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.