Achieving the best.Best's Review is proud to present our "Standing the Test of Time" series in this issue. Our cover story recognizes 55 property/casualty and 14 life/health companies that have maintained a Best's Financial Strength Rating of A or higher for 75 years. It also recognizes 55 property/casualty and 23 life/health writers who have maintained a Best's Financial Strength Rating of A or higher for 50 years. To identify the companies with the longest record of consistent financial strength, Best's analysts pored over its proprietary data to accumulate Accumulate
Broker/analyst recommendation that could mean slightly different things depending on the broker/analyst. In general, it means to increase the number of shares of a particular security over the near term, but not to liquidate other parts of the portfolio to buy a security and verify ratings and other pertinent data dating back to 1905. The cover story also features mini-profiles of nine of these distinguished companies.
For another perspective on what all this means, I called the former President of the National Association of Insurance Commissioners The National Association of Insurance Commissioners (NAIC) is an Internal Revenue Code Section 501(c)(3) non-profit organization which seeks to organize the regulatory and supervisory efforts of the various state insurance commissioners from around the United States. and Director with the Bridge Strategy Group Ernie Csiszar for his opinion. He picked up on a "significant degree of commonality com·mon·al·i·ty
n. pl. com·mon·al·i·ties
a. The possession, along with another or others, of a certain attribute or set of attributes: a political movement's commonality of purpose. " among the nine featured companies. The similarities could be seen as the cornerstones to their success. "Some are small to midsize, which makes them flexible, and most are privately owned or mutuals," he said.
Csiszar also noted the companies are selling products that don't become obsolete, and they excel because they focus on their core competencies A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
DUMB. One who cannot speak; a person who is mute. See Deaf and dumb, Deaf, dumb, and blind; Mute, standing mute. competitors" The true test of these companies is their ability to maintain their success during the world's economic ups and downs ups and downs
Alternating periods of good and bad fortune or spirits.
ups and downs
alternating periods of good and bad luck or high and low spirits as well as the insurance industry's own cycle, Csiszar said.
For the fourth year in a row, our July issue also contains our "Top Global Insurance Brokers" rankings. This year, however, there is a difference: Figures are based on 2008 brokerage revenue from the placement of primary insurance business only, using data provided by the companies. Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. , wholesale business, managing general agent and other business revenues not directly related to the placement of primary insurance business were excluded.