Editor's Prologue.Changing Times This edition of Best's Review marks a new direction. The property/casualty and life/health editions are now combined into one expanded monthly publication. This realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. mirrors the growing trend of insurance carriers and intermediaries of all types looking to expand their offerings across all lines of business. The industry is rushing to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the growth and diversification potential unleashed by financial-services deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. . While property/casualty and life/health insurers still face many unique challenges, they also face many of the same issues--demutualization, consolidation, the need to access capital for growth, technology advances, pressure to add distribution channels, and competition from noninsurer institutions. To help insurers keep current with the marketplace, the content of Best's Review has been realigned to more conveniently present the industry trends. The Industry Strategies section is common ground--features of interest to all insurers. That is followed by articles specifically targeted to property/casualty and life/health insurers. These two sections include the Insight and Marketplace columns that report selling and underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. news and trends. The expanded technology section will explore the complex issues, rapid advances and growth of electronic commerce. Investment in technology has become a top priority for every insurance industry participant trying to gain and maintain competitive advantages. The magazine merger coincides with the 100th anniversary of A.M. Best Co. and Best's Review. In 1900, when Alfred M. Best Alfred M. Best (1876–1958) was an American actuary. Best was born in Caldwell.[1] At the age of 15, Best began his career in the insurance industry as a junior clerk with the Queen Insurance Company of America in New York. first published this magazine's precursor precursor /pre·cur·sor/ (pre´kur-ser) something that precedes. In biological processes, a substance from which another, usually more active or mature, substance is formed. In clinical medicine, a sign or symptom that heralds another. , a monthly news supplement to Best's Insurance Reports, the U.S. insurance industry was in its infancy. The life industry wrote $338 million in net premiums in 1900 compared with $460 billion in 1998. The property/casualty side of the business has grown from $210 million in net premium written to $281.6 billion. Marilyn Ostermiller is editor. You may reach her at (908) 439-2200, Ext. 5562, by writing to A.M. Best Co., Ambest Road, Oldwick, NJ 08858, or by e-mail at ostermm@ambest.com. The e-mail address See Internet address. e-mail address - electronic mail address for Best's Review is bestreview@ambest.com. |
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