<br /> Top 50 Global Stephen Catlin on U.S. Giant State Farm ISSUES & ANSWERS:<br /> Reinsurance Groups Adding Value Marches to Its Own Beat Mutual Success<br /> Page 34 Page 35 Page 73 Pages 23-29<br /> 3EPTEMBERs6OLUMEs)SSUE WWWBESTREVIEWCOM<br /> A.M. BEST'S MONTHLY INSURANCE MAGAZINE<br /> MUTUAL<br /> SUPPORT<br /> Sharing economy, meet<br /> mutual insurers. Insurers<br /> organized under the<br /> industry's oldest company<br /> type are transforming<br /> business models and<br /> sharpening their focus on<br /> their original missions.<br /> Pages 41-78<br /> Stone houses.<br /> A<a title="Best's Review - September 2017 Edition page 1" href="http://viewer.zmags.com/publication/550c2322?page=1"> Top 50 Global Stephen </a> <a title="Best's Review - September 2017 Edition page 2" href="http://viewer.zmags.com/publication/550c2322?page=2"> Stone houses. Aluminum bats. Our client relatio</a> <a title="Best's Review - September 2017 Edition page 3" href="http://viewer.zmags.com/publication/550c2322?page=3"> From the Editor's Desk Mutual Thoughts Eve</a> <a title="Best's Review - September 2017 Edition page 4" href="http://viewer.zmags.com/publication/550c2322?page=4"> MUTUAL Contents SUPPORT 41-78 In this feature</a> <a title="Best's Review - September 2017 Edition page 5" href="http://viewer.zmags.com/publication/550c2322?page=5"> Your resolve Our resources They can </a> <a title="Best's Review - September 2017 Edition page 6" href="http://viewer.zmags.com/publication/550c2322?page=6"> ISSUES & ANSWERS A.M. BES</a> <a title="Best's Review - September 2017 Edition page 7" href="http://viewer.zmags.com/publication/550c2322?page=7"> A world with imagination is a world of opportunit</a> <a title="Best's Review - September 2017 Edition page 8" href="http://viewer.zmags.com/publication/550c2322?page=8"> Best's Review Interactive @ www.bestreview.com C</a> <a title="Best's Review - September 2017 Edition page 9" href="http://viewer.zmags.com/publication/550c2322?page=9"> ® Expenses Hurt Non-Standard Auto Writers</a> <a title="Best's Review - September 2017 Edition page 10" href="http://viewer.zmags.com/publication/550c2322?page=10"> Executive Changes Department Reinsurance/Capita</a> <a title="Best's Review - September 2017 Edition page 11" href="http://viewer.zmags.com/publication/550c2322?page=11"> ˜ÃÕÀ>˜ViˆÃVœ“«ˆV>Ìi`° But it doesn't have to Li`</a> <a title="Best's Review - September 2017 Edition page 12" href="http://viewer.zmags.com/publication/550c2322?page=12"> Department Macia, then Seraina Maag, was </a> <a title="Best's Review - September 2017 Edition page 13" href="http://viewer.zmags.com/publication/550c2322?page=13"> Insurance Marketing Top 5 Tips for Engaging Toda</a> <a title="Best's Review - September 2017 Edition page 14" href="http://viewer.zmags.com/publication/550c2322?page=14"> Best's Calendar Best's Calendar: Trade Shows/Con</a> <a title="Best's Review - September 2017 Edition page 15" href="http://viewer.zmags.com/publication/550c2322?page=15"> A Global Conversation Mutual Views Experts and</a> <a title="Best's Review - September 2017 Edition page 16" href="http://viewer.zmags.com/publication/550c2322?page=16"> Next Wave Department A Fresh Start S </a> <a title="Best's Review - September 2017 Edition page 17" href="http://viewer.zmags.com/publication/550c2322?page=17"> Spotlight on Technology Exec: Insurtech Search D</a> <a title="Best's Review - September 2017 Edition page 18" href="http://viewer.zmags.com/publication/550c2322?page=18"> Spotlight on Retirement Insurers,Trade Groups Se</a> <a title="Best's Review - September 2017 Edition page 19" href="http://viewer.zmags.com/publication/550c2322?page=19"> VISION ACTION SCOR LAUNCHES ITS N</a> <a title="Best's Review - September 2017 Edition page 20" href="http://viewer.zmags.com/publication/550c2322?page=20"> At Large Insight Summer of Discontent: The Heal</a> <a title="Best's Review - September 2017 Edition page 21" href="http://viewer.zmags.com/publication/550c2322?page=21"> Risk Adviser The Blockchain Opportunity Ins</a> <a title="Best's Review - September 2017 Edition page 22" href="http://viewer.zmags.com/publication/550c2322?page=22"> Technology Insight A New Reality Augmented real</a> <a title="Best's Review - September 2017 Edition page 23" href="http://viewer.zmags.com/publication/550c2322?page=23"> </a> <a title="Best's Review - September 2017 Edition page 24" href="http://viewer.zmags.com/publication/550c2322?page=24"> Regulatory/Law Insight Government of the People</a> <a title="Best's Review - September 2017 Edition page 25" href="http://viewer.zmags.com/publication/550c2322?page=25"> Special Advertising Section ISSUES & ANSWERS: </a> <a title="Best's Review - September 2017 Edition page 26" href="http://viewer.zmags.com/publication/550c2322?page=26"> Strength in Numbers. With</a> <a title="Best's Review - September 2017 Edition page 27" href="http://viewer.zmags.com/publication/550c2322?page=27"> SPECIAL ADVERTISING SECTION Issues &</a> <a title="Best's Review - September 2017 Edition page 28" href="http://viewer.zmags.com/publication/550c2322?page=28"> WHO WILL INSURE MY WOOD INDUSTRY ACCOUNTS? WE </a> <a title="Best's Review - September 2017 Edition page 29" href="http://viewer.zmags.com/publication/550c2322?page=29"> SPECIAL ADVERTISING SECTION Issues &</a> <a title="Best's Review - September 2017 Edition page 30" href="http://viewer.zmags.com/publication/550c2322?page=30"> Aon Benfield The POWERof PARTNERSHIP When you</a> <a title="Best's Review - September 2017 Edition page 31" href="http://viewer.zmags.com/publication/550c2322?page=31"> SPECIAL ADVERTISING SECTION Issues &</a> <a title="Best's Review - September 2017 Edition page 32" href="http://viewer.zmags.com/publication/550c2322?page=32"> Asset Management Asset Evolution JP Morgan Chase</a> <a title="Best's Review - September 2017 Edition page 33" href="http://viewer.zmags.com/publication/550c2322?page=33"> Do insurers have many options for using that capi</a> <a title="Best's Review - September 2017 Edition page 34" href="http://viewer.zmags.com/publication/550c2322?page=34"> been a lot of interest, but not necessarily a lot</a> <a title="Best's Review - September 2017 Edition page 35" href="http://viewer.zmags.com/publication/550c2322?page=35"> MetLife Investment Management </a> <a title="Best's Review - September 2017 Edition page 36" href="http://viewer.zmags.com/publication/550c2322?page=36"> Top 50 World’s Largest Reinsurance Groups Ranked </a> <a title="Best's Review - September 2017 Edition page 37" href="http://viewer.zmags.com/publication/550c2322?page=37"> Adding Value Interview Stephen Catlin, executiv</a> <a title="Best's Review - September 2017 Edition page 38" href="http://viewer.zmags.com/publication/550c2322?page=38"> Interview “I've always said in business you have</a> <a title="Best's Review - September 2017 Edition page 39" href="http://viewer.zmags.com/publication/550c2322?page=39"> To me, it was a surprise, a shock and,“Ho</a> <a title="Best's Review - September 2017 Edition page 40" href="http://viewer.zmags.com/publication/550c2322?page=40"> Book Excerpt Risk & Reward it J es W </a> <a title="Best's Review - September 2017 Edition page 41" href="http://viewer.zmags.com/publication/550c2322?page=41"> If an insurance company is going to add value to </a> <a title="Best's Review - September 2017 Edition page 42" href="http://viewer.zmags.com/publication/550c2322?page=42"> Book Excerpt By comparison, the polic</a> <a title="Best's Review - September 2017 Edition page 43" href="http://viewer.zmags.com/publication/550c2322?page=43"> Mutual Support T he mutual business model dates </a> <a title="Best's Review - September 2017 Edition page 44" href="http://viewer.zmags.com/publication/550c2322?page=44"> Mutuals Uncommon Conversion In an age of demutua</a> <a title="Best's Review - September 2017 Edition page 45" href="http://viewer.zmags.com/publication/550c2322?page=45"> “We wanted to go back to what was envisioned orig</a> <a title="Best's Review - September 2017 Edition page 46" href="http://viewer.zmags.com/publication/550c2322?page=46"> Joining the Ranks: New Mutuals in the 21st Centur</a> <a title="Best's Review - September 2017 Edition page 47" href="http://viewer.zmags.com/publication/550c2322?page=47"> Common Mutuals Denominator Demutualization has</a> <a title="Best's Review - September 2017 Edition page 48" href="http://viewer.zmags.com/publication/550c2322?page=48"> Mutuals same reasons as their predecessors—to ac</a> <a title="Best's Review - September 2017 Edition page 49" href="http://viewer.zmags.com/publication/550c2322?page=49"> “In personal lines, where scale is increasingly i</a> <a title="Best's Review - September 2017 Edition page 50" href="http://viewer.zmags.com/publication/550c2322?page=50"> Mutuals CAPITAL Ideas Some mutuals have speciali</a> <a title="Best's Review - September 2017 Edition page 51" href="http://viewer.zmags.com/publication/550c2322?page=51"> 2016 — Life Insurance Mutuals and Fraternals Grou</a> <a title="Best's Review - September 2017 Edition page 52" href="http://viewer.zmags.com/publication/550c2322?page=52"> 2016 — Life Insurance Mutuals and Fraternals (con</a> <a title="Best's Review - September 2017 Edition page 53" href="http://viewer.zmags.com/publication/550c2322?page=53"> 2016 — Property/Casualty Mutuals, Reciprocal Exch</a> <a title="Best's Review - September 2017 Edition page 54" href="http://viewer.zmags.com/publication/550c2322?page=54"> 2016 — Property/Casualty Mutuals, Reciprocal Exch</a> <a title="Best's Review - September 2017 Edition page 55" href="http://viewer.zmags.com/publication/550c2322?page=55"> 3411 Silverside Road, Baynard Building, Suite 100</a> <a title="Best's Review - September 2017 Edition page 56" href="http://viewer.zmags.com/publication/550c2322?page=56"> Mutuals A Mutual Mainstay While some mutual insu</a> <a title="Best's Review - September 2017 Edition page 57" href="http://viewer.zmags.com/publication/550c2322?page=57"> Key Points Through the Years: Amica has relished</a> <a title="Best's Review - September 2017 Edition page 58" href="http://viewer.zmags.com/publication/550c2322?page=58"> Mutuals to A.M. Best. It has a Best's Financial </a> <a title="Best's Review - September 2017 Edition page 59" href="http://viewer.zmags.com/publication/550c2322?page=59"> “We have to remain competitive to keep up with al</a> <a title="Best's Review - September 2017 Edition page 60" href="http://viewer.zmags.com/publication/550c2322?page=60"> Mutuals Several years ago, the company </a> <a title="Best's Review - September 2017 Edition page 61" href="http://viewer.zmags.com/publication/550c2322?page=61"> CHANGING Mutuals TIMES, CHANGING MEASURES Amer</a> <a title="Best's Review - September 2017 Edition page 62" href="http://viewer.zmags.com/publication/550c2322?page=62"> Mutuals Also changing market conditions and</a> <a title="Best's Review - September 2017 Edition page 63" href="http://viewer.zmags.com/publication/550c2322?page=63"> Converting to a mutual holding company “is a step</a> <a title="Best's Review - September 2017 Edition page 64" href="http://viewer.zmags.com/publication/550c2322?page=64"> Mutuals “Part of the reason for those accol</a> <a title="Best's Review - September 2017 Edition page 65" href="http://viewer.zmags.com/publication/550c2322?page=65"> “One of the benefits about being a mutual is that</a> <a title="Best's Review - September 2017 Edition page 66" href="http://viewer.zmags.com/publication/550c2322?page=66"> 5 Years of Net Premiums Written Mutuals ($000) </a> <a title="Best's Review - September 2017 Edition page 67" href="http://viewer.zmags.com/publication/550c2322?page=67"> A.M. Best's Financial Suite: Adding value and cla</a> <a title="Best's Review - September 2017 Edition page 68" href="http://viewer.zmags.com/publication/550c2322?page=68"> NEW HOME:.ORTHWESTERN-UTUALSNEWOFlCETOWER IN-ILWA</a> <a title="Best's Review - September 2017 Edition page 69" href="http://viewer.zmags.com/publication/550c2322?page=69"> symbolizes old-world might embracing new-world in</a> <a title="Best's Review - September 2017 Edition page 70" href="http://viewer.zmags.com/publication/550c2322?page=70"> Mutuals we had an insurance business and for</a> <a title="Best's Review - September 2017 Edition page 71" href="http://viewer.zmags.com/publication/550c2322?page=71"> “The mutual structure has allowed us not just to </a> <a title="Best's Review - September 2017 Edition page 72" href="http://viewer.zmags.com/publication/550c2322?page=72"> The MassMutual Way T he plan was christened the </a> <a title="Best's Review - September 2017 Edition page 73" href="http://viewer.zmags.com/publication/550c2322?page=73"> Built for Good Times—and Bad T hey saw it coming</a> <a title="Best's Review - September 2017 Edition page 74" href="http://viewer.zmags.com/publication/550c2322?page=74"> A New Beginning T he new beginning has been year</a> <a title="Best's Review - September 2017 Edition page 75" href="http://viewer.zmags.com/publication/550c2322?page=75"> League of ITS OWN Mutuals State Farm, the U.S. </a> <a title="Best's Review - September 2017 Edition page 76" href="http://viewer.zmags.com/publication/550c2322?page=76"> Mutuals “They don't walk away from customers. Th</a> <a title="Best's Review - September 2017 Edition page 77" href="http://viewer.zmags.com/publication/550c2322?page=77"> operational excellence? If the whole thing adds u</a> <a title="Best's Review - September 2017 Edition page 78" href="http://viewer.zmags.com/publication/550c2322?page=78"> Mutuals A Foothold in CHINA The path to a large-</a> <a title="Best's Review - September 2017 Edition page 79" href="http://viewer.zmags.com/publication/550c2322?page=79"> “The formation of mutual insurers could help fill</a> <a title="Best's Review - September 2017 Edition page 80" href="http://viewer.zmags.com/publication/550c2322?page=80"> Mutuals “The advantages of a mutual sector are t</a> <a title="Best's Review - September 2017 Edition page 81" href="http://viewer.zmags.com/publication/550c2322?page=81"> Get all of A.M. Best's global news coverage in on</a> <a title="Best's Review - September 2017 Edition page 82" href="http://viewer.zmags.com/publication/550c2322?page=82"> Auto Insurance Lane Shift Ahead The rise of self</a> <a title="Best's Review - September 2017 Edition page 83" href="http://viewer.zmags.com/publication/550c2322?page=83"> auto insurers are among those on the frontlines. </a> <a title="Best's Review - September 2017 Edition page 84" href="http://viewer.zmags.com/publication/550c2322?page=84"> Auto Insurance Auto insurance demand increasingl</a> <a title="Best's Review - September 2017 Edition page 85" href="http://viewer.zmags.com/publication/550c2322?page=85"> The Best Perspective on Issue Credit Ratings A</a> <a title="Best's Review - September 2017 Edition page 86" href="http://viewer.zmags.com/publication/550c2322?page=86"> A.M. Best Data TOP U.S. Life/Annuity Insurers </a> <a title="Best's Review - September 2017 Edition page 87" href="http://viewer.zmags.com/publication/550c2322?page=87"> U.S. Life/Annuity — 2016 Total Life Issued Ranked</a> <a title="Best's Review - September 2017 Edition page 88" href="http://viewer.zmags.com/publication/550c2322?page=88"> U.S. Life/Annuity — 2016 Group Life Issued Ranked</a> <a title="Best's Review - September 2017 Edition page 89" href="http://viewer.zmags.com/publication/550c2322?page=89"> U.S. Life/Annuity — 2016 Term Life Issued Ranked </a> <a title="Best's Review - September 2017 Edition page 90" href="http://viewer.zmags.com/publication/550c2322?page=90"> What A.M. 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