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
Min Jiang
J. Dale Reynolds
Arthur J. Schwartz
Bryan G. Young
Nora J. Young

Humor Editor:
Michael D. Ersevim

Nonactuarial Pursuits:
Martin Adler

Puzzle:
John P. Robertson

U.K. Correspondent:
Kendra M. Felisky

Desktop Publisher:
Daniel J. Magnolia

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

Casualty Actuarial Society
4350 North Fairfax Drive, Suite 250
Arlington, Virginia 22203
Telephone: (703) 276-3100
Fax: (703) 276-3108
E-mail:office@casact.org

Third class postage is paid at Dulles, Virginia. Publications Mail Agreement No. 40035891. Return Undeliverable Canadian Addresses to
PO Box 503,
RPO West Beaver Creek,
Richmond Hills, ON L4B 4R6.

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
4350 North Fairfax Drive, Suite 250
Arlington, Virginia 22203

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.