The Actuarial Review is the quarterly newsletter of the Casualty Actuarial Society.

Editor in Chief:
Paul E. Lacko

Managing Editor:
Elizabeth A. Smith

Editor Emeritus:
C.K. "Stan" Khury

Editor Emeritus:
Matthew Rodermund

Associate Editor:
Martin Adler

Book Review Editor:
Allan A. Kerin

Brainstorms:
Stephen W. Philbrick

Copy Editors:
J. Parker Boone
J. Dale Reynolds
Arthur J. Schwartz
Bryan G. Young
Nora J. Young

Nonactuarial Pursuits:
Martin Adler

Puzzle:
John P. Robertson

U.K. Correspondent:
Kendra M. Felisky-Watson

Desktop Publisher:
Daniel J. Magnolia

The Actuarial Review (ISSN 10465081) is published four times each year by the

Casualty Actuarial Society
1100 North Glebe Road, Suite 250
Arlington, Virginia 22203-4798
Telephone: (703) 276-3100
Fax: (703) 276-3108
E-mail:office@casact.org

Third class postage is paid at Gaithersburg, Maryland.

The amount of dues applied toward each subscription of The Actuarial Review is $10. Subscriptions to nonmembers are $10 per year. Postmaster: Send address changes to:

The Actuarial Review
1100 North Glebe Road, Suite 250
Arlington, Virginia 22203-4798

For permission to reprint material from The Actuarial Review, please write to the editor in chief. Letters to the editor can be sent to AR@casact.org or the CAS Office. The Casualty Actuarial Society is not responsible for statements or opinions expressed in the articles, discussions, or letters printed in The Actuarial Review.