2 stock offering, (November 22, 1994):11 2002):2 Dubuque, Iowa visit by Schiff, stock repurchases by, (April 1997):2 stock sales by insiders, (Autumn 1993):5; (October 1998):14 eBay (March 2, 2001):1–2 Enron-related items for sale, (January 25, Duff & Phelps value of, (Autumn 1993):5; (March 2, 2002):2; (February 12, 2002):4 See also ratings; ratings agencies 2001):1–2 General American Life’s ratings, ecdysiasts, Eagle Claims Corporation (December 1999):9 (June 1994):11 Unistar acquisition of, (August 1999):23 insightful ratings given by, (October Ecker, Frederick H. 1994):5; (January 1995):3 Eagle Premium Finance on equities in life-insurance company Dunham, Woolcott Unistar acquisition of, (August 1999):23 portfolios, (November 1995):3; (August 1999):11 at NY State MIHC public hearings, (May Earle, Richard Stuyvesant Town and, (February 1998):19 1998):18–19 on Reliance’s business, (March 1992):4 on subscription rights in demutualiza- economy tions, (September 2000):8 earnings after September 11, 2001, (September 14, See also accounting; specific companies 2001):1–2 Dutcher, Arnold lapse-supported policies and, (February diversification and earnings fluctuations, Lumbermens Mutual surplus notes inter- 15, 2005):3 (January 25, 2002):2 est payments and, (March 28, 2003):1 management of, (June 1992):2; (August 16, 2002):2–3; (December 9, 2002):3 Edgar, Jim ~E~ manipulation of, (February 12, 2002):1; Illinois MIHC legislation signed by, (June (February 26, 2004):1–6; (February 15, 15, 2001):1; (December 31, 2002):2 E. F. Hutton 2005):3 Kemper/Lumbermens board of directors, Shearson Lehman acquisition of, (March realized/unrealized capital gains and, (June 15, 2001):1; (December 31, 1999):10; (November 22, 2002):9 (July 14, 2005):2 2002):2 “smoothing,” (July 1996):13; (January 25, E. F. Hutton Life Insurance 2002):2; (February 12, 2002):1; (April EDGAR database Company 5, 2002):2 SEC filings on, (September 2000):10–11; See also First Capital Life (July 16, 2003):6 First Capital Holdings acquisition of, earthquakes usage, 1997-1999, (September 2000):10f; (March 1999):10; (November 22, See also Northridge earthquake; San (July 16, 2003):6 2002):9 Francisco earthquake (1906) first universal life policy, (September Allstate Insurance’s loss potential, “The Effects of Best’s Rating 1991):3 (Autumn 1993):9 Changes on Insurance Company “good name” of, (March 1999):10; analysis of, (March 1994):8; (June 1994):6 Stock Prices” (Singh and Power), (November 22, 2002):9 California Earthquake Authority reinsur- (Autumn 1993):8; (October 1994):5 seizure by California Insurance ance, (March 1996):5 Department, (September 1991):3 catastrophic loss potential, (September Eichenwald, Kurt 1992):2 Serpent on the Rock, (November 1995):3 E. W. Blanch Holdings company capitalizations and, (September Eisenberg, Theodore Blanch’s sale of stock to, (March 2, 1990):2 The Quiet Revolution In Products Liability, 2001):2 Federal Earthquake Insurance and (September 1990):1 Blanch’s stock options granted by, (March Reinsurance Act (FEIRA), (September 2, 2001):2 1990):2 Eisenhauer, Larry J. California Earthquake Authority reinsur- insurance industry vulnerability to, Allied Mutual policyholder lawsuit ruling ance, (March 1996):5 (March 1991):6; (June 1992):1 by, (March 1999):20; (May 31, 2001):1 Cashman’s retirement, (November 22, insurance stock prices and, (Fall 1989):1 1994):11 Insurer Insolvency and Earthquake Eisenman, James R. Cashman’s stock purchase by, (November Insurance: Lessons From The Thrift Crisis letter to Schiff’s, (June 1993):11 22, 1994):11 (Litan), (September 1990):2; clients, (Autumn 1993):5; (March 2, (September 1992):2 Eisner, Michael, 2001):1 major, (March 1994):8t (June 1991):6 earnings estimates, 1993-1994, (Autumn Natural Disaster Protection Act and, Elchynski, Ted 1993):5; (March 2, 2001):1 (August 1994):3 See also Cincinnati Financial employee stock ownership, (Autumn predicting, (March 1994):8; (June 1994):6 on Cincinnati Financial’s success, (June 1993):5; (March 2, 2001):1 premiums and, (March 1994):8t 1990):2 IPO, (Autumn 1993):5; (November 22, risks of, (March 1994):8; (June 1994):6 1994):11; (March 2, 2001):1 Tennessee Farmers Mutual Insurance Eldred, Karen profit margins, 1988-2000, (March 2, Company potential losses, (August Levin’s photograph and, (February

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 1998):21 See also EMC Insurance Companies Best’s estimated reserve shortfalls, (June Kelley’s compensation, (October 1997):15 1994):2–3 Electric Mutual Liability Insurance policyholder/shareholder interests, Buffett on, (November 1995):10 Company (EMLICO) (October 1997):6; (February 1998):24 commercial insurance buyers and, (June Bermuda operations, (December 1996):15 premiums, (October 1997):15f 1994):3 General Electric environmental claims surplus, (October 1997):15 companies with possible exposure, (June and, (December 1996):15 1994):2–3 St. Laurent’s compensation, (December Employers Reinsurance Comprehensive General Liability poli- 1996):15 Corporation (ERC) cies, (June 1994):2 dividends, (November 22, 2002):1 industry exposure to, (June 1994):2–3; “Elegy Written in a Country General Electric cash infusion to, (January 1995):2; (September 17, Churchyard” (Gray), (November 22, 2002):1 2002):2 (March 18, 2005):1 misleading advertising, (March insurance companies’ vulnerability to 1999):11–12; (November 22, 2002):1–2, E-Madness chart, Superfund cleanups, (Autumn 1993):7 10–11; (December 9, 2002):1 (January 18, 2000):1t; (October 14, Other Liability and Products Liability ratings, (March 1999):12; (November 22, 2000):1t; (April 5, 2001):2t premiums, (June 1994):2 2002):1–2, 11; (December 9, 2002):1; Outhwaite’s asbestos and pollution rein- embedded-value accounting (January 9, 2004):1; (September 10, surance losses, (October 1994):3 American Skandia, (September 24, 2004):3 toxic waste sites cleanup costs, (March 1991):6 2001):3 endowment policies GAAP, compared, (September 24, 2001):3 defined, (February 11, 2000):1–2 variable annuities and, (September 24, The Equitable Companies investor expectations, (February 11, 2001):3 See also Equitable Life Assurance Society; 2000):1–2 wasting assets and, (September 24, Jenrette, Richard; Wilcox, Gregory misleading marketing of, (February 11, 2001):3–4 capital-to-liabilities ratios of, (August 2000):1–2 1994):2 EMC Insurance Companies secondary market in, (February 11, Davis’ stock pick, (June 1994):8 See also Employers Mutual Casualty 2000):1–2 demutualization, (December 1992):9–10 Company Standard Life Assurance Company, during the Great Depression, (March Kelley’s compensation, (October 1997):15 (February 11, 2000):1–2 1991):2, 4; (December 1992):9; (March Schiff’s favored undervalued stocks, values, compared by mutual and stock 1999):6; (November 22, 2002):5 (March 1999):1; (January 18, 2000):2; issuers, (February 11, 2000):1–2 “investment expertise,” (September (December 21, 2003):2 Woollard’s proposal to demutualize 1992):5 Schiff’s investment in, (October 1998):3; Standard Life, (February 11, 2000):1–2 investment results by category, (September 1992):5t (March 1999):1; (January 18, 2000):2; Enron (December 21, 2003):2 misleading advertising, (August 1994):2 accounting practices, (January 25, 2002):2; near-failure of, (September 1992):4; (February 12, 2002):1 Emerson, Reid & Company (December 1992):8–10; (September 3, earnings expectations, (February 12, See also New York State Disability (DBL): 2002):1 2002):1 New Jersey Temporary Disability net income, 1987-1991, (September eBay sale of articles from, (January 25, Benefits Law (TDB) 1992):4f 2002):2; (February 12, 2002):4 Schiff’s sale of, (February 1998):22; Prime Property Fund, (December “Enron-o-Mania” defined, (April 5, (October 1998):13 1992):8–10 2002):1 soup can ad, (Fall 1989):2 ratings, (December 1992):9 insurance industry and, (January 25, real estate investments, (September Emhart Building 2002):1–3; (February 12, 2002):1–4; 1992):4; (December 1992):8 preservation attempts, (July 7, 2004):2–3; (April 5, 2002):1–5 Schedule G disclosures and, (June 16, (July 19 2004):2–6 insurance industry losses from bankrupt- 2004):2; (July 7, 2004):3 cy of, (January 25, 2002):2 stock offering, (September 1992):4 EMLICO. investor culpability, (January 25, valuation reserves, (September 1992):4; See Electric Mutual Liability Insurance 2002):1–3 (December 1992):8 Company (EMLICO) media attention to debacle, (January 25, Wilcox’s rebuttal to Schiff’s September 2002):1–2 Empire Blue Cross and Blue Shield 1992 article, (December 1992):8–10 Cardone’s lavish lifestyle, (June 1993):1–2 political connections, (January 25, 2002):2 Medical Malpractice Insurance political response to debacle, (January 25, Equitable Life Assurance Society Association funds transfer to, (March 2002):1 See also The Equitable Companies 1993):10–11 ratings agencies response to debacle, Armstrong investigations of, (February rate increases, (March 1993):10 (January 25, 2002):1; (March 21, 1998):14; (February 15, 2005):6 2002):1 cartoons, (September 1992):4 Employers Insurance of Wausau reforms following the debacle, (January corporate headquarters, (December See also Liberty Mutual Insurance 25, 2002):2–3 1991):2; (July 19, 2004):1 Company Hyde’s costume ball and, (February Enterprise Fund logo, (January 1995):8 1998):13 Carr’s management of, (June 1991):6; incontestable clauses, (September 17, (December 1991):4 Employers Mutual Casualty 2002):3 Company environmental liabilities insurance policy certificates, (March

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 1999):5–6; (November 22, 2002):4–5 ESG Re 1999):6; (August 16, 2005):1 mutualization of, (February 1998):14 as undervalued troubled company, compensation, (October 1997):8, 15; name change suggestion, (March 1999):31 (December 21, 2003):2 (August 1999):8 Protection Group, (March 1999):5–6; conflict of interest between Allied (November 22, 2002):4–5 Esguerra & Esguerra (accounting Mutual and Allied Group, (October tontine policies, (February 15, 2005):6 firm) 1997):7–18, 20–22; (May 1998):8–10; Cameron Phillips and, (July 1996):8 (August 16, 2005):2–3 Equitable Mortgage and Trust Century Industries and, (July 1996):8; enrichment of, (October 1997):7–11, 15; Company (October 1998):9 (August 1999):8; (August 16, 2005):2–3 United States Fidelity and Guaranty Nationwide acquisition offer to, (March Company and, (December 1996):9 ethics issues 1999):18–22; (August 16, 2005):3 See also conflicts of interest on Nationwide’s settlement with Allied Equitas American Institute for CPCU code Mutual policyholders, (August 16, Lloyd’s of London liabilities and, (March changes, (July 1996):15 2005):3 1999):4; (November 22, 2002):3 architectural landmark preservation, (July opinions of, (August 16, 2005):3 7, 2004):2–3; (July 19, 2004):4–5 Equity Exchange grain cooperative, overseer of conflict-of-interest intercom- Insurance Marketplace Standards (June 1993):10 pany transactions, (October Association, (March 1999):17; (August 1997):7–18; (February 1998):4–6, ERC. 1999):13; (November 22, 2002):16; 24–25; (March 1999):18–22; (August See Employers Reinsurance Corporation (May 6, 2003):1–2 1999):6–8; (August 16, 2005):2–3 (ERC) Europe Schiff’s description of, (October 1997):7; embedded-value accounting methods, (August 16, 2005):2 Erick, Oklahoma visit, stock options received, (October 1997):7, (June 1990):3 (September 24, 2001):3 German insurance companies, 8, 15 Ericson, James (December 1996):2 Evans, Thomas Mellon See also Northwestern Mutual life insurance opportunities in Eastern as corporate raider, (July 11, 2005):3 on mutual insurance ownership, (May Europe, (August 1999):3 1998):11 per capita insurance premiums in Poland, Evans, William R. (March 1991):5 Hospital Casualty Company premiums Erie Indemnity Company regulatory issues model, (June 1992):5 theft, (October 1997):23 See also Erie Insurance Exchange Schiff’s trip to Eastern Europe, (Autumn Erie Insurance Exchange reinsurance 1993):10 Eveready Insurance Company pooling agreement, (August 1995):10 tontines in the 17th-century, (February auto insurance complaints and, (March executive compensation, (August 15, 2005):6 1994):11 1995):11 Evans, Harold telephone-answering survey of, (March financial restructuring of, (August 1994):11 1995):10 as Allied Group board member, (October lawsuit by Arnold Estate, (August 1997):9 executive compensation 1995):10–11 Allied Group shares owned, 3/31/1997, See also specific companies management fees, (August 1995):10 (May 1998):9t from 1990-1992, (June 1993):3t SEC registration, (August 1995):10 Allied Life options granted to J. Evans in 1992, (Autumn 1993):6t stock split, (August 1995):10 by, (October 1997):15 baseball analogy, (September 25, management consulting fees received, 2003):1–2 Erie Insurance (October 1997):9 corporate jets and airplanes, (Autumn competition, (August 1999):14 Nationwide takeover approval, (March 1993):6t; (July 11, 2005):1 1999):19 disclosure of, (September 25, 2003):2–3; Erie Insurance Exchange (June 16, 2004):1–4; (July 7, 2004):3 Evans, Jane See also Erie Indemnity Company following demutualization, (May 20, Allied Group stock registration by, agents, (August 1995):8–10 2003):1–3; (July 18, 2003):1–8; (October 1997):14 company structure, (August 1995):8, 10f (September 25, 2003):4–10; (October mortgage loan by Allied Life to, corporate culture, (August 1995):8–10 27, 2003):3 (February 1998):4 corporate headquarters, (August 1995):9 high levels of, (September 25, 2003):1 customer service, (August 1995):10 Evans, John historical perspective, (September 25, family connections to, (August See also Allied Group; Allied Mutual 2003):2 1995):10–11 Insurance Salary Survey, (October 1997):15 financial strength, (August 1995):8 Allied Group stock owned, 3/31/1997, (May 1998):9t at John Hancock, (July 18, 2003):1–8; Hagen’s resignation, (August 1995):11 (September 25, 2003):4–10; (October Hirt’s founding of, (August 1995):9–10 Allied Group stock sale by, (October 1997):14 23, 2003):1–3 investment portfolio, (August 1995):8 Schedule G disclosures of, (June 16, Petersen on success of, (August 1995):9 Allied Mutual policyholder lawsuit, (February 1998):1; (March 1999):25; 2004):1–4; (July 7, 2004):3 premiums and policyholder surplus, 1925- stock-based, (September 25, 2003):2–3 1994, (August 1995):8t (May 31, 2001):1 on Allied’s pooling agreement, (October stock options, (May 22, 2001):1–2; (June ratings, (August 1995):8 4, 2002):3; (September 25, 2003):2 risk selection and underwriting, (August 1997):10; (August 1999):6 1995):10 cartoons, (October 1997):6; (February Executive Enterprises 1998):1; (March 1999):18; (August Schiff’s visit to, (August 1995):9–10 Briloff’s life-insurance seminar speech,

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 (April 1995):4–5; (August 1999):9 Milliman USA on Provident Mutual in 1932, (March 1991):3 demutualization, (June 28, 2002):3 Little’s comments on, (Spring 1989):2 Executive Life Insurance Company Morgan Stanley on John Hancock demu- See also First Executive Corporation tualization, (November 15, 1999):1–4; Federal Disaster Reinsurance Kellogg’s deposition regarding, (May 20, 2003):2 Fund (November 22, 1994):6–8 Morgan Stanley on Provident Mutual parody ad, (December 1993):8 logo, (January 1995):7 demutualization, (June 28, 2002):3 Federal Earthquake Insurance and Pacific Lumber Company’s pension plan Schiff’s on Liberty Mutual MIHC con- and, (November 22, 1994):6 version, (March 28, 2001):2–3 Reinsurance Act (FEIRA), Schiff on financial speculation at, (September 1990):2 (February 1998):22 Fait, George See also Capitol Transamerica Federal Insurance Company Express Scripts on Capitol Transamerica’s success, (June Indianapolis account story and, (August New York Life Insurance Company and, 1993):5 1994):6 (May 1998):18–19 proxy statement, (May 1998):18–19 The Fall of First Executive, The federal regulation of insurance Sternberg’s ownership of, (May 1998):19 House that Fred Carr Built industry. (Schulte) See regulation externality See also Schulte, Gary Federated Mutual Insurance loss of certainty effect and, (September Schiff’s review of, (December 1991):3–5 17, 2002):3–4 Company A Family of Thirty Million opposition to PMA Capital Insurance ~F~ Metropolitan Life Insurance Company Company’s proposed unstacking, history, (July 19, 2004):1 (November 22, 2005):4 F. L. Brokaw & Company The Farmer From Merna Feeley, William See also Brokaw, Frank; Shelby Cullom (Schriftgiesser) on John Hancock demutualization plan, Davis & Co. (November 15, 1999):3 on 1932 insurance stock prices, (March State Farm Insurance history, (August 1991):2–3 1994):7–8; (March 21, 2001):1–2 Feldman, Leonard B. Davis’ purchase of, (December 22, Farmers Insurance American Eco and, (August 1999):27 2003):4 auto insurance pricing models, Deere Park Equities, LLC, (August (December 22, 2004):6 1999):24 Fagan, Janet Dominion Bridge and, (August 1999):27 opposition to PMA Capital Insurance Internet insurance markets and, (March 1999):30 International Fidelity Holding Corp. and, Company’s proposed unstacking, (August 1999):24 (November 22, 2005):4 Farrakhan, Louis Unistar and, (August 1999):24 Million Man March, (December 1996):4 Failed Promises (Dingell), Feldstein, Kathleen Foley (March 1991):6 Far West Insurance Company John Hancock board of directors connec- Fair, Bob Condor Insurance Company and, tions, (November 7, 2003):2, 3t on the Wilde Building, (July 19, 2004):6 (December 31, 2001):1 liquidation proceedings, (December 31, Ferguson, Ronald Fairfax 2001):1 See also General Re on growth and underwriting integrity, secondary stock offerings, (March 28, (June 1992):2 2003):2 Fast, Robert John Hancock board of directors and, handwriting analysis, (October 1994):11 fairness opinions (October 23, 2003):2; (November 7, on reinsurance business, (Spring 1989):2 conflicts of interest, (November 15, 2003):2, 3t on the reinsurance business, (Spring 1999):1–4; (August 25, 2000):2–3; (May 1989):2 20, 2003):2 FBL Financial Group on reinsurance capitalization, (June Conning on Allied Mutual preferred-for- stock repurchases by, (April 1997):2 1991):2 common stock swap, (October FCCI Mutual Insurance Company Ferrara, Arthur 1997):12–13; (February 1998):5–6; conversion to MIHC, (May 1998):6; See also The Guardian Life Insurance (March 1999):19; (August 1999):6–8; (March 1999):3 Company (August 16, 2005):2 Reliance’s workers’ compensation premi- report to shareholders, 1990, (December CS First Boston on Liberty Mutual ums and, (November 10, 1999):3 1991):1–2 MIHC conversion, (March 28, 2001):2 CS First Boston on Ohio National Life FDIC (Federal Deposit Insurance Ferrarini, Donald MIHC conversion, (October 1998):10 Corporation) See also Underwriters Financial Group DLJ on Allied Mutual merger with See also deposit insurance BRI Coverage and, (August 1995):3, 6; Nationwide Mutual, (March call report filings by banks, (September (August 1995):6; (March 1999):31 1999):20–22 2000):11; (July 16, 2003):6 criminal convictions of, (March 1999):31 Goldman Sachs on Principal Mutual web site information, (September Kwajalein Island “guarantees” and, MIHC conversion, (November 15, 2000):11; (July 16, 2003):6 (August 1995):3 1999):1; (August 25, 2000):3 Lane’s association with, (March 1999):31 federal budget deficits and surpluses Lehman Brothers on ISO conversion on UFG’s “international network,” plan, (April 1997):6 in the 1920s, (March 1991):1

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 (August 1995):4 computer systems and productivity, (July history of, (September 1990):2–3; on UFG’s premium escrow fund, (August 12, 2005):2–3, 5; (July 14, 2005):2, 3 (December 1992):2–4; (March 1994):9 1995):5 conglomerates and, (October 1998):4; Smith’s stories about, (September on UFG’s premium volume, (August (July 12, 2005):2, 4–6 1990):3–4 1995):5 Corcoran on insurers’ providing, (September 1991):7 fire insurance Ferraro, Ken “The Financial Services Holding See also fires on the Wilde Building, (July 19, 2004):4 Company” (Netter), (December 22, history, (September 1990):2–3; (March 1991):2; (December 1992):2–7; Fidelity and Guaranty Fire 2003):4–5; (March 30, 2005):3; (July 11, 2005):2; (July 12, 2005):2 (October 1994):1; (September 17, USF&G merger, (December 1996):9–10 industry solvency, (March 1999):9 2002):3 fidelity and surety bonds. legislation, (March 3, 2000):1 price-fixing, (April 1997):4; (March 14, 2003):1 See surety industry productivity increases through computer systems use, (July 12, 2005):2–3, 5; San Francisco Vulnerability Report, (April Fidelity Mutual Funds (July 14, 2005):2, 3 1997):5 advertising, (November 15, 2001):2 Prudential’s entry into, (October 8, Southeastern Underwriters Association Fidelity National 2001):1 and, (April 1997):5 stock price below book value, (December Rating the Risks—Assessing the Solvency Fire Insurance Research and Threat in the Financial Services Industry 21, 2003):2 Actuarial Association, (Kramer), (March 1991):6 (April 1997):5 Fidelity Select Insurance Fund State Farm’s entry into, (August 1994):10; See also ISO (Insurance Services Office) assets, (November 1995):2f; (May 5, (March 21, 2001):2 2001):1 “supermarket approach” to selling, (July Fireman’s Fund as “contrary indicator,” (January 1995):3; 12, 2005):5–6 American Express acquisition of, (July 11, (November 1995):2; (May 5, 2001):1–2 Financial Services Reform Act of 2005):3 performance, (January 1995):3; sale by Fund American, (September 1999 (November 1995):2; (May 5, 2001):1 1990):4 MIHC redomestication provision, (March total return, (November 1995):2f Weill’s tenure at, (July 1996):3 value, (November 1995):2f 3, 2000):1 fires financial strength Field, Stephen J. See also fire insurance See also bankruptcies; insolvency; ratings Paul v. Virginia ruling, (April 1997):4; Charleston, South Carolina, (September asset removal effect on, (November 22, (March 14, 2003):1 1990):3; (December 1992):2; (March 2005):5 on state regulation of insurance policies, 1994):9; (October 1994):1; (March corporate images of, (March 1999):6–7; (March 14, 2003):1 1999):7; (November 22, 2002):6 (November 22, 2002):5–6 Great Boston Fire of 1872, (December Fields, W. C. debt ratings compared, (September 10, 1992):7 on stimulants and snakes, (February 2004):3 Great Chicago Fire of 1871, (December 1998):3 false claims of, (March 1999):6–7; 1992):7; (March 1999):7; (November (November 22, 2002):5–6 Fifty Years of Suretyship and 22, 2002):6 parent-company support of affiliates, Insurance: The Story of United States Great New York Fire of 1835, (December (March 1999):4–17; (November 22, 1992):4; (March 1994):9; (March Fidelity and Guaranty Company 2002):1–16; (December 9, 2002):1; 1999):7; (November 22, 2002):6 (Fitzpatrick and Buse), (September 10, 2004):3 Great New York Fire of 1845, (December (December 1996):9–10 premiums and, (June 1993):3–4; (August 1992):4 1994):6; (June 4, 2002):2; (January 9, FIGA. Jamestown, Virginia, (September 1990):3; 2003):1; (January 13, 2003):2 See Florida Insurance Guaranty (December 1992):2; (March 1994):9 ratings and, (August 1994):2–3, 6; Association (FIGA) MGM Grand Hotel, (September 14, (November 22, 1994):1–2; (April 2001):1 1995):9; (February 1998):22; (March Figueroa, Nicholas Plymouth, Massachusetts, (March 1994):9 1999):11, 14; (June 4, 2002):2; Belth v. New York State Department of San Francisco (1906), (April 1997):5 Insurance ruling, (June 16, 2004):2–3 (November 22, 2002):10, 13; (March 28, 2003):2–3; (January 9, 2004):1; Firestone tires recall final-expense insurance, (September 10, 2004):1–4 driver control and safety issues, (March 1999):31 (September 9, 2005):6 Fine, J. Allen Ford Explorer S.U.V.s and, (September 9, Financial and Industrial stock options granted, (May 22, 2001):2 2005):6 Corporation Goldman Sachs Trading Corporation and, Finnegan, Daniel First American Insurance on auto accident predictors, (September (March 1999):8; (November 22, 2002):7 Company 9, 2005):1 logo, (January 1995):8 financial guaranty insurance Fiore, Carmine Corcoran’s views on, (September 1991):7 First Capital Life Insurance Transportation Fleet Managers and, financial services (August 1995):3 Company E. F. Hutton Life and, (March 1999):10; AIG’s entry into, (December 1993):7; (November 22, 2002):9 (October 1998):2 fire fighting

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 failure of, (March 1999):10; (November 2002):1; (December 9, 2002):1; (March 1999):10; (November 22, 22, 2002):9 (September 10, 2004):3 2002):9 Kemper Insurance Companies ratings, PRUPAC lawsuit of, (Autumn 1993):8 first-class train travel, (January 9, 2003):2–3; (January 13, (June 1992):7 2003):1–2 Florida Insurance Guaranty Association (FIGA) First Continental Life & Accident Lumbermens Mutual surplus notes rat- ings, (December 31, 2002):1; (January Hurricane Andrew and, (March 1993):10 Insurance Company 9, 2003):2–3; (January 13, 2003):1–2 loan to, (March 1993):10 Millenium Holding Group acquisition of, Marsh & McLennan ratings, (December Special Insurance Assessment Revenue (January 9, 2004):1–2 31, 2004):1–2 Bonds, (March 1993):10t First Executive Corporation MassMutual ratings, (May 6, 2003):1–2 state guaranty fund inequities and, (March 1993):10 See also Carr, Fred Fitzgerald, F. Scott underfunding of, (December 1992):2 Best’s high ratings and failure of, on “second acts,” (June 1991):6 (December 1991):4; (Autumn 1993):7 Florida Joint Underwriting criticism by The Insurance Forum, (June Fitzgerald, Frank Association 1990):4 Interstate Insurance Product Regulation Homeowners Insurance Take Out Drexel Burnham’s relationship with, Compact and, (March 14, 2003):3 Program, (October 1998):8–9 (Winter 1990):1; (June 1991):6; (December 1991):4–5 Fitzwater, Lynne Florida Progress failure of, (September 1991):3; “Consumer Advocate Activity at Principal Mid-Continent Life Insurance (September 1991):8; (December Mutual’s Public Hearing” memo, (May Company’s misleading advertising, 1991):2; (December 1991):4–5 1998):15–16; (August 25, 2000):1; (March 1999):15–16; (November 22, The Fall of First Executive, The House that (June 28, 2002):2; (October 17, 2002):2 2002):14–15 Fred Carr Built (Schulte), (December fixed annuities Oklahoma Insurance Department and, 1991):3–5 (March 1999):16; (November 22, regulation of, (March 1999):7; (November financial statements, (December 1991):4 2002):15 junk bond investments, (Winter 22, 2002):6 Florida trip by Schiff, 1990):1–2; (June 1991):5–6; (December fixed-income securities. (June 1991):6 1991):3–5; (November 11, 2002):1 See bonds ratings, (December 1991):4; (Autumn Floyd, “Pretty Boy” 1993):7 float bank robberies by, (October 17, 2002):1 single-pay products and, (December at Berkshire Hathaway, (June 1991):2; 1991):4 (June 1993):4; (June 1994):1; Flynn, Robert J., Jr. (November 1995):8–13; (August First International Reinsurance Century Industries and, (July 1996):8 1999):2; (April 5, 2002):2–5 lawsuit against Schiff’s, (April 1997):8–9 Company Buffett on, (November 1995):8 letter to Schiff’s, (April 1997):8–9 Netter and, (December 22, 2003):5 defined, (June 1993):4; (November food First National City Bank. 1995):8 income from, (September 17, 2002):2 barbecue, (June 1991):7; (June 1993):10 See National City Bank interest rates and, (June 1994):1 Good Food (Stern), (December 1991):8 First Providian Life and Health loss-float ratios, (June 1991):2; (June menudo, (June 1990):3–4; (August Insurance Company 1993):4; (June 1994):1; (November 1995):13 misleading advertising, (October 1997):23 1995):8–13; (August 1999):2; (April 5, Road Food (Stern), (December 1991):8 2002):2–5 scrapple, (December 1991):8 Fischer, Martin A. malpractice insurance and, (November shoofly pie, (December 1991):8 on NY State Workers’ Compensation 1995):8 sopapillas, (June 1990):3–4; (August Fund, (September 1992):6 1995):13 Florida Fisher, William B. See also Broward County, Florida; Dade football on mutual insurance ownership, (May County, Florida Rangerette Dance-Drill Team, (March 1998):11 Allstate’s withdrawal from homeowners’ 1992):6–7 market, (June 1993):1; (Autumn Fiske, Haley 1993):9 Ford Motor Company See also MetLife hurricane damage potential, (Autumn Bridgestone Firestone tire recalls and, on MetLife’s mutualization, (February 1993):8–9 (September 9, 2005):6 1998):14 no-fault insurance thresholds, (March 7, Expedition S.U.V.s, (September 9, 2002):3 2005):1–2 Fitch Ratings Explorer S.U.V.s, (September 9, 2005):4, AIG ratings, (February 5, 2003):3 Florida Insurance Department 6 American Capital Access ratings, Amscot Auto Insurance Agency under- F-150 trucks, (September 9, 2005):1–2 (September 10, 2004):2 cover investigation by, (August Lincoln Navigator S.U.V.s, (September 9, Atlantic Mutual, (September 10, 2004):2 1999):29 2005):2 Buckley’s response to Schiff’s capital and surplus requirements, (March Michigan Truck Plant profitability, Lumbermens/Kemper article, (January 1993):10 (September 9, 2005):1–2 13, 2003):1–2 moratorium on PRUPAC’s cancellations minivan construction and safety, Employers Re ratings, (November 22, and non-renewals, (Autumn 1993):8–9; (September 9, 2005):2

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 “niche” products, (September 9, (June 1992):6; (December 1992):6; Fremont 2005):1–2 (August 1999):16; (October 22, 2004):2 stock price below book value, (January Windstar minivan crash tests, (September 18, 2000):1; (December 21, 2003):2 9, 2005):2 Frankel, Martin securities fraud by, (August 1999):2, 8; “Freudian Effect,” forestry industry (June 4, 2002):2–3 (Winter 1990):3 in Georgia, (June 1991):6 Franklin, Benjamin Friedman Billings Ramsey Forney, Kent Philadelphia Contributionship and, Quanta Capital Holdings private place- policyholder analogy, (October 1997):20 (September 1990):3; (December ment, (December 21, 2003):1 1992):3; (March 1994):9 Forrest, Ronald on worth of water, (June 7, 2000):1 Friendly Society for the Mutual See also Alexander & Alexander Insuring of Houses Against Fire, on state of the insurance industry, Franklin Life Insurance Company (September 1990):3; (December 1992):2; (December 1993):11 logo, (January 1995):7 (March 1994):9; (October 1994):1; Forsman, Paul E., Jr. Franklin Mutual (March 1999):7; (November 22, 2002):6 letter to Schiff’s, (June 1992):8 Mercer Insurance Group acquisition attempt by, (July 7, 2004):1 Frontier Insurance Company Forstmann, Theodore J. stock price below book value, (January on leveraged buyouts, (Spring 1989):2 fraud 18, 2000):1; (December 21, 2003):2 See also deception Fort Lauderdale, Florida AIG/Brightpoint securities fraud, Frontier Insurance Company hurricane damage potential, (Autumn (December 9, 2004):3 See also Frontier Insurance Group 1993):8 Bagdasarian’s conviction, (December Best’s “managed” ratings of, (November Fortunato, Samuel 1996):1 17, 1999):1; (June 12, 2000):2; (March Bramsons’ medical malpractice schemes, Mutual Benefit meeting with, 21, 2002):1–2 (March 1994):1 (September 1991):1 breast implant warranty coverage, Buffett on, (November 1995):7 (December 1993):11 Fortune magazine consumers of insurance and, (March bungee-jumping insurance business, on Travelers Corporation’s real estate 1999):4; (November 22, 2002):3 (June 1992):1 investments, (June 1992):2 Equity Funding fraud exposure by Dirks, Demotech ratings of, (March 1999):12; (June 1993):8; (October 1998):9 (November 22, 2002):11 forward roll transactions Evans’ theft of premiums, (October Frontier Insurance Group’s assets and, Conseco and Warburg Dillon Read, 1997):23 (March 1999):12; (November 22, (August 1999):9 Frankel’s conviction, (August 1999):2, 8; 2002):11 (June 4, 2002):2–3 Foster, Louis logo, (January 1995):7 Goepfert’s conviction, (March 1999):31 20th Century’s board of directors and, misleading advertising, (March 1999):12; Hospital Casualty Company stolen pre- (August 1994):11 (August 1999):13; (December 31, miums, (October 1997):23 2001):1; (November 22, 2002):11 Foster, Stephen Merrill Lynch’s fine for, (June 4, 2002):1 Standard & Poor’s ratings of, (March on dual federal/state regulation, MetLife nurses’ retirement savings plan, 1999):12; (November 22, 2002):11 (December 1993):11 (March 1994):1 Pollack’s conviction, (March 1999):31 Frontier Insurance Group Foster & Cranfield Spitzer’s charges against Marsh & See also Frontier Insurance Company endowment policy auctions, (February McLennan, (October 15, 2004):1–2; assets, (December 31, 2001):1 11, 2000):2 (October 22, 2004):1–2; (December 9, under regulatory supervision, (December 2004):1; (December 31, 2004):2 31, 2001):1 Foudree, Bruce United Capitol Insurance Company’s See also Allied Group Fredricksen, Mark misleading advertising, (March as Allied lawyer, (February 1998):2 support of Golden Eagle Insurance 1999):12; (August 1999):13; Allied Mutual and, (March 1999):23 Company, (April 1997):12 (November 22, 2002):11 Allied Mutual IPO of Allied Group approval by, (February 1998):2 Freedom of Information Law FTD (Florists Transworld as Iowa Insurance Commissioner, in New York State, (June 16, 2004):2 Delivery) (February 1998):2 Free Enterprise Award recipients, Securian’s logo similarity to, (March 21, on Schiff’s board nomination, (February (December 1993):4 2005):1 1998):2 Freeman, Houghton Fundamentals of Risk and Insurance Fox-Pitt, Kelton C. V. Starr & Company and, (March 30, (Vaughan and Vaughan), Presidential Life Corporation’s earnings 2005):2 (March 1999):23; (November 18, 2002):2 estimates, (June 1992):3 Freeman, Ron Fund American Frank B. Hall on small towns and grain storage busi- sale of Fireman’s Fund, (September Underwriters Financial attempted acqui- ness, (June 1993):10–11 1990):4 sition of, (August 1995):3 Zurich Reinsurance Centre Holdings and, Frelinghuysen, Frederick T., (Autumn 1993):2; (April 1995):2 Frank & DuBois, (September 1991):5

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 funding agreements Garden City, Kansas visit by Schiff, Reinsurance Group of America and, General American Life Insurance (June 1993):11 (December 1999):9 Company, (September 2, 1999):1–2; speculative investments by, (September (December 1999):6–9; (November 2, Gates, Bill 2, 1999):1–2; (December 1999):6–9 2001):2; (November 11, 2002):1–2 executive compensation and, (September General Casualty money market funds and, (December 25, 2003):2 ratings, (March 1999):13; (November 22, 1999):6–8 gay and lesbian concerns yields on, (December 1999):7 2002):12 of the life insurance industry, (April Furman, Albert V., III 1995):11 General Electric Colonial Penn’s misleading advertising, USIS Acquisition LLC and, (August GE Capital 1999):27 (March 1999):10–11; (August 1999):13; cash infusion from General Electric, (November 22, 2002):9–10 Furniss, Richard (November 22, 2002):1–2 complex accounting system of, (April 5, on Principal Mutuals’ executive-sever- ratings, (November 22, 2002):2 2002):2 debt ratings, (September 10, 2004):3 ance compensation, (June 28, GEICO 2002):3–4 EMLICO and, (December 1996):15 Buffett on, (November 1995):5–6, 9 environmental claims, (December Buffett’s comparison of State Farm and, Fusco, Michael 1996):15 (March 21, 2001):1 tenure at ISO, (April 1997):6 ERC cash infusion from, (November 22, logo, (January 1995):8 2002):1 Futter, Ellen ownership by Berkshire Hathaway, (June ERC dividends upstreamed to, AIG board committees, (April 7, 2003):2; 1992):5 (November 22, 2002):1 (June 23, 2003):1 ownership of Avemco Corporation, (June ERC’s misleading advertising, (March as AIG director, (March 30, 2005):1 1992):5 1999):11–12; (November 22, 2002):1–2, American Museum of Natural History 10–11; (December 9, 2002):1 and, (April 7, 2003):2; (June 23, GEICO Direct GE Capital cash infusion from, 2003):1; (March 30, 2005):1 web site advertising, (March 1999):14; (November 22, 2002):1–2 conflicts of interest, (June 23, 2003):1–2 (November 22, 2002):13 Kemper Reinsurance Company acquisi- GenAmerica Corporation. tion by, (June 15, 2001):2 ~G~ See General American Life Insurance Kidder Peabody and, (March 1999):9; Company (November 22, 2002):8 GAAP See also accounting Geneen, Harold General Motors audit committees’ conformity to, (August See also ITT Cadillac Escalade as theft targets, 16, 2002):3–4 The Hartford Insurance Company (October 26, 2005):2 embedded-value accounting, compared, takeover, (June 1992):3 Cadillac Escalade crash test results, (September 24, 2001):3 leadership of ITT, (June 1992):3–4 (September 9, 2005):2 pro-forma results compared to, (February Chevrolet Suburban fatality statistics, General American Life Insurance 26, 2004):2–4 (September 9, 2005):4 statutory adjustments to, (March 30, Company Chevrolet TrailBlazer test track results, 2005):3 ARM Financial Group and, (September (September 9, 2005):3–4 2, 1999):1 GMAC Insurance Group and, (March Galbraith, John Kenneth demutualization, (March 1999):3 1999):12; (November 22, 2002):11 The Great Crash, 1929, (March 1999):9; financial statements, (December GMC Jimmy fatality statistics, (November 22, 2002):8 1999):7–8 (September 9, 2005):4 funding agreements, (September 2, MIC Re’s misleading advertising, (March Galenbeck, Scott 1999):1–2; (December 1999):6–9; 1999):12; (November 22, 2002):11 conflict of interest with Allied, (March (November 2, 2001):2; (November 11, 1999):23–24 2002):1–2 General Motors Acceptance Gallagher, Tom Integrity Life Insurance Company and, Corporation. (September 2, 1999):1 See GMAC on insurance companies’ greed, (June Liddy and, (November 2, 2001):2 1993):1 liquidity crisis, (September 2, 1999):1–2; General Re gambling industry (December 1999):6–9 See also Ferguson, Ronald AIG “reinsurance” transactions, (April 4, in Iowa, (October 1998):14 MetLife acquisition of, (September 2, 1999):1–2; (December 1999):6 2005):1 The Games Players (Brooks) Missouri Insurance Department seizure annual report reviews, (June 1990):2; Renchard/Steinberg meeting described, of, (November 2, 2001):2; (September (June 1991):2; (June 1992):2 (March 1992):2 10, 2004):2 Berkshire Hathaway acquisition of, (April Moody’s downgrade of, (September 2, 5, 2002):2; (June 4, 2002):1 Garamendi, John 1999):2; (December 1999):6–9; Berkshire Hathaway complexity and, California investigation of insurance bro- (September 10, 2004):2 (April 5, 2002):1–3 kerage industry, (October 22, ratings, (September 2, 1999):1; combined ratio, (June 1992):2 2004):1–2 (December 1999):9 Davis’ stock pick, (June 1994):8 California Proposition 103 enforcement, regulatory supervision of, (December financial statement quality and pricing, (December 1991):1 1999):6–9; (September 3, 2002):1 (June 1991):2

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 investment portfolio, (June 4, 2002):1 American Home Assurance Co. merger Goldman Sachs Trading long-tail environmental liability insur- with, (March 30, 2005):1 Corporation ance, (Autumn 1993):4 history, (April 9, 2004):2 investment trust structure, (March property-casualty market and, (June investment strategies, (April 9, 2004):2 1999):8; (November 22, 2002):7 1992):2 underwriting strategies, (April 9, 2004):2 Manufacturers Trust Company and, Standard & Poor’s on changes to reserv- Gluckstern, Steven (March 1999):8; (November 22, ing methodologies of, (February 12, 2002):7 2002):1 See also Zurich Reinsurance Centre underwriting losses, (June 1992):2 Holdings gold standard on Zurich Reinsurance Centre Holdings’ abolishment of, in 1933, (March 1991):3, General Star Indemnity marketing efforts, (Autumn 1993):2 4 logo, (January 1995):9 Glynn, Thomas P. Goldstein, John Georgia Insurance Department John Hancock board of directors connec- on Schiff’s queries to MetLife’s board NCCI’s American flag prohibition and, tions, (November 7, 2003):2, 3t members, (February 1998):11 (December 31, 2001):1 GMAC Good Food (Stern), Georgia-Pacific Integon acquisition by, (October 1997):2; (December 1991):8 Prudential Insurance scandal, (November (May 1998):5 1995):3; (May 1998):8 Goodwin, Dave GMAC Insurance Group letter to Schiff’s, (December 1991):8 Georgia trip by Schiff, General Motors and, (March 1999):12; (June 1991):6–8 (November 22, 2002):11 Göran-Nilsson, Lars Motors Insurance Company and, (March See also Home Insurance Company Gergen, David 1999):12; (November 22, 2002):11 letter to The Home’s producers, (April Quayle on Clinton’s hiring of, (December 1995):2 1993):11 Goepfert, John on market conditions, (November 22, fraud conviction, (March 1999):31 1994):4 Gerrard, Douglas A. Lane’s association with, (March 1999):31 American Eco Corp. and, (August Prestige Casualty Insurance Co. and, Gorby, Christine 1999):24, 27 (July 1996):8; (October 1998):8; (March on Wilde Building interiors, (July 19, Deere Park Equities, LLC, (August 1999):31 2004):3 1999):24 Dominion Bridge and, (August 1999):27 Gold, Charles W. Gore, Al Unistar and, (August 1999):24 on 1930s farm loans, (March 1991):2 insurance industry meeting on climate change, (April 1995):11 Gilbert, Cass Golden Eagle Insurance Company buildings designed by, (February logo, (January 1995):8 government guarantees 1998):14 seizure by California Insurance federal deposit insurance, (March 1991):6; Commission, (April 1997):12 (September 1991):3 Givens, Charles J. too-big-to-fail concept, (September class-action judgment against, (July Goldman, Charley 1991):3; (March 1999):17; (November 1996):9; (October 1998):8 on picking fights, (November 15, 1999):3; 22, 2002):16 U. S. Insurance Brokers and, (July (June 28, 2002):1 1996):9; (October 1998):8 Grace, J. Peter Wealth Without Risk, (July 1996)9; (October Goldman Sachs & Company Free Enterprise Award and, (December 1998):8 combined ratio projections, (Fall 1989):3 1993):4 conflicts of interest, (November 15, Gladwell, Malcolm 1999):1; (August 25, 2000):2–3 Graham, Benjamin on S.U.V.s and auto safety, (September 9, fairness opinion on Principal Mutual Benjamin Graham on Value Investing 2005):1–6 MIHC conversion, (November 15, (Lowe), (December 22, 2003):2 1999):1; (August 25, 2000):2–3 during the Great Depression, (December Glass-Steagall Act insurance stocks recommendations, 22, 2003):2 Peruvian government bond defaults and, (Summer 1989):2 The Intelligent Investor, (October 14, (March 1999):9; (November 22, IPO failure, (March 1999):8; (November 2000):1 2002):8 22, 2002):7 investment and speculation, compared, Gleick, James Levin’s connection to, (February (October 14, 2000):1 1998):12; (March 1999):26; (November investment books by, (April 1995):8 Chaos, (December 1999):2 15, 1999):3 investment strategies, (December 22, Global Value Fund MONY IPO, (March 1999):26–27; 2003):2–3 annual returns, (June 1994):8 (August 25, 2000):3 on Mr. Market, (May 5, 2001):1 Davis’ management of, (June 1994):8 PMA Capital Corporation, ownership of, on returning surplus cash to stockholders, Shelby Cullom Davis & Co. and, (June (November 22, 2005):5 (December 22, 2003):2–4 1994):8 PMA Capital Insurance Company’s pro- Security Analysis, (December 1996):8; posed unstacking, support for, (October 14, 2000):1; (December 22, Globe & Rutgers Fire Insurance (November 22, 2005):5 2003):3 Co. valuations of life insurance companies, on short-term/long-term markets, (May 2, AIRCO acquisition of, (March 30, 2005):1 (August 25, 2000):2–3 2002):3

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 Graifman, David Grasso, Richard Corporation and, (August 1999):23, 26 Matson’s tribute to, (September 24, firing of, (September 25, 2003):1 Unistar acquisition of, (August 1999):23 2001):4 Graveline, Kathleen The Great Wall Street Scandal grain cooperatives, John Hancock stock purchases, (July 18, (Dirks), (June 1993):10 2003):3; (September 25, 2003):6 (June 1993):8; (October 1998):9 Grand Canyon visit, Great American Insurance Green, Charles (June 1990):4; (August 1995):13 Company as corporate raider, (July 11, 2005):3 corporate symbols, (March 1999):6; Grannis, Alexander “Pete” Green, Mark (November 22, 2002):5 auto insurance legislation and, (March 7, National General acquisition of, NY State MIHC legislation opposition, 2002):3 (December 22, 2003):5; (July 11, (December 9, 2001):2 codification standards lobbying by 2005):3 PricewaterhouseCoopers, (February Green, Sir Peter Netter’s capital redundancy theories and, reinsurance funds, (October 1994):3 12, 2002):2–4 (December 22, 2003):4–5 Kamen questioned by, (February Greenberg, Alan 1998):18–20 Great Depression on investment strategy, (October 14, Levin questioned by, (February Bank Holiday, (March 1991):2–4 2000):1 1998):14–16 bond markets during, (March 1991):2 mutual policyholder advocacy by, (March Continental Insurance Companies, Greenberg, Evan 1999):2–3 (March 1991):2 See also ACE Limited NY MIHC hearings and, (February Dow Jones Industrial Average during, Marsh & McLennan Risk Capital and, 1998):14–20; (May 1998):18–19; (December 22, 2003):2 (April 1997):10 (October 1998):12 The Equitable Companies, (March on rate cutting, (April 1997):2 1991):2, 4; (December 1992):9; (March on return of capital to Grant, James 1999):6; (November 22, 2002):5 policyholders/shareholders, (April biography, (December 1993):10 fire insurance, (March 1991):2 1997):2 cartoons, (December 1993):10 Globe & Rutgers Fire Insurance Co., Spitzer’s lawsuit, (October 15, 2004):1–2; Minding Mr. Market: Ten Years on Wall (April 9, 2004):2 (October 22, 2004):1–2 Street with Grant’s Interest Rate Observer, Graham and Dodd’s books on investing, (December 1993):10 (October 14, 2000):1 Greenberg, Jeffrey Money of the Mind, (October 1998):4 The Hartford Fire Insurance Company, See also American International Group The Trouble With Prosperity, (December (March 1991):2 (AIG) 1996):11 history of, (March 1991):1–5 call for rate increases in wake of Hurricane Andrew, (December 1992):1 Grant’s Interest Rate Observer Hoover administration and, (September departure from AIG, (July 1996):12 on the 1980s, (December 1993):10 1992):6–8 Marsh & McLennan and, (July 1996):12 on AIG’s $2.8 billion pretax charge, insurance industry, (March 1991):1–5; Schiff’s description of, (October 15, (February 26, 2003):1 (September 1991):6 2004):1 on asset-liability matching, (January insurance stocks, (March 1991):2–3; Spitzer’s lawsuit, (October 15, 2004):1–2; 1995):4 (December 22, 2003):2–3 (October 22, 2004):1–2 on booms and busts in the stock market, liability insurance, (March 1991):2 (April 5, 2001):2 life insurance industry, (March 1991):2, Greenberg, Maurice R. (Hank) 3–4; (September 1991):6; (March on change, (January 1995):3 See also American International Group 1999):6; (November 22, 2002):5 on Chinese interest and exchange rates, on acquisition prices, (August 1999):2 mark-to-market valuations, (March (December 1993):10 AIG director connections to, (April 7, 1991):2; (June 1994):2; (December on the credit cycle, (May 1998):3 2003):2–3; (June 23, 2003):3f 1996):9 on fear and courage in the marketplace, on AIG’s $2.8 billion pretax charge, Metropolitan Life Insurance Company, (May 1998):3 (February 5, 2003):2; (February 26, (March 1991):4–5; (Autumn 1993):11; financial markets analysis by, (May 2003):1 (July 1996):1; (March 1999):6; (August 1998):3 on AIG’s accounting complexity, (March 1999):10; (November 11, 2002):1; on Greenspan, (December 1993):10 15, 2005):1 (November 22, 2002):5 on insurance stock prices, (October 22, on AIG’s operating income, (April 4, mortgage guarantees, (December 2004):1 2005):2 1996):9–10 on junk bonds, (December 1993):10 AIG stock options, (April 7, 2003):2–3 property and casualty insurance, (March on lending and borrowing, (March on AIG’s valuation, (July 25, 2002):3 1991):2 1996):5 on Alexander & Alexander’s indepen- stock brokerage firms, (March 1991):2 on mutual insurance holding companies, dence, (August 1994):2 stock markets, (March 1991):1–2; (March (May 1998):2–3 on American General’s takeover offer by 1999):9; (November 22, 2002):8; on real estate lending, (December AIG, (April 5, 2001):1–2 (December 22, 2003):3 1993):10 American Home career, (April 9, underwriting profits, (December 22, on Schiff’s “burning outrage,” (May 2004):1–2; (March 15, 2005):1–2 2003):2–3 1998):15 American Museum of Natural History USF&G, (December 1996):9–10 Schiff’s opinion of, (December 1993):10 and, (April 7, 2003):2; (June 23, 2003):1 on used equipment of dot-com compa- Great Southern General Agency on aviation and marine insurance mar- nies, (May 5, 2001):2 International Fidelity Holdings kets, (June 1992):5

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 Bialkin as counsel to, (July 12, 2005):6 on rate increases, (December 1992):1 Green Tree Mutual Assurance biography, (April 9, 2004):1–6 on rates, (August 1999):1 Company on Brightpoint transaction settlement, reform, attitudes toward, (February 5, history of, (December 1992):3 (December 9, 2004):3 2003):2–3; (February 26, 2004):3; logo, (January 1995):7 C. V. Starr & Co. career, (April 9, (February 28, 2005):1 2004):1–2; (March 30, 2005):1–3 on the regulatory environment, (June Greenville, Mississippi visit by C. V. Starr & Company career, (March 15, 1991):4–5 Schiff, 2005):1–2 removal as AIG’s CEO, (March 15, (Winter 1990):2 cartoons, (June 1990):1; (December 2005):1–3; (March 18, 2005):1–3 1992):1, 10; (November 1995):1; (July on risk, (June 1991):5 Gregory & Appel 1996):10; (April 5, 2002):1; (May 2, Roussel and, (March 15, 2005):2 Chubb Corporation and, (August 1994):6 2002):1; (February 5, 2003):1; Schiff’s description of, (April 9, 2004):1–6; Griffin, William D. (February 28, 2005):1 (October 15, 2004):1 See also Riscorp on change, (March 15, 2005):1 Schiff’s opinion of, (July 1996):13; (May 2, sale of stock by, (December 1996):2 compensation, (April 7, 2003):2–3 2002):1; (July 25, 2002):2 as complex public figure, (March 18, on solutions to insurance industry prob- Grinnell Insurance Company 2005):1 lems, (Autumn 1993):11 Iowa county mutuals reinsured by, Continental Casualty, on leaving, (March Spitzer’s lawsuit, (October 15, 2004):1; (February 1998):23–24 15, 2005):1 (October 22, 2004):1 Continental Casualty career, (April 9, Starr compared with, (March 15, 2005):1, Griswell, J. Barry 2004):1, 5–6 3 See also Principal Financial Group Coral Reinsurance Company and, (March Starr Foundation and, (March 30, 2005):1 on acquisition of BT Financial, 1996):6–7; (July 1996):10–13; Starr International Company and, (August (September 3, 2002):1 (December 1996):3; (April 9, 2004):5; 1999):17; (March 30, 2005):1 on excess capital, (September 3, 2002):2 (February 28, 2005):1 on state and federal industry regulation, on Principal Financial’s IPO, (September Delaware Insurance Department’s exami- compared, (June 1992):5 3, 2002):2 nation of AIG/Coral Re, (December stewardship of AIG, (March 15, 2005):1–3 on The Principal’s demutualization study, 1996):3 strengths and weaknesses of, (March 15, (March 3, 2000):1 Devlin’s breakfast meeting with, (April 5, 2005):1–3 on sale of BT Financial, (September 3, 2001):2 on SunAmerica’s growth, (October 2002):2 dominance in insurance industry, 1998):3 on stock repurchases, (September 3, (October 1998):1 sworn statements affirming accuracy of 2002):3 on European model for regulation, (June AIG’s financials, (July 25, 2002):3; Grob, Kenneth 1992):5 (August 16, 2002):2f, 4 on Federal catastrophic natural disasters as target for regulators, (February 28, See also Alexander Howden Group fund, (Autumn 1993):11 2005):1 Posgate on, (October 1994):3 handwriting analysis, (October 1994):11 on tort reform, (February 5, 2003):2–3; Grover, Lewis hubris as tragic flaw in, (March 18, (February 26, 2004):3 See also Mutual Benefit Life Insurance 2005):1–3 tragedy of ouster, (March 15, 2005):1–3; Company on industry “death spiral,” (August (March 18, 2005):1–2 on strength of a life insurance company, 1994):3 20th Century Industries and, (August (September 1991):5; (March 1993):6 ISO conversion, opposition to, (April 1999):17 1997):4 on underwriting profits, (April 9, 2004):2 Grundy, Joseph R. letter to Schiff’s, (December 1992):10 on underwriting risky business, (March as founder of Pennsylvania on life insurance business for AIG, 14, 2005):3 Manufacturers Association, (November (August 1994):2; (October 1998):2–3 on workers’ compensation reserves, 22, 2005):1–2 on lowered ratings of life insurance com- (August 1999):2 as U.S. Senator, (November 22, 2005):2 panies, (August 1994):2 on low rates, (April 1997):2 Greenspan, Alan Gruntal management style, (April 5, 2002):2; (July Grant’s Interest Rate Observer on, Home Holdings stock offering by, (March 25, 2002):2 (December 1993):10 1999):8; (November 22, 2002):7 The Home’s acquisition of, (March market outlook, 1990-91, (June 1990):1; Green Tree Financial (June 1991):4–5 1999):7; (November 22, 2002):6 See also Conseco Finance Corporation military service, (April 9, 2004):5 accretion/dilution, (October 1998):5 guaranteed investment contracts on naming successor, (April 5, 2002):2 business overview, (October 1998):4 (GICs) NYSE board of directors, (May 2, 2002):4 Conseco’s acquisition of, (May 1998):5; insurance company investments in, NYSE Corporate Accountability & (October 1998):4–7; (December 2, (March 1991):6; (December 1999):6 Listing Standards Committee, (April 7, 1999):1 2003):2 earnings, (October 1998):5–6 guaranteed renewable, level- personality, (March 15, 2005):1 “gain-on-sale” accounting, (October premium disability-income insurance photo, (April 9, 2004):1; (March 15, 1998):5; (December 2, 1999):1 profitability for, (February 15, 2005):2 2005):1 non-recurring charges, (October 1998):5–6 on post-Enron reforms, (February 28, price/earnings ratios, (October 1998):4–5 guaranty funds 2005):1 revenue assumptions, (October 1998):5 bank deposit insurance compared to, on prices of insurance company acquisi- securitization of loans, (October 1998):5 (March 1991):6; (September 1991):3 tions, (August 1999):2

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 Corcoran on state and federal regulation, (April 1997):2 (March 1991):7; (October 1997):20 compared, (September 1991):7 Corcoran’s views on, (September 1991):7 ~H~ Halverson, Dwight Hutchings’ comments on, (December support of Golden Eagle Insurance Company, (April 1997):12 1991):2–3 H. W. Kaufman Financial Group inequities in, (March 1993):10 appraisal of company, (March 1996):8–9 Hamm, Richard New York State, (September 1991):3–4 board of directors, (March 1996):8–9 Millenium Holding Group and, (January post-assessment systems, (September business overview, (March 1996):8 9, 2004):1–2 1991):4 earnings and revenues, (March 1996):8 Hancock, William Guaranty National sale to Alan J. Kaufman, (March on Allied Group board of directors, logo, (January 1995):8 1996):8–9 Schiff’s article cited in lawsuit against, (October 1997):9 (February 1998):23 The Guardian Life Insurance Handman, Laura Schiff’s investment in, (January 1995):3 Company Century Industries et al. v. Schiff’s, (April See also Hutchings, Peter L. Haag, Herbert 1997):8 corporate headquarters, (December See also PartnerRe 1991):2 handwriting analysis on Partner Re acquisition of Societé finances, compared with Mutual Benefit, of insurance CEOs, (October 1994):11 Anonyme Française de Réassurances, (September 1991):2f (February 1998):27 history, (December 1991):2 Harder, Henry on reinsurance acquisitions, (April investment portfolio, (December Chubb’s 1986 letter to shareholders, 1997):2–3 1991):1–3 (November 9, 2001):1 logo, (January 1995):9 Haas, F. Otto Harley, John on mutual insurance ownership, (May as influential advisor to Pennsylvania on policyholder voting rights, (February 1998):11 politicians, (November 22, 2005):2 1998):9 policyholder voting rights, (February as PMA Capital Corporation director, 1998):9 (November 22, 2005):2 Harleysville Group ratings, (December 1991):2 as Rohm & Haas CEO, (November 22, Harleysville Mutual transactions with, (December 9, 2004):2 Guberman, Daniel 2005):2 logo, (January 1995):9 on Associated Life Insurance Company Hagen, Thomas stock price below book value, (January conservatorships, (March 1993):9 Erie Insurance Exchange and, (August 18, 2000):2; (December 21, 2003):2 on United Fire Insurance Company con- 1995):10–11 servatorships, (March 1993):9 Harriman, Averell, Hagstrom, Robert (February 1998):16 Gulf Insurance Group The Warren Buffett Way, (April 1995):8 Citigroup affiliation, (March 1999):12; Harris, Susan R. (November 22, 2002):11; (December 9, Hale and Dorr on Atlantic Mutual’s food insurance, 2002):1 John Hancock lawsuit and, (October 23, (March 1993):3 Citigroup spin-off of, (December 9, 2003):2 2002):1 Hart, Hugh D. logos, (March 1999):12; (November 22, Hall, Chuck on life insurance’s “stabilizing factor,” 2002):11; (December 9, 2002):1 letter to Schiff’s on Provident Mutual’s (March 1991):2; (March 1999):6; misleading advertising, (March 1999):12; executive and director compensation, (November 22, 2002):5 (November 22, 2002):11; (December 9, (October 17, 2002):2–3 Hart, Philip A. 2002):1 Hall, Ray as Hart-Scott-Rodino Act sponsor, (July Moody’s downgrade of, (December 9, See also Avemco 12, 2005):1 2002):1 on turmoil in reinsurance sector, (June on rationale of Leasco acquisition of Travelers Property Casualty Corporation 1992):6 Reliance Insurance Co., (July 14, ownership of, (March 1999):12; 2005):2–3, 5 (November 22, 2002):11; (December 9, Hall, Richard L. on Reliance’s cash flow and surplus, (July 2002):1 See also A. M. Best 12, 2005):6; (July 14, 2005):3, 5 Trident II investment in, (December 9, letter to Whitford, (Autumn 1993):7–8 Senate Judiciary Subcommittee on 2002):1 Hall, Timothy Antitrust and Monopoly, (December “The Gunner,” on Mutual of Omaha’s name after demu- 22, 2003):5; (March 30, 2005):3–4; (July (Summer 1989):2; (Fall 1989):2 tualization, (March 1999):14; (August 12, 2005):1–6; (July 14, 2005):1–3, 5 1999):17; (November 22, 2002):13 Senate office building inscription, (July Guptill, George H. Schiff’s “Mutual of Nebraska” letter to, 12, 2005):1 Mercer Insurance demutualization proxy (March 1999):14; (August 1999):17; W.W.II combat, (July 12, 2005):1 fight and, (July 7, 2004):1 (November 22, 2002):13 The Hartford Guy Carpenter & Company “Halliday, Manley” auto insurance pricing models, Marsh & McLennan and, (April 1997):10 on price firming, (August 1999):15 (December 22, 2004):4, 6 profit margins, (Autumn 1993):5 environmental/asbestos liabilities, (June on property catastrophe reinsurance rates, The Hallie Lawrence Story (Walter), 1994):2

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 firming of underwriting, (August 1999):14 Henderson, James A., Jr. condominium sale to Conseco, (April logo, (January 1995):7 The Quiet Revolution In Products Liability, 1995):7 Omni Group acquisition by, (May 1998):5 (September 1990):1 Conseco Capital Partners II investment, secondary stock offering, (January 31, (April 1995):6–7 2001):2; (February 16, 2001):3 Hendrix, Paul on Conseco’s acquisition of Green Tree Spitzer’s lawsuit, (October 15, 2004):1 on Florida Progress’ commitment to Mid- Financial, (May 1998):5; (October Continent Life, (March 1999):16; 1998):7 The Hartford Fire Insurance (November 22, 2002):15 on Conseco’s future, (March 1996):4 Company Conseco’s growth estimates, (December Henley Group commissions in the 1800s, (December 2, 1999):1 Dingman and, (April 7, 2003):2 1992):4 on Conseco’s interest in gaming indus- Hills and, (April 7, 2003):2 dress codes in the 1930s, (March 1991):2 tries, (March 1996):11 during the Great Depression, (March Henning, Bill on Conseco’s stock price, (August 1999):9 1991):2 Cracking the Corporate Closet, (April corporate jets and airplanes, (Autumn Great New York Fire of 1835 and, 1995):11 1993):6 (December 1992):4 on Kemper Corp. acquisition failure, The Hartford of Hartford (Daniel), (March Hennosy, Kevin (August 1995):15 1991):2 on Vaughan’s Interstate Insurance lifestyle, (March 1994):3; (April 1995):4 Product Regulation Compact, (March marital estate stock sale to Conseco, Hartford Steam Boiler Inspection 14, 2003):3–5 (April 1995):7 and Insurance Company reload options, (April 1995):6–7 See also HSB; Wilde, Wilson Henriques, Diana Schiff’s description of, (March 1994):3; annual report reviews, (June 1991):4 The White Sharks of Wall Street: Thomas (August 1999):9; (December 19, history of, (December 1992):7 Mellon Evans and the Original Corporate 2002):1 Raiders, (July 11, 2005):3 Hatch, Joe stock option exercise, (April 1995):6–7 See also Frontier Insurance Company Hickman, W. Braddock stock sale, (April 1995):6–7 on bungee jumping, (June 1992):1 Corporate Bond Quality and Investor Hill, Holliday, Connors, Experience, (December 1991):4 Hatch, Ralph Cosmopulos on Liberty Mutual’s truck insurance, Hicks, Weston John Hancock and, (November 7, (April 1997):3 American International Group, Inc.: The 2003):2–3 Emperor of Financial Services (Hicks & Hills, Carla HCC Insurance Holdings Lai), (October 1998):2 AIG’s board of directors and, (May 2, convertible notes offerings, (March 28, The Property-Casualty Industry in a 2002):3; (April 7, 2003):2 2003):2 Moderate Inflation Environment, biography, (April 7, 2003):2 secondary stock offerings, (March 28, (January 1995):2 2003):2 Henley Group board of directors and, Hidden, Gregory (April 7, 2003):2 Head, John C., III on common sense, (April 1995):8 See also Integon; Partner Re Hilton, Paris on Integon’s future, (October 1997):2 Hier, Mark press mentions of, (December 31, 2004):3 on Securian’s name, (March 21, 2005):1 hedging Hines, Les life insurance industry use of, (January “High and Mighty” (Bradsher) IIAA referral to Schwartz & Associates, 1995):4 on auto executives’ opinions of S.U.V. (February 21, 2002):1 McWeeny on, (January 1995):4 buyers, (September 9, 2005):2 Hinkley, Bob on four-wheel drive S.U.V.s, (September on New York State agency fund transfers, Heimann, Carol 9, 2005):2, 5 (December 1991):5–6 on pornographic e-mails at Travelers, on S.U.V. buyers’ motivations, (May 1998):19 (September 9, 2005):2 Hirasuna, Delphine A Historical Review of Annual Report Heller, David Hilb, Rogal and Hamilton Design, (November 2, 2001):1 on MONY proposed sale to AXA, acquisition strategies, (June 1992):6 (February 10, 2004):1–2 annual report reviews, (June 1991):4; Hirt, H. O. Hell Gate Bridge, New York, (June 1992):6 Erie Insurance Exchange and, (August (December 1991):7 financial statements, 1991, (June 1992):6t 1995):9–10 Schiff’s concerns about, (June 1992):6 Hellman & Friedman An Historical Analysis of the Tontine Hilbert, Stephen Arch Capital private equity funding by, Principle (Cooper), (December 31, 2001):2 See also Conseco (February 15, 2005):6 Bijan’s Vanity Fair ad and, (Autumn Hemingway, Ernest 1993):6 historical perspectives The Sun Also Rises, (December 1999):1 cartoons, (November 22, 1994):1; See also fires; Great Depression; railroad (October 1998):5; (December 19, history; specific insurance companies Hemmings, Richard 2002):1 1920s prosperity in the 1920s and 1980s, “Who Owns a Mutual—A Legal compensation and benefits, (Autumn (March 1991):1 Perspective,” (February 1998):9–10 1993):6 American Indian groups, (June 1990):4;

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 (June 1991):6; (August 1995):13 Socialist Party platform, 1932, 2005):4 architectural landmark preservation, (July (September 1992):8 subsidiaries and insolvency, (March 7, 2004):2–3; (July 19, 2004):1–6 tontines, (February 15, 2005):6 1999):5; (November 22, 2002):4 Armstrong Investigations hearings, USF+G’s history, (December 1996):8–13 (February 1998):12–14; (June 16, working conditions, 1905, (February Holmes, Murphy 2004):1–3 1998):12–13 USF+G and, (December 1996):13 claims denials and resulting reforms, Holocaust victims (September 17, 2002):3 A Historical Review of Annual Levin’s assets recovery work, (May conglomerates and corporate raiders, (July Report Design (Hirasuna), 1998):19 11, 2005):2–3 (November 2, 2001):1 Democratic Party platform, 1932, A History Of The Property Insurance Holtz, Lou (September 1992):6 Business In The United States Prior Anthem Casualty Insurance Company directors and officers (D&O) liability and, (April 1995):8 insurance, (March 14, 2005):2–3 to 1890 (Armstrong), executive compensation, (September 25, (December 1992):2–3 Holz, Leffert on policyholder voting rights at small 2003):2 The History of the Standard Oil financial disasters, (October 1998):4 insurance companies, (February Company (Tarbell), fire fighting, (September 1990):2–3; 1998):9; (February 1998):9, 16–17 (February 1998):12–13 (December 1992):2–4; (March 1994):9 Home Beneficial fire insurance industry, (September Hitselberger, William E. logo, (January 1995):8 1990):2–3; (December 1992):2–7 See also PMA Capital Corporation Goldman Sachs Trading Company, on clients’ opposition to PMA Capital Home Holdings (March 1999):8–9; (November 22, Insurance Company’s proposed See also The Home Insurance Company 2002):7–8 unstacking, (November 22, 2005):4–5 noteholders’ notice of default, (April insurance brokerage business, (June 1995):2 1992):6–7; (December 1992):4–7; Hoadley, Roger noteholders’ restructuring plan proposal, (August 1999):16; (October 22, 2004):2 on insurance company annual statements, (April 1995):2 insurance stocks, (December 22, (July 16, 2003):1–2 public stock offering, (March 1999):8; 2003):2–3 Hoak, James, Jr. (November 22, 2002):7 investment trusts, (March 1999):8–9; risk factors, (March 1999):8; (November on Allied Group board of directors, (November 22, 2002):7–8 22, 2002):7 (October 1997):9 J. P. Morgan’s 1920s stock offerings, senior notes credit rating, (April 1995):1 (November 1995):3 Hoffenberg, Steven senior notes issue, (April 1995):1; (March life insurance industry, (September See also Towers Financial Corporation 1999):8; (November 22, 2002):7 1991):4–6 bullying manner of, (March 1993):9; Zurich acquisition of, (April 1995):1–2 marine insurance, (December 1992):4 (April 1997):8 moratorium on life insurance loans and The Home Insurance Company jail sentence, (August 1994):11 surrender values, 1933, (March See also AmBase New York Post purchase, (March 1993):8 1991):3, 5; (September 1991):6; Best’s ratings of, (November 22, Pan Am tender offer attempt, (March (December 1992):9; (March 1999):6; 1994):1–2; (April 1995):1–2; (March 1993):8 (November 22, 2002):5 1999):8; (November 10, 1999):1; SEC and, (March 1993):8 Newark, New Jersey 1932 financial crisis, (March 21, 2002):1; (November 22, threats against Schiff, (March 1993):9; (March 1991):3 2002):7 (April 1997):8 New York City 1932 financial crisis, brokers, (November 22, 1994):2 on United Fire Insurance’s lack of disclo- (March 1991):3 City Investing’s acquisition of, sure, (March 1993):9 New York Stock Exchange, (August 16, (November 22, 1994):3; (March on Zuckerman, (March 1993):9 2002):2 1999):7; (November 22, 2002):6; (July Peruvian government bond defaults, Hoffmann, William F., III 11, 2005):3 1932, (March 1999):9; (November 22, letter to Schiff’s, (April 23, 2001):1–2 commercial business, (November 22, 2002):8 1994):2 property insurance industry, (December holding companies dividends, (November 22, 1994):4 1992):2–7; (March 1999):7–9; See also mutual insurance holding compa- Fund American and, (April 1995):2 (November 22, 2002):6–8 nies history, (March 1991):2; (November 22, rating bureaus, (April 1997):4–5; cash and surplus spending, (July 12, 1994):3–4; (March 1999):7–8; (September 17, 2002):2 2005):4–6; (July 14, 2005):3–5 (November 22, 2002):6–7 Republican Party platform, 1932, cash flow from premiums, (July 12, Major Accounts unit, (November 22, (September 1992):6 2005):4 1994):2 San Francisco earthquake (1906) claims, diversification of financial services, (July Major Casualty premiums, (November (June 1992):1 12, 2005):2, 4–6; (July 14, 2005):2, 5 22, 1994):4t San Francisco fire (1906), (April 1997):5 increased efficiencies of, (July 12, mark-to-market valuations, 1932, (March Securities Act of 1933, (July 25, 2002):1; 2005):3, 5–6 1991):2; (June 1994):2 (August 16, 2002):2 Netter’s capital redundancy theories, name change to AmBase, (November 22, Securities Exchange Act of 1934, (December 22, 2003):4–5; (March 30, 1994):3; (March 1999):7–8; (November (November 2, 2001):1; (August 16, 2005):3; (July 11, 2005):2; (July 12, 22, 2002):6–7 2002):2; (July 18, 2003):7; (September 2005):2 New Hampshire supervision of, (March 25, 2003):10 state regulation avoidance, (July 12, 1999):8; (November 10, 1999):1;

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 (November 22, 2002):7 Wheat Lands Motor Inn, (June 1993):11 (September 25, 2003):5, 9–10 offered for sale, (June 1990):2; Liberty Mutual Defense Fund and, (June (September 1990):2 Houghton, James 28, 2001):1 plan to raise $250 million, (November 22, on MetLife board of directors, (February mutual policyholder advocacy by, (March 1994):4 1998):10–11 1999):2–3 premiums written, (April 1995):1 Howe, Robert NY State MIHC legislation opposition, producers’ displeasure with, (April (February 1998):14; (December 9, See also Iowa Insurance Department 1995):2 2001):2 on loans to Allied officers, (February risk factors, (November 22, 1994):1 1998):4–5 runoff structure, (April 1995):1–2; (March Hunter, Robert 1999):8; (November 22, 2002):7 How to Lose $100,000,000 And Other Liberty Mutual Defense Fund and, (June 28, 2001):1 senior notes, (November 22, 1994):4; Valuable Advice (Little), on tort costs, (March 11, 2004):3 (April 1995):1 (Fall 1989):2–3; (July 11, 2005):2 stock offering, (November 22, 1994):4 Hurricane Andrew Trygg-Hansa’s acquisition of, (November HSB AIG’s call for rate increases after, 22, 1994):4; (March 1999):8; See also Hartford Steam Boiler Inspection (December 1992):1 (November 22, 2002):7 and Insurance Company Allstate’s losses from, (Autumn 1993):10 Zurich acquisition of, (April 1995):1–2 American International Group acquisition effect on American Reliance Insurance of, (September 2000):2 homeowners insurance Group, (December 1992):1 Allstate and, (Autumn 1993):9 Huang, Peter effect on PXRE, (February 16, 2001):1 Florida JUA Homeowners Insurance personality, (November 22, 1994):3 Florida Insurance Guaranty Association Take Out Program earnings estimates, and, (March 1993):10t (October 1998):8–9 hubris insurance companies overexposure to Florida non-renewal options, (June in CEOs, (May 31, 2000):1; (March 18, risk, (Autumn 1993):1, 8–9 1993):1; (Autumn 1993):8–9; (March 2005):1–3 insurance companies rendered insolvent 1999):10; (November 22, 2002):9 as element in tragic downfalls, (May 31, by, (March 1993):10t PRUPAC’s offer to policyholders to 2000):1; (March 18, 2005):1 PRUPAC’s insolvency risk from, (Autumn 1993):8; (March 1999):10; (November change carriers, (March 1994):6 Huff, Geyer & Hecht Snyder’s comments on, (Spring 1989):2 22, 2002):9 on USF+G’s turnaround, (December reinsurance prices after, (February 16, 20th Century’s homeowner’s business, 1996):10 (June 1994):4–6 2001):1 Hughes, Charles Evans Homestead, Florida Hurricane Hugo Armstrong Investigations hearings and, insurance stock prices after, (Fall 1989):1 Special Insurance Assessment Revenue (February 1998):13–14; (June 16, Bonds, (March 1993):10 2004):1 Hurricane Iniki Honda insurance company overexposure to loss, Hughes, E. Thomas (Autumn 1993):1 Accord fatality statistics, (September 9, on GenAmerica’s future, (December 2005):4 1999):6 Hurricane Katrina Hoover, Herbert insurance stock prices after, (October 26, Human Genome Sciences 2005):1 on the economy, prior to 1929 stock mar- Individual Investor magazine recommen- ket crash, (March 1991):1 dation, (October 1997):4 Hurricane Rita Mellon’s advice to, (September 1992):8 Steinberg’s investment in, (April insurance stock prices after, (October 26, Nixon on administration of, (September 1997):12; (October 1997):4 2005):1 1992):6 presidency during the Great Depression, humor. hurricanes (September 1992):6–8 See cartoons; parodies See also Hurricane Andrew; Hurricane Hugo; Hurricane Iniki; Hurricane Hopkins v. City of Buffalo, NY, Hungary trip by Schiff, Katrina; Hurricane Rita (June 16, 2004):2 (Autumn 1993):10 computer-simulated damage estimates, horse racing Hunt, Bill (Autumn 1993):8–9 Conseco’s Hoosier Park interests, (March “Consumer Advocate Activity at Principal dividend payments affected by, (October 1996):11 Mutual’s Public Hearing” memo, (May 30, 2001):3–4 1998):15–16; (June 28, 2002):2; Florida activity and damage statistics, Hosler, David (August 25, 2002):1; (October 17, (Autumn 1993):9f rights of Old Guard stakeholders com- 2002):2 property and casualty insurance industry pared to policyholders, (February exposure to, (Autumn 1993):8–9; 1998):10 Hunt, H. L. (March 1994):6 East Texas Oil Museum and, (March State Farm’s maximum potential loss Hospital Casualty Company 1992):7 from, (August 1994):9 Evans’ theft of premiums, (October 1997):23 Hunt, James Hurst, Robert Latimer, John Hancock demutualization plan hear- (June 1991):7 hotels ings, (November 15, 1999):1–2; (May Excelsior House hotel, (March 1992):6 20, 2003):1; (July 18, 2003):2, 6–7; Hutchings, Peter L.

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 See also The Guardian Life Insurance (November 22, 2002):1 Indianapolis, Indiana Company Chubb’s property coverage, (August IMSA. on actuaries’ aggressive behavior, 1994):6 (December 1991):2 See Insurance Marketplace Standards on asset-liability matching, (December Association (IMSA) Individual Investor Group See also Individual Investor magazine 1991):2; (January 1995):4; (March IMT Insurance Company 1999):15; (November 22, 2002):14 Steinberg’s control of, (October 1997):4 Iowa county mutuals reinsured by, conservative strategies of, (December (February 1998):23 Individual Investor magazine 1991):1–3 Human Genome Sciences stock recom- on expenses, (December 1991):2; INA mendation, (October 1997):4 (Autumn 1993):6 Dominick on dangers of takeovers by Steinberg’s control of, (October 1997):4 on First Executive’s failure, (December industry outsiders, (July 12, 2005):6 “The Magic 25,” (October 1997):4 1991):2 on insolvency and rating agencies, In Cold Blood (Capote), initial public offerings. (December 1991):8 (June 1993):11 See IPO listings; IPOs on junk bonds, (December 1991):2 incontestable clauses letter to Schiff’s, (March 1992):8 Inlow, Lawrence change in claim denial practices and, on Mutual Benefit’s failure, (December See also Conseco (September 17, 2002):3 1991):2 attempts to silence Briloff, (April history, (September 17, 2002):3 Schiff’s interview of, (December 1991):1–3 1995):4–5; (August 1999):9 Hyde, Arthur M. Independence Holding insolvency Netter and, (December 22, 2003):5 life insurance companies’ farm loans, See also bankruptcies; financial strength; Schiff’s investment in, (December 21, (March 1991):2 run-off; solvency 2003):2; (December 22, 2003):5 Best’s high ratings and, (Autumn Hyde, James H. stock price below book value, (January 1993):7–9; (March 1994):6–7 Armstrong investigations and, (February 18, 2000):2 Buffett on, (November 1995):5–7 1998):13 independent agents holding company-subsidiary relationships costume ball given by, (February 1998):13 See also Independent Insurance Agents of and, (March 1999):5; (November 22, Equitable Life and, (February 1998):13 America (IIAA); National Association 2002):4 of Independent Insurers Hutchings on, (December 1991):8 ~I~ careers as, (November 1995):15 Schiff’s definition of, (December 1993):6 risk-taking by, (August 1994):2–3 Ibbotson, Roger G. Institute for Legal Reform small-cap stocks, (December 1996):7 Independent Insurance Agents of advertising campaign by, (March 11, America (IIAA) 2004):1–3 Chamber of Commerce affiliation, IBM on customer loyalty, (December 1993):7 (March 11, 2004):1 complex accounting system of, (April 5, on financial strength compared to price, tort reform and, (March 11, 2004):1–3 2002):2 (June 1993):3 IBNR Insurance Weekly letter to Schiff’s, (April 23, 2001):1–2; institutional investors Dowling’s newsletter, (May 1998):18 (February 21, 2002):1–2 John Hancock’s IPO sale to, (November Natural Disaster Protection Act and, logo, (January 1995):8 15, 1999):1–3; (May 20, 2003):1–2; (August 1994):4 membership requirements, (March 13, (July 18, 2003):2–4; (September 25, 2001):1–2; (April 23, 2001):1–2; 2003):5–7; (October 23, 2003):1–2 IIAA. (February 21, 2002):1–2 policyholder subscription rights on IPOs See Independent Insurance Agents of National Board of State Directors resolu- and, (November 15, 1999):1–3; (May America (IIAA) tion on ratings agencies, (November 20, 2003):1–2 22, 1994):11 Illinois in Reliance Insurance Company’s on price, (December 1993):7 takeover by Leasco, (July 14, 2005):4 auto insurance pricing study, (December on service, (December 1993):7 in Travelers/Aetna Property Casualty 22, 2004):3–6 Corporation, (July 1996):4 auto insurance profit margins, (October Inderbitzin, Paul 1994):11 See also American Reinsurance Insull, Samuel on American Re’s non-cash charges, (July Illinois Department of Insurance on bankers, (Autumn 1993):10; (October 1996):2 25, 1999):1 Associated Life Insurance Company con- servatorship and liquidation, (March index funds insurance 1993):8–9 See also mutual funds as commodity, (Fall 1989):1; (June MIHC legislation public hearings, (June changes in components of, (December 1990):1; (June 1992):1; (June 1993):2; 15, 2001):1 1996):7 (October 1994):1; (January 1995):6; United Fire Insurance Company conser- Russell 3000, (December 1996):7 (October 1998):16; (August 1999):18; vatorship and liquidation, (March S&P 500, (December 1996):7 (October 30, 2001):1 1993):8–9 Indiana mis-selling, (March 1999):4–17; (November 22, 2002):3–16 Immelt, Jeffrey Chubb’s Indianapolis property coverage, self-insurance, (December 1993):4 See also General Electric (August 1994):6 on GE’s reinsurance business, Munger’s Pi story, (July 7, 2004):2

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 insurance brokerage industry defined variously, (January 1995):1 Insurance Company of North See also Marsh & McLennan desirable traits in names of, (March America Aon’s UK restructuring, (October 26, 1999):4; (November 22, 2002):3 history of, (December 1992):4–6 2005):1 diversification and catastrophes, Perils Named and Unnamed: The Dramatic California investigation of, (October 22, (December 1993):2 Story of the Insurance Company of North 2004):1–2 diversification and economic cycles, America (Carr), (April 1997):4–5 claims denial by corporations and, (January 25, 2002):2 (September 17, 2002):4 diversification through holding compa- Insurance Company of the State of consolidation and competition, (June nies, (July 12, 2005):2, 4–6; (July 14, Pennsylvania 1992):6–7 2005):2, 5 See also American International Group contingent commissions, (October 22, downsizing of, (March 1993):1–2; history, (December 1992):4 2004):2; (December 9, 2004):1–2; (December 1996):2 (December 31, 2004):1 equity of, (January 1995):1 Insurance Company Restructuring downturn in, (June 1992):6–7 failures, cause of, (November 11, 2002):1 Summit Hilb, Rogal and Hamilton, (June 1991):4; financial assets of, (January 1995):1 conference topics, 1998, (February (June 1992):6 financial statements of, (October 14, 1998):10 2000):1; (August 16, 2002):2–3 history, (June 1992):6–7; (December insurance cycles 1992):4–7; (August 1999):16 in Germany, (December 1996):2 See also cyclicity of insurance industry insurance companies’ dislike of, “good name” and solvency, (March “cheating phase” of, (March 1999):1; (December 1992):6; (August 1999):16 1999):9–10; (November 22, 2002):8–9 (February 12, 2002):1 Johnson & Higgins, (March 1991):2; images projected by CEOs, (October 30, (March 1993):9 2001):1–3 Insurance Data Processing Center, large firms within, (Fall 1989):2 insurance brokers compared to, (April 1997):5 licensing, (August 1999):16 (December 1992):6 See also ISO (Insurance Services Office) risks, (March 2, 2001):1 insurer-customer relationships, (February workforce reductions, effect on service, 15, 2005):3 Insurance Federation of New York (October 26, 2005):1 leverage and, (Winter 1990):1–2 Free Enterprise Award recipients, worst company in America, (August as leveraged stock and bond funds, (December 1993):4 1995):3–6 (August 1995):1–2; (March 1996):2; (September 10, 2004):1 The Insurance Forum newsletter insurance commissioners logos and trademarks of, (January on A. M. Best rating standards, (March See also Koken, Diane; Levin, Neil; 1995):6–9; (March 21, 2005):1–2 1991):6–7 National Association of Insurance long-term analysis of earnings, (January compensation of insurance executives, Commissioners (NAIC); regulation; 25, 2002):2 (June 16, 2004):1–3; (July 7, 2004):3 Vaughan, Terri; specific state insurance “The Loss of the Certainty Effect” on contribution principles, (August 25, departments (Stewart and Stewart), (June 4, 2002):2 2000):2 close relationships with insurance compa- market share, (September 2000):10; (July Demotech ratings article, (March nies, (March 1999):23 16, 2003):5 1999):12; (November 22, 2002):11 Corcoran as, (September 1991):7 mission of, (March 18, 2005):1 on Equitable’s misleading advertising, mutual insurance holding companies and, nepotism and conflicts of interest, (August 1994):2 (February 1998):11; (December 9, (November 7, 2003):4; (November 17, on Executive Life’s failure, (September 2004):2 2003):4; (July 7, 2004):3 1991):3 Schiff’s fantasy job as, (September pressure to increase reserves, (January on Mid-Continent Life Insurance 1991):6–7 1995):3 Company, (March 1999):15–16; profits source, (November 11, 2002):1 (November 22, 2002):14–15 insurance companies relocation to suburbs, (July 19, 2004):3 on motivations for mutual conversions, See also annual reports; architecture; con- reputation of, (May 6, 2003):1 (May 20, 2003):1 glomerates; specific companies returning surplus cash to stockholders, on mutual insurance holding companies, ability and willingness to pay claims, (December 22, 2003):2–4 (February 1998):18 (June 4, 2002):2 risk and weaker insurers, (January 13, Principal Mutual payment to Skillman accounting practices and Enron similari- 2003):2 reported by, (May 1998):11 ties, (January 25, 2002):2 risk avoidance, excessive, (October 14, Schiff’s review of, (June 1990):4; (August annual statements, (September 2000):1 22, 2003):1 2000):9–11; (July 16, 2003):1–6 as Rube Goldberg machines, (August Schulte’s comments about, (December brand name recognition, (January 1999):3 1991):5 1995):6–9; (December 22, 2004):3; securities analysts’ earnings estimates, on severe runs, (September 1991):3 (March 21, 2005):1–2 (January 25, 2002):2 on universal life, (September 1991):3 Butterfly Effect on, (December 1999):2 solvency and stability assertions by, on Western National’s memo on ratings, claims-paying and denials by, (September (September 1991):1, 3 (March 1994):4 17, 2002):1–4 stock repurchases, (April 1997):2; collapse of, (September 1991):1–6; insurance industry (November 9, 2001):2; (December 31, (January 9, 2003):1–3 See also auto insurance; life insurance; 2004):1–2 common sense of, (April 1995):8–9 property and casualty insurance superior qualities of, (December 1996):8 consolidation’s effect on, (September 17, 1989 review of, (June 1990):1–3 telephone answering survey, (March 2002):2 1990 review of, (June 1991):1–5 1994):11 core competencies of, (April 1997):3 1991 review of, (June 1992):1–6

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 1995 developments, (November Senate subcommittee hearings on merg- (April 1997):5 1995):1–3 ers and acquisitions, (December 22, See also ISO (Insurance Services Office) agents’ complacency in monitoring finan- 2003):5 cial strength, (August 1994):3 Skow’s interview of Schiff on, (February Insurance Reports (A. M. Best) bad news and ironies, (June 1994):1 1998):22–23, 26 insurance company coverage, (October Best’s reluctance to criticize, (Autumn “slow poison” in, (December 1999):1–3 1998):6 1993):7–8 small and medium-sized companies’ subscribers, (November 22, 1994):8 Buffett on outlook for, (Summer 1989):1 results, (June 1993):5–6 Insurance Services Office, Inc. Buffett on the fiduciary nature of, Spitzer’s Marsh & McLennan lawsuit See ISO (Insurance Services Office) (November 1995):11 effect on, (October 15, 2004):1–2; Buffett’s explanation of, (November (October 22, 2004):1–2; (December 31, insurance stocks 1995):5–13 2004):2–3 See also IPOs; mutual funds; stocks business methods, (March 1994):11 Steinberg on enemies of, (November 22, after September 11, 2001, (September 14, Byrne on future of, (Summer 1989):2 1994):11; (October 25, 1999):3 2001):1 capacity of, (June 1990):1; (December 21, stock offerings, 1980-1993, (December AIG’s stature among, (July 1996):13 2003):2 1993):2f book values, (August 1999):2; (December cartel-like nature of, (March 1991):5; supply and demand effects on, (May 5, 1999):2; (January 18, 2000):1–2; (June 1992):1; (September 17, 2002):2; 2001):2 (October 14, 2000):2; (December 21, (March 14, 2003):1 telephone answering survey, number of 2003):2 changes in, (September 17, 2002):1–2 rings, (March 1994):11 bull market in, (November 1995):1–3; “cheating phase” of cycle, (March Wall Street’s perception of, (December (March 1996):1–2 1999):1; (February 12, 2002):1 1996):1–2 catastrophe losses, effect on, (October 26, conglomerate managers in, (July 14, weaknesses of multiline companies, 2005):1 2005):5 (October 1994):1 Davis’ favorites, (June 1994):8 cycle changes, (December 1993):1–2; World Trade Center losses, (September Dirks’ expertise in, (June 1993):8–10 (December 1999):1–2 14, 2001):1–2; (November 15, dividend payments affected by hurri- economic cycles and, (September 14, 2001):2–3; (February 26, 2004):2, 5–6; canes, (October 30, 2001):3–4 2001):1 (March 7, 2004):4 Dowling on IPOs and secondary offerings growth, (November 1995):2; (October 30, in, (November 15, 2001):2–3 Insurance Information Institute 2001):1–2 Dowling on momentum investors, See also Mooney, Sean F. history, (March 1991):5–6; (December (November 15, 2001):3 CRISIS and RECOVERY: A Review of 1992):2–7 Dowling on reinsurance companies, Business Liability Insurance in the 1980s insolvency crisis in, (September 1990):2, (November 15, 2001):2–3 (Mooney), (September 1992):1–2 3f Dowling’s exit strategies, (November 15, Rating the Risks—Assessing the Solvency Interstate Insurance Product Regulation 2001):2–3 Threat in the Financial Services Industry Compact and, (March 14, 2003):3–5 “The Effects of Best’s Rating Changes (Kramer), (March 1991):6 as investment business, (August on Insurance Company Stock Prices” 1999):2–3 Insurance Institute of America (Singh and Power), (Autumn 1993):8; language of, (September 1991):8 (IIA) (October 1994):6 market efficiency in, (September 2000):1 examinations by, (December 1996):15 Goldman Sachs & Co. recommendations, mistakes in, (December 1993):1; (October (Summer 1989):2 30, 2001):1; (November 9, 2001):2 Insurance Marketplace Standards Graham’s opinions of, (December 22, Number of Persons Engaged in Association (IMSA) 2003):3 Production, 1929-1939, (March advertising campaign by, (August during the Great Depression, (March 1991):3f 1999):13 1991):2–3; (December 22, 2003):2–3 outsourcing conference, (October ethical standards, (March 1999):17; high-quality companies, characteristics of, 1997):23 (August 1999):13; (November 22, (December 1996):8 premiums vs. premium-to-surplus ratio, 2002):16; (May 6, 2003):1–2 historical perspectives, (December 22, percentage growth in, (December life insurers represented by, (March 13, 2003):2–5 1999):3f 2001):1 Hurricane Hugo’s effect on, (Fall 1989):1 quality of people in, (December Mason’s availability to media, (August Hurricanes Katrina and Rita’s effect on, 1996):1–2 1999):13 (October 26, 2005):1 real estate and mortgage lenders, percent MassMutual advertising and, (March index fund components, (December of total assets, (September 1991):8f 1999):17; (August 1999):13; 1996):7 real estate investors, percent of surplus, (November 22, 2002):16; (May 6, industry consolidation and, (March 12/31/91, (June 1992):2t 2003):1–2 1993):1–2 redundant reserves, (July 1996):13 Insurance Day Conference, (June 1993):8 Schiff’s outlook on, (March 1996):2; (April Insurance Perspectives Internet stocks, compared, (December 1997):1–3; (May 1998):1–6; (October on the Philadelphia Contributionship, 1999):2–3; (January 18, 2000):1–2; 14, 2000):1–2; (December 21, (December 1992):3 (October 14, 2000):2; (December 21, 2003):1–2; (December 22, 2003):1–5; 2003):2; (July 11, 2005):2 (September 10, 2004):1–4 insurance policies investors’ anticipation of upturn in, Schiff’s views on, at 23 years old, (April 9, certificates of, (March 1999):5–6; (December 1993):2 2004):3 (November 22, 2002):4–5 investors’ desire to own, (December search for higher yields, (March 1991):6; Insurance Rating board, 1993):2, 8 (December 22, 2003):1

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 market caps, compared to Internet stocks, auto insurance pricing models, credit cards, (March 1994):2 (December 1999):3; (January 18, (December 22, 2004):3–6 earnings and, (March 1996):2 2000):1; (October 14, 2000):1–2 float and, (June 1994):1 market conditions, (November 15, InsWeb General Liability combined ratios and, 2001):2–3 advertising, (March 1999):28 (June 1994):2 mutual funds comparison, (August financial statements, (December 1999):3; higher rates’ effect on property-casualty 1995):1–2; (March 1996):2 (January 3, 2001):1–2 industry surplus, (June 1994):2t performance, (August 1995):1–2 Internet auto insurance and, (March industry exposure to raise in, (January prices, (April 1997):10; (August 1999):2; 1999):28–30; (August 1999):3 1995):2 (December 1999):2; (January 18, IPO, (August 1999):3; (January 3, 2001):1 insurance company financial statements 2000):1–2; (October 14, 2000):2; market cap, (December 1999):3; (October and, (June 1994):1 (January 31, 2001):1–2; (May 5, 14, 2000):2; (January 3, 2001):1; (July recessions and, (March 1992):1 2001):1; (December 21, 2003):2; 25, 2002):1 SPDA vulnerability to, (March 1994):4 (December 22, 2003):2–5; (September Paradise’s testimonial, (March 1999):30 spreads, (February 15, 2005):5 10, 2004):1; (October 22, 2004):1; QuickenInsurance merger with, (January (March 30, 2005):3 3, 2001):1 interest-sensitive policies public offerings, 1980-1993, (December risk factors, (August 1999):3; (January 3, First Executive and, (December 1991):4 2001):1–2; (July 25, 2002):1 1993):2f internal funds reasons for decline in, (January 18, Schiff’s investment in, (January 3, lapse-supported policies and, (February 2000):1 2001):1; (January 31, 2001):1 15, 2005):2, 3, 5 of reinsurance companies, (Autumn stock price, (January 3, 2001):1–2; 1993):5 (January 31, 2001):1; (July 25, 2002):1 Internal Revenue Service repurchases, (April 1997):2; (November 9, Integon tax treatment of demutualization distrib- 2001):2; (December 31, 2004):1–2 10-K warnings, (October 1997):2 utions, (August 22, 2003):1–4 San Francisco earthquake’s effect on, actuarial department restructuring, (Fall 1989):1 International Fidelity Holdings (October 1997):1 Schiff’s favored undervalued stocks, Corporation Bankers and Shippers Indemnity pur- (March 1999):1; (August 1999):2; Caver’s interests in, (August 1999):20, 23 chase by, (October 1997):2 (January 18, 2000):2; (January 3, Eagle Claims Corp. and, (August 1999):23 business overview, (October 1997):2 2001):1; (December 21, 2003):2 Eagle Premium Finance and, (August combined ratio, (October 1997):2 Schiff’s investments in, (March 1992):3,5; 1999):23 debt, (October 1997):1–2 (January 1995):3; (April 1997):10; Feldman’s investment in, (August financial statements, (October 1997):1–2; (October 1998):3; (March 1999):1; 1999):24 (October 1997):2 (August 1999):2; (January 18, Great Southern and, (August 1999):23 General Motors Acceptance Corporation 2000):1–2; (October 14, 2000):2; International Surety & Casualty and, acquisition of, (October 1997):2 (December 21, 2003):2; (September (August 1999):20, 23, 26 GMAC acquisition of, (May 1998):5 10, 2004):1 Nelson’s interests in, (August 1999):20, growth of, (October 1997):1–2 Schiff’s opinion on boom in, (June 1993):3 23 nonstandard auto insurance business, Spitzer’s Marsh & McLennan lawsuit shareholders, (August 1999):20, 23, 24 (October 1997):1–2 effect on, (October 15, 2004):1–2; Sparks’ interests in, (August 1999):20, 23 pay plans, (October 1997):2 (October 22, 2004):1 U. S. Industrial Services planned acquisi- stock price, (October 1997):1 Standard & Poor’s 500 index, compared, tion of, (August 1999):27 (July 1996):13 Integrated Resources Unistar acquisition of, (August terrible investments in, criteria for, BRI Coverage and, (August 1995):3 1999):20–27 (August 1999):26 values in, (August 1999):2; (January 18, Integrity Life Insurance Company International General Insurance 2000):2; (November 15, 2001):1; ARM Financial Group and, (September BRI Coverage and, (August 1995):3; (July (December 21, 2003):2; (December 22, 2, 1999):1 1996):8 2003):2–5; (March 30, 2005):3 General American Life funding agree- Covent Insurance Company and, (August Wall Street indifference to catastrophes, ments and, (September 2, 1999):1; 1995):4; (July 1996):8 (June 1993):2 (December 1999):6–9 inadequate reserves of, (August 1995):4 regulatory supervision of, (September 2, Transportation Fleet Managers and, InsureDirect 1999):1; (December 1999):8 (August 1995):3–5 RelianceDirect and, (March 1999):14; Underwriters Financial Group and, (November 22, 2002):13 The Intelligent Investor (Graham), (August 1995):4–5; (July 1996):8 (October 14, 2000):1 InsureMarket International Surety & Casualty InsWeb compared to, (March 1999):29 interest rate risk See also Unistar Financial Service Internet auto insurance, (March 1999):29 credit risk compared to, (June 1991):5; Corporation (April 1995):9 American Eco stock sale by, (August fixed-income securities and, (Winter 1999):23, 27 Insurer Insolvency and Earthquake 1990):1; (April 1995):9 Caldera reverse takeover by, (August Insurance: Lessons From The Thrift 1999):20, 23, 27 interest rates Crisis (Litan), International Fidelity Holding and, (September 1990):2; (September 1992):2 bond prices and, (March 1992):1; (March (August 1999):20, 23, 26 1996):2 losses, (August 1999):20 InsurQuote, Inc. changes in, (March 1996):2

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 Nelson and, (August 1999):23 2, 2002):1 economic development in, (November policyholder surplus, (August 1999):20 Graham’s books on, (April 1995):8 18, 2002):1–2 premiums, (August 1999):20 The Intelligent Investor (Graham), (October gambling industry, (October 1998):14 TCL Fire & Casualty and, (August 14, 2000):1 Historical Museum’s insurance exhibit, 1999):23 Investment Biker (Rogers), (January (November 18, 2002):1 Texas regulatory oversight of, (August 1995):1–2 insurance company loans to officers in, 1999):20, 26 investors’ irrational buying, (January 25, (February 1998):4 Unistar Financial Service Corp. owner- 2002):1 insurance industry in, (February ship of, (August 1999):20, 23 Midas Investing: How You Can Make at 1998):22–25; (October 1998):16; Least 20% in the Stock Market This Year (November 18, 2002):1–2 International Telephone & and Every Year (Steinberg), (October Manhattan compared to, (October Telegraph. 1997):4 1998):13–14 See ITT Minding Mr. Market: Ten Years on Wall mutual insurance holding companies, Street With Grant’s Interest Rate Observer (February 1998):4, 6–7, 25; (November Internet insurance markets (Grant), (December 1993):10 18, 2002):1–2 See also InsWeb; Quotesmith New York Stock Exchange capitalization, policyholder lawsuits in, (March 1999):25 auto insurance, (March 1999):28–30; (August 1995):1 promotional advertising to insurers, (August 1999):15; (December 1999):5; One Up on Wall Street (Lynch), (January (November 18, 2002):1 (January 18, 2000):1; (May 5, 2001):3 25, 2002):1 Schiff’s trips to, (February 1998):22–26; InsureMarket, (March 1999):29 P/E ratios of growth companies, (October 1998):13–17; (August 16, QuickenInsurance, (January 3, 2001):1 (February 26, 2004):2 2005):1 Internet stocks profitability for insurance companies Schweider on social reform in, (October arbitrage possibilities, (December from, (March 1996):2 1997):15–16 during prosperity, (February 12, 2002):1 1999):3; (January 18, 2000):1; (October Iowa Insurance Department 14, 2000):2 risks, (April 1995):9; (December 1996):7; Allied and former commissioner relation- cyclicality of, (May 5, 2001):1–2 (December 22, 2003):1–2 ships, (March 1999):23 insurance stocks, compared, (December Schiff as patsy, (Autumn 1993):10 Allied Group fair election ordered by, 1999):2–3; (January 18, 2000):1–2; Security Analysis (Graham and Dodd), (February 1998):2; (May 1998):8 (October 14, 2000):2; (December 21, (December 1996):8; (October 14, Allied Group investigation by, (February 2003):2; (July 11, 2005):2 2000):1; (December 22, 2003):3 1998):1–2; (March 1999):18–19; New Economy defined, (October 14, speculation compared to, (October 14, (August 1999):6–8; (March 14, 2000):2 2000):1 2003):2–3; (August 16, 2005):2 Schiff’s investment in, (October 14, The Trouble With Prosperity (Grant), Allied-Nationwide acquisition and, 2000):2 (December 1996):11 (March 1999):18–22; (March 14, speculative nature of, (March 1999):8; underwriting returns compared to, 2003):3 (October 14, 2000):1–2; (November 22, (November 11, 2002):1 AmerUs Life’s upstreamed dividends 2002):7 The Warren Buffett Way (Hagstrom), (April and, (February 1998):7 stock market and, (January 3, 2001):1 1995):8 Wealth Without Risk (Givens), (July 1996)9; fee and tax income, (March 1999):7; Interstate Insurance Product (October 1998):8 (November 18, 2002):1; (November Regulation Compact 22, 2002):6 life-insurance industry regulation, (March “Investment Appeal of Insurance logo, (November 18, 2002):1 14, 2003):3–5 Stock” (Wilkinson), mutual-insurance-holding-company (December 22, 2003):2 inception, (March 14, 2003):2–3 Intuit on pooling-administration changes, InsureMarket, (March 1999):29 Investment Biker (Rogers), (February 1998):6 QuickenInsurance, (January 3, 2001):1 (January 1995):1–2 regulation, lack of, (March 1999):7; (November 22, 2002):6 investment trusts investing regulatory expenditures, (November 18, described, (March 1999):8–9; (November See also insurance stocks; Internet stocks; 2002):1 22, 2002):7–8 IPOs; mutual funds; securities; stock Vaughan’s reappointment as markets Investors Title Commissioner, (August 1999):8 The Beardstown Ladies’ Common-Sense Fine’s stock options, (May 22, 2001):2 Investment Guide, (April 1995):8 IPC Re Schiff’s investment in, (December 21, Benjamin Graham on Value Investing assets, (October 26, 2005):1 2003):2 (Lowe), (December 22, 2003):2 book value, (October 26, 2005):1 stock price below book value, (December Berkley on investment yields, (June Bryce’s stock options, (May 22, 2001):1 21, 2003):2 1993):4 financial statements, (October 26, 2005):1 stock repurchases by, (May 22, 2001):2 Corporate Bond Quality and Investor Hurricanes Katrina and Rita losses, Experience (Hickman), (December Iowa (October 26, 2005):1 1991):4 agricultural commodities, (October Schiff’s investment in, (February 16, Dow 36,000 (Glassman and Hassett), 1998):16 2001):2–3; (December 21, 2003):2 (September 2000):7 auto insurance premiums, (Fall 1989):1; stock price, (October 26, 2005):1 efficient markets, (December 1996):7; (March 1991):5 stock price below book value, (December (May 5, 2001):2 “conservatism” in, (October 1997):15–16 21, 2003):2 “extrapolation method” of analysis, (May county mutuals in, (February 1998):23–24

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 IPO listings Dowling on Bermuda-based venture capi- Schiff’s predictions, (June 1992):5 See also IPOs tal, (November 15, 2001):2–3 shareholder hopes for divestiture, (June Allied Group, (October 1997):7 institutional investor preference over pol- 1992):4 Allied Life, (October 1997):14–15 icyholders, (November 15, 1999):1–3; American Capital Access Holdings, (May 20, 2003):1–2; (July 18, ~J~ (September 10, 2004):1–2 2003):2–4; (September 25, 2003):5–7; American Life Group, (November (October 23, 2003):1–2 J. P. Morgan 1995):2 stock repurchases at higher prices follow- See also Morgan, J. P. American Mutual Holding Company, ing, (September 2000):8; (January 9, ACE Limited investment, (June 1993):6 (February 1998):7 2003):1; (March 28, 2003):2; (July 18, Chubb Corporation lawsuit, (December Century Industries, (July 1996):8 2003):3–4; (September 25, 2003):6–7 9, 2002):2 China Life Insurance Company, Irvin, Tinsley Ecker’s stock purchases from, (November (December 21, 2003):1; (January 9, 1995):3 2004):1 retirement from Alexander & Alexander, (March 1994):11 Kidder Peabody bailout by, (March E. W. Blanch, (Autumn 1993):5 1999):9; (November 22, 2002):8 Home Holdings, (November 22, 1994):4 ISO (Insurance Services Office) Mid Ocean Reinsurance and, (Autumn InsWeb, (August 1999):3; (January 3, antitrust lawsuit, (April 1997):5 1993):3 2001):1 board of directors, (April 1997):5–6 Nationwide Mutual’s catastrophe surplus John Hancock, (November 15, 1999):1; conversion to for-profit stock company, notes, (April 1995):3 (September 2000):7–8; (May 20, (April 1997):4–7; (February 1998):25 stock offerings in the 1920s, (November 2003):1–3; (July 18, 2003):1–7; disclosure statement, (April 1997):6–7 1995):3 (September 25, 2003):4–10; (October earnings, 1993-1996, (April 1997):6t J. P. Morgan Securities 23, 2003):1–2; (July 7, 2004):1 financial statements, (April 1997):4–7 Lincoln Heritage Corporation, (March history, (April 1997):4–7 on contingent commissions, (December 1999):31 Lehman Brothers’ conversion plan 31, 2004):1 Lutine Capital Corporation, (December involvement, (April 1997):5–6 J. & W. Seligman & Company 1993):4–5 management, (April 1997):5–7 Mercer Insurance Group, (July 7, 2004):1 AIG board of directors and, (April 9, members, (April 1997):5t 2004):2 MetLife, (September 2000):8 property/casualty insurance industry Mid Ocean Reinsurance, (Autumn Globe & Rutgers Fire Insurance return on equity study by, (March Company sale by, (April 9, 2004):2 1993):3; (December 1993):2 1991):6 MONY, (March 1999):26–27, 31; (August services provided, (April 1997):4 Jacobs, Irwin 25, 2000):3; (September 2000):8; S.U.V. underwriting, (October 26, 2005):2 on Devine’s criticism of Conseco, (February 10, 2004):1 tort reform study by, (September (December 19, 2002):2 Normandy America, (August 1995):2; 1992):1–2 (December 1996):1 valuation of, (April 1997):6 Jacobsen, Kenneth A. Old Guard Mutual, (February 1998):10 Drain and Shea v. Provident Mutual Life PartnerRe Holdings, (December 1993):2 Isola, Paula Insurance Company, (October 17, Prudential Reinsurance, (November The Center for Insurance Research and, 2002):1; (December 9, 2004):2 1995):2; (March 1996):11 (May 1998):15 opposition to Provident Mutual MIHC PXRE, (February 16, 2001):1 conversion plan, (June 28, 2002):3 Reliance Group, (March 1992):3; ITT (October 25, 1999):3 See also The Hartford Jain, Ajit Riscorp, (December 1996):2 Alcatel N.V. sale, (June 1992):4 See also Berkshire Hathaway Transnational Reinsurance, (February 16, annual report, 1992, (November 9, on Berkshire Hathaway’s catastrophe 2001):1 2001):1 policies, (Autumn 1993):4–5 Araskog on creating shareholder value, Travelers/Aetna Property Casualty James, Bill Corporation, (July 1996):6 (June 1992):4 baseball statistics, (December 22, 2004):1 value created or lost by, (October 27, Araskog’s comparison to Cooney, (June 2003):2–3 1992):4 James, Marquis Araskog’s leadership, (June 1992):4 Zurich Reinsurance Centre Holdings, on 1905 working conditions, (February Cooney’s comparison to Araskog, (June (Autumn 1993):2–3; (December 1998):12; (August 1999):10 1992):4 1993):2 on the Armstrong Committee hearings, dividends and earnings increases, (June (February 1998):13–14 IPOs 1992):3–4 on Hyde’s costume ball, (February See also demutualization subscription Geneen’s leadership, (June 1992):3–4 1998):13 rights; IPO listings The Hartford Insurance Company on MetLife’s Farm Management capital abundance and, (October 27, takeover, (June 1992):3 Program, (August 1999):10 2003):1 The Hartford’s historical and real net The Metropolitan Life: A Study in Business Dirks’ expertise in, (June 1993):5, 8–9 worth compared, (June 1992):4 Growth, (March 1991):4–5; (October at discounts to book/intrinsic value, More Debits Than Credits (Briloff), (June 1994):2; (February 1998):12–14, 19; (November 15, 1999):1–3; (September 1992):4 (August 1999):10–11 2000):7–8; (May 20, 2003):1–2; (July pooling-of-interests accounting, (June 18, 2003):2–4; (September 25, 1992):3 Jamestown, New York 2003):5–7; (October 23, 2003):1–2; sale of The Hartford’s stocks, (June described, (August 1995):8 (December 9, 2004):2–3 1992):4

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 JanCap Growth Fund Brown, Stephen L.; D’Alessandro, demutualization of, (November 15, American Skandia’s variable annuities David) 1999):1; (May 20, 2003):2 and, (September 24, 2001):2 Bodman, Samuel, (October 23, 2003):2; policyholder cashout, (November 15, (November 7, 2003):2, 3t 1999):1–4; (September 2000):8; (May Japan Budd, Wayne, (October 23, 2003):3; 20, 2003):1–2; (July 18, 2003):1–7; asset-backed securities, (December 9, (November 7, 2003):2, 3t (September 25, 2003):4–10; (October 2002):2 Connors, John M., Jr., (October 23, 23, 2003):1–3; (October 27, 2003):1–3 auto imports, (Winter 1990):2 2003):3; (November 7, 2003):2, 3t policyholder cashout, value lost in IPO, holding company-subsidiary relationships Davis, Robert J., (November 7, 2003):2, (July 18, 2003):4; (September 25, and insolvency, (March 1999):5; 3t 2003):7; (October 23, 2003):1–2; (November 22, 2002):4 DeWolfe, Richard, (November 7, 2003):2, (October 27, 2003):1–3; (July 7, 2004):1 Kobe beef prices, (April 1995):11 3t policyholder deception by, (May 20, life insurance, (August 1995):1; (July Fast, Robert, (October 23, 2003):2; 2003):1–3; (July 18, 2003):1–8; 1996):1–2; (December 22, 2003):1 (November 7, 2003):2, 3t (September 25, 2003):4–10; (October residential land prices, (November 15, Feldstein, Kathleen Foley, (November 7, 27, 2003):1–3 2001):2 2003):2, 3t Policyholder Information Statements, stock market performance, (August Glynn, Thomas P., (November 7, 2003):2, (November 15, 1999):1–2; (May 20, 1995):1 3t 2003):2–3; (July 18, 2003):1–2, 6; variable life insurance, (July 1996):1 McHale, Judith, (November 7, 2003):3 (September 25, 2003):4–5, 9; (October Popeo, Robert, (November 7, 2003):2, 3t 27, 2003):2 Japanese Life Insurance: Appearance, Syron, Richard, (November 7, 2003):1–4; policyholders, disclosure of share value Reality and Solvency (Smithers), (June 16, 2004):3 to, (July 18, 2003):1–7; (September 25, (July 1996):1–2 board of directors, (July 18, 2003):5–7; 2003):4–10; (October 23, 2003):1–3; Jefferson, Texas visit by Schiff, (September 25, 2003):8–10; (October (October 27, 2003):1–3; (July 7, 2004):1 (March 1992):6 23, 2003):1–3; (October 27, 2003):2–3; policyholder subscription rights offering, (November 7, 2003):1–4 (November 15, 1999):3 Jefferson National Life Insurance corporate headquarters, (October 28, proxy statement disclosures, (November Company 2003):1 7, 2003):2–4 dividend upstreams to Conseco, demutualization, (October 1998):12, 19; public hearings, (November 15, (December 2, 1999):2 (November 15, 1999):1–4; (September 1999):1–4; (May 20, 2003):1–2; (July negative unassigned surplus, (December 2000):8; (May 20, 2003):1–3; (July 18, 18, 2003):2–7; (September 25, 2, 1999):2 2003):1–7; (September 25, 2003):4–10; 2003):5–10; (October 23, 2003):1–2; (October 23, 2003):1–3; (October 27, (October 27, 2003):1–2 Jennings, Jeffrey H. 2003):1–3; (November 7, 2003):1; (July ratings, (October 23, 2003):1 letter to Schiff’s, (March 1993):11 7, 2004):1 Schedule G request by Schiff’s, (June 16, incentive programs, (July 18, 2003):5–6; 2004):3–4 Jenrette, Richard (September 25, 2003):8–9 stock options to executives, (July 18, See also The Equitable Companies insider trading, (July 18, 2003):3, 7; 2003):2–8; (September 25, 2003):5–10 cartoons, (December 1992):8 (September 25, 2003):6, 10 stock price, (May 20, 2003):1–2; (July 18, company stock purchase restrictions, institutional investor preference over pol- 2003):3–4; (September 25, 2003):6–7; (December 1992):10 icyholders, (November 15, 1999):1–3; (October 23, 2003):1–3; (October 27, handwriting analysis, (October 1994):11 (May 20, 2003):1–2; (July 18, 2003):2–3 on insolvency and asset quality, (March 2003):2–4; (September 25, 2003):5–7; stock repurchases by, (September 2000):8; 1991):6 (October 23, 2003):1–2 (March 28, 2003):2; (July 18, 2003):3–4; Jewell, Sarah IPO, (November 15, 1999):1; (September (September 25, 2003):6–7; (October biography, (February 1998):17 2000):8; (May 20, 2003):1–3; (July 18, 27, 2003):2–3 Northwestern Mutual’s Policyowners 2003):1–7; (September 25, 2003):4–10; valuations, (July 18, 2003):2–7; Examining Committee and, (February (October 23, 2003):1–3; (October 27, (September 25, 2003):5–10; (October 1998):17 2003):1–3; (November 7, 2003):1; (July 23, 2003):1–3; (November 7, 2003):2 7, 2004):1 “value created” by IPO, (July 18, 2003):5; Johansen, Dan lawsuits, (July 18, 2003):1, 8; (September (September 25, 2003):8; (October 27, on Erie Insurance Exchange, (August 25, 2003):4; (October 23, 2003):2–3; 2003):2–3; (November 7, 2003):1–2 1995):8–9 (November 7, 2003):3–4 Wit Capital and, (November 15, loans to executives, (July 18, 2003):6; 1999):3–4 John Alden Life (September 25, 2003):9 logo, (January 1995):7 logo, (March 1999):4; (November 22, John Muir & Company bankruptcy and SIPC losses, (October John Hancock 2002):3 Manulife merger, (October 27, 2003):3; 1998):9 See also Brown, Stephen L.; (July 7, 2004):1 Cayman Islands Reinsurance offering, D’Alessandro, David; Morgan Stanley MIHC conversion capitulation by, (June 1993):8; (October 1998):9 advertising agency, (November 7, (October 1998):12, 19; (November 15, Dirks’ tenure at, (June 1993):8; (October 2003):2–3 1999):1 1998):9 anti-takeover provisions, (July 18, MIHC plan, (March 1999):3 2003):2–4; (September 25, 2003):5–7; Johnson, Doyle Morgan Stanley conflicts of interest, (October 23, 2003):1–3 opposition to PMA Capital Insurance (November 15, 1999):1–4 board of director connections (See also Company’s proposed unstacking, Morgan Stanley fairness opinion on

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 (November 22, 2005):4 Corcoran’s views on, (September 1991):7 Kamowitz, Sharon Corporate Bond Quality and Investor John Hancock demutualization plan hear- Johnson, Paul Experience (Hickman), (December ings, (July 18, 2003):2–3; (September on Mellon’s advice to Hoover, 1991):4 25, 2003):5–6 (September 1992):8 Executive Life’s investments in, Kansas trip by Schiff, Johnson, Samuel (November 22, 1994):6 First Executive Corporation investments (June 1993):10–11 on hope and experience, (October 26, in, (Winter 1990):1–2; (June 1991):5–6; 2005):1 Karlins Arnold & Corbitt (December 1991):3–5; (November 11, on patriotism, (March 1999):6; Unistar and, (August 1999):20 2002):1 (November 22, 2002):5 fixed-income securities compared, (June Kates, Henry Johnson, Stephen 1991):5 See also Mutual Benefit Life Insurance Provident Mutual’s sponsored demutual- Hutchings’ views on, (December 1991):2 Company ization public hearings, (June 28, life insurance industry insolvency con- Schiff’s blame for Mutual Benefit failure, 2002):1 cerns, (March 1991):6 (March 1993):6 Milken on, (December 1991):5 Johnson, Stephen J. Mutual Benefit and, (March 1992):6; Katz, David approval of PMA Capital Insurance (March 1993):6 on risk managers, (April 1995):8 Company’s unstacking application, Ohio Casualty Corporation investments (November 22, 2005):5 in, (Winter 1990):2–3 Kaufman, Alan J. opportunities in, (Winter 1990):2–3 H. W. Kaufman purchase by, (March Johnson & Higgins Pacific Lumber/Maxxam financing with, 1996):8–9 dress codes in the 1930s, (March 1991):2 (November 22, 1994):6 Recollections of Johnson & Higgins (Winton), Kaufman, Andy, pension plans and, (September 1991):7; (March 1991):2 (September 1991):6 (November 22, 1994):6 Towers International Reinsurance and, Reliance Group Holdings as issuer and Kaufman, Herbert W. (March 1993):9 buyer of, (March 1992):3–4 See also H. W. Kaufman Financial Group Joiner, “Dad,” risk factors, (Winter 1990):1; (June H. W. Kaufman sale by, (March 1996):8–9 (March 1992):7 1991):5 Schiff’s opinion of, (Winter 1990):1–2 Kayes v. Pacific Lumber Company joint and several liability rule Schulte’s views on, (December 1991):4–5 Kellogg’s deposition for, (November 22, abolishment of, (September 1992):1 statutory net worth ratios and, 1994):6–8 modifications to, (September 1992):1 (September 1990):1 Keating, Charles successful investments in, (December Grant on, (December 1993):10 Jones, B. Rees 1991):4 on Allied Group board of directors, Keefe, Bruyette & Woods (October 1997):9 ~K~ opinion on PMA’s proposed unstacking, Jones, John Luther (Casey), (November 22, 2005):3–4 (December 1991):8 Kamen, Harry See also MetLife Keegan, Kevin Joseph, Fred Bethlehem Steel board of directors and, InsWeb and, (March 1999):28–30 See also Drexel Burnham (February 1998):11 Keeley, John Corcoran’s disagreement over junk bonds, cartoons, (February 1998):8, 13 pricing of IPOs following demutualiza- (September 1991):7 compensation, (February 1998):11f, 26 tions, (December 9, 2004):2–3 Joseph, Tom “Dirty Harry” analogy and, (February 1998):20; (March 1999):2 Keenan, Edward on Cincinnati Financial’s success, (June on MetLife board of directors, (February Probe newsletter, (June 1991):8 1994):10 1998):10–11 Kelley, Bruce Joseph J. Lewis & Son on MetLife’s constituents, (February See also EMC Insurance Companies; coffee house and insurance brokerage, 1998):19; (August 1999):12 Employers Mutual (October 1997):23 on MetLife’s NY operations, (February 1998):18 compensation, (October 1997):15 Joukowsky, Artemis on MetLife’s value, (August 1999):12 Schiff’s opinion of, (February 1998):24 on Starr’s business practices, (April 9, NY State MIHC public hearings testimo- Kellogg, C. Burton, II 2004):2 ny, (February 1998):8–11, 18–20; See also A. M. Best (August 1999):12; (March 14, 2003):2 on Best’s analysts, (November 22, The Journal of Risk and Insurance Pfizer board of directors and, (February 1994):7–8 “The Effects of Best’s Rating Changes 1998):11 on Best’s Insurance Reports subscribers, on Insurance Company Stock Prices,” Schiff’s description of, (August 1999):12 (November 22, 1994):8 (Autumn 1993):8; (October 1994):5 Smith College trustee, (February on Best’s rating process, (November 22, 1998):11 The Jungle (Sinclair), 1994):6–7 on stocks as acquisition currency, (February 1998):12–13 on insurance company investments and (February 1998):18 ratings, (November 22, 1994):8 junk bonds on subscription rights, (February on reinsurance, (November 22, 1994):7 AmBase’s investments in, (June 1990):2 1998):15–16, 19–20

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 Kelly, Edmund F. Kenney, Roger K. offering, (November 15, 1999):3 See also Liberty Mutual Insurance See also Alliance of American Insurers Provident Mutual MIHC conversion plan Company Workers’ Compensation State Funds: hearings, (May 1998):14–17; Schiff’s Liberty Mutual Defense Fund Disappearing Capital, (March 1993):5 (November 15, 1999):1–2 letter to, (June 28, 2001):1–2 Kentucky National Kirkpatrick, James Kemper, James S. DeAlessandro and, (October 1998):8; on Allied Group’s Coordinating biography, (January 9, 2003):1 (March 1999):31 Committee, (May 1998):9 Allied Group shares owned, 3/31/1997, Kemper Corporation Kernodle, Seth (May 1998):9t See also Kemper Insurance Companies; See also Integon Nationwide takeover approval, (March Lumbermens Mutual Casualty on Integon’s pay plans, (October 1997):2 1999):19 Company board of directors, (December 31, 2002):2 “Keyes, Barton” (pseudonym) Kittredge, Donley, Elson, Fullem, & Conseco’s acquisition attempt, (August driver rating system suggestions, Embick 1994):2; (April 1995):6; (August (October 26, 2005):2–3 opposition to PMA Capital Insurance 1995):15 on monitoring devices in cars, (October Company’s proposed unstacking, Edgar’s board of directors compensation, 26, 2005):2 (November 22, 2005):4–5 (June 15, 2001):1; (December 31, on S.U.V. fatality statistics, (October 26, 2002):2 2005):2 Klamath Falls, Oregon financial condition, (January 9, 2003):1–3 on S.U.V. underwriting, (October 26, earthquake probabilities, (March 1994):8 2005):2 InsWeb leads handling by, (March Kloss, Robert W. 1999):29 Kidd, John E. A. See also Provident Mutual Life Insurance Lumbermens ownership of, (June 15, Columbia Pharmaceutical and, (March Company 2001):1–2 1999):31 on mutual insurance ownership, (May Lumbermens swap transactions, (June 15, Savoy Re and, (March 1999):31 1998):11 2001):1–2; (December 31, 2002):2 Nationwide-Provident acquisition public National Loss Control Service Corp. Kidd, Wendy hearings testimony, (June 28, stock, (June 15, 2001):1–2 Prestige Casualty and, (March 1999):31 2002):2–3 stock price, (June 15, 2001):1–2 Provident Mutual MIHC conversion plan Zurich acquisition of, (June 15, 2001):2 Kidder Peabody public hearings testimony, (May bailout in 1930, (March 1999):9; 1998):15–17 Kemper Insurance Companies (November 22, 2002):8 Berkshire Hathaway and, (January 9, severance compensation, (June 28, 2003):2 Kilcup, Bob 2002):3–4; (October 17, 2002):1–3 earthquake prediction and analysis, Illinois’ MIHC legislation and, (June 15, Knoll, Florence 2001):1 (March 1994):8; (June 1994):6 Wilde Building interiors by, (July 19, premiums written, (January 9, 2003):1 Kilgore, Texas visit by Schiff, 2004):3 ratings, (January 9, 2003):1–3 (March 1992):6–7 response to Fitch Ratings downgrades, Kohlberg Kravis Roberts (January 13, 2003):1 Kilgore College Rangerette Dance- American Re acquisition by, (December Superior National reinsurance agreement, Drill Team, 1996):2 (January 9, 2003):1–2 (March 1992):6–7 Koken, Diane Kemper Investors Killian, John See also Pennsylvania Insurance capital-to-liabilities ratio comparisons, on State Farm’s customer orientation, Department (August 1994):2 (August 1994):9 on agent and broker disclosure of com- mission, (December 9, 2004):1–2 Kemper Reinsurance Company on State Farm’s fiscal conservatism, conflicts of interest, (May 1998):15; Best’s ratings, (June 15, 2001):2 (August 1994):9 (August 25, 2000):1; (June 28, 2002):2; General Electric acquisition of, (June 15, on State Farm’s strategy, (August 1994):9 (October 17, 2002):1–3 2001):2 on State Farm’s value, (August 1994):9 discretion for approval of corporate Kemper Corp. stock swap for, (June 15, Kiner, Ralph restructurings, (November 22, 2005):3 2001):1–2 request for raise, (Summer 1989):2 NAIC and, (December 9, 2004):1–2 Lumbermens capital infusion to, (June Nationwide-Provident acquisition public 15, 2001):2 King, Jim hearings, (June 28, 2002):2 underreserved, (June 15, 2001):2 mortgage loan by Allied Life to, PMA’s approved unstacking, denial of (February 1998):4 Kempton, Murray appeals, (November 22, 2005):5 on journalists, (March 21, 2002):1 Kirkland, Derek Provident Mutual MIHC conversion plan See also Morgan Stanley hearing, (May 1998):15; (August 25, Kendel, Terry conflicts of interest, (November 15, 2000):1; (June 28, 2002):2; (December See also United Pacific Life 1999):1; (May 20, 2003):2 9, 2004):2 on single-premium annuities, (December fairness opinion on John Hancock demu- Reliance Insurance Company lawsuit by, 1991):3 tualization, (November 15, 1999):1; (July 11, 2005):1 on United Pacific Life’s investment prod- (May 20, 2003):2 on Ridge’s administration, (October 17, ucts, (December 1991):3 on John Hancock subscription rights 2002):1

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 Kooper, Bernie 2003):4 Lasser, Lawrence J. See also Arista Insurance Company See also Putnam Investments Lane, Shephard duties and compensation, (October compensation, (August 1995):15 1994):10; (November 1995):4 clients, (March 1999):31 on Old Lyme Holdings purchase of Arista Universal Heights and, (March 1999):31 Lasser, Louis Spitzer’s mutual funds lawsuit and, stock, (October 1994):10 Lane & Waterman LLP (October 15, 2004):1 Schiff’s description of, (November as Allied Mutual plaintiffs’ class counsel, 1995):4 (August 16, 2005):3 Latin America insurance companies locating in Panama, Kordick, Lloyd Langdon, Hershel on Andersen’s incorrect citation of “Iowa (February 1998):27 on Allied Group board of directors, Peruvian government bonds, (March law,” (February 1998):2 (October 1997):9 Schiff’s nomination to Allied Mutual’s 1999):9; (November 22, 2002):8 board by, (February 1998):2 Lansky, Meyer Laughlin, Nevada visit, Pollack’s association with, (March (June 1990):4; (August 1995):13 kosher insurance 1999):31 Atlantic Mutual’s kosher food coverage, Laughton, F. Sherman (March 1993):3 Lapin, David on CDOs, (December 21, 2003):1 letter to Schiff’s, (March 1993):11 Kramer, Orin lawsuits Rating the Risks—Assessing the Solvency Lapin, Gregory See also tort reform Threat in the Financial Services Industry, American International Group: Cultivating Arnold Estate vs. Erie Indemnity (March 1991):6 Global Growth, (September 2000):1–2 Company, (August 1995):10–11 Kudlow, Lawrence lapse-supported policies Belth v. New York State Department of on security and socialism, (December administrative costs, (February 15, Insurance, (June 16, 2004):2–3; (July 7, 1993):11 2005):4–5 2004):3 airline overbooking analogy, (February The Center for Insurance Research vs. Old Kurz, Herbert 15, 2005):3 Guard Mutual, (February 1998):10 NY State MIHC legislation opposition, in Canada, (February 15, 2005):7 Century Industries et al. v. Schiff’s, (April (December 9, 2001):2 cash value life insurance, artificially 1997):8–9; (February 1998):22–23; priced, (February 15, 2005):2 (October 1998):8 Kwajalein Island Circle Fine Art vs. Schiff, (March BRI Coverage “guarantees,” (August guaranteed disability income, (February 15, 2005):2 1994):10; (April 1995):4–5; (April 1995):3; (July 1996):8; (April 1997):9 1997):8; (February 1998):23 described, (August 1995):3 history, (February 15, 2005):6–7 long-term care insurance, (February 15, Drain and Shea v. Provident Mutual Life 2005):1–2 Insurance Company, (May 1998):14; ~L~ marketing advantages of, (February 15, (October 17, 2002):1; (December 9, 2005):6–7 2004):2 Lafayette, Ivan Mid-Continent’s assumptions, (March exotic dancers, (June 1994):11 on policyholder approvals required for 1999):15–16; (November 22, H. W. Kaufman Financial Group class conversion, (February 1998):16–17 2002):14–15 action, (February 1998):23 Hopkins v. City of Buffalo, NY, (June 16, Laffer, Arthur nonguaranteed term, (February 15, 2005):2 2004):2 Munger on, (July 7, 2004):2 perverse incentives, (February 15, 2005):3 by Iowa policyholders, (March 1999):25 Laffer curve, policyholder exploitation, (February 15, ISO antitrust, (April 1997):5 J. P. Morgan vs. Chubb, (December 9, (September 1991):2 2005):7 pricing assumptions, (February 15, 2002):2 Lai, Christine 2005):3–5 John Hancock, (July 18, 2003):1, 8; American International Group, Inc.: The profitability from, (February 15, 2005):2 (September 25, 2003):4; (October 23, Emperor of Financial Services (Hicks & risks to insurance buyers, (February 15, 2003):2–3; (November 7, 2003):3–4 Lai), (October 1998):2 2005):1–3 Kayes v. Pacific Lumber Company, secondary market effects on, (February (November 22, 1994):6–8 Lamar Life 15, 2005):3 Landy v. D’Alessandro et al., (July 18, annuity advertising, (March 1994):2 as speculative investments, (February 15, 2003):1, 8; (September 25, 2003):4 Lincoln Heritage Life Insurance trade- Lamb, Reinhold P. 2005):3 mark infringement, (March 1999):31 independent agents and risk study, surrender charges, (February 15, Martin v. Pacific Lumber Company, (August 1994):2–3 2005):4–5 (November 22, 1994):6–8 Landa, Art LaSalle Re Mutual Benefit Life improper payments, as corporate raider, (July 11, 2005):3 preferred stock, (January 18, 2000):2 (March 1992):6 Schiff’s investment in, (January 18, Nationwide Mutual vs. Allied, (August LandAmerica 2000):2; (October 14, 2000):2; 16, 2005):3 Reliance Group and, (August 1999):4 (December 21, 2003):2 New York v. Marsh & McLennan Companies, stock price below book value, (January Inc., (October 15, 2004):1–2; (October Landy v. D’Alessandro et al, 18, 2000):2; (December 21, 2003):2 22, 2004):1–2; (December 9, 2004):1; (July 18, 2003):1, 8; (September 25, (December 31, 2004):2–3

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 Owens Financial Group v. AIG, (March as “new era” stock, (March 1992):2; (June 1993):11; (August 1994):3–4 1999):5; (November 22, 2002):4 1, 2000):1–2; (March 30, 2005):3; (July NY State proposed MIHC legislation, Paul v. Virginia, (April 1997):4; (March 14, 11, 2005):2 (October 1997):20; (February 2003):1 Reliance exchange offer terms, (July 12, 1998):8–20; (May 1998):18–19; (March products liability, (September 1990):1 2005):3 1999):3 PRUPAC v. State of Florida/Department of Reliance Insurance Company acquisition Paul v. Virginia and federal antitrust laws, Insurance, (Autumn 1993):8 by, (March 1992):2; (October 25, (April 1997):4; (March 14, 2003):1 by Reliance Group shareholders and 1999):3; (May 31, 2000):2; (June 1, real estate investments by insurance com- bondholders, (August 16, 2000):2 2000):1; (December 22, 2003):5; panies, (September 1991):6 Rieff v. Evans et al., (February 1998):1; (March 30, 2005):3; (July 11, 2005):2–3; Reconstruction Finance Corporation, (March 1999):25; (May 31, 2001):1; (July 12, 2005):1–6; (July 14, 2005):1–5 (March 1991):3 (August 16, 2005):1–3 Roberts on rationale of acquiring Securities Act of 1933, (July 25, 2002):1; by Riscorp’s shareholders, (December Reliance Insurance Co., (July 14, (August 16, 2002):2 1996):2 2005):2–5 Securities Exchange Act of 1934, Ross vs. Underwriters Financial Group, Senate Judiciary Subcommittee on (November 2, 2001):1; (August 16, (August 1995):6 Antitrust and Monopoly questions on 2002):2; (July 18, 2003):7; (September Sibley-Schreiber v. Oxford Health Plans (NY) Reliance acquisition by, (July 12, 25, 2003):10 Inc., (October 1998):19 2005):1–6; (July 14, 2005):1–5 Standard Nonforfeiture Law revision Spitzer’s lawsuit of Marsh & McLennan, process, (February 15, 2005):6 (October 15, 2004):1–2; (October 22, Leatherdale, Douglas Tax Reform Act of 1986, (July 1996):13 2004):1–2; (December 9, 2004):1; See also The St. Paul tontine policies, (February 15, 2005):6 (December 31, 2004):2–3 market assessment by, (June 1991):4 Spitzer’s lawsuit of mutual funds, stock options granted, (May 22, 2001):2 Lehman Brothers Home Holdings offerings by, (March (October 15, 2004):1 LeCompte, Jerry State of Oklahoma v. Mid-Continent Life, 1999):8; (November 22, 2002):7 See also American Association of State (March 1999):16; (November 22, ISO conversion plan, (April 1997):5–6 Compensation Insurance Funds (AAS- 2002):15 Spehar’s research reports, (March 1996):3; CIF) Towers Financial Corporation, (March (October 1997):3–4 on state fund solvency, (March 1993):5 1993):9 Leighton, Charles M. Underwriters Financial Group, (August legal issues. on MetLife board of directors, (February 1995):4, 6; (July 1996):8 See lawsuits; legislation; regulation; tort 1998):10–11 for Viagra prescription coverage, (October reform 1998):19 Lennon, Terrence Legion/Villanova Insurance on life insurance industry changes, Leach, James G. Companies (September 1991):2–3 U. S. Industrial Services and, (August failure of, (November 22, 2005):1 1999):27 letters of credit Unistar and, (August 1999):27 legislation retros and, (March 1992):1–2 on Unistar’s stock manipulation, (August See also California, Proposition 103; public 1999):25 hearings; regulation Letters to Schiff’s, antitrust, (April 1997):4; (March 14, (September 1991):8; (December 1991):8; Leasco Data Processing 2003):1 (March 1992):8; (June 1992):8; See also Reliance Group Holdings; Armstrong Investigations, (February 15, (September 1992):8; (December Reliance Insurance Company; 2005):6 1992):10; (March 1993):11; (June Steinberg, Saul Armstrong Investigations, (February 1993):11; (April 1997):12 Bialkin on mergers and acquisitions, ben- 1998):12–14; (June 16, 2004):1–3 Leucadia National efits to shareholders and policyholders, Common Sense Product Liability Act, (July 12, 2005):6 (April 1995):8 13-D filing, (June 7, 2000):1 Chemical Bank acquisition attempt by, Federal Earthquake Insurance and Reliance Group proposed acquisition by, (March 1992):2; (May 1998):5; (June 1, Reinsurance Act (FEIRA), (September (May 31, 2000):1; (June 5, 2000):1–2; 2000):1–2 1990):2 (June 12, 2000):1 Cogan, Berlind, Weill & Levitt as consul- Financial Services Reform Act of 1999, takeover scenarios, (June 5, 2000):2 tants, (December 22, 2003):5; (July 12, (March 3, 2000):1 Levant, Oscar 2005):1–3 Glass-Steagall Act, (March 1999):9; on drinking liquor, (December 1999):1 Cogan, Berlind, Weill & Levitt’s finder’s (November 22, 2002):8 fee, (July 12, 2005):3 Illinois MIHC legislation, (June 15, level-premium policies earnings, (March 1992):2; (June 1, 2001):1 affordability of, (February 15, 2005):2 2000):1; (March 30, 2005):3; (July 11, Interstate Insurance Product Regulation in Canada, (February 15, 2005):7 2005):2; (July 14, 2005):1–5 Compact, (March 14, 2003):3–4 lapse support of, (February 15, 2005):1–5 Levitt on mergers and acquisitions, bene- Massachusetts MIHC negotiations, life insurance example, (February 15, fits to shareholders and policyholders, (October 1998):19; (March 1999):3 2005):3–5 (July 12, 2005):3 McCarran-Ferguson Act, (June 1991):5; Mid-Continent Life Insurance Company, Levitt on rationale of acquiring Reliance (April 1997):5; (March 1999):7; (March 1999):15–16; (November 22, Insurance Co., (July 12, 2005):1–3 (November 22, 2002):6; (March 14, 2002):14–15 Levitt on use of Reliance’s “redundant 2003):1, 4 profit projection example, (February 15, capital,” (July 12, 2005):4, 5 Natural Disaster Protection Act, (Autumn 2005):2

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 risks of, (February 15, 2005):2 Levitt, Arthur (November 22, 1994):11 See also Cogan, Berlind, Weill & Levitt, on Progressive’s underwriting profit mar- leverage Inc. gins, (October 1997):2 insurance companies and, (Winter as AIG board of directors advisor, (July Lexington Insurance Company 1990):1–2 12, 2005):1 results and, (November 1, 1999):1 as American Stock Exchange president, Delaware Insurance Department’s exami- small miscalculations in, (December (July 12, 2005):1 nation of, (December 1996):3 1999):1–2, 9 Carter’s relationship with, (July 12, liability insurance leveraged buyouts 2005):6 See also asbestos liabilities; environmental Conseco’s acquisitions, (March 1994):3–4 on cash flow from Reliance premiums, liabilities; products liability Forstmann’s comments on, (Spring (July 12, 2005):4 Buffett on, (November 1995):8 1989):2 Cogan, Berlind, Weill & Levitt and, (July bungee-jumping, (June 1992):1 ratings agencies opinion of, (March 12, 2005):1, 2, 6 collateral source rule modifications, 1994):4 on cost savings after mergers and acquisi- (September 1992):1 tions, (July 12, 2005):2–3 CRISIS and RECOVERY: A Review of Levin, Alan on earnings management, (August 16, Business Liability Insurance in the 1980s See also Standard & Poor’s 2002):2–3 (Mooney), (September 1992):1–2 on Berkshire Hathaway’s rating, (March on hubris and CEO departures, (March crisis of the 1980s, (September 1992):1–2 1994):7 18, 2005):1 D&O, (April 7, 2003):1f, 3–4; (March 14, on insurance companies as takeover tar- Levin, Neil 2005):1–4 gets despite low profits, (July 12, float produced by, (November 1995):8 See also New York State Insurance 2005):4–5 general liability claims, 1980-1990, Department on mergers and acquisitions, benefits to (September 1992):2f cartoons, (February 1998):13 shareholders and policyholders, (July general liability premiums, 1980-1990, D’Amato and, (February 1998):12 12, 2005):3 (September 1992):2f on demutualization, (February 1998):12, on NY state insurance commissioner, during the Great Depression, (March 14–18, 21; (May 1998):19; (March (July 12, 2005):4 1991):2 1999):3, 26–27, 31 on rationale of Leasco acquisition of joint and several liability rule changes, on federal regulation of insurance indus- Reliance Insurance Co., (July 12, (September 1992):1 try, (February 1998):14 2005):1–3 Kramer on toxic waste cleanup costs, Goldman Sachs connections, (February Roberts’ claims of Reliance Insurance Co. (March 1991):6 1998):12; (March 1999):26; (November stock manipulation by, (July 14, Mooney on causes of crisis in, 15, 1999):3 2005):1, 4 (September 1992):1 Holocaust victims’ assets recovery, (May as SEC chairman, (July 12, 2005):1 non-economic damages claims, 1998):19 Senate Judiciary Subcommittee on (September 1992):1 John Hancock’s anti-takeover provisions, Antitrust and Monopoly testimony, products liability and, (September (October 23, 2003):3; (October 27, (December 22, 2003):5; (July 12, 1990):1 2003):2 2005):1–6 punitive damages claims, (September MONY demutualization and IPO, (March on state regulation of insurance compa- 1992):1 1999):26–27, 31; (February 10, 2004):1 nies, (July 12, 2005):4 tort costs, (February 26, 2004):3; (March mutual insurance holding companies and, on Steinberg’s management skills, 11, 2004):1–3 (May 1998):19 (December 22, 2003):5; (July 12, tort reform and, (September 1992):1–2; NY State MIHC legislation and, 2005):3 (February 5, 2003):2–3; (February 26, (February 1998):12; (May 1998):19; on “supermarket approach” to selling 2004):3 (March 1999):3 insurance products, (July 12, 2005):5–6 NY State MIHC public hearings testimo- on use of Reliance’s “redundant capital,” Liar’s Poker (Lewis), ny, (February 1998):14–18 (July 12, 2005):4–6 (May 1998):19 NY State’s flex-rating law, (May 1998):19 on ownership of mutuals, (February Lewis, Herschell Gordon Libby, Doug 1998):14–16 AIG advertising, (March 14, 2005):1–2 biography, (October 1994):8 on Principal Mutual MIHC plan, Direct Mail Copy That Sells!, (March 14, Schiff’s interview of, (October 1994):8 (February 1998):21 2005):1 rate cut opposition, (May 1998):19 film career, (March 14, 2005):1 Liberty Mutual Defense Fund Schiff’s letter on MONY subscription marketing strategy, (March 14, 2005):1–2 Liberty Mutual Insurance Company and, rights, (March 1999):26–27 (June 28, 2001):1–2 Schiff’s opinion of, (February 10, 2004):1 Lewis, Michael Schiff’s letter to Kelly, (June 28, Schiff’s request for photograph of, Liar’s Poker, (May 1998):19 2001):1–2 Moneyball, (September 25, 2003):1; (February 1998):21 Liberty Mutual Fire Insurance on subscription rights, (February (December 22, 2004):1 Company. 1998):15–16 Lewis, Peter See Liberty Mutual Insurance Company Levin, Stephen E. See also Progressive Liberty Mutual Insurance Provident Mutual MIHC conversion plan on commissions, (November 22, 1994):11 ruling, (March 1999):3; (November 15, on meeting customer expectations, (June Company 1999):2; (October 17, 2002):1; 1991):4 CS First Boston’s fairness opinion on (December 9, 2004):2 on Progressive’s auto insurance business, MIHC conversion, (March 28, 2001):3

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 disclosures to policyholders, (March 28, Life Insurance Council of New moratorium on loans and surrender val- 2001):1–3 York ues, (March 1991):3, 5; (September information statements, (March 28, Shouvlin’s lobbying of Grannis on behalf 1991):6; (December 1992):9; (March 2001):2–3 of, (February 12, 2002):4 1999):6; (November 22, 2002):5 Liberty Mutual Defense Fund takeover mortgage investments by, (March 1991):1; offer, (June 28, 2001):1–2 life insurance industry (November 1995):3 logo, (January 1995):8 See also mutual insurance; mutual insur- mortgage-related securities investments long-haul truck insurance, (April 1997):3 ance holding companies; National by, (January 1995):4 MIHC conversion plan, (March 28, Association of Life Underwriters NAIC Life Insurance Policy Illustration 2001):1–3; (October 8, 2001):1 (NALU) Model Regulation, (February 15, policyholder surplus, (June 28, 2001):1 accounting methods in 1968, (March 30, 2005):6 premiums written, (June 28, 2001):1 2005):3 number of companies in 1991, (March ratings, (September 10, 2004):2 actuaries’ aggressive behavior, (December 1991):5 Schiff’s fairness opinion on MIHC con- 1991):2 Probe newsletter, (June 1991):8 version, (March 28, 2001):2–3 The American Life Convention: A Study public relations pamphlet, 1933, (March in the History of Life Insurance 1999):6; (November 22, 2002):5 licensing (Buley), (June 16, 2004):1 ratings, (March 1991):7 brokerage, (August 1999):16 Armstrong investigation of, (February real estate investment results, 1991, (June Liddy, Edward 1998):12–14; (June 16, 2004):1–3; 1992):2 (February 15, 2005):6 real estate investments by, (March on Allstate’s core competencies, Best’s ratings of, (August 1994):2 1991):6; (September 1991):2; (December 1999):4 bond market losses, compared to proper- (November 1995):3 on Allstate’s growth plans, (October 30, ty/casualty industry, (June 1994):1 reserves, (March 1996):3 2001):2 Corcoran on need for new capital, resurgence ability, (July 1996):2 Liddy, Richard (September 1991):7 runs and, (December 1992):9 on General American Life funding agree- Corcoran’s views on, (September 1991):7 scandals, (November 1995):3 ments and failure, (December corporate jets and airplanes, (Autumn in South Korea, (August 1999):31 1999):8–9; (September 10, 2004):2 1993):6t; (July 11, 2005):1 state guaranty funds compared to bank on General American Life growth plans, cost of capital compared to investment deposit insurance, (March 1991):6 (November 2, 2001):2 returns, (March 1996):4 state guaranty funds compared to deposit Reinsurance Group of America and, criticism of, (March 1991):5 insurance, (September 1991):3 (December 1999):9; (November 2, demographics and, (March 1996):3 state regulation of, (March 1999):7; 2001):2 deregulation of, (September 1991):2 (November 22, 2002):6 derivatives use, (January 1995):4 voluntary surrenders and runs, life insurance failures between 1929 - 1936, (March (September 1991):2–3 See also annuities; disability insurance 1991):4 during World War II, (August 1999):10–11 in Eastern Europe, (August 1999):3 financial strength of insurers, (August Equitable’s misleading ad, (August 1994):2–3 LifeUSA 1994):2 gay and lesbian concerns about, (April investment portfolio ratings, (April inspirational pap, (August 1994):1 1995):11 1995):9 lapse-supported policies, (February 15, during the Great Depression, (March misleading advertising, (March 1994):2; 2005):1–7 1991):2, 3–4; (September 1991):6; (April 1995):9 level-premium pricing example, (March 1999):6; (November 22, Lincoln, Abraham (February 15, 2005):3–5 2002):5 Lincoln National’s museum and, (March leveraged, (November 1995):3 Greenberg on AIG’s entry into, (August 1996):11 low-load direct and agent-sold policies, 1994):2 compared, (February 15, 2005):3–5 Greenberg on lowered ratings of insurers, Lincoln Heritage Life Insurance mortality compared to asset accumula- (August 1994):2 Company tion, (March 1996):3 Grover’s 1879 prophecy on, (September final expense insurance, (March 1999):31 profitability through anticipated lapses of, 1991):5 trademark infringement lawsuit vs. (February 15, 2005):2 history of, (September 1991):4–6 Lincoln Heritage Corp., (March proposed tax law changes, (March 1992):6 Interstate Insurance Product Regulation 1999):31 ratings black-hole effect on, (August Compact, (March 14, 2003):3–5 1999):5; (November 17, 1999):1 investment products of, (March Lincoln Highway (Route 30), sales following stock market crash of 1994):1–2; (November 1995):3 (October 1998):16 1929, (March 1991):2 in Japan, (August 1995):1; (July Schiff’s outlook for, (January 18, 2000):1 1996):1–2; (December 22, 2003):1 Lincoln National Life secondary market growth in, (February junk bond investments, (March 1991):6 Lincoln memorabilia and museum, 15, 2005):3 Lennon on rapid changes in 1980s, (March 1996):11 Tedoldi on value of, (August 1994):1 (September 1991):2–3 logo, (January 1995):7 leveraged investments by, (January Standard & Poor’s on derivatives use by, Life Insurance: A Consumer’s Guide 1995):4 (January 1995):4 (Belth) Massachusetts laws on uncollateralized Lincoln National Reassurance on company names, (March 1999):4; loans, (July 18, 2003):6; (September core competencies and, (April 1997):3 (November 22, 2002):3 25, 2003):9 misleading practices in, (March 1994):1–2 Linde, Edward

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 John Hancock board of directors and, Brockbank Group Managing Agency and, stock repurchases by, (May 22, 2001):2 (October 23, 2003):3; (November 7, (March 1996):5 Tisch’s stock options, (May 22, 2001):2 2003):3 Buffett on competition with, (November valuation, (December 1992):7 John Hancock stock purchases, (July 18, 1995):11 2003):3; (September 25, 2003):6 Cooper’s boxing championship belts and, logos and corporate symbols, (Autumn 1993):11 (January 1995):6–9; (March 1999):5–6; Lindner, Carl, III downsizing by, (March 1993):1 (November 22, 2002):4–5; (March 21, See also American Financial Equitas name, (March 1999):4; 2005):1–2 American Financial’s ice cream purchas- (November 22, 2002):3 See also advertising; specific companies es, (August 1999):31 Green’s offshore reinsurer, (October long-tail insurance ISO conversion, opposition to, (April 1994):3 environmental liability insurance, 1997):4 history, (December 1993):3–4; (October (Autumn 1993):4 1994):2–3 Ling, James industry shift to casualty insurance, H.M.S. Lutine’s bell and, (December LTV and “Project Redeployment,” (March 1991):5–6 1993):3 (October 25, 1999):3 loss-reserves-to-surplus ratios and, (March losses, (October 1994):2 1993):4 Lutine Capital Corporation and, Lipp, Robert pricing and reserve difficulties, (March (December 1993):3–4 Steinberg’s attempt to acquire Chemical 1991):5–6 Bank and, (May 1998):5 merchandise, (October 1994):2 Methuen Managing Agency and, (March long-term care insurance Liss, Samuel 1996):5 premiums, mispricing of, (February 15, E. W. Blanch Holdings analysis, (Autumn Names, number of, (October 1994):2f 2005):1–2 1993):5; (March 2, 2001):1 Names’ gains and losses compared, (October 1994):2–3 Loomis, Carol, Litan, Robert E. Names’ liabilities, (December 1993):8–9; (August 1994):8 on earthquake insurance, (September (October 1994):2–3 1990):2 Lord, Bissell & Brook Names’ trust funds intermingling, Insurer Insolvency and Earthquake on mutual policyholder ownership issues, (August 1995):15 Insurance, (September 1992):2 (February 1998):9 Posgate on Bogardus’ lack of sophistica- NY State’s proposed MIHC legislation tion, (October 1994):3 Little, Royal and, (February 1998):12 on balanced budgets, (Spring 1989):2 reserves and surplus, 1982-1992, (October on conglomerates, (July 11, 2005):2 1994):3t Lorillard death of, (Fall 1989):2 Royal Society for Indigent Names, (June valuation of, (December 1992):7 How to Lose $100,000,000 And Other 1993):5f; (August 1995):5f Valuable Advice, (Fall 1989):2–3; (July San Francisco earthquake (1906) pay- Los Angeles, California 11, 2005):2 ments, (October 1994):2 earthquake risk, (March 1994):8; (June Ultimate Risk: The Inside Story of the Lloyd’s 1994):6 Litton Industries Catastrophe (Raphael), (October Schiff’s Route 66 trip to, (June 1990):4; annual reports, (November 2, 2001):1 1994):2–3 (August 1995):13 business overview, (November 2, 2001):1 stock as acquisition currency, (November Lloyd’s of London (film), “The Loss of the Certainty Effect” 2, 2001):1 (October 1994):2 (Stewart and Stewart) claims paid by insurance companies, Unitrin ownership of, (November 2, loans to insurance company officers 2001):1 (June 4, 2002):2; (September 17, by Allied Mutual, (February 1998):4–5 2002):1–4 Lloyd, Annamaria Iowa law prohibiting, (February Principal Mutual MIHC conversion plan 1998):4–5 loss reserves hearings, (March 1999):2–3; (August Massachusetts statues on, (July 18, retros and, (March 1992):1–2 25, 2000):1 2003):6; (September 25, 2003):9 under Tax Reform Act of 1986, (July 1996):13 Lloyd’s of London Loesser, Frank underestimating, (March 1992):2 accounting methods, (October 1994):2–3 MIHC musical, (October 1998):19 Louis, Joe after-tax return on investments, (Fall Loews Corporation 1989):1 on Conn, (November 15, 1999):4 annual report reviews, (June 1993):4 Alexander Howden Group scandals, price to book value, (January 1995):3; Louisiana (October 1994):3 (August 1999):2; (November 15, PAIN (personal auto insurance nastiness) American Names on unlimited liability, 2001):1; (December 31, 2004):2 index, (March 7, 2002):4 (December 1993):8–9 Schiff’s favored undervalued stocks, analysts’ reports advertisement, (October (August 1999):2; (January 18, 2000):2; Louisiana Insurance Guaranty 1994):3f (December 21, 2003):2 Association Anton Members Agency and, (December Schiff’s investment in, (January 1995):3; Brown’s warning to lawyers, (Autumn 1993):3–4 (August 1999):2; (January 18, 2000):2; 1993):11 asbestos and pollution liabilities, (December 21, 2003):2; (December 31, financial condition, (Autumn 1993):11 (October 1994):3 2004):2 Bermuda-based competition, (December Louis Weiss & Associates S&P Multiline Insurance Index and, 1993):4 Underwriters Financial Group and, (October 1998):19

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 (August 1995):5–6 IPO, (December 1993):4–5 Malis, Ira Lloyd’s membership, (December 1993):4 on industry surplus after catastrophic Lowe, Janet syndicate structure, (December 1993):4–5 losses, (December 1993):2 Benjamin Graham on Value Investing, on investors’ desire for insurance stocks, Lynch, Peter (December 22, 2003):2 (December 1993):2 Damn Right!, (July 7, 2004):1–2 advice to average investors, (January 25, 2002):1 Malkiel, Burton LTV Fidelity Mutual Funds advertising, A Random Walk Down Wall Street, (July 11, Ling’s “Project Redeployment,” (October (November 15, 2001):2 2005):2 25, 1999):3 One Up on Wall Street, (January 25, 2002):1 M&A (mergers and acquisitions) Luce, Henry on prices of homes, (November 15, 2001):2 See also conglomerates on the “American century,” (January 9, on recessions, (November 15, 2001):2 Bialkin on Congress’ role to test new 2004):1 ideas, (July 12, 2005):6 Ludrof, Jeffrey Lynn, James cartoons, (July 12, 2005):1 Aetna’s mission statement, (November 2, on Erie Insurance Exchange’s philosophy, conglomerates and synergy, (October 2001):2 (August 1995):8 1998):4; (April 5, 2001):3; (July 11, 2005):2–3 on Erie’s customer service, (August Lyons, David 1995):10 disadvantages of, (December 31, 2004):1 See also Iowa Insurance Department Dominick on dangers of takeovers by Lumbermens Mutual Casualty on Allied’s pooling-administration industry outsiders, (July 12, 2005):6 changes, (February 1998):6 Company by high-multiple companies, (July 14, See also Kemper Corporation; Mathis, 2005):3–5 David ~M~ hostile takeovers, (April 5, 2001):1–2 annual statements, (March 28, 2003):1 industry consolidation through, (March Berkshire Hathaway and, (January 9, M. Rohr’s Fine Teas & Coffees, 1991):6 2003):2 (October 1997):23 in the insurance industry, (July 11, 2005):3 board of directors, (December 31, 2002):2 Mabee, John financial condition, (December 31, John Hancock’s anti-takeover provision, Golden Eagle Insurance Company and, 2002):1–3; (January 9, 2003):1–3; (July 18, 2003):2–4; (September 25, (April 1997):12 (January 13, 2003):1; (March 28, 2003):5–7 2003):1 MacKechnie, Ian Levitt on cost savings as result of, (July Kemper Corporation ownership by, (June Amscot Auto Insurance plea agreement, 12, 2005):2–3 15, 2001):1–2 (August 1999):29 Levitt on synergy, (July 12, 2005):5 Kemper Reinsurance Company capital MIHC conversions and, (May 1998):6 infusion from, (June 15, 2001):2 Macknet, Theodore, Netter’s capital redundancy theories and, MIHC legislation, (December 31, 2002):2 (September 1991):5 (December 22, 2003):4–5; (March 30, National Indemnity policy endorsements, See also Mutual Benefit Life Insurance 2005):3; (July 11, 2005):2 (December 31, 2002):2–3 Company paradox of insurance companies as National Loss Control Service Corp. takeover targets despite low profits, stock, (June 15, 2001):1–2 MacNaughton, Donald (July 12, 2005):4–5 policyholder concerns, (June 15, 2001):2 Prudential-IBM conflict of interest, (May in the reinsurance industry, (April ratings, (December 31, 2002):1; (January 1998):8–9 1997):2–3 9, 2003):1–3 Macy’s Roberts on advantages/disadvanatages of takeovers by industry outsiders, (July risk factors, (March 28, 2003):1–2 bankruptcy, (March 1992):2 14, 2005):2 sale of assets, (March 28, 2003):1 Zurich Insurance Company and, (March securities as currency for, (March 1992):2; Smith’s retirement, (December 31, 1992):2 2002):1–3 (February 1998):18; (June 1, 2000):1; stock swap transactions, (June 15, Madison Square Garden (September 2000):2; (April 5, 2001):1; 2001):1–2; (December 31, 2002):2 on site of Pennsylvania Station, (December 22, 2003):5; (July 11, surplus notes, (December 31, 2002):1–3; (December 1991):7 2005):2; (July 12, 2005):3–4; (July 14, (January 9, 2003):1t, 2–3; (January 13, 2005):2–4 2003):1; (March 28, 2003):1–2 Mahony, Mark Senate subcommittee hearings on, profit projections by, (February 15, (December 22, 2003):5; (March 30, Lundby, Mary 2005):2 2005):3–4; (July 11, 2005):3; (July 12, Allied Mutual legislation and, (May 2005):1–6; (July 14, 2005):1–5 Maintaining Regulatory Compliance 1998):10 “size matters,” (March 1999):17; (January and Policyholder Confidence through 18, 2000):1; (November 22, 2002):16 Lutine Capital Corporation Innovative Asset & Liability state regulator approvals for, (April 5, Anton Members Agency Ltd. and, Management Strategies for Insurance 2001):2 (December 1993):4–5 Companies (conference), business overview, (December 1993):4 (January 1995):4 M&A (mergers and acquisitions) closed-end mutual fund similarities, activity (December 1993):4 Making Tracks: An American Rail American General-USLife, (April 5, H.M.S. Lutine’s history, (December Odyssey (Pindell), 2001):2 1993):3 (December 1991):8 Cendant-American Bankers, (May

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 1998):5–6 as subsidiary of PMA Re, (November 22, NAIC’s 1931 valuations, (March 1991):2; Connecticut General-INA, (July 7, 2005):2 (June 1994):2 2004):3 Schiff’s opinion on, (March 1992):5–6 Conseco-Greentree Financial, (May Manufacturers Trust Company USF+G’s 1932 net worth, (December 1998):5 Goldman Sachs Trading Corporation and, 1996):9 General Electric-Kemper Re, (June 15, (March 1999):8; (November 22, 2001):2 2002):7 Marshall Islands about, (August 1995):3 GMAC-Integon, (May 1998):5 Manulife The Hartford-Omni Group, (May 1998):5 John Hancock merger, (October 27, Marsh & McLennan Kohlberg Kravis Roberts-American Re, 2003):3 ACE Limited investment, (June 1993):6 (December 1996):2 annual report reviews, (June 1991):4 Leasco Data Processing-Reliance Marcon, Fred Bermuda reinsurance deals, (November Insurance Company, (March 1992):2; See also ISO (Insurance Services Office) 15, 2001):3 (October 25, 1999):3; (May 31, 2000):2; compensation, (April 1997):6–7 board of directors response to Spitzer’s (June 1, 2000):1; (December 22, on ISO’s conversion, (April 1997):4 lawsuit, (October 22, 2004):2 2003):5; (July 11, 2005):1–3; (July 12, tenure at ISO, (April 1997):6 Clements’ relationship with, (April 2005):1–6; (July 14, 2005):1–5 1997):10–11 St. Paul-USF+G, (May 1998):2; (January marine insurance contingent commissions, (December 31, 18, 2000):1 Greenberg on strengthening in, (June 2004):1 Towers Financial-United Diversified 1992):6 debt, (December 31, 2004):1–2 Corp., (March 1993):8 history of, (December 1992):4 earnings, (Fall 1989):1 Towers Financial-United Fire Insurance Marino, Albert J. firm size rankings and, (Fall 1989):2 Co., (March 1993):8–9 See also Reliance National Greenberg’s (Jeffrey) compensation, (July Travelers-Citicorp, (May 1998):5 on Sable Insurance Company’s minority 1996):12 Zurich-Kemper Corp., (June 15, 2001):2 status, (December 1996):4 Guy Carpenter and, (April 1997):10 “managed” ratings. on Sable Insurance Company’s ratings, InsWeb and, (March 1999):28 See A. M. Best (December 1996):4 map of company relationships with, (April 1997):11f Manchester, William Markel, Steve market cap, (October 15, 2004):1; on “social Darwinism,” (September on Markel Corp. stock, (May 1998):5 (December 31, 2004):1 1992):8 on stock market, (May 1998):4–5 Mid Ocean Reinsurance and, (Autumn 1993):3; (December 31, 2001):2 Markel Corporation Mandel, Henry Placement Service Agreements, bond offering, (April 1997):2 bankruptcy of, (March 1991):3 (December 31, 2004):1 employee full-recourse loans, (May Putnam Investments acquisition by, Mandel, Stanley. 1998):5 (August 1995):15 See Arista Insurance Company investment objectives of, (May 1998):4–5 Putnam mutual funds and, (December opposition to PMA Capital Insurance Mang, Paul 1996):2 Company’s proposed unstacking, auto insurance pricing models, ratings, (December 31, 2004):1–2 (November 22, 2005):4–5 (December 22, 2004):3–6 Risk Capital Reinsurance Company and, purchase of Avemco shares, (December (December 31, 2001):2 1996):7 Manhattan Life Insurance Schiff’s investment in, (October 22, secondary stock offering, (January 31, Company 2004):2 2001):2; (February 16, 2001):3 logo, (January 1995):9 Spitzer’s lawsuit, (October 15, 2004):1–2; secondary stock offerings, (March 28, (October 22, 2004):1–2; (December 9, 2003):2 Manley, Marshall 2004):1; (December 31, 2004):2–3 See also AmBase marketing. staff reductions by, (December 9, 2004):3 compensation, (November 22, 1994):4 See advertising stock options granted, (December 31, Mann, Ronald K. 2004):1 Markowitz, Paul American Eco Corp. and, (August stock price, (October 15, 2004):1–2 1999):23, 27 letter to Schiff’s, (March 1993):11 stock repurchases by, (December 31, Caldera and, (August 1999):23, 27 2004):1–2 mark-to-market valuations Trident Partnership’s Travelers/Aetna Manton, Edwin CNA’s 1981 net worth, (March 1991):1; investment, (July 1996):12 C. V. Starr & Co. and, (March 30, 2005):2 (June 1994):2 Corcoran’s views on, (September 1991):7 Marsh & McLennan Risk Capital Manufacturers Alliance Indemnity during the Great Depression, (March Greenberg (Jeffrey) and, (April 1997):10 Company 1991):2; (June 1994):2; (December Risk Capital Reinsurance Company and, See also PMA Capital Corporation 1996):9 (April 1997):10–11 The Home’s 1932 net worth, (March as subsidiary of PMA Re, (November 22, Marston, Roland 2005):2 1991):2; (June 1994):2 industry surplus and, (March 1991):1; See also State Farm Insurance Manufacturers Alliance Insurance (June 1994):2 Rust’s selection at State Farm, (August Company Mutual Benefit’s net worth and, (March 1994):9 See also PMA Capital Corporation 1992):5–6 Martin, Brian (Bryan)

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 See also Reliance Group 1999):13; (November 22, 2002):16 MBL Life comments on Reliance’s competition on uncollateralized loans to individuals, assets and liabilities “hole,” (August strategies, (March 1992):5 (July 18, 2003):6; (September 25, 1995):15 on Reliance’s ratings warning, (June 2003):9 assumption of obligations of Mutual 1993):4 Benefit Life, (August 1995):15 MassMutual Martin, David assets under management, (May 6, McBride, Sean on insurance company logos, (January 2003):2 on tort costs, (March 11, 2004):2 1995):6–9 Chase Manhattan Private Bank presenta- tions and, (March 1999):17; McCarran-Ferguson Act Martin, Richard L. (November 22, 2002):16 cartoons, (September 1991):1 See also Medical Malpractice Insurance Corporate-Owned Life Insurance (COLI) Greenberg’s favor of universal regulation, Association policies, (February 15, 2005):4–5 (June 1991):5 on financial condition of Medical financial strength, (March 1999):13; inadequate state regulation under, (March Malpractice Insurance Association, (November 22, 2002):12 1999):7; (November 22, 2002):6 (March 1993):10–11 IMSA ethical standards and, (March Interstate Insurance Product Regulation Compact conflicts, (March 14, 2003):4 Martin, Stephen 1999):17; (November 22, 2002):16; (May 6, 2003):1–2 passage of, (April 1997):5; (March 14, Provident Mutual MIHC conversion plan MIHC conversions and, (March 1999):3 2003):1 hearings, (May 1998):15–17; (June 28, misleading advertising, (March 1999):13; 2002):2 McCarthy, Daniel (August 1999):13; (November 22, fairness opinion on Provident Mutual Martino, Gregory 2002):12; (May 6, 2003):1–2 sponsored demutualization, (June 28, ratings, (May 6, 2003):1–2 Provident Mutual MIHC conversion plan 2002):3 hearings, (May 1998):15–17; (March “vanishing premiums” rule violation by, 1999):3; (June 28, 2002):2 (March 1999):17; (November 22, McCarthy, Eugene 2002):16 on war and national defense, (February Martin v. Pacific Lumber Company 1998):9 Kellogg’s deposition for, (November 22, Matfus, Burton 1994):6–8 BRI Coverage and, (August 1995):3 McCartney, William Kwajalein Island “guarantees” and, Normandy America and, (August 1995):2 Mascotte, John (August 1995):3 See also Continental Corporation suicide of, (August 1995):6 McConnell, Randy compensation, (June 1991):3 on General American Life’s failure, letters to shareholders, (June 1991):2–3; Mathis, David (December 1999):9 (October 30, 2001):2 See also Kemper Corporation ISO conversion, opposition to, (April McFerson, Dimon Mason, Paul 1997):4 Allied-Nationwide public hearings, See also Insurance Marketplace Standards Kemper Corporation affiliation, (June 15, (March 1999):20, 22 Association (IMSA) 2001):2 Schiff’s letter regarding MassMutual’s Lumbermens Mutual affiliation, (June 15, McGarity, Neil advertising, (August 1999):13 2001):1–2 on GE’s “backing” of ERC, (March Smith’s planned succession of, 1999):11–12; (November 22, 2002):1, Massachusetts (December 31, 2002):1 10–11 general obligation bond ratings, (December 1991):6 Mathis, David B. McHale, Judith public records law, (September 2000):10; on Fitch Ratings downgrade of Kemper, John Hancock board of directors connec- (July 16, 2003):5–6 (January 13, 2003):1 tions, (November 7, 2003):3 Massachusetts Insurance Matson, Robert M. S. McIntyre, Scott, Jr. Department letter to Schiff’s, (September 24, 2001):4 See also United Fire & Casualty annual statement copies from, compensation, (May 1998):2 (September 2000):10; (July 16, Matthews, Edward on insurance companies’ core competen- 2003):5–6 AIG board of directors, (April 7, 2003):3 cies, (April 1997):3 letter to shareholders, (May 1998):1–2 on executive compensation from demutu- Maxxam, Inc. alization, (July 18, 2003):4–5; on UF&C’s employees, (May 1998):2 Pacific Lumber Company and, (September 25, 2003):7–8; (October UF&C stock owned by, (May 1998):2 (November 22, 1994):6 27, 2003):3 on USF+G’s acquisition, (May 1998):2 John Hancock demutualization plan, Mayewski, Larry McKenna, Frank (November 15, 1999):1; (July 18, on Best’s definition changes, (December driver behavior studies, (September 9, 2003):2–3; (September 25, 2003):5–6 1996):3 2005):5 Liberty Mutual MIHC conversion plan, (March 28, 2001):1–2; (October 8, MBIA Insurance Corporation McKinsey & Company 2001):1 Allegheny Health losses, (August auto insurance pricing models, MIHC legislation, (October 1998):19; 1999):31 (December 22, 2004):3–6 (March 1999):3 business overview, (August 1999):31 Schiff’s letter regarding MassMutual’s track record, (August 1999):31 McNiff, Brian advertising, (March 1999):17; (August on Massachusetts’ public records law,

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 (September 2000):10; (July 16, 2003):6 Melconian, Linda J. advertising, (October 1994):1; (August support of MIHC concept, (October 1999):10–11 McWeeny, Patricia 1998):19 annual reports, (February 1998):20 See also Standard & Poor’s annual report’s changing addressees, on hedging, (January 1995):4 Mellon, Andrew (February 1998):20 advice to Hoover, (September 1992):8 Mecherle, George auto insurance pricing models, tax cuts, 1929, (March 1991):2 (December 22, 2004):6 See also State Farm Insurance board of directors (See also Kamen, Harry) biography, (August 1994):7–10 Melone, Joseph, Barnette, Curtis, (February 1998):10–11 The Farmer From Merna (Schriftgiesser), (December 1992):9 Cooney, Joan Ganz, (February (August 1994):7–10 See also The Equitable Companies 1998):10–11 Mecherle, Ramond, Mencer, David Dole, Burton, (February 1998):10–11 (August 1994):8 See also Ohio Casualty Houghton, James, (February 1998):10–11 See also State Farm Insurance on Ohio Casualty’s financial condition, insiders as, (August 1999):12f (Winter 1990):3 Leighton, Charles, (February 1998):10–11 media Murray, Allen, (February 1998):10–11 Allied Mutual story coverage by, (March Mendelson, Robert Price, Hugh, (February 1998):10–11 1999):19 on John Hancock demutualization plan, Simmons, Ruth, (February 1998):11 Enron coverage by, (January 25, 2002):1 (November 15, 1999):3 constituents, (February 1998):19 mutual policyholder advocacy by, (March creditors, (February 1998):19 1999):2–3 Mercer Insurance Group demutualization, (March 1999):3; (August press mentions of “demutualization,” demutualization, (July 7, 2004):1 1999):12 (August 1999):29f; (December 31, Franklin Mutual attempted acquisition General American Life acquisition by, 2004):3 of, (July 7, 2004):1 (September 2, 1999):1–2 press mentions of “Hilton,” (December IPO, (July 7, 2004):1 Immigrant Service and Citizen Bureau, 31, 2004):3 stock repurchase by, (July 7, 2004):1 (August 1999):10 press mentions of “Spitzer,” (December subscription rights, (July 7, 2004):1 IPO, (September 2000):8 31, 2004):3 Merchants Fire Assurance Kamen’s compensation, (February press mentions of “stock,” “market,” USF&G acquisition of, (December 1998):11f, 26 “bubble,” (April 5, 2001):2 1996):10 Kamen’s MIHC public hearings testimo- Sternberg interviews by, (December 9, ny, (February 1998):8–11, 18–20; 2001):1 Merchants Group (August 1999):12 Towers Financial Corporation and, Schiff’s investment in, (January 1995):3 MIHC conversion failure, (October (March 1993):8 1998):13 mergers and acquisitions. nurses’ retirement savings plan fraud, medical malpractice insurance See M&A (mergers and acquisitions) (March 1994):1 Bramsons’ schemes, (March 1994):1 NY State MIHC legislation proposal and, Buffett on float and, (November 1995):8 Merrill, Fred (February 1998):8–11; (August crisis abatement, (September 1990):1 on financial services holding companies’ 1999):10 Empire Blue Cross and Blue Shield and, marketing efforts, (July 12, 2005):2 parody ads, (October 1994):1; (February (March 1993):10–11 1998):18; (August 1999):10 float produced by, (November 1995):8 Merrill, Robert C. policyholder voting rights, (February misleading practices in, (March 1994):1 letter to Schiff’s, (March 1993):11 1998):8–9 The St. Paul’s 1990 loss reserves in, (June Merrill Lynch RJR Nabisco buyout and, (February 1991):4 Conseco’s downgrade by Spehar, (March 1998):19 Medical Malpractice Insurance 1996):3; (December 19, 2002):1 Schiff’s boycott of MIHC hearings, Association P/E ratios study by, (April 5, 2001):3 (September 2000):7 stock fraud investigation, (June 4, 2002):1 financial condition, (March 1993):10 Social Investment Program contributions, Tandem Financial Group and, (April financial statements, 12/31/1991, (March (February 1998):11 1997):9 1993):11t stock repurchases by, (September 2000):8; funds transfer to Blue Cross and Blue (March 28, 2003):2 Merrill Lynch Insurance Group World War II and, (August 1999):10–11 Shield, (March 1993):10–11 Campanaro and, (April 1997):9 medical product liabilities Tandem Financial Group and, (April The Metropolitan Life: A Study in 1997):9 industry exposure to, (September 17, Business Growth (James), (March 1991):4–5; (October 2002):2 Merriman, Carroll B. 1994):2; (February 1998):12–14, 19; praise for the life insurance industry, Medici, Frank (August 1999):10–11 1937, (March 1991):5 on sponsored demutualizations, (June 28, Metropolitan Life Insurance 2002):3 Methuen Company ACE acquisition of, (March 1996):5 Meier, Norman See also MetLife Columbia Pharmaceutical and, (March MetLife agricultural holdings, (March 1991):5; 1999):31 See also Kamen, Harry; Metropolitan Life (Autumn 1993):11; (March 1999):6; Prestige Casualty and, (March 1999):31 Insurance Company (August 1999):10; (November 11, Universal Heights and, (March 1999):31 Adkins on value of, (August 1999):12 2002):1; (November 22, 2002):5

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 annual report reviews, (June 1992):5 (November 22, 2002):11 Milken, Michael annuity sales, (June 1992):5 See also Drexel Burnham Midas Investing: How You Can Make Armstrong investigations and, (February on AAA-rated bonds, (November 22, 1998):13–14 at Least 20% in the Stock Market 2002):1 corporate headquarters, (July 19, 2004):1 This Year and Every Year on capital and vision, (December 1991):3 Ecker on equity investments by, (Steinberg), (October 1997):4 Carr’s relationship with, (Winter 1990):1; (November 1995):3 (June 1991):6; (December 1991):4–5 Mid Atlantic Insurance Brokers Empire State Building mortgage restruc- on investment grade/junk bonds, bankruptcy of, (July 1996):8 ture, (March 1991):3; (March 1999):6; (December 1991):5 Underwriters Insurance Group and, (July (November 22, 2002):5 junk bond beginnings, (December 1996):8 A Family of Thirty Million, (July 19, 1991):4 2004):1 Mid-Continent Life, State of Millenium Holding Group financial condition, (June 1992):5 Oklahoma v., history, (March 1991):4–5; (Autumn assets, (January 9, 2004):2 (March 1999):16; (November 22, 2002):15 1993):11; (October 1994):2; (July First Continental Life & Accident 1996):1; (February 1998):12–14, 19; Mid-Continent Life Insurance Insurance Company acquisition by, (March 1999):6; (August 1999):10–11; Company (January 9, 2004):1–2 future plans, (January 9, 2004):2 (November 22, 2002):5 Florida Progress and, (March market cap, (January 9, 2004):2 insurance buyers’ flight to quality, (June 1999):15–16; (November 22, revenues, (January 9, 2004):2 1992):5 2002):14–15 stock price, (January 9, 2004):2 loans to senior executives, (February Insurance Forum’s article on, (March 1998):13 1999):15–16; (November 22, Miller, Gary loan to New York Life’s president, 2002):14–15 on Keefe, Bruyette’s opinion on PMA’s (February 1998):13 “level-premium” policies, (March proposed unstacking, (November 22, mutualization of, (February 1998):14 1999):15–16; (November 22, 2005):4 Peter Cooper Village and, (February 2002):14–15 opposition to PMA Capital Insurance 1998):19 misleading advertising, (March Company’s proposed unstacking, real-estate holdings divestiture, (July 1999):15–16; (November 22, (November 22, 2005):4 1996):1 2002):14–15 Stuyvesant Town and, (February 1998):19 Miller, Howard Midland Metzenbaum, Howard BRI Coverage and, (August 1995):3, 6 stock price below book value, (January Kwajalein Island “guarantees” and, on life insurance company downgrades, 18, 2000):2; (December 21, 2003):2 (August 1995):3 (September 1991):3; (October 1994):7 Mid Ocean Reinsurance Miller, Richard M. MGM Grand Hotel Brockbank Group acquisition, (March on 700% rate increases, (March 1991):7 perceptions of risk after fire, (September 1996):5 14, 2001):1 Clements and, (December 31, 2001):1–2 Milliman USA Miami, Florida financial statements, (April 1995):3 fairness opinion on Provident Mutual headquarters and staff, (Autumn 1993):3 sponsored demutualization, (June 28, hurricane damage potential, (Autumn initial public offering, (Autumn 1993):3; 2002):3 1993):8 (December 1993):2 Mills, Ogden Michael, Jonathan J. P. Morgan investment in, (Autumn call for balanced budget, 1932, (March See also RLI Corporation 1993):3 1991):3 stock market optimism, (May 1998):4; lead insurer role, (Autumn 1993):4 (November 11, 2002):2 Marsh & McLennan investment in, Millstein, Ira (Autumn 1993):3 Michigan role in New York MIHC hearings, Northridge earthquake losses, (April (February 1998):16 Ford’s truck plant in Wayne, (September 1995):3 9, 2005):1–2 property catastrophe reinsurance busi- Milne, Stephen no-fault insurance thresholds, (March 7, ness, (Autumn 1993):3 on Erie’s agents, (August 1995):9–10 2002):3 risk diversification, (Autumn 1993):4 shareholders, (Autumn 1993):2t “Michigan Slim” (agent) Minding Mr. Market: Ten Years on on price firming, (August 1999):14–15 Midwestern Indemnity Wall Street With Grant’s Interest logo, (January 1995):8 Michigan State Workers’ Rate Observer (Grant), Compensation Fund Mies van der Rohe, Ludwig (December 1993):10 assets and surpluses, 1984-1991, (March awards received, (July 19, 2004):2 Minnesota Life 1993):4f corporate headquarters, (March 21, financial condition of, (March 1993):6 MIHCs. See mutual insurance holding companies 2005):1 sale of, (March 1993):5 name change to Securian Financial MIC Re MIIX Group Group, (March 21, 2005):1–2 as undervalued troubled company, General Motors and, (March 1999):12; Minnesota Mutual (December 21, 2003):2 (November 22, 2002):11 mutual ownership omitted from web site, misleading advertising, (March 1999):12;

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 (March 7, 2002):4 Montana State Workers’ Moody’s company ratings name change to Minnesota Life, (March Compensation Fund AIG, (February 5, 2003):3 21, 2005):1–2 financial condition of, (March 1993):4–5 Atlantic Mutual, (September 10, 2004):2 Chinese bonds, (December 22, 2003):2 Minnesota State Workers’ Montgomery Securities Chubb Corp. downgrade, (November 9, Compensation Fund Riscorp IPO, (December 1996):2 2001):1 interest-only mortgage-backed securities Conseco Finance and asset-backed secu- Montgomery Ward and, (March 1993):4 rities ratings, (December 9, 2002):2 Wolfson’s proxy fight, (July 11, 2005):3; seizure of, (March 1993):4 Continental Insurance Companies down- (July 14, 2005):4–5 minority-owned insurance compa- grade, (October 30, 2001):3 Employers Re (ERC), (November 22, nies MONY (Mutual of New York) 2002):1–2; (December 9, 2002):1; AAI Syndicate #1, (December 1996):4 See also Roth, Michael (September 10, 2004):3 Sable Insurance Company, (December AXA proposed acquisition of, (February General American Life, (September 2, 1996):4; (August 16, 2000):1 10, 2004):1–3 capital-to-liabilities ratio comparisons, 1999):2; (December 1999):6–9; Mintz, Levin, Cohen, Ferris, (August 1994):2 (September 10, 2004):2 Glovsky and Popeo demutualization, (October 1998):13; The Guardian, (December 1991):2 John Hancock and, (November 7, (March 1999):26–27, 31; (November The Home, (November 22, 1994):1 2003):2, 3t 15, 1999):2–3 Kemper Insurance Companies, (January executive change-of-control agreements, 9, 2003):2–3 Miro, Carlos (February 10, 2004):1–3 Liberty Mutual Insurance Company, Congressional testimony of, (Autumn financial statements, (February 10, (September 10, 2004):2 1993):11 2004):1 Lumbermens Mutual surplus notes, IPO, (March 1999):26–27, 31; (November (December 31, 2002):1; (January 9, Mission Insurance 15, 1999):2–3; (September 2000):8; 2003):2–3; (January 13, 2003):1 AIG’s merger offer and ownership of, (February 10, 2004):2 Marsh & McLennan, (December 31, (April 5, 2001):2 MIHC conversion failure, (October 2004):1–2 insolvency, (June 1990):3 1998):13 MassMutual, (May 6, 2003):1–2 Mulholland’s reserve estimates, (June policyholder subscription rights, (March Mutual Benefit’s ratings and failure, 1990):3 1999):26–27, 31; (November 15, (September 1991):1–2 Mississippi trip by Schiff, 1999):3 PMA Capital Insurance Company, (November 22, 2005):3 (Winter 1990):2 Schiff’s letter on behalf of policyholders, (March 1999):26–27 Reliance Insurance Company, (June 5, Missouri Department of Insurance Schiff’s letter on policyholder subscrip- 2000):1; (June 12, 2000):1; (March 21, General American Life Insurance tion rights, (February 1998):15–16 2002):1 Company seizure by, (December Schiff’s public hearings testimony, (March Mooney, Sean F. 1999):6–9; (November 2, 2001):2; 1999):26; (February 10, 2004):1 on airline/insurance industry similarities, (September 10, 2004):2 stock price below book value, (January (September 1992):2 18, 2000):2; (December 21, 2003):2 biography, (September 1992):1–2 Mitchell Brothers’ Theatre (San stock repurchases by, (September 2000):8; CRISIS and RECOVERY: A Review of Francisco) (February 10, 2004):1 exotic dancers’ worker’s compensation Business Liability Insurance in the 1980s, lawsuit, (June 1994):11 Moody’s (September 1992):1–2 See also Moody’s company ratings; ratings; on effects of tort reform, (September Moloney, Thomas ratings agencies 1992):1–2 John Hancock stock purchases, (July 18, Aaa bond index yield and DJIA, com- on General Liability combined ratios, 2003):3; (September 25, 2003):6 pared, (May 1998):4; (November 11, (June 1994):2 on interest rates, (June 1994):2 Molson Companies 2002):2 on affiliates’ financial backing by parent on liability crisis of the 1980s, Cohen and, (April 7, 2003):2 companies, (March 1999):9; (September 1992):1 Coral Re and, (April 7, 2003):2 (November 22, 2002):8 Schiff’s interview of, (September 1992):2 Moneyball (Lewis) asset-backed securities ratings and More Debits Than Credits (Briloff), Conseco Finance, (December 9, on compensation, (September 25, 2003):1 (June 1992):4; (December 19, 2002):1 on data analysis, (December 22, 2004):1 2002):2 Best’s ratings definitions, compared, Morgan, C. Fred money market funds (November 17, 1999):2t on Allied Group’s Coordinating funding agreements and, (December capital-to-liabilities ratio comparisons, Committee, (May 1998):9 1999):6–8 (August 1994):2 Allied Group shares owned, 3/31/1997, corporate bonds default rates study, Money of the Mind (Grant), (May 1998):9t (November 17, 1999):1 Nationwide takeover approval, (March (September 1992):6; (December 1993):10; insightful ratings given by, (October 1999):19 (October 1998):4 1994):5; (January 1995):3 Monk, Cynthia on real estate investments, (November Morgan, J. P. See also J. P. Morgan on NY State Workers’ Compensation 1995):2 on character as basis of commercial credit, Fund, (September 1992):6 Standard & Poor’s ratings definitions, compared, (November 17, 1999):2t (December 1991):3

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 on stock market fluctuations, (December on Risk Capital Re’s insurance business, Damn Right! (Lowe), (July 7, 2004):1–2 1996):7; (January 31, 2001):1 (April 1997):11 demeanor, (July 7, 2004):1–2 on Zurich Reinsurance Centre Holdings’ on excess capacity, (November 1995):9 Morgan, Robert casualty strategy, (Autumn 1993):2 on Laffer, (July 7, 2004):2 on Cincinnati Financial’s uniqueness and Pi story, (July 7, 2004):2 success, (June 1994):9 Moseley, Jack on reinsurance business, (Spring 1989):2 See also USF+G Morgan Stanley UC Santa Barbara commencement annual reports to shareholders, (June address, (July 7, 2004):2 conflicts of interest, (November 15, 1990):2–3; (December 1996):12 on workers’ compensation insurance, 1999):1–4; (May 20, 2003):2; (July 18, USF+G diversification by, (December (July 7, 2004):2 2003):2; (September 25, 2003):5; 1996):11–12 (October 23, 2003):1 Munich Re on downstream stock subsidiaries, Moses, Robert American Re acquisition by, (December (February 1998):3 Stuyvesant Town and, (February 1998):19 1996):2 fairness opinion on John Hancock demu- Mosler, John TIG Re’s hiring away employees of, tualization, (May 20, 2003):2 (December 1996):2 fairness opinion on Provident Mutual Greenberg and, (April 9, 2004):1 sponsored demutualization, (June 28, Motors Insurance Company Munich Reinsurance Company 2002):3 Coral Reinsurance Company and, (March GMAC Insurance Group and, (March fairness opinions on John Hancock demu- 1996):6 1999):12; (November 22, 2002):11 tualization, (November 15, 1999):1–4 MIC Re and, (March 1999):12; institutional investor preference over pol- Municipal Bond Insurance (November 22, 2002):11 icyholders in IPOs, (November 15, Association. 1999):3; (May 20, 2003):1–2; (July 18, “Mr. Big” (of A. M. Best) See MBIA Insurance Corporation 2003):2–4; (September 25, 2003):5–7; on Frontier’s ratings downgrades, (March Murphy, James (October 23, 2003):1–2 21, 2002):2 on Montana Workers’ Compensation John Hancock demutualization and IPO, on Reliance’s bond default risk, (March Fund, (March 1993):4–5 (May 20, 2003):2; (July 18, 2003):2–7; 21, 2002):1–2 (September 25, 2003):5–10; (October on Reliance’s policyholders’ solvency, Murray, Allen 23, 2003):1–3 (March 21, 2002):2 on MetLife board of directors, (February John Hancock IPO managed by, 1998):10–11 (November 15, 1999):1 Mr. Pig’s Fire & Casualty John Hancock valuation memorandum, Insurance Company Museum of Natural History. (July 18, 2003):3–7; (September 25, premium-to-surplus ratio example, See American Museum of Natural 2003):6–10; (October 23, 2003):2–3; (November 1995):3 History (October 27, 2003):1–2 junk bonds for Conseco’s leveraged buy- Muhl, Edward J. music outs, (August 1994):2 on catastrophe-related computer models, American Life and Casualty opera (Schiff), Provident Mutual MIHC conversion plan (November 1995):15 (August 1995):15 hearings, (May 1998):14–17; “American Pie” (McLean), (October Mulderig, Francis 1998):15–16 (November 15, 1999):1–2 C. V. Starr & Co. and, (March 30, 2005):2 “Twilight of the Traditional Mutuals” Beatles and Decca Records, (Summer (Blumenstein and Zimmerman), Mulholland, Michael 1989):2 Biederbecke’s home town, (October (February 1998):3 See also Mission Insurance 1998):14 on insurance reserve estimates, (June Big Bopper, (October 1998):16 Morgan Stanley Life Insurance 1990):3 Peer Group performance, The Blues, search for, (Winter 1990):2 (October 27, 2003):3f Mullinville, Kansas, “Dallas” (Gilmore), (August 1999):20 (June 1993):10 Dylan’s lyrics, (December 9, 2004):1 Morrison, David Guthrie’s lyrics, (February 1998):8; mutual policyholder advocacy by, (March Mulroy, Richard (October 17, 2002):1 1999):2–3 MONY’s demutualization and IPO, Hell, Richard, (March 1999):1 (March 1999):26 Holly, Buddy, (October 1998):16 mortality rates Lehrer’s lyrics, (October 1997):1 cost-of-insurance rates and, (February 15, Multi-Line Insurance Rating Loesser’s MIHC musical, (October 2005):4 Bureau, 1998):19 Unismoker Select & Ultimate Table (April 1997):5 punk rock, (March 1999):1 (1975-1980), (February 15, 2005):4 See also ISO (Insurance Services Office) railroad songs, (December 1991):8 Mosca, Mark Mumford, Lewis Television (band), (March 1999):1 See also Risk Capital Reinsurance on Stuyvesant Town’s architecture, “The City of New Orleans” (Guthrie), Company; Zurich Reinsurance Centre (February 1998):19 (December 1991):8 Holdings Valens, Richie, (October 1998):16 Munger, Charles background, (April 1997):11 Musser, Steve illustration, (April 1997):10 See also Berkshire Hathaway; Wesco on World Trade Center losses, on property and casualty reinsurance Financial Corporation (September 14, 2001):1 business, (Autumn 1993):2 Buffett on, (July 7, 2004):1–2

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 Mutual Assurance Company of the Berkshire Hathaway comparison to, policyholders, number of, (February City of New York (August 1995):2 1998):8 See also Green Tree Mutual Calvert Group New Africa Fund, (August rules for nomination to boards of direc- Hamilton’s founding of, (December 1995):1 tors, (February 1998):9 1992):3 Enterprise Fund, (June 1991):6; Schiff’s on value of, (October 1997):20 logo, (January 1995):7 (December 1991):4 stock companies, compared, (March Equitable Prime Property Fund, 1999):3 Mutual Assurance Society Against (December 1992):8–10 stock options and, (October 1997):6 Fire on Buildings in Virginia Fidelity Select Insurance Fund, “Twilight of the Traditional Mutuals” Marshall’s founding of, (December (November 1995):2; (May 5, 2001):1 (Blumenstein and Zimmerman), 1992):3 Global Value Fund, (June 1994):8 (February 1998):3 JanCap Growth Fund, (September 24, Mutual Benefit Life Insurance 2001):2 mutual insurance companies Company Lutine Capital Corporation similarities to, assets of, (February 1998):8 See also Palmieri, Victor (December 1993):4 Belth’s definition, (August 22, 2003):1 Best’s ratings and failure of, (Autumn New Africa Fund, (August 1995):1 mutual insurance holding companies, 1993):7 New York Venture Fund, (June 1994):7 compared, (February 1998):10f denial of financial problems, (September Putnam Funds, (December 1996):2; National Association of Mutual Insurance 1991):1; (March 1999):6–7; (November (October 15, 2004):1 Companies, (May 1998):11; (March 13, 22, 2002):5–6 State Farm Insurance, (March 21, 2001):1 deregulation’s role in failure of, 2001):2–3 policyholder surplus, (October 1997):20 (September 1991):2–3 Vanguard Funds, (March 21, 2001):3 Shinn on insurance “at cost” by, failure of, (September 1991):1–6; Venture Advisors Global Value Fund, (February 1998):9 (September 3, 2002):1 (June 1994):8 mutual insurance holding companies financial statements, compared with See also AmerUs; demutualizations; down- Guardian, (September 1991):2f mutual funds stream stock subsidiaries; holding investment strategies, (September See also investing; variable annuities companies; Principal Financial Group; 1991):4–6; (March 1993):6 index, (December 1996):7 Provident Mutual Life Insurance LBO investments, (September 1991):6 insurance stocks comparison, (August acquisitions by, (May 1998):2–3 mark-to-market valuations, (March 1995):1–2; (March 1996):2; (September Bissonette’s lecture on, (October 1998):11 1992):5–6 10, 2004):1 capitulating mutuals, (October MBL Life and, (August 1995):15 money market funding agreements, 1998):12–13; (March 3, 2000):1; negative net worth, (March 1992):5 (December 1999):6–8 (August 25, 2000):1; (October 26, New Jersey improper-payments lawsuit, no-load funds and annuities compared, 2005):2 (March 1992):6 (March 1994):4 corporate governance, (February Palmieri’s comments on solvency of, number of, (May 1998):2 1998):8–11; (August 16, 2005):2 (March 1992):5 sector fund comparisons, (January 1995):3 demutualizations compared, (February policyholder cash values frozen, (March Spitzer’s lawsuit of, (October 15, 2004):1 1998):25–26; (May 1998):12t; (October 1992):5 total investments in, (May 1998):2 26, 2005):1–2 products and regulation, (March 1999):7; mutual insurance destruction of mutual insurance concept, (November 22, 2002):6 See also demutualizations; policyholders (March 1999):3 rating services’ role in failure of, advantages of, (October 1997):6 Grant’s Interest Rate Observer on, (May (September 1991):1–2 American companies, number of, 1998):2–3 real estate investments, (September (February 1998):4 history, (March 14, 2003):2–3; (October 1991):6; (March 1992):5–6 “at cost” insurance provided by, 26, 2005):1–2 reorganization plan, (March 1993):6 (February 1998):9 Illinois legislation on, (June 15, 2001):1 Schiff’s blame for Mutual Benefit’s failure, capital-raising strategies, (October 1997):6 information statements by, (February (March 1993):6 cooperative structure of, (February 1998):20; (March 1999):3; (March 28, seizure by New Jersey insurance regula- 1998):7, 8 2001):3 tors, (September 1991):1 defined, (March 1999):14; (November 22, Iowa Insurance Department inception, Since 1845: a History of The Mutual Benefit 2002):13 (March 14, 2003):2–3 Life Insurance Company (Stone), management insulation, (February Loesser’s musical, (October 1998):19 (September 1991):4–6 1998):16–17 management insulation, (February solvency of, (September 1991):4; (March Mutual of Omaha’s demutualization and 1998):16–17 1992):5 “mutual” name, (March 1999):14; Massachusetts legislation, (October Mutual Benefit Overseas (August 1999):17; (November 22, 1998):19; (March 1999):3 commercial mortgage portfolio, 2002):13 Melconian’s support of, (October 1998):19 (September 1992):4–5 “The Mutuals are Coming” (CSFB), membership interests in, (February mortgage-backed bonds, (March 1992):6 (February 1998):3; (May 1998):11 1998):8, 19; (March 1999):3; (June 28, valuation reserve, compared with The net worth of mutual insurance industry, 2001):2 Equitable, (September 1992):4 (February 1998):8 mutual insurance companies, compared, ownership issues, (February 1998):9–10, (February 1998):10f mutual fund companies 14–16; (May 1998):11; (July 18, New Jersey prohibition of, (March American Skandia’s variable annuities, 2003):4; (August 22, 2003):1–2; 1999):3 (September 24, 2001):2 (September 25, 2003):7 New York State proposed legislation,

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 (October 1997):20; (February corporate governance by, (February NALU. 1998):8–20; (May 1998):18–19; (March 1998):8–11 See National Association of Life 1999):3 demutualization and, (October 1997):6, Underwriters (NALU) officers/directors’ benefits, (October 20; (February 1998):3, 7; (September 1997):7, 8, 15 2000):7–8; (December 9, 2001):1 Narcisse, Jonathan officers/directors’ conflicts of interest, disclosure to, (February 1998):8, 20; Schiff’s Des Moines radio interview with, (February 1998):7–11 (March 1999):3; (November 15, (February 1998):22 Pennsylvania Insurance Department pub- 1999):2; (September 2000):7–8; (March NASDAQ lic hearings on, (May 1998):14–17 28, 2001):3; (June 28, 2002):3; (October independent director rule reforms, (June policyholder approvals required for con- 17, 2002):1; (July 18, 2003):1–7; 23, 2003):2 version to, (February 1998):16–18; (September 25, 2003):4–10 (October 26, 2005):2 Illinois’ MIHC legislation, (June 15, NASD (National Association of policyholders’ rights and assets, 2001):1 Securities Dealers) (February 1998):7–11 Liberty Mutual Defense Fund, (June 28, “blue-ribbon” panel on audit committees, Provident Mutual Life Insurance conver- 2001):1–2 (August 16, 2002):3; (April 7, 2003):2 sion plan, (May 1998):14–17 mutual insurance companies’ surplus and, Zarb and, (August 16, 2002):3 revolution in, (May 1989):12–20; (March (October 1997):20 1999):1–3; (October 26, 2005):2 ownership issues, (February 1998):9–10, The Nation Schiff’s outrage over, (February 1998):20; 14–16; (May 1998):10–11; (July 18, criticism of the life insurance industry, (March 1999):2; (August 1999):12; 2003):4; (August 22, 2003):1–2; (March 1991):5 (October 26, 2005):2 (September 25, 2003):7 Schiff’s “Why We Hate Mutual Insurance public hearings’ role in conversions, (June National Alliance for Insurance Holding Companies,” (February 28, 2002):1 Education & Research 1998):7 shareholders and, (October 1997):6; on careers as independent insurance Skow’s interview of Schiff about, (February 1998):3, 7, 24; (May agents, (November 1995):15 (February 1998):25–26 1998):18–19; (March 28, 2001):3; National Association of Attorneys small-company and large-company con- (December 9, 2001):1–3; (September versions, compared, (March 1999):3 17, 2002):2 General (NAAG) states with laws allowing, (February subscription rights and, (February Interstate Insurance Product Regulation 1998):4, 8 1998):15–16; (March 1999):26–27, 31; Compact and, (March 14, 2003):3 subscription rights to policyholders, (September 2000):7–8 National Association of Casualty (February 1998):15–16 tax treatment of demutualization distrib- and Surety Agents. Vaughan and, (March 14, 2003):2–3 utions, (August 22, 2003):1–4 See NACSA/NACSE Conference voting rights of, (February 1998):2, 8–11, Mutual Life Insurance Company 16–17 National Association of Casualty on mutual insurance ownership, (May 1998):11 “The Mutuals are Coming” and Surety Executives. (CSFB), See NACSA/NACSE Conference “Mutual of Nebraska” (February 1998):3; (May 1998):11 deception from “mutual” in name, National Association of (March 1999):14; (August 1999):17; Independent Insurers (November 22, 2002):13 ~N~ formation of, (April 1997):5 Toronto meeting speakers, (December Mutual of New York. NAAG. 1993):11 See MONY (Mutual of New York) See National Association of Attorneys General (NAAG) National Association of Insurance Mutual of Omaha Commissioners (NAIC) logo, (January 1995):8 NAC Re See also insurance commissioners; regula- “mutual” name retention after demutual- Davis’ stock pick, (June 1994):8 tion ization, (March 1999):14; (August reinsurance price index, 1986-1994, annual statements disclosure, (September 1999):17; (November 22, 2002):13 (January 1995):3f 2000):9–11; (July 16, 2003):1–6; (June Undercurrents criticism of, (January 16, 2004):2; (December 9, 2004):2 NACSA/NACSE conference 1995):11 auto insurance expenditures report, Lloyd’s American Names breakfast meet- (March 7, 2002):3–4 mutual policyholders ing, (December 1993):8–9 codification standards lobbying by, See also policyholders Schiff’s attendance at, (December 1993):8 (February 12, 2002):2–4 at Allied Mutual, (October 1997):6–22; Travelers’ cocktail party, (December commissions disclosure, (December 9, (February 1998):2, 5–6; (October 1993):9 2004):1–2 1998):12; (March 1999):19 corporate structure, (September 2000):9; approvals required for conversion, Nader, Ralph (July 16, 2003):2, 4 (February 1998):16–18 NY State MIHC legislation opposition, Interstate Insurance Product Regulation Belth’s definition, (August 22, 2003):1 (February 1998):14, 18; (March Compact, (March 14, 2003):3–5 cashout provisions, (July 18, 2003):1–7; 1999):2–3; (December 9, 2001):2 license agreement, (July 16, 2003):3 (September 25, 2003):4–10 NAIC. Life Insurance Policy Illustration Model The Center for Insurance Research advo- See National Association of Insurance Regulation, (February 15, 2005):6 cacy, (May 1998):14–15; (March Commissioners (NAIC) mission, (September 2000):9; (March 14, 1999):3 2003):1; (July 16, 2003):2, 4

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 mutual insurance holding companies and, American flag prohibition by, (December Company (February 1998):11; (December 9, 31, 2001):1 AIG acquisition of, (March 1999):5; 2004):2 family-friendly workplaces, (December (November 22, 2002):4; (April 9, portfolio valuations, 1931, (March 31, 2001):1 2004):2; (March 15, 2005):3; (March 30, 1991):2; (June 1994):2 2005):2–4 National Enquirer state insurance department employee AIG as holding company for, (March 30, totals, (March 14, 2003):1 Campanaro’s comparison to Schiff’s 2005):3 state regulatory revenue totals, (March Insurance Observer, (April 1997):9 annual statements, (July 1996):15; 14, 2003):1 National General (September 2000):10; (July 16, Vaughan’s leadership of, (March 14, Cogan, Berlind, Weill & Levitt as consul- 2003):5–6 2003):3–5 tants, (December 22, 2003):5; (July 12, appeal of PMA Capital Insurance Company’s unstacking approval by National Association of Life 2005):2 Great American acquisition by, Pennsylvania Dept. of Insurance, Underwriters (NALU) (November 22, 2005):5 on banks in the insurance business, (December 22, 2003):5; (July 11, 2005):3 Coral Re and, (July 1996):10 (March 1994):2 corporate symbols, (March 1999):6; National Association of Mutual National Grange Mutual (November 22, 2002):5 Schedule Y, (July 1996):15 Insurance Companies MIHC conversion, (October 26, 2005):2 policyholder deception by, (October 26, value in 1968, (March 30, 2005):3 executives represented by, (March 13, 2005):2 2001):1 National Urban League on mutual insurance ownership, (May National Indemnity MetLife’s contributions to, (February 1998):11 Lumbermens Mutual Insurance policies, 1998):11 Price’s MetLife board membership, National Association of (December 31, 2002):2–3 ratings, (December 31, 2002):2 (February 1998):11 Professional Insurance Agents (PIA) National Institute on Drug Abuse Nationwide Financial Services Errors and Omissions coverage, employee drug usage, (November 22, See also Nationwide Insurance Company; (December 31, 2004):2 1994):8 Nationwide Mutual Reliance National Insurance and, National Insurance Actuarial and accounting methods, (September 24, (December 31, 2004):2 2001):3 Statistical Association, distribution system expansion, (August National Association of Securities (April 1997):5 1999):15 Dealers. See also ISO (Insurance Services Office) earnings, (September 24, 2001):3 See NASD (National Association of National Loss Control Service fixed- and variable-annuity costs, com- Securities Dealers) Corporation pared, (October 1997):4 market cap, (September 24, 2001):3 National Board of Fire Kemper Corp. stock swap for, (June 15, price/earnings ratios, (September 24, 2001):1–2 Underwriters 2001):3 See also fire insurance; ISO (Insurance National Lumber and Building Provident Mutual Life Insurance Services Office) Company acquisition by, (June 28, history of, (December 1992):6–7 Material Dealers Association U. S. Insurance Brokers agreement, (July 2002):1–4; (October 17, 2002):1–2 price-fixing by, (April 1997):4; (March 14, tax treatment of demutualization distrib- 2003):1 1996):8–9; (April 1997):9; (October 1998):8 utions, (August 22, 2003):2 San Francisco vulnerability report, (April variable annuity business, (October 1997):5 National Park Service 1997):4; (September 24, 2001):3 National Board of State Directors National Register of Historic Places, (July 19, 2004):5–6 Nationwide Insurance Company IIAA resolution, (November 22, 1994):11 See also Nationwide Financial Services; National City Bank National Register of Historic Nationwide Mutual See also Citibank Places auto insurance pricing models, Peruvian government bonds and, (March protections under, (July 19, 2004):5–6 (December 22, 2004):3; (December 22, 1999):9; (November 22, 2002):8 2004):6 National Student Marketing CalFarm acquisition by, (January 18, National Conference of Insurance history, (October 1998):4 2000):1 logo, (January 1995):8 Legislators (NCOIL) National Trust for Historic Interstate Insurance Product Regulation Preservation Nationwide Mutual Compact and, (March 14, 2003):3 Connecticut General campus buildings, See also Oakley, Robert National Convention of Insurance (July 7, 2004):3; (July 19, 2004):2 Allied Group/Allied Mutual acquisition Commissioners. by, (March 1999):18–22; (August National Underwriter magazine 1999):8; (January 18, 2000):1; (August See National Association of Insurance on Alexander & Alexander takeover pos- Commissioners (NAIC) 16, 2005):1, 3 sibilities, (December 1993):11 Allied lawsuit by, (August 16, 2005):3 National Council on Compensation on Sternberg, (December 9, 2001):1 catastrophe-triggered surplus notes, (April Insurance (NCCI) National Union Fire Insurance 1995):3 dividend to Allied Mutual policyholders,

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 after acquisition, (August 16, 2005):3 2003):5 mutual insurance holding company con- MIHC conversions and, (March 1999):3 “new economics” theories, (December versions, (March 1999):3 settlement with Allied Mutual policy- 22, 2003):4–5 holders, (August 16, 2005):1, 3 on state regulation of holding companies, New Jersey Temporary Disability surplus notes, (March 28, 2003):2 (July 12, 2005):4 Benefits Law (TDB), (Spring 1989):3; (Fall 1989):3; (June Native Americans. net worth 1990):4; (September 1990):4; (March See American Indians See also specific companies 1991):7; (June 1991):8; (September junk bonds and, (September 1990):1 1991):8; (September 1992):8 Natural Disaster Protection Act of mutual insurance industry, (February catastrophe insurance and, (August 1998):8 New Madrid, Missouri 1994):3 of property and casualty insurance indus- earthquake risk, (March 1994):8 Disaster Re and, (August 1994):4 try, (August 1999):1 New Mexico trip by Schiff, The Nature Conservancy New Africa Fund (June 1990):3 natural resource preservation by, (July 19, investment objectives, (August 1995):1 2004):5 New York, State University of Newark, New Jersey fund transfers to other state agencies, NCCI. financial crisis, 1932, (March 1991):3; (December 1991):6 See National Council on Compensation (September 1991):6 Insurance (NCCI) New York Board of Insurance New Deal Brokers NCOIL. Parkinson’s comments about, (March history of, (December 1992):6; (August See National Conference of Insurance 1991):4 1999):16 Legislators (NCOIL) New Economy New York Central Railroad Nebraska Insurance Department See also Internet stocks history of, (December 1991):6–7 Mutual of Omaha and, (March 1999):14; new paradigm defined, (October 14, Young’s proxy fight for, (July 11, 2005):2 (August 1999):17; (November 22, 2000):2 2002):13 supply and demand effects on, (May 5, New York City Schiff’s “Mutual of Nebraska” request, 2001):2 College of Insurance building, (February (March 1999):14; (August 1999):17; 1998):14 (November 22, 2002):13 New Hampshire Insurance financial crisis, 1932, (March 1991):3 Company Financial District buildings, (April 9, “negative sign-ups” AIG acquisition of, (April 9, 2004):2; 2004):3 regulators’ dislike of, (May 20, 2003):1; (March 15, 2005):2–3; (March 30, firefighting history, (September (July 18, 2003):6–7; (September 25, 2005):4 1990):2–3; (December 1992):4; (March 2003):9–10 AIG as holding company for, (March 30, 1994):9 Nelson, Bill 2005):2–3 Iowa and Manhattan, compared, (October 1998):13–14 Amscot Auto Insurance Agency under- Roussel’s attempt to take over, (March Landmark Preservation Commission, cover investigation by, (August 15, 2005):2 (July 19, 2004):1 1999):29 value in 1968, (March 30, 2005):3 Manhattan, (February 1998):14; (October Nelson, F. Jeffrey New Hampshire Insurance 1998):13–14; (April 9, 2004):3 See also Unistar Financial Service Department property insurance industry history, Corporation The Home Insurance Company supervi- (December 1992):6 International Fidelity Holding and, sion by, (March 1999):8; (November railroad history, (December 1991):6–7 (August 1999):20 10, 1999):1; (November 22, 2002):7 Woolworth Building, (February 1998):14 required notification of dividend pay- Rockford Partners, Ltd. and, (August New York City Fire Museum, 1999):24 ments by insurance companies, (September 1990):2–3; (March 1994):9 U. S. Fidelity Holding Corp. and, (November 22, 1994):4 (August 1999):20, 23–24, 28 New Jersey New York Life Insurance Unistar shares unaccounted for, (August Allstate’s withdrawal from, (December See also Sternberg, Seymour “Sy” 1999):20–29 1991):1 acquisition plans, (May 1998):6; Netter, Edward auto insurance, (Fall 1989):1; (March (December 9, 2001):1–2 core competencies and, (April 1997):3 Cogan, Berlind, Weill & Levitt and, (July 1991):5; (December 1991):1; (May corporate headquarters, (January 12, 2005):1–2 1998):1; (March 7, 2002):3–4 1995):11; (February 1998):14; (May on computer systems and agent produc- Mutual Benefit’s alleged improper pay- 1998):18; (July 19, 2004):1 tivity, (July 12, 2005):2, 5 ments lawsuit, (March 1992):6 loans to Metropolitan Life’s president, “The Financial Services Holding Newark’s 1932 financial crisis, (March (February 1998):13 Company,” (December 22, 2003):4–5; 1991):3 notes issue, (January 1995):11 (March 30, 2005):3; (July 11, 2005):2; Trenton road signs, (June 1992):8 policyholder/shareholder conflicts of (July 12, 2005):2 New Jersey Insurance Department interest, (May 1998):18–19; as Independence Holding Company Mutual Benefit’s meeting with, (December 9, 2001):1–3 chairman, (July 12, 2005):1 (September 1991):1; (March 1999):7; policyholder voting rights, (February insurance businesses, (December 22, (November 22, 2002):6 1998):9

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 New York Marine & General 1990):3 1992):6 Insurance Company dependence on NY State credit ratings, New York State Hazardous Waste Blackmun brothers on casualty rates, (December 1991):6 Remedial Fund (November 1995):2 financial statements, (December 1991):5f; Schiff’s favored undervalued stocks, fund transfers to other state agencies, (September 1992):5–6; (December (March 1999):1; (January 18, 2000):2; (December 1991):6 1993):5 Fischer’s comments on, (September (December 21, 2003):2 New York State Health Income 1992):6 Schiff’s investment in, (March 1999):1; Fund (January 18, 2000):2; (December 21, fund transfers to other state agencies, fund transfers to other state agencies, 2003):2 (December 1991):5–6; (September (December 1991):6 1992):5–6; (December 1993):5 The New York Post New York State Insurance liabilities, (December 1993):5 Hoffenberg’s purchase of, (March 1993):8 Department Monk’s comments on, (September 1992):6 See also Levin, Neil New York State New York State guarantees, (December advertising rules, (March 1999):4–5; Freedom of Information Law, (June 16, 1993):6 (November 22, 2002):3–4 2004):2 New York State’s IOUs, (March 1993):4 annual statements, (September 2000):10; funds transfer from Medical Malpractice Norat’s message to policyholders, (July 16, 2003):2, 6 Insurance Association, (March (September 1992):6; (December flex-rating law, (May 1998):19; (March 7, 1993):10–11 1993):6 2002):2–3 fund transfers from NY State Workers’ policyholders, (December 1991):6; Levitt’s praise for, (July 12, 2005):4 Compensation Fund, (December (September 1992):6 MONY’s demutualization and IPO, 1991):5–6 Ponzi scheme comparison, (September (March 1999):26–27, 31 GO bond ratings, (December 1991):6 1992):5; (December 1993):5 New York Department of Insurance, Belth v., law on policyholder nominations to premiums and surplus, 1986-1992, (June 16, 2004):1–3; (July 7, 2004):3 boards of directors, (February 1998):9 (December 1993):7f Schedule G disclosure by, (July 7, 2004):3 Life Insurance Guarantee Fund, (March Schiff’s blame for problems, (December Schiff’s letter regarding Chase Manhattan 1991):6 1993):6 Private Bank, (March 1999):17; median income, (March 7, 2002):4 Silver’s blame for problems, (December (August 1999):13; (November 22, MIHC legislation proposal, (October 1993):6 2002):16 1997):20; (February 1998):8–20; (May solvency of, (December 1993):5–6 1998):18–19; (March 1999):3 Schiff’s letter regarding MONY, (March New York v. Marsh & McLennan Companies, 1999):26–27 New York Stock Exchange Inc., (October 15, 2004):1–2 Schiff’s request for Levin’s photograph, (NYSE) policyholder voting rights, (February (February 1998):21 AIG’s request to investigate shortselling, 1998):8–9 Spitzer’s Marsh & McLennan lawsuit (May 2, 2002):3–4 and, (October 15, 2004):2 audit committees, (August 16, 2002):2–3; New York State auto insurance “vanishing premiums” rules, (November (April 7, 2003):2 See also auto insurance 22, 2002):16 financial reporting requirements, (August codification legislation and, (February 12, 16, 2002):2 2002):2–4 New York State Insurance Fund Greenberg’s relationship, (May 2, 2002):4 no-fault insurance, (March 7, 2002):3–4 catastrophe-related computer models and, historical perspectives, (December 22, PAIN (personal auto insurance nastiness) (November 1995):15 2003):3–4 index, (March 7, 2002):4 New York State Thruway independent director rule reforms, (June premiums, (March 7, 2002):1–4 purchase of Cross Westchester Parkway, 23, 2003):2 profit margins, (March 7, 2002):1f, 4t (December 1991):6 policy on rumors or unusual market activ- Regulation 68, (March 7, 2002):1–2 ity, (May 2, 2002):4 New York State Urban New York State Court Facilities on reporting unfavorable news, (February Development Corporation (UDC) Fund 26, 2004):1 fund transfers from NY State Workers’ fund transfers to other state agencies, total capitalization, May 1995, (August Compensation Fund, (December (December 1991):6 1995):1 1991):5 Zarb’s relationship with, (May 2, 2002):4 New York State Disability (DBL) New York State Workers’ See also New York State Workers’ New York Venture Fund Compensation Fund Compensation Fund insurance stocks and, (June 1994):7 See also New York State Disability (DBL) Arista Insurance Company and, (October Nieberding, Bob 1994):10 accounting practices, (September 1992):5–6; (December 1993):5 on Cincinnati Financial success, (June benefit claims statistics, (March 1992):8f; 1994):10 (September 1992):8 annual reports, (September 1992):6; benefit increases, (Spring 1989):3; (December 1993):6 Nifty Fifty stocks assets and surpluses, 1988-1991, (Summer 1989):3 in the 1970s, (December 1996):11 claims per 100 covered employees, (June (September 1992):5f 1992):8 Best’s ratings of, (December 1991):6 Nixon, Richard enriched DBL, (Spring 1989):3 comparisons, 1987/1992, (December on Hoover’s presidency, (September “Freudian Effect,” (Winter 1990):3 1993):7t 1992):6 market conditions analysis, (Winter Cuomo’s comments on, (September

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 no-fault insurance name changes, (April 1995):11 Company in Florida, (March 7, 2002):3 CS First Boston fairness opinion on con- Northwestern National Mutual in Michigan, (March 7, 2002):3 version, (May 1998):11; (October in New York, (March 7, 2002):3 Life 1998):10 overview, (March 7, 2002):3 name changes, (April 1995):11 directors, (October 1998):10 Nutter, Franklin MIHC conversion, (October 1998):10; Noguchi, Isamu (March 1999):3 on insurance industry’s concern about cli- Wilde Building sculptures by, (July 19, on mutual insurance ownership, (May mate changes, (April 1995):11 2004):3 1998):11 NWNL Companies non-economic damages claims Ohio State Workers’ Compensation caps on, (September 1992):1 name changes, (April 1995):11 USLICO acquisition by, (April 1995):11 Fund non-renewal assets and surpluses, 1984-1991, (March Florida moratorium on homeowners NYMAGIC. 1993):4f insurance, (June 1993):1; (Autumn See New York Marine & General financial condition of, (March 1993):4 Insurance Company 1993):8–9; (March 1999):10; Okefenokee Swamp, Georgia, (November 22, 2002):9 NYSE. Schiff’s visit to, Norat, Cecilia See New York Stock Exchange (NYSE) (June 1991):7 See also New York State Workers’ Oklahoma, visit by Schiff, Compensation Fund ~O~ (June 1990):3 message to policyholders, (September 1992):6; (December 1993):6 Oakley, Robert Oklahoma Insurance Department Allied-Nationwide public hearings, Normandy America Hospital Casualty Company stolen pre- (March 1999):20 miums, (October 1997):23 See also Bagdasarian, Christopher on catastrophe-triggered surplus notes, Mid-Continent Life’s seizure by, (March business overview, (August 1995):2 (April 1995):3 1999):16; (November 22, 2002):15 initial public offering, (August 1995):2; State of Oklahoma v. Mid-Continent Life, (December 1996):1 O’Connell, Robert (March 1999):16; (November 22, investment strategies, (August 1995):2 on MassMutual ratings, (May 6, 2003):2 2002):15 management, (August 1995):2 Odyssey Partners. Old Guard Mutual Northbrook Insurance See Seneca Insurance Company The Center for Insurance Research law- Allstate Insurance sale of, (April 1997):3 Oelwein, Iowa, visit by Schiff, suit against, (February 1998):10 Northridge earthquake (October 1998):15 demutualization, (February 1998):10 industry insured loss estimates, (June Donegal Group acquisition attempt, 1994):1 O’Farrell Theatre (San Francisco) (February 1998):10 Mid Ocean Reinsurance losses, (April exotic dancers’ worker’s compensation initial public offering, (February 1998):10 1995):3 lawsuit, (June 1994):11 stock price below book value, (January 18, 2000):2; (December 21, 2003):2 RLI Corp. losses, (November 11, 2002):1 Of Experience (Montaigne), seismogram, (June 1994):3f (March 18, 2005):1–2 Old Lyme Holdings 20th Century losses, (June 1994):3–6; Arista acquisition attempts by, (October (August 1994):11; (October 1994):1 Ogallala Aquifer, Schiff’s visit to, 1994):10 (June 1993):10 North River Insurance Company Old Reliable Casualty Company returning surplus cash to stockholders, O’Hare, Dean name irony, (March 1999):4; (November (December 22, 2003):3–4 See also Chubb Corporation 22, 2002):3 Northwestern Aid Association of on Chubb’s capitalization levels, (April Minneapolis 1997):2; (January 9, 2003):1 Old Republic name changes, (April 1995):11 Chubb’s letters to shareholders, stock price below book value, (December (November 9, 2001):1 Northwestern Mutual 21, 2003):2 on industry overcapitalization/underre- communication with policyholders, serving, (April 1997):2 Olson, Ken (February 1998):17 on personal computers, (Winter 1990):2 investment portfolio, (April 1995):9 Ohio Casualty Corporation Jewell’s examination of, (February financial condition of, (Winter 1990):3 Olympia & York 1998):17 junk bond investments, (Winter real estate loans and, (June 1992):3 MIHC conversions and, (March 1999):3 1990):2–3 O’Maley, David on mutual insurance ownership, (May logo, (January 1995):9 See also Ohio National Life Insurance 1998):11 Schiff’s investment in, (Winter 1990):3 policyholder voting record, (February Company 1998):17 Ohio Department of Insurance on mutual insurance ownership, (May Policyowners Examining Committee, Integrity Life Insurance supervision by, 1998):11 (February 1998):17 (September 2, 1999):1; (December Omni Group 1999):8 Northwestern National Life The Hartford’s acquisition of, (May Ohio National Life Insurance 1998):5

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 The 100 Best Companies to Work for 1998):19 2004):3 in America Parkinson, Thomas I. Erie Insurance Exchange, (August ~P~ See also Equitable Life Assurance Society 1995):9 on the New Deal and 1935 economic Pacific Lumber Company policies, (March 1991):4 One Up on Wall Street (Lynch), pension plan lawsuits, (November 22, (January 25, 2002):1 1994):6 parodies See also cartoons Open Road—A Celebration of the Pacific Mutual American Insatiable Group ad, (July American Highway (Patton), logo, (January 1995):9 (June 1990):4; (October 1998):16 1996):11 paid-loss, retrospectively-rated, Bissonette’s lecture on mutual conver- options theory and insurance pricing casualty programs. sions, (October 1998):11 demutualization ads, (October 1997):11, “certainty effect” and, (September 17, See retros 2002):2 16 defined, (September 17, 2002):2 Painted Desert, Arizona visit by ‘The Downstream Gambit,’ (October Schiff, 1998):11 Orange County, California (June 1990):4 Federal Disaster Reinsurance Fund, derivatives use by, (January 1995):4 (December 1993):8 Palacios, Connie Oregon lapse-supported pricing strategies, See also United Insurance Company (February 15, 2005):7 earthquake probabilities, (March 1994):8 on stock splits and insurance agents, life in the Typewriter District, (July 11, Orenstein, Nathaniel (August 1995):1 2001):1–3 MetLife ads, (October 1994):1; (February Liberty Mutual MIHC conversion plan Palmieri, Victor testimony, (March 28, 2001):2 1998):18; (August 1999):10 See also Mutual Benefit Life Insurance Steinberg’s satirical life story, (September Ostrow, Arthur M. Company 2000):3–6 BRI Coverage valuation by, (August on corporate-owned life insurance poli- 1995):4 cies, (March 1992):6 Partner Re connections to BRI and UFG, (August on industry regulation, (March 1993):6 Head’s co-founding of, (October 1997):1 1995):4 on Mutual Benefit’s failure, (March Societé Anonyme Française de Underwriters Financial Group valuation 1993):6 Réassurances (SAFR) acquisition by, by, (August 1995):4 on Mutual Benefit’s former management, (February 1998):27 (March 1993):6 stock price below book value, (December OTC Financial Network on Mutual Benefit’s restructuring process, 21, 2003):2 U. S. Insurance Brokers’ promotion by, (March 1993):6 stock repurchases by, (March 1996):5 (October 1998):8 on Mutual Benefit’s solvency, (March 1992):5 Partner Re Holdings Otswold, Dave See also Haag, Herbert on ISO conversion to for-profit company, Pan Am business overview, (December 1993):3 (April 1997):7 Towers Financial tender offer for, (March Head Partners’ investment in, 1993):8 (December 1993):3 Outhwaite, Richard IPO, (December 1993):2 asbestos and pollution liability reinsur- Panama prospectus, (December 1993):2 ance losses, (October 1994):3 advantages/disadvantages for insurance Societé Anonyme Française de companies locating in, (February Réassurances (SAFR) acquisition by, outsourcing 1998):27 in the insurance industry, (October (April 1997):3 1997):23 Panic of 1857 Swiss Re’s investment in, (December insurance brokers and, (December 1993):2–3 Outstanding Investor Digest 1992):6; (August 1999):16 underwriting capacity of, (December Berkshire Hathaway annual meeting tran- 1993):3 scripts, (November 1995):5 Panic of 1903 Mutual Benefit’s Frelinghuysen on, Pataki, George E. Owens, Michele (September 1991):5 D’Amato and, (February 1998):12 Brand Warfare®: 10 Rules for Building the New York State auto insurance legislation Killer Brand, (July 18, 2003):1; Paradise, Sal and, (March 7, 2002):3 (September 25, 2003):4 InsWeb testimonial, (March 1999):30 New York State governor’s race, (March 7, 2002):3 Owens Financial Group v. AIG, Paragon Reinsurance Risk on no-fault verbal thresholds, (March 7, (March 1999):5; (November 22, 2002):4 Management Services 2002):3 Catastrophe Price Index, (January 1995):2f; Oxendine, John NY State’s proposed MIHC legislation (May 5, 2001):2f and, (October 1997):20; (February NCCI’s American flag prohibition and, 1998):12; (March 1999):3 (December 31, 2001):1 parent companies financial support of subsidiaries, (March Oxford Health Plans (NY) Inc., Paterson, Deborah L. 1999):4–17; (November 22, 2002):1–16; Rockford Partners, Ltd., (August 1999):24 Sibley-Schreiber v. (December 9, 2002):1; (September 10, STG Investments and, (August 1999):24 Viagra prescription coverage, (October

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 Paticchio, Tony 2002):1–2 long-term care premium miscalculations on the Wilde Building, (July 19, 2004):4 regulation favoring insurers over policy- by, (February 15, 2005):1 holders, (November 22, 2005):1 Patrikis, Ernest Reliance Insurance Company insolvency pension plans as AIG’s general counsel, (April 4, 2005):2 and, (June 5, 2000):1; (July 11, Corcoran on exposure of, (September 2005):1–2 1991):7 PAULA Insurance Company Reliance Insurance Company lawsuit by, junk bonds and, (September 1991):7; Reliance’s workers’ compensation premi- (July 11, 2005):1 (November 22, 1994):6 ums and, (November 10, 1999):3 special monitoring agreement with PMA Pacific Lumber Company lawsuits, stock price below book value, (January Capital Insurance Company, (November 22, 1994):6 18, 2000):1; (December 21, 2003):2 (November 22, 2005):3 Performance Advantage variable Steinberg’s settlement with, (July 11, Paul Revere annuity. 2005):1–2 logo, (January 1995):7 See American Skandia Life Assurance subscription-rights demutualizations Paulsen, Donna allowed by, (November 22, 2005):1 Perils Named and Unnamed: The Allied Mutual settlement fairness hearing Dramatic Story of the Insurance heard by, (August 16, 2005):3 Pennsylvania Manufacturers Association Company of North America Paulson, Dowling Securities See also PMA Capital Corporation (Carr), (April 1997):4–5 See also Dowling, V. J., Jr. Anton as chairman, (November 22, personal computers IBNR Insurance Weekly, (August 1994):4 2005):2, 3 Olson’s skepticism about, (Winter 1990):2 business overview, (November 22, Paul v. Virginia personal lines insurance. See auto insur- 2005):2 federal antitrust legislation and, (April ance; homeowners insurance history, (November 22, 2005):1–2 1997):4; (March 14, 2003):1 PMA Capital Corporation dividends, Peruvian bonds Pecaut, Dan. dependency on, (November 22, Latin American bond defaults, 1932, See Pecaut & Company 2005):2 (March 1999):9; (November 22, 2002):8 Pecaut & Company Pennsylvania Manufacturers Berkshire Hathaway value opinion by, Association Casualty Insurance Peter Cooper Village (New York (June 4, 2002):1 Company City) See also PMA Reinsurance Corporation MetLife investment in, (February Pei, I. M. diversification into reinsurance business, 1998):19 John Hancock building designer, (November 22, 2005):2 (October 28, 2003):1 history, (November 22, 2005):2 Petersen, John Erie Insurance Exchange investment Pennsylvania workers compensation insurance busi- ness, (November 22, 2005):2 portfolio, (August 1995):8 insurance company failures in, on Erie’s success, (August 1995):9 (November 22, 2005):1 Pennsylvania Manufacturers retirement from Erie Insurance largest insolvency in history, location of, Association Insurance Company Exchange, (August 1995):11 (November 22, 2005):1 See also PMA Capital Insurance Company Petrified Forest, Arizona visit by MIHC conversion overturned by the as subsidiary of PMA Re, (November 22, courts, location of, (November 22, 2005):2 Schiff, 2005):1 (June 1990):4 Pennsylvania Manufacturers Pennsylvania Insurance Indemnity Company PHICO See also Philadelphia Insurance Company Department See also PMA Capital Corporation failure of, (November 22, 2005):1 See also Koken, Diane as subsidiary of PMA Re, (November 22, logo, (January 1995):8 “Consumer Advocate Activity at Principal 2005):2 Mutual’s Public Hearing” memo, (May Pennsylvania Railroad, (December Philadelphia Contributionship for 1998):15–16; (August 25, 2000):1; 1991):6–7 (June 28, 2002):2; (October 17, 2002):2 the Insurance of Houses from Loss corporate restructurings, discretion for Pennsylvania State Workers’ by Fire approval of, (November 22, 2005):3 Compensation Fund history, (September 1990):3; (December “good bank - bad bank” regulation analo- financial condition of, (March 1993):4 1992):3; (March 1994):9 gy, (November 22, 2005):1 Pennsylvania Station, New York City, logo, (January 1995):7 mutual-holding-company conversions (December 1991):7; (July 19, 2004):1 Philadelphia Insurance Company allowed by, (November 22, 2005):1 See also PHICO PMA Capital Corporation’s unstacking Pennsylvania trip by Schiff logo, (January 1995):8 application, approval of, (November Brownstone Restaurant, (December 22, 2005):5 1991):8 Phoenix PMA Capital Corporation’s unstacking Railroad Museum of Pennsylvania, as undervalued troubled company, proposal, (November 22, 2005):3–5 (December 1991):6–8 (December 21, 2003):2 Provident Mutual Life Insurance MIHC railroad songs, (December 1991):8 conversion plan hearings, (May Strasburg, (December 1991):6–7 Phoenix Home Life 1998):14–17; (August 25, 2000):1; logo, (January 1995):9 Penn Treaty (June 28, 2002):2; (October 17,

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 Phoenix Re disclosure of unstacking to reinsureds, 1999):3 See also PXRE (November 22, 2005):4 per capita insurance premiums, 1988, underwriting ability, (December 1993):3 dividend upstreams to PMA Capital (March 1991):5 Corp., (November 22, 2005):3 Pickens, Mike history, (November 22, 2005):1–2 policies Arkansas Insurance Department and, market share, (November 22, 2005):1 certificates, (March 1999):5–6; (July 16, 2003):2–3 operating income and losses, (November (November 22, 2002):4–5 NAIC and, (July 16, 2003):2–3 22, 2005):2 endowment, (February 11, 2000):1–2 opposition to proposed unstacking, lapse-supported, (February 15, 2005):1–7 Piedmont Management (November 22, 2005):4–5 low-load direct and agent-sold adminis- DeMichele’s letter to shareholders, Pennsylvania Dept. of Insurance monitor- tration charges, compared, (February (January 1995):11 ing agreement, (November 22, 2005):3 15, 2005):4 “Pilgrim, Irving” premiums, (November 22, 2005):2 policyholders ratings downgrades, (November 22, on price firming, (August 1999):15 See also mutual insurance; mutual insur- 2005):3, 4, 5 ance holding companies; mutual poli- Pindell, Terry reinsurance clients, (November 22, cyholders Making Tracks: An American Rail Odyssey, 2005):2 assumption of risk by, (October 1994):7; (December 1991):8 reserves, (November 22, 2005):5 (November 17, 1999):1; (June 4, run-off, placement into, (November 22, 2002):2; (September 17, 2002):1 Piper Jaffray 2005):1, 3, 5 belief that claims will be paid, (June 4, Riscorp IPO, (December 1996):2 subsidiaries’ ownership structure, 2002):2; (September 17, 2002):1–4 (November 22, 2005):3 Plant, Henry Bradley company and shareholder interests bal- support for proposed unstacking, railroad history, (June 1991):7 anced with, (November 22, 2005):1 (November 22, 2005):5 consolidation’s effect on, (September 17, surplus after restacking, (November 22, Plum, Larry 2002):2 2005):2 on Cincinnati Financial’s success, (June exploitation of, (February 15, 2005):7 surplus after unstacking, (November 22, 1994):9–10 IIAA study on loyalty of, (December 2005):3–4 1993):7 PMA Capital Corporation unstacking proposal for PMA Insurance insurer-customer relationships, (February See also PMA Capital Insurance Group companies, (November 22, 15, 2005):3 Company; PMA Foundation; PMA 2005):3–5 Reinsurance Corporation Iowa law and derivative lawsuits, (March Anton as CEO and chairman, (November PMA Foundation 1999):25 22, 2005):2 Anton as chairman, (November 22, jeopardized positions of, after takeovers Anton’s resignation and severance pay, 2005):2, 3 by conglomerates, (July 14, 2005):3–5 (November 22, 2005):3 PMA Capital Corporation dividends, Levitt on benefits of mergers and acquisi- dividends, (November 22, 2005):2, 3 dependency on, (November 22, tions, (July 12, 2005):3 PMA Foundation ownership of, 2005):2 mutual (November 22, 2005):2 PMA Capital Corporation ownership by, approvals required for conversion, reinsurance business, (November 22, (November 22, 2005):2 (October 26, 2005):2 2005):2 disclosure to, (October 26, 2005):2 reinsurance business, withdrawal from, PMA Insurance Group Policyholder Information Statements, (November 22, 2005):3 See also Manufacturers Alliance Insurance (February 1998):20; (March 1999):3; restacking, (November 22, 2005):2, 3f Company; Pennsylvania (November 15, 1999):2; (March 28, Smithson as CEO, (November 22, Manufacturers Association Insurance 2001):3; (June 28, 2002):3; (October 17, 2005):2 Company; Pennsylvania 2002):1; (May 20, 2003):2–3; (July 18, Smithson’s resignation and severance pay, Manufacturers Indemnity Company 2003):1–2, 6; (September 25, (November 22, 2005):3 PMA Capital Corporation subsidiaries’ 2003):4–5, 9; (October 27, 2003):2 stock price, (November 22, 2005):3 restacking, (November 22, 2005):2, 3f policy lapse by, (February 15, 2005):1–3 subsidiaries’ ownership structure, ratings upgrade by A. M. Best, safety of, (December 1991):6 (November 22, 2005):3f (November 22, 2005):5 secondary-market policy sales by, (February 15, 2005):3 as undervalued troubled company, PMA Reinsurance Corporation (December 21, 2003):2 shareholder interests balanced with, (July See also PMA Capital Insurance Company 14, 2005):2 unstacking PMA Insurance Group com- name change to PMA Capital Insurance panies, (November 22, 2005):3–4 spouse’s-dower-right analogy, (October Company, (November 22, 2005):2 1997):20 PMA Capital Insurance Company Pennsylvania Manufacturers Association Pollack, Seymour (formerly PMA Re) Casualty Insurance and, (November 22, 2005):2 Casualty and Indemnity Company See also PMA Capital Corporation; PMA premiums, (November 22, 2005):2 (Belize), (March 1999):31 Reinsurance Corporation fraud conviction, (March 1999):31 $26 million reserve charge, (November Point, Click & Bind, Inc. Lansky’s association with, (March 22, 2005):3 Reliance Group Holdings’ spinoff of, 1999):31 $150 million pre-tax charge, (November (October 25, 1999):2–3 22, 2005):2 pollution liabilities. “boosted” surplus, insured’s reliance on, Poland See asbestos liabilities; environmental (November 22, 2005):3, 4 life insurance opportunities in, (August liabilities

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 Ponzi, Charles rates 1995):3–4; (March 1999):31 pyramid schemes by, (Autumn 1993):10 in the 1980s, (March 1991):1 Century Industries attempted purchase Corcoran’s views on regulation of, of, (July 1996):8; (October 1998):8 Ponzi schemes (September 1991):7 Goepfert’s association with, (July 1996):8; NY State Workers’ Compensation Fund financial strength and, (June 1993):3–4; (October 1998):8; (March 1999):31 similarities, (September 1992):5; (August 1994):6; (June 4, 2002):2 insolvency of, (August 1995):4; (July (December 1993):5 general liability, 1980-1990, (September 1996):8; (October 1998):8; (March 1992):2f 1999):31 Popeo, Robert growth in, (December 1999):3f; (January Kidds’ association with, (March 1999):31 John Hancock board of directors connec- 31, 2001):1; (September 10, 2004):1 Meier’s association with, (March 1999):31 tions, (November 7, 2003):2, 3t guaranteed, (February 15, 2005):2–3 Price, Hugh Popiel, Stephen inadequacy in property and casualty on MetLife board of directors, (February on consumers’ perceptions of safety, insurance, (Winter 1990):1–2; 1998):10–11 (September 9, 2005):4–5 (September 1990):1–2 inadequacy of, (January 1995):3 National Urban League and, (February pornography insurance company profitability and, 1998):10–11 Travelers’ employee dismissals, (May (June 1992):2 Price, Peter 1998):19 lapse-supported pricing, (February 15, See also PRUPAC Travelers’ stock certificate illustration, 2005):1–7 on Prudential’s potential bailout of PRU- (May 1998):19 level, (February 15, 2005):2 PAC, (Autumn 1993):9 long-term care insurance, (February 15, Porsche Boxster 2005):1–2 PricewaterhouseCoopers driving habits and safety, (September 9, medical malpractice crisis and, AIG audit by, (May 2, 2002):2 2005):5 (September 1990):1 codification standards lobbying by, test track results, (September 9, premium-to-surplus ratio vs. percentage (February 12, 2002):2–4 2005):3–4 growth in, (December 1999):3f letter to Grannis regarding codification, Posgate, Ian products liability and, (September (February 12, 2002):3 1990):1 on Bogardus’ lack of sophistication, pricing practices (October 1994):3 property-casualty results as a percentage See also premiums; rates on Grob’s dishonesty, (October 1994):3 of written premiums, 1922-1999, (December 1999):3f airline overbooking analogy, (February Potter, James retros and, (March 1992):2 15, 2005):3 “Consumer Advocate Activity at Principal risk of increases in, (February 15, 2005):2 auto insurance models, (December 22, Mutual’s Public Hearing” memo, (May 2004):3–6 1998):15–16; (August 25, 2000):1; premium-to-surplus ratios Buffett on, (Spring 1989):2; (November (June 28, 2002):2; (October 17, 2002):2 Buffett on, (November 1995):9 1995):6 Provident Mutual MIHC conversion capacity and, (January 1995):2 commodity pricing, (October 1994):1 plan, (May 1998):15–17 capitalization and, (September 1990):2; discounted rates, (July 1996):2 SEC’s no-action letter and, (May (November 1995):2–3; (December financial strength and, (June 1993):3–4; 1998):16–17 1999):2 (August 1994):6 percentage growth in premiums vs., InsurQuote-McKinsey study of, Power, Inc.: Public and private (December 1999):3f (December 22, 2004):3–6 Rulers and How to Make them lapse-supported policies, (February 15, Presbyterian Minister’s Relief Accountable (Cohen), 2005):1–7 Fund, (July 12, 2005):1 long-term care insurance, (February 15, (May 1998):14; (June 28, 2002):1 2005):1–2 Power, Mark See also Provident Mutual Life Insurance low-load directly-marketed life insurance, “The Effects of Best’s Rating Changes Company (July 1996):2; (February 15, 2005):3–5 on Insurance Company Stock Prices” Presidential Life Corporation in property and casualty underwriting, (Singh and Power), (Autumn 1993):8; accounting practices and auditors, (June (September 1992):2–3 (October 1994):5 1992):3 supply and demand, (January 1995):2; (January 18, 2000):1; (May 5, 2001):2; The Power Broker (Caro) annual report reviews, (June 1992):2–3 (October 26, 2005):1 Moses’ biography, (February 1998):19 annuity business, (June 1992):2 assets, (June 1992):2–3 Unismoker Select & Ultimate Table Powling, Nicholas debt repayment, (June 1992):3 (1975-1980), (February 15, 2005):4 on final expense insurance, (March estimated earnings, (June 1992):3 Primerica 1999):31 junk bond investments, (June 1992):2 A. L. Williams and, (July 1996):3 shareholder equity, (June 1992):3 Commercial Credit acquisition of, (July Pratt, Kansas visit by Schiff, surrenders and net worth, (June 1992):2 (June 1993):10 1996):3 Press, Alan Shearson Lehman Brothers acquisition premium escrow funds Probe newsletter, (June 1991):8 by, (July 1996):4 state laws pertaining to, (August 1995):5 Smith Barney and, (July 1996):4 Prestige Casualty Insurance Travelers Corp. acquisition by, (July premiums Company 1996):4 See also auto insurance; pricing practices; Century Industries and, (August Weill’s management of, (July 1996):3–4

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 Primerica Financial Services 2000):1; (August 25, 2000):2–3 banks’ lending, compared, (September Common Sense (Williams) and, (April 1992):2 Probe newsletter, 1995):8 Blackmun brothers on rates, (November sales force and product sales, (August (June 1991):8 1995):2 1994):1 The Producers (Brooks), Blanch on future of, (Autumn 1993):5 bond market losses, compared to life (July 18, 2003):6; (September 25, 2003):9 Principal Financial Group insurance industry, (June 1994):1 See also Drury, David; Griswell, J. Barry; products liability bond ownership, 1993, (June 1994):1 Principal Mutual Life Insurance See also liability insurance book and market values, compared, (July Company Common Sense Product Liability Act, 12, 2005):4; (July 14, 2005):2 BT Financial acquisition by, (September (April 1995):8 California Proposition 103 impact on, 3, 2002):1–2 industry exposure to, (September 17, (Spring 1989):1 BT Financial sale to Westpac, 2002):2 capitalization, (May 1998):1–6; (August (September 3, 2002):2 judicial decisions on, (September 1990):1 1999):1; (December 1999):2 business overview, (October 8, 2001):1 premiums, (September 1990):1 Comprehensive General Liability poli- demutualization, (March 3, 2000):1–2; The Quiet Revolution in Products Liability cies, (June 1994):2 (August 25, 2000):1–3; (October 8, (Henderson, Jr. and Eisenberg), consolidation and competition, (March 2001):1–2; (September 3, 2002):2 (September 1990):1 1993):1–2 disclosure documents, (March 3, 2000):1 cycles as a percentage of written premi- excess capital, (September 3, 2002):2 profitability ums, 1922-1999, (December 1999):3f investment opportunities in, (October 8, after catastrophes, (September 1992):3; cyclicality of, (Spring 1989):1, 2–3; (Fall 2001):1–2 (December 1992):1–2 1989):1; (June 1990):1; (March 1991):2, Iowa Insurance Department regulation, in annuities, (March 1996):3 5; (December 1992):1–2; (August (March 3, 2000):1; (November 18, from anticipated policy lapses, (February 1994):3; (January 1995):1–3 2002):2 15, 2005):2 diversification through holding compa- IPO, (October 8, 2001):1–2; (September in auto insurance, (December 1999):4; nies, (July 12, 2005):2, 4–6; (July 14, 3, 2002):2 (December 22, 2004):1–6 2005):2, 5 MIHC conversion capitulation by, (March Buffett on, (Spring 1989):2; (June 1990):1; Dowling on capital-raising in, (November 3, 2000):1; (August 25, 2000):1 (November 1995):7–8 15, 2001):2–3 stock repurchases by, (September 3, capitalization and, (September 1990):4 failures, 1969-1994, (March 1999):7; 2002):3; (March 28, 2003):2 combined ratios and, (June 1992):1 (November 22, 2002):6 from investments, (March 1996):2 financial instability, (March 1999):7–8; Principal Mutual Life Insurance from investments and underwriting, (November 22, 2002):6–7 Company (November 11, 2002):1 financial strengths of companies, See also Drury, David; Griswell, J. Barry; premiums and, (June 1992):2 (November 22, 1994):1; (April 1995):9; Principal Financial Group Roberts on, in wake of Leasco acquisition (June 4, 2002):2; (September 17, “Consumer Advocate Activity at Principal of Reliance Insurance Co., (July 14, 2002):1 Mutual’s Public Hearing” memo, (May 2005):1–2, 4–5 general liability premiums and claims, 1998):15–16; (August 25, 2000):1; 1980-1990, (September 1992):2f Progressive (June 28, 2002):2; (October 17, 2002):2 during the Great Depression, (March AIG’s attempted purchase of American on contribution principles, (August 25, 1991):2 Financial stock and, (April 5, 2001):2 2000):1–2 Greenberg on industry “death spiral,” AIG’s ownership of, (April 5, 2001):2 conversion to MIHC, (March 1999):3; (August 1994):3 annual report reviews, (June 1991):4; (September 3, 2002):1 higher interest rates’ effect on industry (June 1992):5 Drury’s testimony at conversion plan surplus, (June 1994):2t auto insurance business, (November 22, public hearings, (August 25, 2000):1–2 A History Of The Property Insurance 1994):11 Goldman Sachs conflict of interest, Business In The United States Prior to auto insurance pricing models, (November 15, 1999):1; (August 25, 1890 (Armstrong), (December (December 22, 2004):3–6 2000):2–3 1992):2–3 combined ratios, (December 22, 2004):3 Goldman Sachs fairness opinion, hurricanes and, (Autumn 1993):8–9 failures as learning experiences, (November 15, 1999):1; (August 25, image of a sluggish industry, (July 14, (December 22, 2004):6 2000):3 2005):2, 3, 4 financial statements, (October 1997):2 Levin’s comments on MIHC plan of, industry’s decline reflected in ratings, nonstandard auto insurance models, (February 1998):21 (November 22, 1994):1 (October 1997):2 MIHC conversion plan public hearings, industry surplus, (March 1993):1 revenue growth, (December 22, 2004):3 (October 1998):12; (August 25, insurance companies as takeover targets 2000):1–3 despite low profits, (July 12, 2005):4–5 MIHC plan, (February 1998):21 “Project Redeployment” Ling and LTV, (October 25, 1999):3 ISO study on industry’s return on equity, on ownership, (May 1998):11; (August 25, (March 1991):6 2000):1–2 property and casualty insurance Kramer’s comments on risks to, (March Schiff’s opinion on MIHC of, (August 25, See also asbestos liabilities; environmental 1991):6 2000):3 liabilities; liability insurance; products large companies rated below ‘A’ by Best, severance packages, (June 28, 2002):3–4 liability; reinsurance industry (October 1994):5t Silverstein’s testimony at conversion plan adjusted net worth, (August 1999):1 long-tail, (March 1991):5–6 public hearings, (August 25, 2000):2–3 adjusted surplus, (January 1995):2, 3t; “The Loss of the Certainty Effect” value of, (October 1998):12; (March 3, (April 1997):1–2 (Stewart and Stewart), (June 4, 2002):2

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 Mooney on future of, (September 1992):2 prospect theory annual statements, (September 2000):9; Mosca on shift to casualty reinsurance, “certainty effect” and, (September 17, (July 16, 2003):4 (Autumn 1993):2 2002):2 Armstrong Investigations and, (February names and corporate symbols, (March defined, (September 17, 2002):2 1998):14 1999):4–6; (November 22, 2002):3–5 cartoons, (April 1997):1 niche markets in, (January 18, 2000):1 Protective Insurance Company corporate governance of, (February number of companies in 1991, (March Baldwin & Lyons and, (January 9, 2004):2 1998):10 1991):5 demutualization, (October 1998):12; Provident Mutual Life Insurance number of companies in 1993, (March (March 1999):3; (October 8, 2001):1 1993):2 Company financial services businesses, (October 8, Other Liability and Products Liability See also Kloss, Robert W. 2001):1 premiums, (June 1994):2 board of directors, (June 28, 2002):4; Georgia-Pacific scandal, (November premium growth, 1975-1999, (January 31, (October 17, 2002):2 1995):3; (May 1998):8 2001):1 business overview, (May 1998):14 investment opportunities in, (October 8, premiums, 1980, (March 1991):1 “Consumer Advocate Activity at Principal 2001):1 premiums and benefit payments, (March Mutual’s Public Hearing” memo, (May IPO, (October 8, 2001):1 1991):6 1998):15–16; (August 25, 2000):1; limited-partnership investments, premiums with more than 10% in lower- (June 28, 2002):2; (October 17, 2002):2 (November 1995):3 grade investments, (August 1994):3f Covenant Mutual merger, (May 1998):14 logo, (January 1995):8 price firming in, (August 1999):14–15 demutualization, (June 28, 2002):1–4 on mutual insurance ownership, (May pricing practices, (September 1992):2–3 Drain and Shea v., (May 1998):14 1998):11 Probable Maximum Loss and surplus, Hall’s letter to Schiff on executive and mutualization of, (February 1998):14 (June 1994):3 director compensation, (October 17, Newark, New Jersey’s 1932 financial cri- 2002):2–3 sis and, (September 1991):6 The Property-Casualty Industry in a history, (May 1998):14 “One Prudential” marketing plan, (March Moderate Inflation Environment Kloss’ severance compensation, (June 28, 1999):10; (November 22, 2002):9 (Hicks), 2002):3–4; (October 17, 2002):1–3 “Own a Piece of the Rock” and owner- (January 1995):2 Koken and, (May 1998):15; (August 25, ship of, (February 1998):10 rate inadequacy, (Winter 1990):1–2 2000):1; (June 28, 2002):2; (December Prudential Reinsurance offering, rate increases, (December 1992):1–2 9, 2004):2 (November 1995):2 ratings black-hole effect on, (August Levin’s ruling on MIHC conversion plan, PRUPAC bailouts by, (Autumn 1993):8–9; 1999):5; (November 17, 1999):1 (March 1999):3; (June 28, 2002):3; (March 1994):6; (March 1999):10; rationale for takeovers by industry out- (October 17, 2002):1 (November 22, 2002):9 siders, (July 14, 2005):2 MIHC conversion capitulation by, PRUPAC’s policyholders and, (Autumn during recessions, (March 1992):1 (November 15, 1999):2; (June 28, 1993):8–9; (March 1999):10; retros and, (March 1992):1 2002):3; (November 22, 2005):1 (November 22, 2002):9 September 11, 2001 and, (September 14, MIHC conversion plan public hearings, sale of reinsurance unit, (Autumn 1993):5; 2001):1–2; (November 15, 2001):2–3; (May 1998):14–17; (March 1999):3; (March 1996):11 (March 7, 2002):4; (February 26, (November 15, 1999):1–2; (June 28, Schedule G disclosures and, (June 16, 2004):2, 5–6 2002):2–4; (October 17, 2002):1–2 2004):2; (July 7, 2004):3 state prohibitions on diversification of, Milliman USA’s fairness opinion on Serpent on the Rock (Eichenwald), (July 12, 2005):4; (July 14, 2005):3 demutualization, (June 28, 2002):3 (November 1995):3 two-tiered market, (November 22, Morgan Stanley’s fairness opinion on 1994):1 demutualization, (June 28, 2002):3 Prudential Plc underreserving, (Fall 1989):1; (June on mutual insurance ownership, (May American General’s acquisition offer by, 1992):2; (March 1993):1 1998):11, 16 (April 5, 2001):1 underwriting results, 1991, (June 1992):2 Nationwide Financial Services acquisi- tion public hearings, (June 28, Prudential Property and Casualty The Property-Casualty Industry in a 2002):1–4; (October 17, 2002):1–2 Insurance Company. Moderate Inflation Environment Policyholder Information Statements, See PRUPAC (March 1999):3; (November 15, (Hicks), (January 1995):2 Prudential Reinsurance Holdings 1999):2; (June 28, 2002):3; (October 17, property insurance, historical 2002):1 “buy” rating from Prudential Securities, financial instability in, (March 1999):7–9; policyholders and, (November 15, (March 1996):11 (November 22, 2002):6–8 1999):1–4; (October 17, 2002):1 initial public offering, (March 1996):11 growth of, 1850-1890, (December Schiff’s letter to Pennsylvania Insurance PRUPAC 1992):6t Dept. on executive/director compensa- bailouts by Prudential Insurance loss ratios, 1849-1890, (December tion, (October 17, 2002):2–3 Company, (Autumn 1993):9; (March 1992):4f SEC’s no-action letter and, (May 1999):10; (November 22, 2002):9 number of companies, 1849-1890, 1998):16–17 Best’s high ratings of, (Autumn 1993):8–9; (December 1992):4f tax treatment of demutualization distrib- (March 1994):6–7 premiums, 1849-1890, (December utions, (August 22, 2003):2 computer simulations of projected loss, 1992):4f Prudential Insurance Company (Autumn 1993):8–9 Proposition 103. advertising, (February 1998):10; (March Florida moratorium on non-renewals, See under California 1999):10; (November 22, 2002):9 (Autumn 1993):8–9; (March 1994):6; (November 22, 2002):9

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 Florida policyholders, offer to change 1995):15 The Quiet Revolution in Products homeowners carrier, (March 1994):6 Marsh & McLennan acquisition of, Liability (Henderson, Jr. and Hurricane Andrew’s effect on, (Autumn (August 1995):15 Eisenberg), 1993):8; (March 1999):10; (November Spitzer’s mutual funds lawsuit and, (September 1990):1 22, 2002):9 (October 15, 2004):1 insolvency risks, (Autumn 1993):8–9; Quotesmith (March 1994):6; (March 1999):10; Putney, Mark business overview, (May 5, 2001):2–3 (November 22, 2002):9 on Allied Group board of directors, financial statements, (January 3, Probable Maximum Loss exposure, (October 1997):9 2001):1–2; (May 5, 2001):3 (Autumn 1993):8 PXRE future of, (May 5, 2001):3 State of Florida/Department of Insurance See also Phoenix Re IPO, (May 5, 2001):1 lawsuit, (Autumn 1993):8 business overview, (February 16, 2001):1 risk factors, (January 3, 2001):1–2 Schiff’s investment in, (January 3, public hearings convertible preferred stock offering, (February 16, 2001):1 2001):1; (May 5, 2001):2 See also regulation stock price, (January 3, 2001):1–2; consumer advocate activity memo, (May diversification by, (February 16, 2001):1–2 financial statements, (February 16, (January 31, 2001):1; (May 5, 2001):1–3 1998):15–16; (August 25, 2000):1; value, (May 5, 2001):2–3 (June 28, 2002):2; (October 17, 2002):2 2001):1; (February 16, 2001):2 Illinois MIHC legislation, (June 15, Hurricane Andrew and, (February 16, 2001):1 2001):1 ~R~ John Hancock demutualization plan, investment strategy, (February 16, (November 15, 1999):1–4; (May 20, 2001):2 Radke, Gerald 2003):1–2; (July 18, 2003):2–7; IPO, (February 16, 2001):1 on PXRE’s investment strategy, (September 25, 2003):5–10; (October Lloyd’s syndicate formation, (February (February 16, 2001):2 16, 2001):1–2 23, 2003):1–2; (October 27, 2003):1–2 railroad history Liberty Mutual Insurance Company market values, (February 16, 2001):1–3 misleading advertising, (March 1999):13; See also railroads; trains and train cars MIHC conversion plan, (March 28, of Georgia, (June 1991):6–7 2001):1–3; (October 8, 2001):1 (November 22, 2002):12 Schiff’s favored undervalued stocks, Jones’ train wreck, (December 1991):8 MetLife, (September 2000):7 Making Tracks: An American Rail MONY, (March 1999):26 (December 1999):2; (January 18, 2000):2; (January 3, 2001):1; Odyssey (Pindell), (December 1991):8 Nationwide-Allied acquisition, (March of New York City, (December 1991):6–7 1999):18–22 (December 21, 2003):2 Schiff’s investment in, (December Railroad Museum of Pennsylvania, Nationwide-Provident Mutual acquisi- (December 1991):6–8 tion, (June 28, 2002):1–4; (October 17, 1999):2; (January 18, 2000):2; (October 14, 2000):2; (February 16, 2001):2; The Railway Age Gazette, (December 2002):1–2 1991):7 NY State MIHC legislation, (February (December 21, 2003):2 1998):12–20; (May 1998):18–19; secondary stock offering, (February 16, Railroad Museum of Pennsylvania, (August 1999):12; (December 9, 2001):1 (December 1991):6–8 2001):1–3 stock price, (March 1999):13; (December Principal Mutual MIHC conversion plan, 1999):2; (February 16, 2001):2; railroads (October 1998):12; (March 1999):2–3; (November 22, 2002):12 See also railroad history; trains and train (March 3, 2000):2; (August 25, cars 2000):1–3; (October 17, 2002):2 ~Q~ AMTRAK, (December 1991):7; (June Provident Mutual MIHC conversion 1992):7–8; (June 1993):11 plan, (May 1998):14–17; (March Quackenbush, Chuck Atchison, Topeka and Santa Fe, (June 1999):3; (June 28, 2002):2–4; (October on Kemper’s support of Superior 1993):11 17, 2002):1 National, (January 9, 2003):2 Atlantic Coast Line, (June 1991):7 role of, (June 28, 2002):1–2 seizure of Golden Eagle Insurance Atlantic & Gulf, (June 1991):7 Senate Judiciary Subcommittee on Company, (April 1997):12 B&O, (December 1991):6–7 Antitrust and Monopoly, (December Brunswick & Western, (June 1991):7 22, 2003):5; (March 30, 2005):3–4; (July Quanta Capital Holdings Chicago Great Western Railway, (October 11, 2005):3; (July 12, 2005):1–6; (July business overview, (December 21, 2003):1 1998):15 14, 2005):1–5 private placement, (December 21, Chicago & Northwestern, (October 2003):1 1998):15 Puccia, Mark CNW Corp., (October 1998):15 See also Standard & Poor’s Quayle, Dan Conrail, (December 1991):7 on investment risk, (April 1995):9 Circle Investors and, (Autumn 1993):11 Corn Belt Route, (October 1998):15 on Clinton and socialism, (December CSX, (June 1991):7 Pullman train cars, 1993):11 Grand Trunk, (December 1991):6–7 (December 1991):7 on Clinton’s hiring of Gergen, (December Illinois Central, (December 1991):8 1993):11 Long Island, (December 1991):7 punitive damage claims. life insurance industry acquisitions, See tort reform New Haven, (December 1991):7 (Autumn 1993):11 New York Central, (December 1991):6–7; Putnam Investments on success and failure, (Autumn 1993):11 (June 1992):7 earnings, 1994, (August 1995):15 QuickenInsurance New York Extension, (December 1991):7 Lasser’s 1994 compensation, (August InsWeb merger with, (January 3, 2001):1 North Western, (October 1998):15

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 Penn Central, (December 1991):7 AAA, (January 9, 2004):1 capital-to-assets, (December 1991):2f Pennsylvania, (December 1991):6–7; black-hole effect of, (August 1999):4–5; capital-to-liabilities ratio comparisons, (June 1992):7 (November 17, 1999):1 (August 1994):2 Plant System, (June 1991):7 credit quality and price/yield correlation, loss-float, (June 1991):2; (June 1993):4; Savannah, Albany & Gulf, (June 1991):7 (October 1994):6–7 (June 1994):1; (November 1995):8–13; Savannah, Florida & Western (SF&W), debt, (September 10, 2004):3 (August 1999):2; (April 5, 2002):2–5 (June 1991):7 financial strength and, (August 1994):2–3, loss-reserves-to-surplus, (March 1993):4 Southern Express, (June 1991):7 6; (November 22, 1994):1–2; (April premium-to-surplus, (September 1990):2; 1995):9; (February 1998):22; (March (January 1995):2; (November The Railway Age Gazette, 1999):11, 14; (June 4, 2002):2; 1995):2–3, 9; (December 1999):2, 3f (December 1991):7 (November 22, 2002):10, 13; (March Readmond, Ron A Random Walk Down Wall Street 28, 2003):2–3; (January 9, 2004):1; (September 10, 2004):1–4 on Wit Capital testimony on John (Malkiel), Hutchings on insolvency and, (December Hancock demutualization, (November (July 11, 2005):2 1991):8 15, 1999):3 Rangerette Showcase Museum, insurance company investments and, real estate (November 22, 1994):8 (March 1992):6–7 See also architecture NY State GO bonds, (December 1991):6 The Equitable’s investments in, Rapaille, G. Clotaire NY State Workers’ Compensation Fund, (September 1992):4; (December on S.U.V. owners’ perceptions of safety, (December 1991):6 1992):8 (September 9, 2005):2–3, 5 rapid changes in, (December 1992):1–2 The Guardian’s investments in, safety of B+ carriers, (November 22, (December 1991):2 Raphael, Adam 1994):2 legislation allowing insurance company Lloyd’s background, (October 1994):2 Western National’s memo on, (March investments in, (September 1991):6 Ultimate Risk: The Inside Story of the Lloyd’s 1994):4 Catastrophe, (October 1994):2–3 life insurance company results, 1991, ratings agencies (June 1992):2 RAS Securities See also A. M. Best; Demotech; Duff & life insurance industry insolvency con- Dirks’ tenure at, (June 1993):8–9 Phelps; Fitch Ratings; Moody’s; cerns and, (March 1991):6 and mortgage lenders, percent of total rates Standard & Poor’s; Weiss Research Buffett on, (November 1995):7 assets, (September 1991):8f See also auto insurance; premiums; pricing Mutual Benefit’s investments, (March practices compared, (March 1991):7; (September 1991):3f; (August 1999):5; (November 1992):6; (March 1993):6 after catastrophes, (Fall 1989):1; overcapacity of, (December 1992):8 (September 1992):3; (December 17, 1999):2t; (June 12, 2000):2; (September 2000):4f real estate investors, percent of surplus, 1992):1–2; (March 1994):8; (October 12/31/91, (June 1992):2t 26, 2005):1 downgrade forecasts, (January 1995):3 California insurance premiums and gover- downgrade reluctance, (March 21, 2002):3 Real Estate Investment Trusts. explicit support, (December 9, 2002):1 nor’s race, (May 1998):1 See REITs California Proposition 103 and, (Spring high ratings given by, (March 1991):7; 1989):1 (September 1991):1–2; (November 17, recessions capital infusion’s effect on, (December 1999):1; (March 21, 2002):1 bond prices during, (March 1991):2; 1993):1–2 IIAA resolution on, (November 22, (March 1992):1 firming reports by agents, (August 1994):11 casualty insurance business during, 1999):14–15 implicit support, (December 9, 2002):1 (March 1992):1 Greenberg on lowering of, (April 1997):2 in the late-19th century, (April 1997):4–5 demand for credit during, (March 1992):1 Greenberg on raising of, (August 1999):1 on leveraged buyouts, (March 1994):4 fixed-income investments and, (March Guy Carpenter on property catastrophe limitations of, (March 1999):9–10; 1991):2 reinsurance, (April 1997):2 (November 22, 2002):8–9 insurance stocks during, (Summer 1989):2 Levin’s opposition to cut in, (May parent company support of affiliates, interest rates during, (March 1992):1 (March 1999):4–17; (November 22, 1998):19 Reconstruction Finance NY State flex-rating, (May 1998):19; 2002):1–16; (December 9, 2002):1; Corporation (RFC) (March 7, 2002):2–3 (September 10, 2004):3 Globe & Rutgers bailout by, (April 9, NY State no-fault insurance, (March 7, response to Enron debacle, (January 25, 2004):2 2002):3–4 2002):1; (March 21, 2002):1 legislation establishing, (March 1991):3 paradox of insurance companies as ratings bureaus, loans by, (March 1991):5 takeover targets despite low profits, (April 1997):4–5; (September 17, 2002):2 mortgage bond restructuring by, (July 12, 2005):4–5 See also ratings agencies (December 1996):10 in prosperous times, (April 1997):1–2 USF+G bailout by, (December 1996):10; risk and, (April 1997):2–3 Rating the Risks—Assessing the (November 11, 2002):1 Roberts on inadequacy of, (July 14, Solvency Threat in the Financial 2005):1, 5 Services Industry (Kramer), Redland Insurance Company Schiff’s on increase of, (Fall 1989):1, 3; (March 1991):6 Birge on Liberty Mutual’s rate cuts, (September 1992):3; (March 1993):2 (April 1997):3 Under 50/Over 50, (Summer 1989):3 ratios See also combined ratios regulation ratings asset/liabilities, (September 1991):7

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 See also deregulation; insurance commis- (August 1999):7; (September 2000):11; REITs sioners; lawsuits; legislation; specific (November 18, 2002):2; (November growth, 1970-1974, (March 1999):9; state insurance departments 22, 2002):6; (July 16, 2003):6; (August (November 22, 2002):8 All-Industry state laws, (April 1997):5 16, 2005):3; (October 26, 2005):2 annual statements, (September surplus notes principal/interest payment Reliable Life 2000):9–11; (July 16, 2003):1–6 approvals, (December 31, 2002):2; Schiff’s investment in, (January 1995):3 avoidance of, through holding company (January 9, 2003):3; (March 28, 2003):1 RelianceDirect structure, (July 12, 2005):4 underfunding of, (December 1992):2 auto insurance business, (February Buffett on, (November 1995):7 whole life, exemption from, (March 1998):27 call report filings by banks, (September 1999):7; (November 22, 2002):6 InsureDirect and, (March 1999):14; 2000):11; (July 16, 2003):6 (November 22, 2002):13 codification standards, (February 12, Regulation 68. InsWeb leads handling, (March 1999):29 2002):2–4 See New York State auto insurance misleading advertising, (February diversification prohibitions on insurance Reichardt, Douglas 1998):27; (March 1999):13–14; companies, (July 12, 2005):4; (July 14, Allied Mutual’s expert witness testimony, (November 22, 2002):12–13 2005):3 (March 1999):22 ratings, (February 1998):27; (March dual federal/state, (December 1993):11 1999):14; (November 22, 2002):13 economic development priorities and, Reiner, Michael (November 18, 2002):1; (March 14, See also Arista Insurance Company Reliance Group Holdings 2003):1–2 Schiff’s proxy dispute with, (November See also Reliance Insurance Company; EDGAR database, (September 1995):4 Steinberg, Robert; Steinberg, Saul 2000):10–11; (July 16, 2003):6 acquisition scenarios, (June 5, 2000):2; Reinsurance Group of America European models for, (June 1992):5 (June 12, 2000):1 fixed annuities, exemption from securi- 8-K filing by, (December 1999):9 annual report reviews, (June 1993):3–4 ties, (March 1999):7; (November 22, annual report reviews, (November 2, bankruptcy proceedings, (October 30, 2002):6 2001):2 2001):2 fixed-income investments requirements, financial statements, (November 2, bankruptcy warnings by, (August 16, (Winter 1990):1 2001):2 2000):1 history, (December 1992):6; (March 14, General American Life and, (December biotechnology investments by, (April 2003):1 1999):9 1997):12 insurance products compared to securi- Liddy’s letters to shareholders, bond prices and yields-to-maturity, ties, (March 1999):7; (November 22, (November 2, 2001):2 (March 1992):3, 5t; (October 25, 2002):6 stock price, (November 2, 2001):2 1999):1; (November 1, 1999):1; Interstate Insurance Product Regulation reinsurance industry (January 18, 2000):2; (June 5, 2000):2 Compact, (March 14, 2003):3–5 See also catastrophe reinsurance; insur- bonds, (March 1992):3–4, 5f; (December long-standing questionable industry prac- ance 1993):4–5; (June 5, 2000):2 tices and, (December 9, 2004):1 after September 11, 2001, (October 26, BRI Coverage and, (August 1995):3 NAIC Life Insurance Policy Illustration 2005):1 Capital Enhancement Plan, (December Model Regulation, (February 15, Bermuda-based companies, (December 1993):4–5 2005):6 1993):1–3; (December 1993):4; company background, (March 1992):2 Paul v. Virginia, (April 1997):4; (March 14, (November 1995):12; (November 15, competition strategies, (March 1992):5 2003):1 2001):2–3; (December 21, 2003):1; core competencies and, (April 1997):3 Pennsylvania’s bias toward insurers over (October 26, 2005):1 corporate structure, (March 1992):2, 4 policyholders, (November 22, 2005):1 Buffett on, (November 1995):5, 11–12 CyberComp spinoff, (October 25, 1999):3 by private corporations, (March 14, capital, abundance of, (April 1997):2–3; debt, (March 1992):2, 5f; (December 2003):3–5 (October 26, 2005):1 1993):4–5; (August 1999):4; regulatory risk to insurance companies, capital prior to Hurricanes Katrina and (November 1, 1999):1; (November 10, (October 22, 2004):1 Rita, (October 26, 2005):1 1999):1; (June 5, 2000):1; (August 16, revenue totals from, (March 14, 2003):1 Ferguson’s comments on, (Spring 1989):2 2000):1–2 role of, (November 22, 2005):1 Hall’s comments on, (June 1992):6 default risk, (September 15, 1999):1; Skow’s interview of Schiff about, history, (August 1999):16 (October 25, 1999):1 (February 1998):25–26 IPOs and secondary offerings in, dividends upstreamed from Reliance Standard Nonforfeiture Law revision, (November 15, 2001):2–3 Insurance Company, (March 1992):3–4; (February 15, 2005):6 Kellogg on Best’s evaluation of, (September 15, 1999):1; (October 25, state and federal, compared, (September (November 22, 1994):7 1999):1; (November 10, 1999):1; 1991):7; (June 1992):5; (September loss of recoverables, (January 1995):2–3 (August 16, 2000):1–2; (July 11, 2000):11; (March 14, 2003):1–3; (July Mosca’s predictions for, (Autumn 1993):2 2005):1; (November 22, 2005):1 16, 2003):6 Munger’s comments on, (Spring 1989):2 Drexel Burnham and, (March 1992):3; state approvals for takeovers, (April 5, price indices, (Autumn 1993):4f; (June (October 25, 1999):3 2001):2 1994):4f; (January 1995):2f, 3f; (May 5, equity, (December 1993):4–5 state insurance departments’ role in pro- 2001):2f FCCI Mutual Insurance Company and, tection of policyholders, (November reserves and, (September 1990):1 (November 10, 1999):3 22, 2005):1 return on surplus, (Autumn 1993):1 financial condition of, (September 15, state-level employee totals, (March 14, Schiff’s on future of, (Autumn 1993):1–2; 1999):1; (October 25, 1999):1–3; 2003):1 (Autumn 1993):5; (March 2, 2001):1–2 (November 1, 1999):1–2; (November state-level inadequacies, (March 1999):7;

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 10, 1999):1–3 Unistar Financial and, (June 5, 2000):1 1999):4–5; (November 17, 1999):1; financial statements, 9/30/1991, (March workers’ comp business, (October 25, (June 5, 2000):1; (June 12, 2000):1–2; 1992):3–4 1999):3; (November 10, 1999):1–3 (September 2000):4f; (March 21, growth plans, (October 30, 2001):2 Zenith National Insurance and, (March 2002):1–3 Internet workers’ comp business, 1992):4; (August 1999):4 ratings black-hole effect on, (August (October 25, 1999):3 1999):5; (November 17, 1999):1 investment spreads, (March 1992):5 Reliance Insurance Company ratings downgrade vulnerability, (August investment strategy and portfolio, (March See also Leasco Data Processing; Reliance 1999):4–5; (September 15, 1999):1; 1992):3–4; (August 1999):4 Group Holdings (November 10, 1999):1–3 IPO, (March 1992):3; (October 25, annuity products, (March 1992):5 risks to policyholders, (October 25, 1999):3 Bialkin on mergers and acquisitions, ben- 1999):2; (November 1, 1999):2 “junk stock,” (November 1, 1999):1 efits to shareholders and policyholders, Roberts on rationale of acquisition by LandAmerica and, (August 1999):4 (July 12, 2005):6 Leasco, (July 14, 2005):2–5 lawsuits by shareholders and bondhold- cartoons, (July 14, 2005):1 Sable Insurance Company and, (April ers, (August 16, 2000):2 conservative nature of, (July 11, 2005):2 1997):12; (August 16, 2000):1 Leucadia National proposed acquisition corporate jets and airplanes, (July 11, Schiff’s investment in preferred stock, of, (May 31, 2000):1; (June 5, 2005):1 (March 1992):3–5; (December 1993):5 2000):1–2; (June 12, 2000):1 dividend, after Leasco acquisition, (July Senate Judiciary Subcommittee on market cap, (September 15, 1999):1; 12, 2005):4 Antitrust and Monopoly questions on (October 25, 1999):1 dividends upstreamed to Reliance Group Leasco acquisition of, (July 12, net worth, (March 1992):3 Holdings, (March 1992):3–4; 2005):1–6; (July 14, 2005):1–5 PAULA Insurance Company and, (September 15, 1999):1; (October 25, shareholder options to tender or sell (November 10, 1999):3 1999):1; (November 10, 1999):1; stocks, (July 14, 2005):3 Point, Click & Bind, Inc. spinoff, (August 16, 2000):1–2; (July 11, shareholders’ equity, (April 1997):12 (October 25, 1999):2–3 2005):1; (November 22, 2005):1 surplus, (July 12, 2005):4–6; (July 14, property-casualty business, (March earnings multiples, (June 1, 2000):1 2005):2 1992):4–5 exchange offer terms, (July 12, 2005):3 surplus as acquisition currency, (July 14, prospectus review, (December 1993):4–5 failure rates and ratings, (November 17, 2005):4 ratings, (March 1992):4, 5t; (August 1999):1 tax status of Leasco offer, (July 14, 1999):4–5; (October 25, 1999):1; financial statements, 6/30/2001, (March 2005):3 (November 1, 1999):1; (November 17, 21, 2002):2 underwriting profits and losses, (October 1999):1; (June 5, 2000):1 financial statements, 12/31/66, (March 30, 25, 1999):2 ratings warning in 1993 prospectus, (June 2005):3 Unicover and, (August 1999):4; 1993):3–4; (December 1993):5; (August holding company formation attempts by, (September 15, 1999):1; (October 25, 1994):3; (November 22, 1994):4; (July 14, 2005):2–3, 4 1999):1; (November 10, 1999):1–3 (March 1999):8; (August 1999):4; insolvency and liquidation, (October 30, unrealized capital gains as earnings, (July (November 1, 1999):1; (November 22, 2001):2; (March 21, 2002):2; (July 14, 14, 2005):2 2002):7 2005):5; (November 22, 2005):1 workers’ compensation premiums, secondary stock offerings, (December investment portfolio, (March 1992):4 (November 10, 1999):3t 1993):4–5; (June 1994):11 junk bond holdings, (March 1992):3–4 shareholder equity, (March 1992):2; (April lawsuit by Pennsylvania insurance com- Reliance National Insurance 1997):3 missioner, (July 11, 2005):1 See also Reliance Group Holdings Skow’s interview of Schiff about, Leasco Data Processing acquisition of, excess depositors’ liability insurance, (February 1998):23 (March 1992):2; (October 25, 1999):3; (December 1993):11 Steinberg family holdings, (March (May 31, 2000):2; (June 1, 2000):1; financial strength, (December 1993):11 1992):3; (October 25, 1999):1 (December 22, 2003):5; (March 30, National Association of Professional Steinberg’s compensation, (March 2005):3; (July 11, 2005):2–3; (July 12, Insurance Agents E&O coverage by, 1992):3; (March 1993):1f; (December 2005):1–6; (July 14, 2005):1–5 (December 31, 2004):2 1993):4; (June 1994):11; (November Leasco exchange offer terms, (July 12, rapid growth of, (November 10, 1999):1 22, 1994):11; (August 1999):14; 2005):3 Sable Insurance Company and, (October 25, 1999):1; (November 1, Levitt on mergers and acquisitions, bene- (December 1996):4; (April 1997):12 fits to shareholders and policyholders, 1999):1; (May 31, 2000):1 Reliance Surety Group Steinberg’s severance package, (August (July 12, 2005):3 business overview, (November 1, 1999):2 16, 2000):2 Levitt on rationale of acquisition by co-surety agreement, (November 1, Steinberg’s strategy, (March 1992):5; Leasco, (July 12, 2005):1–3 1999):1–2 (August 16, 2000):1 life insurance business, (March 1992):5 IPO plans, (October 25, 1999):2; stock price, (March 1992):3; (August liquidation proceedings, (July 11, 2005):2 (November 1, 1999):1 1999):4, 5f; (September 15, 1999):1; Moody’s ratings, (August 1999):5; Travelers acquisition of, (June 5, 2000):1 (October 25, 1999):1 (November 17, 1999):1; (June 5, valuation, (October 25, 1999):2 stock price below book value, (January 2000):1; (June 12, 2000):1–2 18, 2000):1; (December 21, 2003):2 Pennsylvania Insurance Department and, ReliaStar (June 5, 2000):1; (November 22, Symbol Technologies and, (August corporate name history, (April 1995):11 1999):4; (June 5, 2000):2 2005):1 Transportation Fleet Managers and, preferred stock, (March 1992):3, 5; Renchard, William (August 1995):3 (December 1993):5 See also Chemical Bank underreserving by, (August 1999):14 ratings, (March 1992):4, 5; (August Steinberg’s attempt to acquire Chemical

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 Bank, (March 1992):2; (May 1998):5 Revson, Charles See also credit risk; financial strength on selling hope, (December 1999):3 agents’ concepts of, (August 1994):2–3 Replacement Lens, Inc. alternative risk financing markets, See also RLI Corporation Rhei, Mary (December 1993):4 contact lens insurance, (November 11, E. W. Blanch Holdings analysis, (Autumn in annuities, (November 17, 1999):1 2002):1 1993):5; (March 2, 2001):1 Armstrong on concentration of, (December 1992):2–3 Republican Party Rhulen, Harry avoidance of, (October 14, 2000):1 platform in 1932, (September 1992):6 See also Frontier Insurance Company in banking, (December 22, 2003):1 PMA’s close connections to, (November on bungee jumping, (June 1992):1 Buffett on, (November 1995):8, 12–13; 22, 2005):2 Rhulen, Walter A. (May 1998):6 Republic Underwriters See also Frontier Insurance Company capital-to-liabilities ratio comparisons, ratings, (March 1999):13; (November 22, on breast implant warranty coverage, (August 1994):2 2002):12 (December 1993):11 earthquakes, (March 1994):8; (June on combined ratios and profitability, 1994):6 reserves (June 1992):1 English classification of, (December annuities compared to life insurance, letter to Schiff’s, (September 1992):8 1992):4 (March 1996):3 fixed-income securities, (Winter 1990):1; Buffett on, (June 1990):1; (November Rice, Thomas B. (April 1995):9 1995):5–6 letter to Schiff’s, (March 1992):8; Florida hurricanes, (Autumn 1993):8–9; Byrne on, (June 1990):1 (September 1992):8 (March 1994):6 Mulholland on, (June 1990):3 Fundamentals of Risk and Insurance retros and, (March 1992):1–2 Richardson, Aaron (Vaughan and Vaughan), (March underestimating, (September 1990):1; on African-American-owned insurance 1999):23; (November 18, 2002):2 (March 1992):2; (December 1992):2 companies, (December 1996):4 Greenberg on, (June 1991):5 Million Man March and, (December A History Of The Property Insurance Resolution Trust Corporation 1996):4 Business In The United States Prior to Reconstruction Finance Corporation and, Sable Insurance Company and, 1890 (Armstrong), (December (March 1991):3 (December 1996):4 1992):2–3 restaurants Richardson, Elizabeth insolvency and, (September 17, 2002):1 The Big Texan restaurant, (June 1990):3; See also Zurich Reinsurance Centre in the insurance brokerage industry, (August 1995):13 Holdings (March 2, 2001):1 Brownstone Restaurant, (December on Zurich Reinsurance Centre Holdings’ insurance buyers’ assumption of, 1991):8 risk caps, (Autumn 1993):2–3 (October 1994):7; (November 17, Cal’s Country Cooking restaurant, (June 1999):1; (June 4, 2002):2; (September 1990):3 Richardson, R. Randolph 17, 2002):1 DK’S Barb-a-que, (June 1991):7 See also Piedmont Management insurance companies’ purpose and, Hickory Inn restaurant, (June 1990):3 1994 letter to shareholders, (January (December 1992):1; (November 22, Hi-Way Cafe, (June 1993):10 1995):11 1994):2 Lorenzo’s Barbecue, (June 1993):10 in the insurance industry, (December Richmond Insurance Company M&J Sanitary Tortilla Factory, (June 1992):1; (November 22, 1994):2; AIG’s control of, (April 4, 2005):2 1990):3–4; (August 1995):13 (December 22, 2003):1; (October 22, AIG’s “reinsurance” transactions, (April 4, Old Homestead steak house, (April 2004):1 2005):2 1995):11 interest rate, (Winter 1990):1; (June Silver Dollar Cantina, (October 1998):14 Ridge, Tom 1991):5; (April 1995):9 Internet stocks, (March 1999):8; (October Sparks Steak House, (April 1995):11 Koken’s appointment by, (October 17, 14, 2000):1–2; (April 5, 2001):2; 2002):1 retirement accounts (November 22, 2002):7 junk bonds and, (September 1991):7; Rieff, Mary investment, (April 1995):9; (December (November 22, 1994):6 Schiff’s introduction of to Adkins, (August 1996):7; (December 22, 2003):1–2 Pacific Lumber Company lawsuits, 16, 2005):2 Kramer on, (March 1991):6 (November 22, 1994):6 of lapse-supported policies, (February 15, variable annuities and, (October Rieff v. Evans et al. 2005):2–3, 7 1997):3–4 Allied Mutual policyholders and, of level-premium policies, (February 15, (February 1998):1; (March 1999):25; 2005):2 retros (May 31, 2001):1; (August 16, management of, (April 1995):8; AIG and, (March 1992):2 2005):1–3 (September 17, 2002):2; (December 9, in the casualty insurance business, 2002):2–3 (March 1992):1 Riscorp mortgage-related securities, (January insureds’ weakened financial condition American Re and, (December 1996):2 1995):4 and, (March 1992):1–2 earnings and stock price, (December perceptions after MGM Grand Hotel fire, overview, (March 1992):1 1996):2 (September 14, 2001):1 IPO, (December 1996):2 pricing of, (April 1997):2–3 Review of 1992 P/C Trend and Rating legal problems, (December 1996):2 Changes (A. M. Best), Rating the Risks—Assessing the Solvency Threat in the Financial Services Industry (Autumn 1993):7 risk (Kramer), (March 1991):6

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 regulatory, (October 22, 2004):1 Roberts, Addison 1999):24, 27 self-insurance, (December 1993):4 on advantages/disadvantages of takeovers Rogers, Jim weaker insurers and, (January 13, 2003):2 by insurance industry outsiders, (July Wealth Without Risk (Givens), (July 1996)9; 14, 2005):2 Investment Biker, (January 1995):1–2 (October 1998):8 on automobile insurance market, in 1969, Rogers, Will (July 14, 2005):1–2, 5 Risk Capital Reinsurance Best’s ratings analogy, (Autumn on conglomerate and non-insurance 1993):7–9; (October 1994):4 Company acquisitions of property and casualty See also Arch Capital Group on Coolidge’s complacency, (October insurers, (July 14, 2005):1–5 1997):17; (August 1999):8 Bermuda redomestication, (December 31, Leasco takeover of Reliance, opposition 2001):2 and subsequent support, (July 12, Rohrbaugh, Randy business overview, (April 1997):10–11 2005):1; (July 14, 2005):1, 4 Provident Mutual’s sponsored demutual- Clements and, (December 31, 2001):2 on profitability of property and casualty ization public hearings, (June 28, clients, (April 1997):11 insurers, (July 14, 2005):1–2, 4–5 2002):1–2 corporate offices, (April 1997):10–11 on rationale of Leasco acquisition of initial public offering, (April 1997):10 Reliance Insurance Co., (July 14, Rohr’s Fine Teas & Coffees, investment portfolio, (April 1997):10 2005):2–5 (October 1997):23 Marsh & McLennan and, (April as Reliance Insurance Company presi- Rolland, Ian 1997):10–11; (December 31, 2001):2 dent, (July 12, 2005):1; (July 14, See also Lincoln National name change to Arch Capital Group, 2005):1 on Lincoln’s memorabilia and museum, (December 31, 2001):2 on Reliance’s cash flow and surplus, (July (March 1996):11 reinsurance/investment packages, (April 14, 2005):3–5 1997):10–11 Senate Judiciary Subcommittee on Romero, Andres Schiff’s favored undervalued stocks, (April Antitrust and Monopoly testimony, Campanaro and, (August 1995):3; (July 1997):10; (March 1999):1; (January 18, (July 12, 2005):1–2; (July 14, 2005):1–5 1996):8 2000):2 on sluggish image of property and casual- Kwajalein Island “guarantees” and, Schiff’s investment in, (April 1997):10; ty insurance industry, (July 14, 2005):2, (August 1995):3; (July 1996):8 (March 1999):1; (January 18, 2000):2 3, 4 Underwriters Capital Corporation and, stock price-to-book value, (April 1997):10; stock manipulation allegations against (August 1995):3 (March 1999):1; (January 18, 2000):2 Leasco and Cogan, Berlind, Weill & Underwriters Insurance Group and, White Mountains purchase of insurance Levitt, (July 14, 2005):1, 4 (August 1995):3 operations of, (December 31, 2001):2 on surplus drawdowns to avoid becoming Roney & Company risk managers takeover target, (July 14, 2005):4, 5 H. W. Kaufman Financial Group appraisal CFOs and, (December 9, 2002):2–3 Roberts, John by, (March 1996):8 common sense and, (April 1995):8 C. V. Starr & Co. and, (March 30, 2005):2 financial statements manipulation by, on Starr’s business practices, (April 9, Roosevelt, F. D. (December 9, 2002):3 2004):2 administration of, (September 1992):8 Katz on, (April 1995):8 qualifications of, (December 9, 2002):2–3 Rockefeller, David Roosevelt, Franklin D. Chase Manhattan Bank and, (March as New York governor, (March 1991):3 Riverboat Casino, 1999):9; (November 22, 2002):8 as President, (March 1991):3–4 (October 1998):14 Rockefeller, John D. Rosenkranz, Robert RLI Corporation Chase National Bank and, (March See also Delphi Financial Group book value, (November 11, 2002):2 1999):9; (November 22, 2002):8 on Delphi’s recent and projected growth, business overview, (May 1998):4; (May 1998):3 (November 11, 2002):1–2 Rockefeller, Nelson letters to Delphi shareholders, (August combined ratio, (November 11, 2002):1 Steinberg’s attempt to acquire Chemical 1994):11; (July 1996):15; (May 1998):3 comprehensive earnings, (May 1998):4; Bank, (May 1998):5 (November 11, 2002):1–2 Ross, Beth dividends, (November 11, 2002):2 Rockefeller Center Properties on danger of exotic dancers’ jobs, (June history, (November 11, 2002):1 bankruptcy of, (March 1999):9; 1994):11 investment portfolio, (May 1998):4; (November 22, 2002):8 Ross, Harold K. (November 11, 2002):1–3 earnings estimates, (March 1999):9; lawsuit against Underwriters Financial Northridge earthquake losses, (November 22, 2002):8 Group, (August 1995):6 (November 11, 2002):1 Mitsubishi acquisition of, (March 1999):9; (November 22, 2002):8 premiums, (November 11, 2002):1 Ross, Marc mortgage REITs and, (March 1999):9; secondary stock offering, (November 11, automobile safety statistics, (September (November 22, 2002):8 2002):1 9, 2005):4, 5 shareholders’ equity, (November 11, Rockford Partners, Ltd. 2002):1 Roth, Michael Form A filings by, (August 1999):27–28 underwriting profitability, (November 11, MONY demutualization and IPO, Paterson and, (August 1999):24 2002):1 (February 10, 2004):1 U. S. Fidelity Holding Corp. and, MONY proposed sale to AXA and, (August 1999):24 Road Food (Stern), (February 10, 2004):1–3 Unistar stock transfer to, (August (December 1991):8 severance package, (February 10,

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 2004):1–3 See also Chubb Corporation (August 16, 2000):1 Chubb’s Indianapolis account story and, Best’s rating, absence of, (December Rothchild, John (August 1994):6 1996):4 The Davis Dynasty, (December 22, 2003):3 business overview, (December 1996):4 Ruskin Commonwealth, Roussel, Louis J., Jr. Reliance National and, (December Georgia, (June 1991):7 1996):4–6 Greenberg and, (March 15, 2005):2 New Hampshire Insurance Company Russ, Peter A. Safeco Insurance takeover attempt by, (March 15, Allied cherry-picking allegations by, American States acquisition by, (January 2005):2 (February 1998):3 18, 2000):1 on mutuals and stock insurance compa- Route 66: The Mother Road (Wallis), auto insurance pricing models, nies, (February 1998):3 (December 22, 2004):6 (June 1990):4 Russell 3000 Index logo, (January 1995):8 Route 66 trip by Schiff, Avemco’s removal from, (December Safe Workplace (June 1990):3–4; (August 1995):13 1996):7 on stress and fatigue, (November 22, Rowland, David Rust, Adlai, 1994):8 See also Lloyd’s of London (August 1994):8–9 Sagamore Insurance Company on competition with Bermuda-based See also State Farm Insurance Baldwin & Lyons and, (January 9, 2004):2 businesses, (December 1993):4 on new capital at Lloyd’s, (December Rust, Edward, Salomon Brothers 1993):4 (August 1994):8–9 E. W. Blanch Holdings analysis, (Autumn See also State Farm; State Farm Insurance Roy, Jennifer 1993):5; (March 2, 2001):1 compensation, (October 1997):15 Home Holdings stock offering by, (March on Cashman’s stock purchase by E. W. 1999):8; (November 22, 2002):7 Blanch, (November 22, 1994):11 Rust, Edward, Jr., Liar’s Poker (Lewis), (May 1998):19 (August 1994):8–9 Normandy America IPO and, (August Royal Tandem Life See also State Farm Insurance Campanaro and, (August 1995):3 1995):2; (December 1996):1 Rutgers Casualty San Andreas Fault, Rube Goldberg machines DeAlessandro and, (October 1998):8; (March 1994):8 insurance companies as, (August 1999):3 (March 1999):31 Rubin, Herbert Ruthardt, Linda San Francisco, California earthquake risk, (March 1994):8 letter to Schiff’s, (June 1993):11 Boston City Council hearings on Liberty Rubin, Jerry Mutual MIHC conversion and, (March San Francisco earthquake (1906) 28, 2001):2 Dirks’ hiring of, (June 1993):8–9; claims from, (June 1992):1 John Hancock demutualization plan (October 1998):9 fire ensuing from, (April 1997):5 approval, (July 18, 2003):3; (September insurance stock prices after, (Fall 1989):1 Ruch, Rhonda 25, 2003):6 rating bureaus and, (April 1997):5 See also A. M. Best John Hancock demutualization plan hear- on Best’s high ratings, (Autumn 1993):7 ings, (July 18, 2003):2–3; (September Santa Fe Trail trip, 25, 2003):5–6 (June 1993):10–11 Rumignani, Bruno Liberty Mutual MIHC conversion public BRI Coverage and, (August 1995):3 hearings, (October 8, 2001):1 Sanwa Bank Kwajalein Island “guarantees” and, Coral Reinsurance Company and, (March (August 1995):3 Ryan, Arthur F. 1996):6; (July 1996):10–11 See also Prudential Insurance run-off on mutual insurance ownership, (May Sargent, Joseph D. Caliber One, (November 22, 2005):2 1998):11 See also Guardian Life Equitas and Lloyd’s of London liabilities, on mutual insurance ownership, (May (March 1999):4; (November 22, Ryan, Kevin 1998):11 2002):3 opinion on PMA’s proposed unstacking, Sasser, Jim The Home Insurance Company, (April (November 22, 2005):3 on banks selling insurance, (December 1995):1–2; (March 1999):8; (November Ryan Labs 1993):11 22, 2002):7 on 1993 bond market changes, (June PMA Capital Insurance Company, 1994):1 Saul, Ralph S. (November 22, 2005):1, 3, 5 biography, (September 25, 2003):1 runs Rypkema, Donovan on executive compensation, (September on historic landmark preservation, (July 25, 2003):2–3 Insurance Forum newsletter on, 19, 2004):5–6 (September 1991):3 Savage, John in the life insurance industry, (December on Amwest’s backing of Condor 1992):9 ~S~ Insurance, (March 1999):5; (November voluntary surrenders and, (September 22, 2002):4 Sable Insurance Company 1991):2–3 on managing money, (November 1995):15 African-American ownership of, on sales techniques, (November 1995):15 Rush, Parker (December 1996):4–6; (April 1997):12;

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 Savage on Selling: Secrets From an Insurance (April 1995):4–5; (April 1997):8; Provident Mutual-Nationwide acquisition Great, (November 1995):15 (February 1998):23 public hearings boycott by, (October Emerson, Reid & Company sale, 17, 2002):2 savings and loans (October 1998):13 at Schiff Terhune, (February 1998):22; annuities and, (June 1993):9 favorite undervalued stocks, (August (April 9, 2004):1–3 Failed Promises (Dingell), (March 1991):6 1999):2; (January 18, 2000):2; (January Skow’s interview of, (February insurance industry similarities, 3, 2001):1; (December 21, 2003):2 1998):22–26 (September 1990):2; (March 1991):6 FCCI Mutual bid to acquire, (March trips and vacations, (Winter 1990):2; (June insured losses from failure of, (December 1999):2 1990):3–4; (December 1991):6–8; 1992):2 Grant’s Interest Rate Observer on, (May (March 1992):6–7; (June 1992):7–8; interest rate risk and, (Winter 1990):2 1998):15 (June 1993):10–11; (Autumn 1993):10; Resolution Trust Corporation and, Hoffenberg’s threats against, (April (August 1995):13; (February (March 1991):3 1997):8 1998):22–26; (October 1998):13–17 Savings Bank Life Insurance Illinois MIHC legislation hearings, (June Wall Street career, (February 1998):22; 15, 2001):1 (April 9, 2004):3 Schiff’s opinion on, (March 1994):2 on the insurance industry, as 23-year-old, Savoy Re (April 9, 2004):3 Schiff, David (composer) American Life and Casualty opera, (August closure of, (March 1999):31 insurance stock investments, (Winter 1995):15 Kidd’s association with, (March 1999):31 1990):3; (March 1992):3, 5; (January 1995):3; (April 1997):10; (October Schiff, Frank Schaafsma, Fred J. 1998):3; (March 1999):1; (August Greenberg and, (April 9, 2004):1–3 on S.U.V. owners, (September 9, 2005):2 1999):2; (January 18, 2000):1–2; in memoriam, (April 9, 2004):6 (October 14, 2000):2; (January 9, Scharffenberger, George at Schiff Terhune, (April 9, 2004):1–3 2004):3; October 22, 2004):2; See also AmBase (December 31, 2004):2 Schiff, Jack, Jr. compensation, (November 22, 1994):4 on insurance stocks, (January 1995):3; Cincinnati Financial and, (June prediction for the 1990s, (June 1990):2 (October 1998):3; (August 1999):2 1994):9–10 on the sale of The Home Insurance John Hancock demutualization plan hear- Company, (September 1990):2 ings, (November 15, 1999):1–4; (May Schiff, John Schechner, Michael R. 20, 2003):1–2; (July 18, 2003):2–3; on Cincinnati Financial’s 1989 profitabili- ty, (June 1990):2 kosher insurance and, (March 1993):3 (September 25, 2003):5–6; (October 23, 2003):1–2; (October 27, 2003):1 Schiff’s Insurance Conference Schecter, Alvin John Hancock policyholder lawsuit and, capital markets and, (December 1999):2 on Aetna’s logo, (January 1995):9 (July 18, 2003):8 on John Hancock’s value, (July 18, Schedule G Schiff’s Insurance Observer 2003):3; (September 25, 2003):6; addition to “The Devil’s Dictionary,” See also annual statements (October 27, 2003):1–2 (Autumn 1993):8 Belth’s lawsuit to disclose, (June 16, lawsuit by Century Industries et al., background, (March 1994):9 2004):1–3; (July 7, 2004):3 (April 1997):8–9; (February Campanaro’s comparison to National executive compensation and, (June 16, 1998):22–23; (October 1998):8 Enquirer, (April 1997):9 2004):1–4; (July 7, 2004):3 Liberty Mutual Defense Fund and, (June copyright reminder, (June 28, 2002):1; Schiavone, Joseph 28, 2001):1 (December 9, 2004):1 suggested procedures for PMA’s unstack- Liberty Mutual MIHC conversion plan five-year anniversary letter to subscribers, ing, (November 22, 2005):4 testimony, (March 28, 2001):2–3; (March 1994):10 (October 8, 2001):1 letter to Levin on behalf of MONY poli- Schiff, David medical equipment insurance sales, (April cyholders, (March 1999):26–27 Adkins’ meeting with, (October 1998):12 9, 2004):3 letter to Massachusetts Insurance Allied Mutual board nomination and MetLife public hearings, (September Division regarding MassMutual’s proxy fight, (October 1997):17, 20–22; 2000):7 advertising, (March 1999):17; (August (February 1998):1–2, 5f, 24–25; (May MONY public hearings testimony, 1999):13; (November 22, 2002):16 1998):8–10; (October 1998):12; (March (March 1999):26; (February 10, 2004):1 letter to Pennsylvania Insurance Dept. on 1999):2, 19; (August 1999):7; (August mutual policyholder advocacy by, Provident Mutual’s executive/director 16, 2005):2 (October 1998):12–17; (June 28, compensation, (October 17, 2002):2–3 Andersen on motives of, (February 2002):3 letter to Vaughan on disclosure, (May 1998):1–2; (August 16, 2005):2 NY State MIHC public hearings, 1998):8–10 Andersen’s questioning by, (March (February 1998):14; (December 9, Schedule G request by, (June 16, 1999):20–22 2001):2 2004):3–4; (July 7, 2004):3 Arista Insurance Company proxy dispute, as patsy, (Autumn 1993):10 SNL Securities and, (August 1999):9 (November 1995):4 Principal Mutual MIHC conversion plan on tort reform, (March 11, 2004):3 autobiography, (March 1994):10 hearings, (October 1998):12; (March 3, background, (February 1998):22; (May 2000):2; (August 25, 2000):1–3 Schiff Terhune 1998):15 Provident Mutual acquisition bid by, medical-equipment insurance, (April 9, on being insurance commissioner, (March 1999):2 2004):3 (September 1991):6–7 Provident Mutual MIHC conversion plan Schiff’s career at, (February 1998):22; Circle Fine Art lawsuits, (March 1994):10; public hearings, (May 1998):15–17; (April 9, 2004):1–3 (June 28, 2002):2

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 Schrempf, Bill Shareholder Funds (Spehar), 2005):3–4; (July 14, 2005):2–4 NCCI’s American flag prohibition, (March 1996):3–4 fixed-income, (Winter 1990):1; (March (December 31, 2001):1 1991):2; (June 1991):5; (April 1995):8 resignation as NCCI president, Sears, Roebuck and Company index funds, (December 1996):7 (December 31, 2001):1 See also Allstate Insurance preferred stocks, (March 1992):3–5; (July Allstate’s divestiture attempts, (June 14, 2005):2–4 Schroeder, Alice D. 1992):4 regulation of, (March 1999):7; (November American International Group: Cultivating Allstate stock offering, (June 1993):4–5 22, 2002):6 Global Growth, (September 2000):1–2 Coldwell Banker’s divestiture attempts, role of board of directors in issuing, (July “Bonfire of the Beancounters,” (February (June 1992):4 12, 2005):3–4 12, 2002):2 Dean Witter’s divestiture attempts, (June surplus notes, (April 1995):3; (December IBNR Insurance Weekly writer and analyst, 1992):4 31, 2002):1–2; (January 9, 2003):3; (August 1994):4 Dean Witter spinoff, (June 1993):4–5 (March 28, 2003):1–2; (September 10, downsizing, (June 1993):5 2004):3 Schulberg, Budd earnings stagnation, (June 1992):4–5 warrants, (July 12, 2005):3–4; (July 14, “success as failure,” (June 1991):6; management opposition to shareholder 2005):2–4 (March 15, 2005):1 proposals, (June 1992):4–5 Securities Act of 1933 Schulte, Gary Schiff’s predictions, (June 1992):5 shareholder proposals for divestiture, disclosure requirements, (July 25, on Carr’s management of First Executive, (June 1992):4–5 2002):1; (August 16, 2002):2 (December 1991):4–5 The Fall of First Executive, The House that SEC. securities analysts Fred Carr Built, (December 1991):3–5 See Securities and Exchange Commission buy/sell recommendations of, (October junk bonds and, (December 1991):4–5 (SEC) 1998):1 on the Milken/Carr relationship, coverage of demutualized companies fol- (December 1991):4–5 secondary markets lowing IPOs, (May 20, 2003):2 endowment policies, (February 11, earnings expectations by, (August 16, Schwartz, Isaac 2000):1–2 2002):2–3 on accessibility of public documents, life insurance, (February 15, 2005):3 (September 2000):9–11; (July 16, Securities and Exchange 2003):4–6 secondary stock offerings Commission (SEC) IIAA referrals, (February 21, 2002):1–2 Allied Group, (October 1997):11 AIG/Brightpoint securities fraud and, on membership in Independent capital abundance and, (October 27, (December 9, 2004):3 Insurance Agents of America, (March 2003):1 AIG’s request to investigate shortselling, 13, 2001):1–2; (April 23, 2001):1–2; Dowling on, (November 15, 2001):2–3 (May 2, 2002):3–4 (February 21, 2002):1–2 RLI Corporation, (November 11, 2002):1 Anton’s dissemination of inside informa- Munger’s truck-trailer manufacturer story W. R. Berkley, (February 16, 2001):3; tion allegations by, (November 22, and, (July 7, 2004):2 (March 28, 2003):2 2005):3 Schwartz, Steven Securian Financial Group CEO/CFO certification of financial reports, (August 16, 2002):4 on AIG’s attempted acquisition of assets, (March 21, 2005):1 civil suit against Frankel, (June 4, 2002):3 American Bankers, (May 1998):6 corporate headquarters, (March 21, Dirks’ disputes with, (June 1993):8–9 on Cendant’s acquisition of American 2005):1 EDGAR database, (September Bankers, (May 1998):6 corporate history, (March 21, 2005):1 2000):10–11; (July 16, 2003):6 logo, (March 21, 2005):1 John Hancock IPO prospectus, (May 20, Schwartz & Associates. Minnesota Life’s name change to, (March 2003):2–3; (July 18, 2003):2, 7; See Schwartz, Isaac 21, 2005):1–2 (September 25, 2003):5, 10 name selection, (March 21, 2005):1–2 Schwartzbeck, Theodore J. Levitt on earnings management, (August surplus, (March 21, 2005):1 auditor disagreements, (October 1998):9 16, 2002):2–3 lawsuit against Schiff’s, (April 1997):8–9 securities MIHC disclosure compared to disclosure with, (February 1998):20 Schweider, Dorothy See also annuities; bonds; junk bonds; stocks on pro-forma financial reporting, on Iowa’s history, (October 1997):15 as acquisition currency, (February (February 26, 2004):3–4 Sciara, Kenneth 1998):18; (June 1, 2000):1; (September Provident Mutual MIHC conversion plan letter to Schiff’s, (June 1993):11 2000):2; (April 5, 2001):1; (November public hearings and, (May 1998):16–17 2, 2001):1; (July 11, 2005):2; (July 12, proxy rules reform, (September 25, Scibal Associates 2005):3–4; (July 14, 2005):2–4 2003):3 See also Century Industries asset-backed, (December 9, 2002):2 Regulation G, (February 26, 2004):4 earnings estimates, (October 1998):8 “Chinese paper,” (March 1992):2; on role of audit committees, (May 2, (December 22, 2003):5; (July 12, 2002):2; (August 16, 2002):2–4 SCOR 2005):4; (July 14, 2005):3–4 Securities Exchange Act of 1934 and, Schiff’s investment in, (January 1995):3 collateralized debt obligations (CDOs), (November 2, 2001):1; (August 16, Seagram Building (December 21, 2003):1 2002):2; (July 18, 2003):7; (September awards received, (July 19, 2004):2 collateralized mortgage obligations 25, 2003):10 (CMOs), (January 1995):4 Securities Exchange Act of 1934 Search Out the Good Shepherds of convertible debentures, (July 12, annual report requirements, (November

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 2, 2001):1 September 11, 2001 (December 9, 2001):1–3; (September illegal insider trading, (July 18, 2003):7; Bermuda startups after, (December 21, 17, 2002):2 (September 25, 2003):10 2003):1 policyholder interests balanced with, SEC creation by, (August 16, 2002):2 industry losses, (September 14, (November 22, 2005):1 2001):1–2; (November 15, 2001):2; and policyholders, balancing interests of, securitization (March 7, 2002):4; (February 26, (July 14, 2005):2 Green Tree Financial’s loans, (October 2004):2, 5–6 Shaw, Richard (Rocky) 1998):5 personal losses, (September 24, 2001):4 reinsurance industry’s accrual of capital on underwriting in the U. S., (June Security Analysis (Graham and 1993):2 Dodd), after, (October 26, 2005):1 (December 1996):8; (October 14, 2000):1; Serio, Greg Shea and Drain v. Provident Mutual (December 22, 2003):3 New York State Insurance Department Life Insurance Company, (May 1998):14; (October 17, 2002):1; Security Benefit and, (June 16, 2004):1, 4 on Spitzer’s lawsuit, (October 15, 2004):2 (December 9, 2004):2 conversion to MIHC, (March 1999):3 Shearson Security Capital Trading Serpent on the Rock (Eichenwald), (November 1995):3 Weill’s founding of, (July 1996):3 Century Industries and, (October 1998):9 Dirks and, (October 1998):9 Service, Jerry Shelby Cullom Davis & Co. company background, (June 1994):7; Sedgwick Group on funding Florida Insurance Guaranty Association, (December 1992):2 (December 22, 2003):4 executive pay cuts, (June 1993):2 Global Value Fund and, (June 1994):7 Seifer, David Shackleton, Ernest investment portfolio, 4/8/1994, (June Antarctica team recruitment, (May 1994):8 underreserved insurance industry, 1998):2 (December 1992):2 Sherry, Marc seizure of, Shaffer, Jamie on Kobe beef, (April 1995):11 See also Allied Group (March 1999):16; (November 22, 2002):15 on Allied Group’s pooling change, Sheusi, David self-insurance (October 1997):10–11, 13 on contingent commissions, (December 31, 2004):1 alternative risk financing and, (December on Allied Group’s preferred-for-common 1993):4 swap, (October 1997):12–13; (February risks of, (December 1993):4 1998):5 Shields, Meyer on AMCO as pool administrator, (October worldwide market in, (December 1993):4 on contingent commissions, (December 1997):13 31, 2004):1 selling loans to Allied officers, (February 1998):4 disclosure and, (March 1999):4–17; refusal to discuss Allied transactions, Shinn, Richard (November 22, 2002):3–16 (October 1997):8 Kamen and, (February 1998):18 expenses, (February 15, 2005):3–5 stock options received, (October 1997):15 on mutual insurance companies’ reasons for existence, (February 1998):9 Seminole Indian history, Shanks, Carroll (June 1991):6 Prudential-Georgia-Pacific scandal, shortselling (November 1995):3; (May 1998):8 semitontines AIG’s complaints about, (May 2, Universal Controls and, (November 2002):3–4 deferred dividend policies, (February 15, 1995):3 Conseco’s stock, (December 2, 1999):2 2005):6 mechanics of, (August 1999):25; Shapiro, Nate Senate subcommittee hearings. (December 2, 1999):2 Schiff’s opinion of, (January 9, 2004):2 See public hearings Unistar’s allegations of, (August 1999):21, Shapo, Nathaniel 25 Seneca Insurance Company Lumbermens Mutual surplus notes inter- due diligence, (October 1994):8 Shouvlin, Patrick est payments and, (March 28, 2003):1 Libby on commodity-oriented mainstreet codification standards lobbying by, business, (October 1994):8 shareholders (February 12, 2002):2–4 Libby on excess-and-surplus-lines busi- See also policyholders letter to Grannis regarding codification, ness, (October 1994):8 directors and officers (D&O) liability (February 12, 2002):3 nonstandard auto insurance business, insurance and, (April 7, 2003):4; on uniform accounting standards, (October 1994):8 (March 14, 2005):2–4 (February 12, 2002):4 Schiff’s visit to, (October 1994):8 executive compensation disclosure to, Sibley-Schreiber v. Oxford Health territory, (October 1994):8 (September 25, 2003):2–3 Plans (NY) Inc. insurance companies’ orientation toward, senior citizens. Viagra prescription coverage, (October (September 17, 2002):2 See elderly insurance buyers 1998):19 Levitt on benefits of mergers and acquisi- Sentry Insurance tions, (July 12, 2005):3 Sidley & Austin opposition to PMA Capital Insurance mutual policyholders compared, (October NY proposed MIHC legislation and, Company’s proposed unstacking, 1997):6; (February 1998):3, 7, 24; (May (February 1998):12 (November 22, 2005):4 1998):18–19; (March 28, 2001):3;

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 Silver, Sheldon on customer service, (August 1994):7 examination of AIG/Coral Re, on private workers’ compensation plans, (December 1996):3 Skadden, Arps, Slate, Meagher & (December 1993):6 Flom Smith, Jeanette Silverstein, Howard Bialkin as partner in, (July 12, 2005):6 response to Schiff’s letter regarding See also Goldman Sachs & Company “mutual” name, (August 1999):17 testimony at Principal Mutual MIHC Skandia Insurance Company Smith, John conversion plan public hearings, See also American Skandia Life Assurance (August 25, 2000):2–3 accounting methods, (September 24, on the Jamestown fire, (September 2001):3 1990):3; (December 1992):2; (March Silverstein, Leopold American Skandia’s business, (September 1994):9 as corporate raider, (July 11, 2005):3 24, 2001):1 Smith, Rick analyst opinions of, (August 1999):3 Simmons, Ruth earnings, (September 24, 2001):3 on AAA ratings, (January 9, 2004):1 on MetLife board of directors, (February logo, (January 1995):9 Smith, William 1998):11 oil well analogy, (September 24, on Lumbermens’ demutualization plans, on Pfizer board of directors, (February 2001):3–4 1998):11 (December 31, 2002):1 price/earnings ratios, (September 24, on Lumbermens’ stock, (December 31, Simon, David 2001):3 2002):1–2 valuation of, (August 1999):3 Provident Mutual’s sponsored demutual- as Mathis’ successor, (December 31, ization public hearings, (June 28, Skidmore, Owings & Merrill 2002):1 2002):1–2 Wilde Building and, (July 19, 2004):2 retirement of, (December 31, 2002):1 Simon, Riley Skiff, Thomas A. Smith Barney See also Mid-Continent Life Insurance sales techniques of, (November 1995):15 on demutualizations, (February 1998):3 Company Riscorp IPO, (December 1996):2 on Florida Progress’ commitment to Mid- Skillman, Richard W. Smith College Continent Life, (March 1999):16; on mutual insurance ownership, (May (November 22, 2002):15 1998):11 MetLife’s contributions to, (February 1998):11 Simpson, Eric Skockey, J. B. Simmons’ MetLife board membership, See also A. M. Best on Cincinnati Financial’s success, (June (February 1998):11 on Sable Insurance Company’s ratings, 1994):10 Smithers, Andrew (December 1996):4 Skow, Bob Japanese Life Insurance: Appearance, Reality Since 1845: a History of The Mutual Schiff’s interview with, (February and Solvency, (July 1996):1–2 Benefit Life Insurance Company 1998):22–26 Smithson, John W. (Stone), The Skunk at the Garden Party on PMA Capital Insurance Company’s (September 1991):4–6 (Spehar), capital, (November 22, 2005):2 Sinclair, Upton (October 1997):3–4 on PMA Re’s prominence, (November The Jungle, (February 1998):12–13 22, 2005):2 Skyscraper Rivals—The AIG Singh, Ajai Building and the Architecture of Wall Smoker’s Advantage annuity “The Effects of Best’s Rating Changes Street State Life Insurance Company and, (December 1996):15 on Insurance Company Stock Prices” (Abramson), (April 9, 2004):3 (Singh and Power), (Autumn 1993):8; Slavutin, Lee SNL Securities (October 1994):5 Schiff’s Insurance Observer and, (August failure rates and ratings study, (November 1999):9 single-premium deferred annuities 17, 1999):1 (SPDAs) Smith, A. J. C. Snyder, Arthur See also annuities See also A. M. Best handwriting analysis, (October 1994):11 Berkshire Hathaway and, (August 1999):3 cancellation of “The Devil’s Dictionary” First Executive and, (December 1991):3 Smith, Anna Nicole, column, (Autumn 1993):8 interest rate vulnerability, (March 1994):4 (December 1996):15 on criticism of insurance industry, Kendel’s opinion on, (December 1991):3 (Autumn 1993):8 United Pacific Life and, (December Smith, Dennis 1991):3 Report from Engine Co. 82, (September Snyder, Jack Western National’s business in, (March 1990):3–4 See also A. M. Best 1994):3–4 on American Re ratings downgrades, Smith, Dolson (January 9, 2004):1 Singleton, Henry See also A. M. Best on Best’s environmental/asbestos liability Litton Industries and, (November 2, on Continental Insurance’s review, estimates, (June 1994):2–3 2001):1 (August 1994):3 on Best’s percentage of high ratings, Teledyne and, (November 2, 2001):1 (Autumn 1993):7 Smith, Howard Dowling’s nickname for, (August 1995):15 Sirola, Bill on Delaware Insurance Department’s on The Home’s noteholders’ proposed See also State Farm Insurance

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 restructuring plan, (April 1995):2 Sosin, Howard 2000):1 on PRUPAC’s high ratings, (Autumn AIG Financial Products investments and, lapse-supported pricing and, (February 1993):8–9; (March 1994):6–7 (December 1993):7 15, 2005):3 on Superfund and insurance company during prosperity, (February 12, 2002):1 vulnerability, (Autumn 1993):7 South America. in the stock market, (Winter 1990):1; on Superfund reform, (June 1994):2–3 See Latin America (March 1992):6 Snyder, William (Bill) Southeastern Asset Management Spehar, Edward See also GEICO MONY proposed sale to AXA and, Merrill Lynch’s downgrade of Conseco, on the insurance industry’s outlook, (June (February 10, 2004):2 (March 1996):3; (December 19, 2002):1 1990):2 Search Out the Good Shepherds of Southeastern Underwriters on personal lines insurance, (Spring Shareholder Funds, (March 1996):3–4 1989):2 Association The Skunk at the Garden Party, (October antitrust charges, (April 1997):5; (March 1997):3–4 Sobel, Robert 14, 2003):1 on variable annuities, (March 1996):3–4; on Ling’s “Project Redeployment,” (October 1997):3–4 (October 25, 1999):3 Southern Guaranty ratings, (March 1999):13; (November 22, Spencer, Susan Sobel & Company 2002):12 See also Sable Insurance Company Century Industries and, (October 1998):9; on Sable’s relationship with Reliance, (March 1999):31 South Korea life insurance assets and liabilities, (December 1996):4 Socialist Party platform, 1932, (August 1999):31 Spiro, Steven J. (September 1992):8 S&P. letter to Schiff’s, (April 23, 2001):1–2 Societé Anonyme Française de See Standard & Poor’s Spitzer, Eliot Réassurances Sparks, Marc A. ACE Limited lawsuit by, (October 15, Haag on Partner Re acquisition of, See also Unistar Financial Service 2004):1; (October 22, 2004):1 (February 1998):27 Corporation American Home lawsuit by, (October 15, 2004):1; (October 22, 2004):1 Societé Anonyme Française de bankruptcy filing by, (August 1999):26 cartoons, (March 14, 2005):1 Réassurances (SAFR) Cambridge Consulting Services and, (August 1999):23, 27 The Hartford lawsuit by, (October 15, PartnerRe Holdings acquisition of, (April 2004):1 1997):3 International Fidelity Holding and, (August 1999):20 Marsh & McLennan lawsuit by, (October Society of Financial Service Rockford Partners, Ltd. and, (August 15, 2004):1–2; (October 22, 2004):1–2; Professionals 1999):24 (December 9, 2004):1; (December 31, 2004):2–3 Illustration Questionnaire, (February 15, U. S. Fidelity Holding Corp. and, Merrill Lynch stock fraud investigation 2005):5 (August 1999):20, 23–24, 28 on Unistar’s accounting methods, (August by, (June 4, 2002):1 Softbank Group 1999):24–25 mutual funds lawsuit by, (October 15, InsWeb and, (March 1999):28 on Unistar’s acquisition candidates, 2004):1 (August 1999):28 press mentions of, (December 31, 2004):3 soft markets on Unistar’s customer lists, (August cartoons, (June 1991):1; (March 1992):1; Sproule, Michael 1999):23 (March 1999):1 on Adkins’ motives, (May 1998):14–15 on Unistar’s earnings, (August 1999):26 compensation, (May 1998):15 solvency on Unistar shareholders’ risk, (August See also bankruptcies; insolvency; run-off 1999):26 St. Laurent, David Corcoran’s comments on, (September Unistar shares unaccounted for, (August compensation of, (December 1996):15 1991):3, 7 1999):20–29 St. Paul Companies Greenberg’s comments on, (June 1991):5 Unistar shortselling allegations by, annual report reviews, (June 1991):4; Hutchings’ comments on, (December (August 1999):21, 25, 29 (June 1993):6 1991):2–3, 8 on Unistar’s “loyal policyholders,” investment results, (June 1993):6 in the insurance industry, (March (August 1999):23 Leatherdale’s stock options, (May 22, 1991):5–7 on Unistar’s privatization plans, (August 2001):2 life insurance company’s assertions of sta- 1999):23 medical liability insurance business, bility, (September 1991):1, 3 on Unistar’s stock price decline, (August (June 1993):6 parent company support of affiliates, 1999):20–21 medical malpractice reserves, (September (March 1999):4–17; (November 22, SPDA. 1990):1 2002):1–16; (December 9, 2002):1; See single-premium deferred annuities Schiff’s investment in, (January 1995):3; (September 10, 2004):3 (SPDAs) (October 14, 2000):2 public awareness of financial instability, stock repurchases by, (May 22, 2001):2 (September 1991):3, 8 speculation USF+G acquisition by, (May 1998):2; Rating the Risks—Assessing the Solvency in Internet stocks, (March 1999):8; (January 18, 2000):1 Threat in the Financial Services Industry (October 14, 2000):1–2; (April 5, (Kramer), (March 1991):6 2001):2; (November 22, 2002):7 St. Paul Travelers investing compared to, (October 14, CIGNA’s proposed restructuring, proce-

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 dures for, (November 22, 2005):4 and, (February 12, 2002):1 2005):1–4 The Guardian, (December 1991):2 AIG’s directors/officers’ conflicts of inter- Standard Life Assurance Company The Home, (November 22, 1994):1 est, (June 23, 2003):1–3; (March 30, directors’ concerns for future policyhold- John Hancock, (October 23, 2003):1 2005):1, 4 ers, (February 11, 2000):1 Kemper Insurance Companies, (January AIG shares owned by, (April 7, 2003):2; endowment policies, (February 11, 9, 2003):2–3 (June 23, 2003):1; (March 30, 2005):1; 2000):1–2 Lincoln National’s derivatives use and, (April 4, 2005):2 Woollard’s demutualization proposal, (January 1995):4 AIRCO ownership by, (March 30, 2005):4 (February 11, 2000):1–2 Lumbermens Mutual surplus notes, American Museum of Natural History Standard Management (December 31, 2002):1; (January 9, grants from, (April 7, 2003):2; (June 23, 2003):2–3; (January 13, 2003):1 2003):1 company stock advertisements, Marsh & McLennan, (December 31, board of directors, (April 7, 2003):2; (June (December 1996):15 2004):1–2 23, 2003):1–2 as undervalued troubled company, MassMutual, (May 6, 2003):1–2 business overview, (March 30, 2005):1 (December 21, 2003):2 Mutual Benefit’s ratings and failure, Davis’ relationship to AIG, (April 4, Standard Nonforfeiture Law (September 1991):1–2 2005):2 revision process, (February 15, 2005):6 New York State GO bonds, (December directors, (March 30, 2005):1 1991):6 Futter’s AIG board membership, (April 7, Standard Oil Company PMA Capital Insurance Company, 2003):2; (June 23, 2003):1–2 The History of the Standard Oil Company, (November 22, 2005):3 grants awarded annually, (June 23, (February 1998):12–13 Reliance Group Holdings, (March 1992):4 2003):1f; (March 30, 2005):1 Pennsylvania Railroad rebates to, Reliance Insurance Company, (June 5, Greenberg’s relationship with, (March 30, (December 1991):6 2000):1; (June 12, 2000):1; (March 21, 2005):1 2002):1 Starr’s estate bequeathed to, (April 9, Standard & Poor’s Zurich downgrade, (December 1996):2 2004):2; (March 30, 2005):2 See also ratings; ratings agencies; Standard & Poor’s company ratings Standard & Poor’s Multiline Starr International Company Best’s ratings definitions, compared, Insurance Index See also C. V. Starr & Company; Starr (November 17, 1999):2t Loews and, (October 1998):19 Foundation capital-to-liabilities ratio comparisons, AIG’s affiliation with, (August 1999):17; (August 1994):2 Standard Security Life Insurance (March 30, 2005):1–4 claims-paying-ability, (March 1994):7 Company AIG shares owned by, (March 30, 2005):1; financial strength of insurance companies, logo, (January 1995):7 (April 4, 2005):2 (August 1994):2–3, 6 Bermuda headquarters, (March 30, high ratings and subsequent failure, (June Stansbury, David D. 2005):1, 4 1993):4 criticism of life insurance industry, 1933, business overview, (March 30, 2005):1 insightful ratings given by, (October (March 1991):5 disclosure issues, (April 4, 2005):2 1994):5; (January 1995):3 Stanton, John Greenberg’s relationship with, (March 30, life insurance company ratings, (March on Utility Trailer Manufacturing workers’ 2005):1 1991):7 compensation costs, (July 7, 2004):2 Union Excess Reinsurance transactions, methodology of, (March 1994):7 (April 4, 2005):1–2 Moody’s ratings definitions, compared, Star Banc Corporation (November 17, 1999):2t Ohio National Life Insurance Company State Compensation Insurance Funds: and, (October 1998):10 Still the Best Alternative (AASCIF), Standard & Poor’s 500 (March 1993):5 average price/earnings ratios, (April 5, Starr, Cornelius Vander 2001):3 See also C. V. Starr & Company; Starr State & County Mutual Fire index funds of, (December 1996):7 Foundation; Starr International Insurance Company, (August 1999):23 Standard & Poor’s company ratings Company AIRCO ownership by estate of, (March See also Unistar Financial Service Atlantic Mutual, (September 10, 2004):2 30, 2005):4 Corporation Berkshire Hathaway’s incorrect rating, biography, (April 9, 2004):1–2; (March 30, (March 1994):7 State Farm Insurance 2005):1–2 Casualty Indemnity Exchange, (June advertising, (August 1994):10 estate, (June 23, 2003):1; (April 9, 2004):2; 1993):4 agents and employees, (August (March 30, 2005):2 Chubb Corp. ratings downgrade, 1994):7–10 Greenberg compared with, (March 15, (November 9, 2001):1 auto insurance premiums, 1922-2000, 2005):1, 3 Conseco, (August 1999):9 (March 21, 2001):3t insurance companies of, (April 9, Continental Insurance Companies down- auto insurance pricing models, 2004):1–2; (March 30, 2005):1 grade, (October 30, 2001):3 (December 22, 2004):3–6 Starr Foundation and, (June 23, 2003):1 Employers Re (ERC), (November 22, background, (August 1994):7 2002):1; (December 9, 2002):1; Starr Foundation bank products, (March 21, 2001):2 (September 10, 2004):3 See also C. V. Starr & Company; Starr, Buffett’s comparison of GEICO and, First Executive, (December 1991):4 Cornelius Vander (March 21, 2001):1 General American Life, (December AIG’s affiliation with, (April 7, 2003):2–3; business overview, (October 1998):2 1999):9 (June 23, 2003):1–3; (March 30, commissions, (August 1994):7; (August General Re’s reserving methodologies 1999):15

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 competition, (August 1994):9–10 Individual Investor magazine, (October 31, 2000):1 corporate headquarters, (August 1994):7 1997):4 Jewish heritage, (June 1, 2000):1–2 culture, (August 1994):10 Midas Investing: How You Can Make at letters to shareholders, (August 16, customer service, (August 1994):7–10 Least 20% in the Stock Market This Year 2000):1 expense ratio, (August 1994):7 and Every Year, (October 1997):4 on Leucadia’s acquisition of Reliance, The Farmer from Merna, (March 21, (June 5, 2000):1 2001):1–2 Steinberg, Joseph Levitt’s praise for management skills of, financial condition, (August 1994):9 See also Leucadia National (December 22, 2003):5; (July 12, financial services business, (August acquisition strategies, (June 5, 2000):1–2 2005):3 1994):10; (March 21, 2001):2 Steinberg, Robert lifestyle, (March 1992):3; (October financial statements, 12/31/1993, (August 1994):11; (May 31, 2000):1; (July 11, See also Reliance Group 1994):10t 2005):1 compensation, (November 22, 1994):11; fiscal conservatism, (August 1994):9 Old Masters paintings owned by, (August 1999):14; (November 1, hurricane maximum potential loss, (October 1994):11; (May 31, 2000):1 1999):1; (May 31, 2000):1 (August 1994):9 Pennsylvania Insurance Department set- on industry consolidation, (March InsWeb leads handling, (March 1999):29 tlement, (July 11, 2005):1–2 1993):1–2 investments, (August 1994):9 on political involvement, (May 31, lifestyle, (July 11, 2005):1 Killian on value of, (August 1994):9 2000):1 severance package, (August 16, 2000):2 Loomis on nepotism at, (August 1994):8 Reliance Group’s bond offering, (March management philosophy, (August Steinberg, Saul 1992):4 1994):9–10 See also Leasco Data Processing; Reliance on Reliance Group’s core competencies, market share, (August 1994):7–9 Group Holdings (April 1997):3 Mecherle’s roots, (August 1994):7–8 on anti-Semitism, (June 1, 2000):2 on Reliance Group’s growth plans, MIHC conversions and, (March 1999):3 biotechnology stocks and, (April 1997):12; (October 30, 2001):2 mutual funds, (March 21, 2001):2–3 (October 1997):4 Reliance Group stock as collateral for per- mutual ownership of, (August 1994):7–8 cartoons, (March 1993):1; (December sonal loans, (June 7, 2000):1 policyholder surplus, 1922-2000, (March 1996):5–6; (April 1997):12; (August Reliance Group stock buyback by, 21, 2001):3t 1999):4; (September 2000):3; (July 11, (March 1992):3 premiums, (October 1997):15f 2005):1 Reliance Insurance Company acquisition regional offices, (August 1994):7 Chemical Bank acquisition attempt, by, (March 1992):2; (October 25, Rust’s compensation, (October 1997):15 (March 1992):2; (May 1998):5; (June 1, 1999):3; (May 31, 2000):2; (December Schiff’s opinion of, (January 18, 2000):1 2000):1–2 22, 2003):5; (March 30, 2005):3; (July Schiff’s visit to, (August 1994):7–10 compensation, (March 1992):3; (March 11, 2005):1–3; (July 12, 2005):1–2; (July size, (August 1994):7 1993):1f; (December 1993):4; (June 14, 2005):1 strategy, (August 1994):9–10 1994):11; (November 22, 1994):11; Renchard’s meeting with, (March 1992):2 strengths, (March 21, 2001):2 (August 1999):14; (October 25, 1999):1; report to shareholders, 1990, (March surplus, (October 1997):15 (November 1, 1999):1; (May 31, 1992):5 2000):1 Sable Insurance Company and, State Life Insurance Company corporate jets and airplanes, (July 11, (December 1996):4–6; (April 1997):12; Smoker’s Advantage annuity, (December 2005):1 (August 16, 2000):1 1996):15 as corporate raider, (March 1992):3; satirical life story, (September 2000):3–6 State Mutual (August 1999):4 Schiff’s description of, (November 22, 1994):11; (May 31, 2000):1–2; (March logo, (January 1995):8 dividends received from Reliance stock, (October 25, 1999):1; (August 16, 30, 2005):3 state regulation of insurance industry. 2000):2 severance package, (August 16, 2000):2 See regulation; specific state insurance on enemies of the insurance industry, Steinbrenner, George departments (November 22, 1994):11; (October 25, as CPCU, (July 1996):15 1999):3 Statesman Group. on the Establishment, (March 1992):2 Stempel, Ernest See American Life Group family holdings of Reliance Group, C. V. Starr & Co. and, (March 30, 2005):2 State University of New York (March 1992):3; (October 25, 1999):1 as financial opportunist, (June 1994):11; Stephens, Gerald (SUNY) (October 25, 1999):1–3; (November 10, See also RLI Corporation fund transfers to other state agencies, 1999):1; (August 16, 2000):1–2 on comprehensive earnings, (May (December 1991):6 Free Enterprise Award recipient, 1998):4; (November 11, 2002):2 Stehl, William (December 1993):4 Stephenson, William B. BRI Coverage and, (August 1995):3 furniture and art auction, (May 31, letter to Schiff’s, (March 1993):11 Kwajalein Island “guarantees” and, 2000):1 (August 1995):3 as greenmailer, (August 1999):4 Stern, Jane and Michael hubris as tragic flaw in, (May 31, 2000):1 Road Food and Good Food, (December Steinberg, Gayfryd Human Genome Sciences stock holdings, 1991):8 home decorating difficulties, (October (October 1997):4 1994):11 Individual Investor Group ownership, Stern, Robert lifestyle, (May 31, 2000):1 (October 1997):4 on the Wilde Building, (July 19, on insurance industry consolidation, (May 2004):2–3 Steinberg, Jonathan

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 Sternberg, Seymour “Sy” (March 1996):2; (May 1998):1–6; 2, 2001):1; (July 11, 2005):2; (July 12, See also New York Life Insurance (September 2000):7 2005):3–4; (July 14, 2005):2–4 on economies of scale, (May 1998):6; The Crash and Its Aftermath (Wigmore), “Chinese paper,” (March 1992):2; (December 9, 2001):1 (March 1991):1–2 (December 22, 2003):5; (July 11, Express Scripts ownership by, (May cyclicality of, (March 1999):8; (April 5, 2005):2; (July 12, 2005):4 1998):18 2001):2–3; (November 22, 2002):7 company repurchases of, (April 1997):2; media reports on, (December 9, 2001):1 efficient market hypothesis, (December (November 9, 2001):2; (December 31, on MIHC advantages for policyholders, 1996):7; (May 5, 2001):2 2004):1–2 (December 9, 2001):2 Graham on short-term/long-term markets, “extrapolation method” of analysis, (May on mutuality, (December 9, 2001):1–3 (May 2, 2002):3 2, 2002):1 on New York Life’s capital needs, Graham’s “Mr. Market,” (May 5, 2001):1 preferred, (March 1992):3–5 (December 9, 2001):2 Grant’s Interest Rate Observer on, (May price manipulation by shortselling, on New York Life’s core competencies, 1998):3 (August 1999):25 (April 1997):3 The Great Crash, 1929 (Galbraith), (March small-cap compared to large-cap, NY State MIHC public hearings testimo- 1999):9; (November 22, 2002):8 (December 1996):7 ny, (May 1998):18–19; (December 9, during the Great Depression, (March Strasburg, Pennsylvania, 2001):1–3 1991):1–2; (March 1999):9; (November on policyholders, (May 1998):18–19; 22, 2002):8; (December 22, 2003):3 (December 1991):6–7 (December 9, 2001):1–3 index funds, (December 1996):7 Strasburg Rail Road, Midas Investing: How You Can Make at on whole-life policies, (December 9, (December 1991):7 2001):2–3 Least 20% in the Stock Market This Year and Every Year (Steinberg), (October Stratton Oakmont Stewart, Barbara 1997):4 D’Amato’s investment transactions, contributor background, (September 17, Morgan on future of, (December 1996):7; (February 1998):12 2002):1 (January 31, 2001):1 “The Loss of the Certainty Effect,” risk, (December 1996):7 Strauss, Michael Arthur (June 4, 2002):2 small-cap stocks compared to large-cap Underwriters Insurance Group and, (July stocks, (December 1996):7 1996):8 Stewart, Richard speculation in, (Winter 1990):1; (March contributor background, (September 17, Strub, Sean O’Brien 1992):6; (October 14, 2000):1–2 2002):1 Cracking the Corporate Closet, (April variable annuities and, (March 1996):4; Levitt on NY State Insurance 1995):11 (October 1997):3–4 Department and, (July 12, 2005):4 “The Loss of the Certainty Effect,” stock offerings Stuyvesant Town (New York City) MetLife investment in, (February (June 4, 2002):2 ACE Limited, (June 1993):6 1998):19 American Re, (March 1993):2 STG Investments Lutine Capital Corporation, (December Consolidated Nominees Ltd. and, subscription rights. 1993):3–4 (August 1999):24 See demutualization subscription rights Mid Ocean Reinsurance, (Autumn Deere Park Equities, LLC and, (August 1993):3; (December 1993):2 subsidiaries 1999):24 PartnerRe Holdings, (December See also downstream stock subsidiaries Paterson and, (August 1999):24 1993):2–3 financial backing by parent companies, stock brokerage firms Reliance Group Holdings, (December (March 1999):4–17; (November 22, See also insurance stocks 1993):4–5 2002):1–16; (December 9, 2002):1; F. L. Brokaw & Company, (March Zurich Reinsurance Centre Holdings, (September 10, 2004):3 (Autumn 1993):2–3; (December 1991):2–3 subsidiary-holding company during the Great Depression, (March 1993):2 relationships 1991):2 stock options insolvency and, (March 1999):5; Johnson & Higgins, (March 1991):2 after demutualization, (July 18, 2003):2–8; (November 22, 2002):4 stockholders. (September 25, 2003):5–10 success See shareholders executive compensation using, (May 22, 2001):1–2; (June 4, 2002):3; Allen on, (December 1996):8 stock insurance companies. (September 25, 2003):2 behavioral qualities of, in business lead- See demutualizations lottery ticket analogy, (September 25, ers, (March 15, 2005):1 2003):2 Quayle on, (Autumn 1993):11 stock markets Massachusetts rules regarding, (July 18, Schulberg on, (June 1991):6; (March 15, See also insurance stocks; Internet stocks; 2003):4–5; (September 25, 2003):7–8 2005):1 IPOs mutuals and, (October 1997):6 after San Francisco earthquake (1989), Sullivan, Brenna (Fall 1989):1 stocks IBNR Insurance Weekly writer and analyst, after September 11, 2001, (September 14, See also insurance stocks; Internet stocks; (August 1994):4 2001):1 individual companies Sullivan, Brian bond market yields compared to, as acquisition currency, (February on commercial auto rates and experience, (October 1997):3–4; (May 1998):4 1998):18; (June 1, 2000):1; (September (April 1997):3 bull market and the insurance industry, 2000):2; (April 5, 2001):1; (November on the Internet insurance market, (March

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 1999):28–30 18, 2000):1; (December 21, 2003):2 drivers on the New York State auto insurance exclusion from safety equation, market, (March 7, 2002):1–4 surety industry (September 9, 2005):5–6 on pricing models, (December 22, Chubb’s investments in, (December 9, “learned helplessness” of, (September 9, 2004):3–6 2002):2 2005):5 on standard/nonstandard auto insurance Enron losses to, (January 25, 2002):2 personality traits of, (September 9, markets, (October 1997):2 overview, (December 1992):7; (January 2005):2–3 on State Farm, (August 1994):9 25, 2002):2; (December 9, 2002):2 “reptillian responses” to safety, surplus (September 9, 2005):2–3 Sullivan, James P. risk, attitudes toward, (September 9, in the 1980s, (March 1991):1 criticism of life insurance industry, 1933, 2005):5 adjusted, 1984-1994, (January 1995):2, 3t (March 1991):5 ISO symbols for, (October 26, 2005):2 change in combined ratios and, (Fall safety Sullivan, Martin 1989):3f accident avoidance, (September 9, See also American International Group changes to assets or reserves, effect on, 2005):3 (AIG) (December 1999):2 automobiles, compared, (September 9, on AIG’s financial condition, (April 4, defined, (December 31, 2002):1 2005):1–6 2005):3 holding company uses for, (July 14, crash test results, (September 9, 2005):2 2005):3–5 cup holders and, (September 9, 2005):3 Sumitomo Life Insurance Netter’s capital redundancy theories, emergency stopping distances, Company (July 11, 2005):2 (September 9, 2005):4 downsizing, (August 1995):1 for policyholder protection, (July 14, fatalities, statistics on, (September 9, 2005):2 The Sun Also Rises (Hemingway) 2005):4f, 6 Roberts’ retrospect on drawdowns to on bankruptcy, (December 1999):1 four-wheel drive and, (September 9, avoid becoming takeover target, (July 2005):2, 5 14, 2005):4, 5 SunAmerica minivans, compared, (September 9, AIG’s acquisition of, (October 1998):2–3; surplus notes 2005):2, 5 (September 2000):2 amounts outstanding, (January 9, 2003):3 “passive,” (September 9, 2005):4, 5 annuities business, (March 1996):4; Atlantic Mutual, (March 28, 2003):2 public perceptions of, (September 9, (October 1998):3 catastrophe-triggered, (April 1995):3 2005):2–6 Broad’s compensation, (October 1997):3 characteristics of, (December 31, test track results, (September 9, goodwill and AIG’s acquisition, (October 2002):1–2; (January 9, 2003):3; (March 2005):3–4 1998):3 28, 2003):1; (September 10, 2004):3 vehicle height and, (September 9, growth of, (October 1998):3 Lumbermens Mutual Casualty Company, 2005):2–3, 5, 6 logo, (January 1995):9 (December 31, 2002):1–3; (January 9, sales boom, (September 9, 2005):1–2 stock price, 1991-1998, (October 1998):2f 2003):1t, 2–3; (January 13, 2003):1; underwriting experience, (October 26, stock price appreciation, 1990-1996, (March 28, 2003):1–2 2005):2 (October 1997):3 Nationwide Mutual, (April 1995):3; stock price relative to AIG’s, 1990-1998, swaps (March 28, 2003):2 (October 1998):3f definition, (December 1993):7 regulatory restrictions on interest/princi- variable annuities business, (October pal payments, (December 31, 2002):2; 1997):3–4 Swiss Re (January 9, 2003):3; (March 28, 2003):1 Lumbermens-Kemper assets sale to affili- SunLife Insurance Company “surplus surplus” ate of, (March 28, 2003):1 logo, (January 1995):9 Netter’s capital redundancy theories, Symbols of America (Morgan), SUNY (State University of New (December 22, 2003):4; (March 30, (January 1995):6 York) 2005):3 Symbol Technologies fund transfers to other state agencies, surrender charges (December 1991):6 Reliance Group and, (August 1999):4 low-load direct and agent-sold policies, Reliance Group Holdings and, (June 5, “super-cats” compared, (February 15, 2005):4–5 2000):2 activation criteria, (Autumn 1993):4 tontine policies and, (February 15, Berkshire Hathaway and, (June 1991):2; 2005):6 synergy concept stocks, (October 1998):4 (Autumn 1993):4 Sutter, Russ Buffett on, (November 1995):9–13 conglomerates’ diversification and, tort costs study, (February 26, 2004):3; (October 1998):4; (April 5, 2001):3 Superfund cleanups (March 11, 2004):1–3 Conseco’s cross-marketing, (October Snyder on insurance companies’ vulnera- S.U.V.s (sport utility vehicles) 1998):4–7 defined, (October 1998):4 bility to, (Autumn 1993):7 actuarial data, (October 26, 2005):2 Prudential Financial’s “reverse synergy,” Snyder on reform, (June 1994):2–3 automobiles, compared, (September 9, (October 8, 2001):1 Superior National 2005):1–6 insolvency of, (January 9, 2003):2 construction Syron, Richard Kemper Insurance Companies reinsur- minivans compared, (September 9, Bryant College commencement address ance agreement, (January 9, 2003):1–2 2005):1 by, (November 7, 2003):4 stock price below book value, (January trucks and autos, compared, (September daughter’s employment at John Hancock, 9, 2005):1, 2

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 (November 7, 2003):4; (June 16, on credit card interest rates, (March Thrall, Michael 2004):3 1994):2 Allied-Nationwide public hearings, John Hancock board of directors, on life insurance, (August 1994):1 (March 1999):22 (November 7, 2003):1–4; (June 16, on marketing investment products to the 2004):3 elderly, (March 1994):2 thrift crisis. See savings and loans Teledyne ~T~ Singleton and, (November 2, 2001):1 Tierney, Thomas Unitrin spin-off by, (November 2, 2001):1 mutual policyholder advocacy by, (July Tandem Financial Group 18, 2003):2; (September 25, 2003):5 Campanaro and, (April 1997):9 telephone survey Merrill Lynch and, (April 1997):9 number of rings to answer, (March TIG Insurance 1994):11 core competencies and, (April 1997):3 Taos Indian pueblo, (June 1990):4; (August 1995):13 Tempest Re TIG Reinsurance ACE acquisition of, (March 1996):5 1997 Disaster Diary, (April 1997):12 Tarbell, Ida logo, (January 1995):9 Munich Re’s employees hired away by, The History of the Standard Oil Company, (December 1996):2 (February 1998):12–13 Tennessee Farmers Mutual Insurance Company Tillinghast-Towers Perrin Tasco, Frank combined ratio, (August 1994):3 tort costs study, (February 26, 2004):3; See also Marsh & McLennan New Madrid fault and, (August 1994):3 (March 11, 2004):1–3 market assessment by, (June 1991):4 ratings, (August 1994):3 Tilson, Whitney Tasher, Chris term insurance Munger’s UC Santa Barbara commence- See also Zurich Insurance Company policy lapses of, (February 15, 2005):2 ment address, (July 7, 2004):2 on Zurich’s relationship with Macy’s, profitability through anticipated lapses of, (March 1992):2 timber industry (February 15, 2005):2 in Georgia, (June 1991):6 taxes Williams on, (August 1994):1 Timmons, William Barbados regulations, (July 1996):13 Texas corporate-owned life insurance policies, Allied Group and, (March 1999):23 Munger on workers’ compensation insur- (March 1992):6 ance in, (July 7, 2004):2 on demutualization distributions, (May Tirney, Stephen G. as PMA Re president and COO, 20, 2003):1; (July 18, 2003):7; (August Texas Central Life Insurance (November 22, 2005):2 22, 2003):1–4; (September 25, 2003):10 Company on dividends, (December 31, 2004):1 on PMA Re’s restacking, (November 22, See also TCL Fire & Casualty 2005):2 low-load direct and agent-sold policies, Best’s ratings of, (August 1999):23 compared, (February 15, 2005):4 receivership, (August 1999):23, 26 Tisch, Andrew National Register of Historic Places listings, stock options granted, (May 22, 2001):2 (July 19, 2004):5–6 Texas Insurance Department policyholder cashouts after demutualiza- International Surety & Casualty oversight Tisch, James tion, (November 15, 1999):2; by, (August 1999):20, 26 stock options granted, (May 22, 2001):2 (September 2000):8 TCL Fire & Casualty regulatory over- Tax Reform Act of 1986, (July 1996):13 sight by, (August 1999):23 Tisch, Jonathan stock options granted, (May 22, 2001):2 TCL Fire & Casualty Texas trip by Schiff, See also Unistar Financial Service (March 1992):6–7 Tisch, Laurence Corporation See also CNA; Loews International Surety & Casualty and, Texola, Oklahoma, on CNA’s investment strategy, (June (August 1999):23, 26 (June 1990):3; (August 1995):13 1993):4 Continental purchase by, (January 1995):3 Nelson and, (August 1999):23 Textron Texas Insurance Department regulatory on financial strength and pricing differen- Little’s conglomerate strategy and, (July oversight, (August 1999):23 tials, (June 1993):4 11, 2005):2 TDB. Tizzio, Thomas Thermo Electron See New Jersey Temporary Disability AIG board of directors, (April 7, 2003):3 John Hancock director connections Benefits Law (TDB) through, (November 7, 2003):1–2 Todaro, Albert C. Teachers Insurance & Annuity on New York State agency fund transfers, Thiele, William investment portfolio, (April 1995):9 (December 1991):5 on market capital, (December 1993):1 technology Toney, Keith Thomas, Norman See also computer models auto insurance pricing models, Socialist Party platform, 1932 and, productivity increases through computer (December 22, 2004):3–6 (September 1992):8 systems use, (July 12, 2005):2–3, 5; Tonti, Lorenzo (July 14, 2005):2, 3 Thompson, Morley tontines and, (February 15, 2005):6 Baldwin United and, (April 1997):12 Tedoldi, Robert tontines

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 defined, (March 1999):15; (November 22, Corporation Route 66, (June 1990):3–4; (August 2002):14; (February 15, 2005):6 Dominick on dangers of takeovers by 1995):13 history, (February 15, 2005):6 industry outsiders, (July 12, 2005):6 Santa Fe Trail, (June 1993):10–11 semitontines, (February 15, 2005):6 to the South, (June 1991):6–8 toxic waste sites. Torchmark Corporation See environmental liabilities travel accident insurance logo, (January 1995):9 AMEX Assurance Company, (August Toyota Motors 1999):31 tort reform Camry fatality statistics, (September 9, caps/limits on punitive damages claims, 2005):4 Travelers (September 1992):1 Lexus as theft targets, (October 26, actuaries’ unhappiness, (March 1996):11 costs, (February 26, 2004):3; (March 11, 2005):2 Aetna property/casualty operations acqui- 2004):1–3 sition by, (March 1996):1 frivolous and excessive lawsuits, (March trademarks of insurance companies, Bankers and Shippers Indemnity sale of, 11, 2004):2–3 (January 1995):6–9 (October 1997):2 Greenberg on, (February 5, 2003):2–3 Citicorp merger with, (May 1998):5 tragedy joint and several liability rule, Reliance Surety Group acquisition by, classical Greek, (May 31, 2000):1; (March (September 1992):1 (June 5, 2000):1 15, 2005):1; (March 18, 2005):1 Mooney on effects of, (September stock certificate illustration, (May Greenberg’s downfall as great man, 1992):1–2 1998):19 (March 15, 2005):1; (March 18, 2005):1 underwriting large risks, (August 1999):14 Steinberg’s hubris and, (May 31, 2000):1 Towers Financial Corporation Wall Street’s reaction to Aetna acquisi- See also Associated Life Insurance trains and train cars tion, (December 1996):2 Company; Hoffenberg, Steven; Towers See also railroad history; railroads International Reinsurance Corporation; Travelers/Aetna Property Casualty Atalanta, (March 1992):6 United Fire Insurance Company Corporation Atalanta car, (March 1992):6 annual report irregularities, (March See also Travelers Group; Travelers Broadway Limited, (June 1992):7, 8 1993):8–9 Property Casualty Corporation The Cardinal, (June 1992):7–8 Associated Life Insurance Company and, acquisition flowchart, (July 1996):3f Lotos Club car, (December 1991):7 (March 1993):8–9 acquisition terms, (July 1996):4–6 Southwest Chief, (June 1993):11 bankruptcy auction, (August 1994):11 earnings/book value, insurance company Spirit of New Orleans, (December 1991):8 Barbados insurance company, (March comparisons, (July 1996):6t Superchief, (June 1993):11 1993):9 financial analysis, (July 1996):6 20th Century Limited, (June 1992):7 Drexel Burnham’s conference table at, financial statements, 12/31/1995, (July Western Maryland Business Car #203, (August 1994):11 1996):6t (December 1991):7 financial condition of, (March 1993):9 initial public offering, (July 1996):6 financial statements, 6/30/1992, (March Transamerica institutional investors, (July 1996):4 1993):9t annuity advertising, (March 1994):2 insurance operations, 12/31/1995, (July Hoffenberg’s jail sentence, (August logo, (January 1995):9 1996):4t 1994):11 strategic objectives, (July 1996):6 lawsuits and countersuits, (March 1993):9 Transatlantic Re Trident Partnership investment in, (July liquidity through insurance company AIG and, (December 1996):3 1996):12 acquisitions, (March 1993):8 value of, (July 1996):4–6 the media and, (March 1993):8 Trans-General Insurance Pan Am tender offer attempt by, (March logo, (January 1995):9 Travelers Group See also Travelers/Aetna Property 1993):8 Transnational Reinsurance Casualty Corporation SEC and, (March 1993):8–9 IPO, (February 16, 2001):1 annual report reviews, (June 1992):2 United Diversified Corporation acquisi- PXRE and, (February 16, 2001):1 tion by, (March 1993):8 capital-to-liabilities ratio comparisons, United Fire Insurance Company acquisi- Transportation Fleet Managers (August 1994):2 tion by, (March 1993):8–9 BRI Coverage and, (August 1995):3 cocktail party at NACSA/NACSE confer- ence, (December 1993):9 Towers International Reinsurance travel environmental/asbestos liabilities, (June Corporation The Blues, search for, (Winter 1990):2 1994):2 Barbados disclosure requirements, Disneyworld, (June 1991):6–8 fixed-income investments, (September (March 1993):9 Eastern Europe, (Autumn 1993):10 1992):4 gross written premiums, 6/30/1992, Iowa, (February 1998):22–26; (October Primerica acquisition of, (July 1996):4 (March 1993):9 1998):13–17 real estate investments, (June 1992):2 Pennsylvania, (December 1991):6–8 stock repurchases by, (July 1996):6 Towers Perrin people encountered by author umbrella logo on NY building, (October annuities distribution study, (March “the biggest Elk in the world,” (June 1997):23 1994):2 1991):7 valuation reserves, compared with The on Principal Mutuals’ executive-sever- five women at bachelorette party, Equitable, (September 1992):4 ance compensation, (June 28, (October 1998):14 Weill’s management of, (July 1996):4–6 2002):3–4 Freeman’s conversation, (June 1993):10 Travelers Insurance Townsend-Levin Computer Lorenzo, (June 1993):10 widow on train to Chicago, (June 1992):8 auto insurance pricing models,

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 (December 22, 2004):6 Accounting (Briloff), Zimmerman) logo, (January 1995):9 (December 19, 2002):1 on downstream stock subsidiaries, Zarb on financial products of, (August (February 1998):3 1994):1 Trygg-Hansa SPP The Home’s acquisition by, (November Tynan, Kenneth Travelers Property Casualty 22, 1994):4; (March 1999):8; on drama critics, (May 1998):2 Corporation (November 22, 2002):7 Citigroup logo in advertising, (December Zurich’s acquisition of The Home, (April ~U~ 31, 2001):1; (December 9, 2002):2 1995):2 Citigroup ownership of, (March 1999):5; U. S. Fidelity Holding Corporation (December 31, 2001):1; (November 22, Tsai, Gerry Primerica and, (July 1996):3 business overview, (August 1999):23 2002):4 customer lists, (August 1999):20, 23, 28 Citigroup spin-off of, (December 31, Tse, K. K. Nelson’s ownership of, (August 1999):20, 2001):1; (December 9, 2002):1 C. V. Starr & Co. and, (March 30, 2005):2 24 Gulf Insurance Group ownership by, Rockford Partners, Ltd. and, (August (March 1999):12; (November 22, Tweedy, Gordon 1999):24 2002):11 C. V. Starr & Co. and, (March 30, 2005):2 Sparks’ ownership of, (August 1999):20, Travelers Group ownership of, (March 24 20th Century Industries 1999):12; (November 22, 2002):11 Unistar’s acquisition of, (August 1999):20, American International Group and, 23–24, 28 Treasury securities (August 1999):17 variable annuities compared to, (October Schedule Y filings by, (August 1999):17 U. S. Industrial Services 1997):4 American Eco and, (August 1999):27 20th Century Insurance International Fidelity Holdings Corp. Tremel, Theresa See also 21st Century Insurance planned acquisition by, (August on contingent commissions, (December annual report reviews, (June 1991):1–2; 1999):27 31, 2004):1 (June 1992):5; (June 1993):6 Leach’s strategic direction of, (August board of directors, (August 1994):11 Trenwick 1999):27 business overview, (June 1991):1–2; (June as undervalued troubled company, stock price, (August 1999):27 1992):5; (June 1993):6; (June 1994):3–6 (December 21, 2003):2 Unistar Insurance Company planned California Proposition 103 and, (June acquisition by, (August 1999):28–29 1992):5; (June 1993):6; (June 1994):3 Tri-Continental USIS Acquisition LLC and, (August catastrophe exposure estimates, (June Globe & Rutgers Fire Insurance Co. sale 1999):27 by, (April 9, 2004):2 1994):3–4 combined loss and expense ratios, (June U. S. Insurance Brokers Trident Limited Partnership 1994):3f See also Century Industries Marsh & McLennan and, (July 1996):12; disgruntled former reader and, (June Association of Metropolitan Sewerage (September 2000):12 1992):5 Agencies agreement, (July 1996):8–9; Travelers/Aetna investment by, (July earthquake exposure, (June 1994):4–6 (April 1997):9; (October 1998):8 1996):12 expense ratio, (June 1994):3 Campanaro and, (July 1996):8–9; (April financial statements, 3/31/1994, (June 1997):9 Trimble, Wes 1994):6f Century Industries and, (July 1996):8–9; on Ohio Workers’ Compensation Fund, history, (June 1994):3 (October 1998):8 (March 1993):4 homeowners insurance business, (June Charles J. Givens Organization and, (July Trosino, Vincent 1994):4–6 1996):9; (October 1998):8 logo, (January 1995):9 See also State Farm Insurance diagram of company relationships, (July Northridge earthquake and, (June biography, (August 1994):9–10 1996):9f 1994):3–6; (August 1994):11; (October on State Farm in the financial services employees, (July 1996):9 1994):1 business, (August 1994):10; (March 21, Florida JUA Homeowners Insurance Probable Maximum Loss estimates, (June 2001):2 Take Out Program and, (October 1994):4–6 on State Farm’s competition, (August 1998):8–9 ratings, (June 1994):6f 1994):10 lawsuit against Schiff’s, (April 1997):8–9 reinsurance, (June 1994):4–6 on State Farm’s customer service, licensing claims, (July 1996):9 risk exposure, (June 1994):4–6; (October (August 1994):10 National Lumber and Building Material 1994):1 Dealers Association agreement, (July The Trouble With Prosperity (Grant) Schiff’s ownership of, (June 1992):5; 1996):8–9; (April 1997):9; (October on USF&G’s diversification, (December (June 1994):3–4 1998):8 1996):11 OTC Financial Network promotion of, 21st Century Insurance (October 1998):8 See also 20th Century Insurance trucking industry insurance. projected premiums and profits, (July American International Group ownership See commercial auto insurance 1996):8–9; (October 1998):8 of, (April 5, 2001):2 revenues, (October 1998):8 Trump, Donald auto insurance pricing models, White House Agency and, (July 1996):9 Free Enterprise Award and, (December (December 22, 2004):6 1993):4 U. S. Life “Twilight of the Traditional AIG minority ownership of, (April 5, The Truth About Corporate Mutuals” (Blumenstein and

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 2001):2 valuation of, (August 1995):4 2002):12 American General acquisition of, (April 5, “worst insurance brokerage in America,” 2001):2 (August 1995):3–6 Unionamerica Insurance Company Continental Casualty acquisition of, misleading advertising, (March 1999):12; (April 9, 2004):2; (March 30, 2005):1 Underwriters Insurance Group (November 22, 2002):11 BRI Coverage and, (August 1995):3; ratings, (March 1999):12; (November 22, UDC (Urban Development (March 1999):31 2002):11 Corporation). Campanaro and, (August 1995):3; (July Union Central Life See New York State Urban Development 1996):8 Corporation (UDC) Campanaro’s denial of association with, MIHC conversion, (October 26, 2005):2 (April 1997):9 policyholder deception by, (October 26, Ulrich, Charles D. Century Industries and, (August 1995):4; 2005):2 tax treatment of demutualization distrib- (July 1996):8; (October 1998):8; (March Union Excess Reinsurance utions, (August 22, 2003):1–4 1999):31 AIG transactions, (April 4, 2005):1–2 Covent Insurance Company and, (August Ultimate Risk: The Inside Story of the Starr International transactions, (April 4, 1995):4; (July 1996):8; (October 2005):1–2 Lloyd’s Catastrophe (Raphael), 1998):8; (March 1999):31 (October 1994):2–3 Kwajalein Island “guarantees” and, Union Mutual Life Unaccountable Accounting (Briloff), (August 1995):3 See also UNUM (December 19, 2002):1 map of company relationships with, (July logo, (January 1995):8 1996):9f Undercurrents publication Romero and, (August 1995):3 Unismoker Select & Ultimate Table on Mutual of Omaha, (January 1995):11 Schiff’s rebuttal to Campanaro’s denial, (1975-1980) (April 1997):9 pricing practices using, (February 15, Underwriters Capital Corporation stock swap transactions, (August 1995):4; 2005):4 BRI Coverage and, (July 1996):8 (July 1996):8; (October 1998):8 Cameron Phillips and, (August 1995):3; Strauss and, (July 1996):8 Unistar Financial Service (July 1996):8 Underwriters Financial Group and, Corporation Campanaro and, (August 1995):3; (July (August 1995):3; (July 1996):8; See also Unistar Insurance Company 1996):8 (October 1998):8 accounting methods, (August 1999):20–29 Campanaro’s denial of association with, American Eco Corp. and, (August (April 1997):9 underwriting 1999):23, 27 Century Industries IPO and, (July auto insurance, (December 22, 2004):1–6; American Stock Exchange review of list- 1996):8 (September 9, 2005):1–6; (October 26, ing, (August 1999):29 Chippewa Resources and, (July 1996):8 2005):2–3 Amscot Auto Insurance Agency acquisi- Schiff’s rebuttal to Campanaro’s denial, Buffett on, (June 1990):1; (November tion by, (August 1999):28–29 (April 1997):9 1995):8, 12 auditors, (August 1999):20 “cheating phase” of cycle, (March business overview, (August 1999):20, 23 Underwriters Financial Group 1999):1; (February 12, 2002):1 Caldera and, (August 1999):20, 23 See also BRI Coverage classes, differences across policies, customer lists, (August 1999):20, 23, 28 10-K filings, (August 1995):4–6 (February 15, 2005):3, 4 earnings, (August 1999):26–27 auditors, (August 1995):5–6 difficulties in, (June 1993):2 employees, (August 1999):24 Campanaro and, (August 1995):4; (July during the Great Depression, (December financial statements, (August 1999):20, 1996):8 22, 2003):2–3 21f cash shortages, (August 1995):5–6 investment returns compared to, Great Southern General Agency acquisi- Chippewa Resources and, (August (November 11, 2002):1 tion by, (August 1999):23 1995):3 in the late 1980s, (Fall 1989):1 International Fidelity Holdings Corp. company background, (August 1995):3 losses defined, (June 1993):4 and, (August 1999):20–27 financial statements, (August 1995):4–6 outlook for, (March 1996):2 International Surety & Casualty and, Frank B. Hall acquisition attempt, preferred classes, (February 15, 2005):3–5 (August 1999):20, 23 (August 1995):3 public policy issues in, (December 22, market cap, (August 1999):20–29 International General Insurance and, 2004):6 missing shares, (August 1999):20–29 (August 1995):4–5; (July 1996):8 restricted practices in, (July 14, 2005):2 Nelson and, (August 1999):20–29 Kwajalein Island “guarantees” and, results, 1991, (June 1992):2 premium volume, (August 1999):26 (August 1995):3; (July 1996):8 results, 2004, (September 10, 2004):1 press releases and promotional materials, lawsuits against, (August 1995):4, 6; (July (August 1999):20–27 1996):8 Unicover reinsurers, (August 1999):21, 26–27, 29 net worth, (August 1995):6 business overview, (November 10, Reliance Group Holdings and, (June 5, premium escrow funds, (August 1999):1–3 2000):1 1995):5–6 Reliance’s risk exposure, (August 1999):4; risk, (August 1999):25–26 private placement memorandum, (August (September 15, 1999):1; (October 25, Rockford Partners, Ltd. and, (August 1995):3–4 1999):1 1999):24, 27 SEC filings inaccuracies, (August 1995):4 workers’ compensation premiums, Schiff’s articles on, (August 1999):20–29 Underwriters Insurance Group and, (November 10, 1999):3t SEC filings, (August 1999):20, 23 (August 1995):3; (July 1996):8; shortselling allegations, (August 1999):21, (October 1998):8 Unigard ratings, (March 1999):13; (November 22, 25

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 Sparks and, (August 1999):20–29 and, (December 1996):9 Blake’s leadership, (December 1996):8, stock price and trading volume, (August Fifty Years of Suretyship and Insurance: The 12–13 1999):21, 24, 25 Story of United States Fidelity and Blake’s severance package, (May 1998):3f stock split announcement, (August Guaranty Company (Fitzpatrick and broker partnerships, (December 1996):13 1999):25 Buse), (December 1996):9–10 cash flow, (February 1998):27 stock trading halts, (August 1999):20–29 function of, (December 1996):8 corporate headquarters, 1906, (December U. S. Fidelity Holding Corp. acquisition 1996):8f by, (August 1999):20, 23–24, 28 United Trust debt, (December 1996):12 value of, (August 1999):20–29 as undervalued troubled company, diversification, (December 1996):11–12 (December 21, 2003):2 dividends, (December 1996):10, 12 Unistar Insurance Company Unitrin downsizing, (December 1996):12–13 See also Unistar Financial Service earnings, (June 1990):2; (December Litton Industries’ ownership by, Corporation 1996):11 (November 2, 2001):1 Texas Insurance Code violations, (August financial statements, (December Teledyne spin-off of, (November 2, 1999):23, 26 1996):8–13 2001):1 U. S. Industrial planned acquisition of, Guaranteed Attorneys list, (December (August 1999):28–29 Universal Controls 1996):8, 10 United Capitol Insurance Chesler and, (November 1995):3 history, (December 1996):8–13 Holmes, Murphy partnership, (December Company Shanks and, (November 1995):3 1996):13 Frontier Insurance Group’s assets and, Universal Heights investment portfolio, (June 1990):2–3; (March 1999):12; (November 22, Lane’s association with, (March 1999):31 (December 1996):8–12 2002):11 Meier’s association with, (March 1999):31 life insurance business, (December misleading advertising, (March 1999):12; Universal Property & Casualty Insurance 1996):12 (August 1999):13; (November 22, Company and, (March 1999):31 logo, (June 1994):11; (January 1995):9 2002):11 Merchants Fire Assurance acquisition by, ratings, (March 1999):12; (November 22, universal life insurance (December 1996):10 2002):11 in Canada, (February 15, 2005):7 mortgage guarantees by, (December defined, (September 1991):3 1996):9–10 United Diversified Corporation history, (March 1991):6; (September Moseley’s leadership, (June 1990):2–3; purchase by Towers Financial, (March 1991):3; (December 1991):4 (December 1996):12 1993):8 lapse-supported level-premium term premiums, (December 1996):10–11 insurance, compared with, (February United Fire & Casualty ratings, (November 22, 1994):2; 15, 2005):5, 6–7 See also McIntyre, Scott, Jr. (December 1996):10, 12 persistency bonuses, (February 15, financial statements, (May 1998):2 Reconstruction Finance Corporation 2005):6 Schiff’s opinion of, (May 1998):2 bailout of, (December 1996):10; stock price below book value, (January Universal Property & Casualty (November 11, 2002):1 18, 2000):2; (January 3, 2001):1; Insurance Company restructuring and rebuilding process, (December 21, 2003):2 DeAlessandro and, (March 1999):31 (June 1994):11; (December 1996):8–13 Universal Heights and, (March 1999):31 Sisters of Mercy eviction by, (February United Fire Insurance Company 1998):27 conservatorship and liquidation, (March University of Cincinnati Skow’s interview of Schiff about, 1993):8–9 Foundation (February 1998):23 Towers Financial acquisition of, (March Ohio National Life Insurance Company St. Paul acquisition of, (May 1998):2; 1993):8 and, (October 1998):10 (January 18, 2000):1 United Insurance Company stock price, (December 1996):10, 12 UNUM See also Palacios, Connie stock repurchases by, (December disability claims, (November 22, 1994):11 stock split, (August 1995):1 1996):12–13 investment strategies, (March 1996):11 surplus, (December 1996):10–11 United Pacific Life logo, (January 1995):8 timeline, (December 1996):9f See also Reliance Insurance UnumProvident focus on investment products, USIS Acquisition LLC as undervalued troubled company, (December 1991):3 American Eco Corporation and, (August (December 21, 2003):2 single-premium annuities and, 1999):27 (December 1991):3 Arctic Circle, Ltd. and, (August 1999):27 Urban Development Corporation. Furman and, (August 1999):27 United Services Life Insurance See New York State Urban Development U. S. Industrial Services stock, (August Corporation (UDC) Company (USLICO) 1999):27 name changes, (April 1995):11 USF+G USLICO Corporation See also Blake, Norman United States Fidelity & Guaranty acquisition by NWNL, (April 1995):11 advertising and sponsorships, (December name changes, (April 1995):11 Company 1996):12 See also USF+G annual reports, (June 1990):2–3; (June USLife. corporate symbols, (March 1999):6; 1993):4; (December 1996):12 See U. S. Life (November 22, 2002):5 Best’s “managed” ratings of, (November Equitable Mortgage and Trust Company 22, 1994):2 Utah

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 Munger on workers’ compensation insur- 2005):2 ance in, (July 7, 2004):2 Allied-Nationwide acquisition and, ~W~ (March 1999):22–24; (March 14, Utility Trailer Manufacturing 2003):3 W. R. Berkley workers’ compensation costs, (July 7, on annual statements, (September See also Berkley, William R. 2004):2 2000):11 annual report reviews, (June 1991):4; biography, (November 18, 2002):1–2 (June 1993):4 ~V~ complacency by, (August 1999):7–8; Berkley’s stock options, (May 22, 2001):2 (November 18, 2002):1–2 Davis’ stock pick, (June 1994):8 Vaitheswaran, Anuradha conflicts of interest, (March 1999):23–24; Schiff’s favored undervalued stocks, Allied-Nationwide public hearings, (November 15, 1999):1; (August 25, (March 1999):1; (August 1999):2; (March 1999):22 2000):3; (March 14, 2003):3 (January 18, 2000):2; (January 3, EMC Group and, (May 1998):8 2001):1; (November 15, 2001):1; Value Line Property-Casualty Fundamentals of Risk and Insurance, (December 21, 2003):2 Composite (March 1999):23; (November 18, Schiff’s investment in, (October 1998):3; Chubb & Son earnings, (Fall 1989):1 2002):2 (March 1999):1; (August 1999):2; Goldman Sachs fairness opinions and, (January 18, 2000):2; (October 14, Vanguard Funds (November 15, 1999):1; (August 25, 2000):2; (December 21, 2003):2; State Farm Mutual Funds compared to, 2000):3 (December 31, 2004):2 (March 21, 2001):3 Interstate Insurance Product Regulation secondary stock offerings, (February 16, 2001):3; (March 28, 2003):2 “vanishing premiums” rules Compact, (March 14, 2003):3–5 stock price-to-book value, (March Chase Manhattan Private Bank and, MIHC conversion advocacy, (March 1999):1; (August 1999):2; (November (November 22, 2002):16 1999):23; (August 25, 2000):1; (November 18, 2002):1–2 15, 2001):1; (December 31, 2004):2 variable annuities mutual-insurance-holding-company stock repurchases by, (April 1997):2; (May See also annuities; mutual funds inception, (March 14, 2003):2–3 22, 2001):2 accounting methods, (September 24, National Association of Insurance Wallman, C. Stephen 2001):3 Commissioners and, (March 14, Capitol Transamerica tip, (June 1993):5 American Skandia Performance 2003):3–5 letter to Schiff’s, (March 1993):11 Advantage, (September 24, 2001):1–4 Principal Mutual MIHC conversion, annual sales growth, 1988-2000, (November 15, 1999):1; (August 25, Wall Street (film), (September 24, 2001):2 2000):1–3; (March 14, 2003):3 (November 1995):4 in bear markets, (March 1996):4; (October reappointment as Iowa Insurance 1997):3–4; (October 1998):3 Commissioner, (August 1999):8 Wall Street Journal in bull markets, (October 1997):3–4 Schiff’s letter on disclosure to, (May on Blue Cross’ financial problems, (June embedded-value accounting and, 1998):8–10 1991):5 (September 24, 2001):3 Schiff’s opinion of, (March 1999):7, 23–24; on Mutual Benefit’s failure, (March fees charged by, (October 1997):4 (November 22, 2002):6 1993):6 fixed annuity costs, compared, (October on Spitzer’s lawsuits, (December 9, 1997):4 Vega, Texas, visit by Schiff, 2004):1 number of offerings, (September 24, (June 1990):3 Wall Street Waltz (Fisher), 2001):2 Venture Advisors funds (September 1991):2 profit margins, (October 1997):4 Global Value Fund and, (June 1994):8 return on equity, (October 1997):4 New York Venture Fund, (June 1994):7 Walter, Courtney Schiff’s opinion of, (October 1997):3 Allied Mutual public hearings and, The Skunk at the Garden Party (Spehar), Vermilyea & Company (March 1999):20 (October 1997):3–4 MetLife executives’ loans and, (February SunAmerica and, (October 1997):3–4; 1998):13 Walter, Joyce (October 1998):3 Allied Group/Allied Mutual policy, Viagra prescription coverage (February 1998):2 variable life insurance class-action lawsuit for, (October 1998):19 The Hallie Lawrence Story, (March 1991):7; in Japan, (July 1996):1–2 (October 1997):20 Vilsack, Tom in the mid-1980s, (March 1991):6 Schiff’s nomination to Allied Mutual’s Iowa Insurance Division and, (March board by, (October 1997):20–21; Vaughan, Emmett 1999):7, 24; (November 22, 2002):6 (February 1998):2 Allied Group and, (March 1999):23–24 Virginia, Paul v. Warburg Dillon Read Vaughan, Terri described, (March 14, 2003):1 Conseco forward roll transaction, (August See also Iowa Insurance Department federal antitrust legislation and, (April 1999):9 Allied Mutual fair election ordered by, 1997):4; (March 14, 2003):1 (February 1998):2; (May 1998):8 Warburg Pincus Volkswagen Allied Mutual pooling change approvals, Arch Capital private equity funding by, Jetta fatality statistics, (September 9, (February 1998):6 (December 31, 2001):2 Allied Mutual transactions and, (August 2005):4 1999):7–8; (November 18, 2002):1–2; Jetta handling and safety, (September 9, Waring, Susan D. (March 14, 2003):2–3; (August 16, 2005):5 on State Farm’s mutual funds, (March 21,

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 2001):3 Best’s ratings compared, (March 1991):7; White, Stanford (September 1991):3f on Hyde’s costume ball, (February Warns, Hugh conservative ratings given by, (March 1998):13 on contingent commissions, (December 1991):7; (September 1991):1 31, 2004):1 Mutual Benefit’s ratings and failure, White House Agency U. S. Insurance Brokers and, (July warrants (September 1991):1–2 1996):9 as acquisition currency, (July 12, 2005):3; Welch, Greg (July 14, 2005):2–4 Century Industries et al. v. Schiff’s, (April White Mountains Insurance Group Bermuda reinsurance deals, (November The Warren Buffett Way (Hagstrom), 1997):8 15, 2001):3 (April 1995):8 Welch, Jack Risk Capital Reinsurance Company’s Washington National Insurance compensation, (October 23, 2003):1 insurance operations sale to, (December 31, 2001):2 Company Wendt, Gary stock price below book value, (December logo, (January 1995):7 Conseco’s management by, (December 21, 2003):2 19, 2002):2 Way, Stephen The White Sharks of Wall Street: See also HCC Insurance Holdings Wenzel, Tom Thomas Mellon Evans and the Schiff’s opinion of, (March 28, 2003):2 automobile safety statistics, (September 9, 2005):4, 5 Original Corporate Raiders Waycross, Georgia visit by Schiff, (Henriques), (June 1991):6–8 Wesco Financial Corporation (July 11, 2005):3 stock price below book value, (December Wealth Without Risk (Givens), 21, 2003):2 Whitford, George V. (July 1996)9; (October 1998):8 See also A. M. Best West, Mae weather and climate “The Devil’s Dictionary” column, quotes, (October 1997):11; (October (Autumn 1993):7–8 insurance industry interest in, (April 1998):19 Hall’s letter to, (Autumn 1993):7–8 1995):11 West Bend Mutual whole life Weeks, Paul Zylstra on, (August 1999):14 regulation, (March 1999):7; (November mutual policyholder advocacy by, (July 22, 2002):6 18, 2003):2; (September 25, 2003):5 Western Heritage Insurance “Who Owns a Mutual—A Legal Weill, Sandy Company Allied Group and, (October 1997):7–8 Perspective” (Hemmings), Bialkin as advisor to, (July 12, 2005):6 (February 1998):9–10 biography, (July 1996):3–6 Western National Life Insurance as “breath of fresh air,” (December Company Wichita, Kansas, visit by Schiff, 1993):9 See also Conseco (June 1993):10 cartoons, (November 1995):1; (July annuities business, (March 1994):4 1996):7 business overview, (March 1994):3–4 Wilcox, Gregory Cogan, Berlind, Weill & Levitt and, (July capital-to-liabilities ratio comparisons, See also The Equitable Companies 12, 2005):1 (August 1994):2 on consolidation in the life insurance cost-cutting by, (March 1999):31 competition from banks, (March 1994):4 industry, (December 1992):9 Dimon’s firing by, (March 1999):31 Conseco’s investment in, (March on demutualization, (December 1992):9 Leasco’s investment banking services by, 1994):3–4 on The Equitable’s future, (December (May 1998):5 Conseco’s sale of stock of, (March 1992):8–9 “obscene” behavior by, (May 1998):19 1994):3–4 on The Equitable’s real estate invest- office fireplaces, (March 1999):31 interest rate vulnerability, (March 1994):4 ments, (December 1992):8 stock options granted, (May 22, 2001):1 memo on ratings definitions, (March on marking real estate investments to the Travelers acquisition of Aetna 1994):4 market, (December 1992):8 property/casualty operations, (July prospectus review, (March 1994):4 rebuttal to Schiff’s September 1992 article, 1996):4–6 ratings, (March 1994):4 (December 1992):8 Travelers-Citicorp merger, (May 1998):5 single-premium deferred annuity busi- Wilde, Frazar B. at Travelers cocktail party at ness, (March 1994):3–4 NACSA/NACSE conference, See also Connecticut General (December 1993):9 Westpac on Wilde Building, (July 19, 2004):2 BT Financial acquisition by, (September Weiner, Robert E. Wilde, Wilson 3, 2002):2 letter to Schiff’s, (December 1991):8 See also The Hartford Steam Boiler West Virginia State Workers’ Inspection and Insurance Company Weinstein, Jack Compensation Fund 1990-91 market assessment, (June 1991):4 on Roberts’ abandonment of shareholders financial condition, (March 1993):4–6 for personal gain, (July 12, 2005):1–2; Wilde Building (July 14, 2005):1 Wetzel, William A. preservation of, (July 7, 2004):2–3; (July 19, 2004):2–6 Weiss Research on New York State’s Regulation 68, (March 7, 2002):1 See also ratings; ratings agencies Wilkinson, E. C.

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 on 1932 insurance stock prices, (March Montgomery Ward proxy fight by, (July family-friendly workplaces, (December 1991):3 11, 2005):3; (July 14, 2005):4–5 31, 2001):1 “Investment Appeal of Insurance Stock,” stress and fatigue, (November 22, 1994):8 (December 22, 2003):2 women’s roles The Hartford layoffs during the Great Worldcom Will, George Depression, (March 1991):2 accounting practices, (July 25, 2002):1 on terrorism, (September 14, 2001):1 Woollard, Fred World Trade Center William Penn endowment policy investments by, insurance industry losses on 9/11/01, logo, (January 1995):7 (February 11, 2000):1–2 (September 14, 2001):1–2; (November Standard Life Assurance Company’s 15, 2001):2–3; (March 7, 2002):4; Williams, Arthur L. demutualization proposal, (February (February 26, 2004):2, 5–6 See also A. L. Williams Company 11, 2000):1–2 personal losses, (September 24, 2001):4 advice to insurance salesmen, (Autumn 1993):11 Woollcott, Alexander, World War II “buy term and invest the difference,” (October 1998):4 MetLife’s advertising, (August (April 1995):8 1999):10–11 cartoons, (Autumn 1993):11; (April workers’ compensation 1995):8 standard policy form in, (September 17, Wrenn, Corey Common Sense, (April 1995):8 2002):2–3 Berkshire Hathaway value opinion by, on term insurance, (August 1994):1 unscrupulous claims practices, (June 4, 2002):1 (September 17, 2002):3 Willing, Thomas WSJ. assets in 1776, (December 1992):4 workers’ compensation insurance See Wall Street Journal funds Willis See also New York State Workers’ ~X~ contingent commissions, (December 31, Compensation Fund 2004):1 California exotic dancers’ lawsuit, (June XL Capital 1994):11 Willis, Donald Clements and, (December 31, 2001):1–2 high loss-reserve-to-surplus ratios, (March on Allied Group board of directors, stock price below book value, (December 1993):4 21, 2003):2 (October 1997):9 history, (September 17, 2002):3 Willkie Farr & Gallagher Kramer on premiums/benefit payments ~Y~ Bialkin as partner in, (July 12, 2005):6 ratios, (March 1991):6 in Michigan, (March 1993):5–6 Yadkin Valley Insurance Wilson, Charles in Minnesota, (March 1993):4 as undervalued troubled company, on “what is good for General Motors...”, in Montana, (March 1993):4–5 (December 21, 2003):2 (May 1998):5 Munger on costs of, (July 7, 2004):2 in Ohio, (March 1993):4 Ya h o o Wilson, Harold, outlook for, (March 1996):2; (January 18, AIG bulletin board postings on, (June 1991):7 2000):1 (February 26, 2003):1–5 Winans, Chris overview of financial problems, (March market cap, (December 1999):3; (October 1993):4–6 American International Group: Cultivating 14, 2000):2; (April 5, 2001):2–3 overview of state fund financial problems, Global Growth, (September 2000):1–2 (March 1993):4–6 Yasuda Fire & Marine Insurance on GE’s reinsurance business, in Pennsylvania, (March 1993):4 Company (November 22, 2002):1 political pressures, (March 1993):5 art collection, (October 1994):11 Winters, David present-value discounting of loss Yost, Richard Principal Mutual MIHC conversion plan reserves, (December 1990):5; (March hearings, (March 1999):2–3; (August 1993):5 Provident Mutual demutualization public 25, 2000):1 State Compensation Insurance Funds: Still hearings testimony, (June 28, 2002):4 the Best Alternative (AASCIF), (March “You Can’t Turn the United States Winterthur Swiss Insurance Group 1993):5 Into Cash” (Insurance R & R misleading advertising, (March in West Virginia, (March 1993):4–6 1999):12–13; (November 22, Workers’ Compensation State Funds: Service, 1933), 2002):11–12 Disappearing Capital (Kenney), (March (March 1991):3–4 ratings, (March 1999):13; (November 22, 1993):5 Yo ung, Robert R. 2002):12 Workers’ Compensation State Funds: as corporate raider, (July 11, 2005):2 Wit Capital Disappearing Capital Youngman, William business overview, (November 15, (Kenney), (March 1993):5 C. V. Starr & Co. and, (March 15, 2005):1; 1999):3 (March 30, 2005):2–3 John Hancock demutualization plan and, Workman, Thomas (November 15, 1999):3–4 codification standards lobbying by, market cap, (November 15, 1999):3 (February 12, 2002):3 ~Z~ Wolfson, Louis workplace safety Zaino, Marie as corporate raider, (July 11, 2005):3 drug usage, (November 22, 1994):8

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000 letter to Schiff’s, (March 1992):8 Centre Re investment in, (Autumn 1993):2 Zarb, Frank Fund American investment in, (Autumn AIG board of directors, (May 2, 2002):4; 1993):2; (April 1995):2 (August 16, 2002):3; (April 7, 2003):2, The Home’s acquisition by, (April 3t 1995):1–2 Alexander & Alexander and, (August initial public offering, (Autumn 1994):2; (April 7, 2003):2 1993):2–3; (December 1993):2 on Alexander & Alexander’s stock price, investment strategy, (Autumn 1993):3 (December 1996):2 marketing, (Autumn 1993):2 audit committee panel, (August 16, risk caps, (Autumn 1993):2–3 2002):3; (April 7, 2003):2 stock repurchases by, (April 1997):11 Hellman & Friedman and, (April 7, 2003):2 Zylstra, Ted NASD and, (August 16, 2002):3; (April 7, on price firming, (August 1999):14 2003):2 NYSE nominating committee, (May 2, 2002):4 on Travelers’ financial products, (August 1994):1 Zawacki, Tim on insurance company annual statements, (July 16, 2003):1–3 Zell, Sam sayings of, (July 1996):1 Zenith National Insurance Reliance Group and, (March 1992):4; (August 1999):4 Schiff’s favored undervalued stocks, (August 1999):2; (January 18, 2000):2; (December 21, 2003):2 Schiff’s investment in, (August 1999):2; (January 18, 2000):2; (December 21, 2003):2 Zimmerman, G. Alan on downstream stock subsidiaries, (February 1998):3 Zuckerman, Mort Hoffenberg’s comments on, (March 1993):9 Zurich Financial Services credit-enhancement policies, (December 9, 2002):1–2 Zurich Insurance Company Kemper Corporation acquisition by, (June 15, 2001):2 logo, (January 1995):9 Macy’s bankruptcy and, (March 1992):2 misleading advertising, (March 1999):14–15; (November 22, 2002):13–14 money market funds, (March 1999):14–15; (March 1999):15; (November 22, 2002):13–14 ratings downgrade, (December 1996):2 Zurich Reinsurance Centre Holdings business strategy, (Autumn 1993):2–3 catastrophe insurance business, (Autumn 1993):2–3

SCHIFF’S INSURANCE OBSERVER ~ (212) 724-2000