Enduring quality.

To be outstanding for a while is difficult; to do it for a long time is nearly impossible. Our cover story this month reveals 15 property/casualty insurance companies that have maintained a Best's Rating of A+ or higher for the past 50 years. If you haven't looked already, turn to "Standing the Test of Time" on page 20 and see who these companies are. They're an impressive group. And each has its own story to tell about how it has maintained its financial strength for so long.

Among the stories are some common themes: sticking to a market niche, controlling growth without always going for market share, and serving customers well, for example. But to some industry, experts, the most common theme is the most obvious. "You can't fake this kind of success for 50 years," said Chris Winans, senior property/casualty analyst for Lehman Brothers. "It will catch up with you if you don't do the underwriting right."

Some of the companies, such as Chubb, American International Group and Lititz Mutual, have excellent reputations as prudent underwriters, Winans said. "Chubb and AIG are fairly dependable over time for generating positive underwriting cash flows," he said. "They won't get into trouble."

A history of not getting into trouble is particularly important for insurance companies now because of recent insolvencies. Agents, who are the core users of ratings, have a heightened concern about quality and stability. "They are more sensitive about placing their business with the best companies," Winans said.

The 15 companies in "Standing the Test of Time" have proved they're among the financial best.

Sally Whitney is editor. You may reach her at [phone], Ext. 5340, by writing to A.M. Best Co., Ambest Road, Oldwick, NJ 08858, or by e-mail at [e-mail]. The e-mail address for Best's Review is [e-mail].