<br /> Asset Management Experts Catastrophic Risk: CEO Interview: Expense Shifts:<br /> On Economic Cycle Coping with Disruption Amalgamated's Mallen IT Spending Up<br /> Page 24 Page 31 Page 38 Page 44<br /> /CTOBERs6OLUMEs)SSUE WWWBESTREVIEWCOM<br /> A.M. BEST'S MONTHLY INSURANCE MAGAZINE<br /> As technology reduces risks—and eventually the number of<br /> drivers on the road—auto insurers explore new business<br /> models as they brace for an era of tighter premiums. Page 52<br /> Auto Insurance Section<br /> Pages 51-75<br /> <br /> From the Editor's Desk<br /> Warning Signs<br /> Auto insurers face hard questions about their busine<a title="Best's Review - October 2018 Edition page 1" href="http://viewer.zmags.com/publication/ec62c9f8?page=1"> Asset Management Experts Catastrophic Risk: </a> <a title="Best's Review - October 2018 Edition page 2" href="http://viewer.zmags.com/publication/ec62c9f8?page=2"> </a> <a title="Best's Review - October 2018 Edition page 3" href="http://viewer.zmags.com/publication/ec62c9f8?page=3"> From the Editor's Desk Warning Signs Auto insure</a> <a title="Best's Review - October 2018 Edition page 4" href="http://viewer.zmags.com/publication/ec62c9f8?page=4"> AUTO INSURANCE Contents </a> <a title="Best's Review - October 2018 Edition page 5" href="http://viewer.zmags.com/publication/ec62c9f8?page=5"> We're invested in the people behind the numbers. </a> <a title="Best's Review - October 2018 Edition page 6" href="http://viewer.zmags.com/publication/ec62c9f8?page=6"> Contents 24 The End Draws Near ASSET MANAGEMENT</a> <a title="Best's Review - October 2018 Edition page 7" href="http://viewer.zmags.com/publication/ec62c9f8?page=7"> We believe every customer deserves person-to-pers</a> <a title="Best's Review - October 2018 Edition page 8" href="http://viewer.zmags.com/publication/ec62c9f8?page=8"> BestWebinars Department Webinars in Focus Insid</a> <a title="Best's Review - October 2018 Edition page 9" href="http://viewer.zmags.com/publication/ec62c9f8?page=9"> Best's Calendar InsureTech Connect Gathering in </a> <a title="Best's Review - October 2018 Edition page 10" href="http://viewer.zmags.com/publication/ec62c9f8?page=10"> Executive Changes Vantis Life CEO to Retire at Y</a> <a title="Best's Review - October 2018 Edition page 11" href="http://viewer.zmags.com/publication/ec62c9f8?page=11"> Hong Kong's Regulator Appoints New CEO T he Insu</a> <a title="Best's Review - October 2018 Edition page 12" href="http://viewer.zmags.com/publication/ec62c9f8?page=12"> Department EPIC Names Principal in New York E P</a> <a title="Best's Review - October 2018 Edition page 13" href="http://viewer.zmags.com/publication/ec62c9f8?page=13"> Spray, who will also assume executive oversi</a> <a title="Best's Review - October 2018 Edition page 14" href="http://viewer.zmags.com/publication/ec62c9f8?page=14"> Insurance Marketing Seven More Years Department</a> <a title="Best's Review - October 2018 Edition page 15" href="http://viewer.zmags.com/publication/ec62c9f8?page=15"> A Global Conversation Expense Accounts Insuran</a> <a title="Best's Review - October 2018 Edition page 16" href="http://viewer.zmags.com/publication/ec62c9f8?page=16"> Department “ A s a CFO, we're more </a> <a title="Best's Review - October 2018 Edition page 17" href="http://viewer.zmags.com/publication/ec62c9f8?page=17"> SOS Is your organization treading water operation</a> <a title="Best's Review - October 2018 Edition page 18" href="http://viewer.zmags.com/publication/ec62c9f8?page=18"> Next Wave Department New Expectations Today's </a> <a title="Best's Review - October 2018 Edition page 19" href="http://viewer.zmags.com/publication/ec62c9f8?page=19"> Spotlight on Workplace Savings Trump Executive O</a> <a title="Best's Review - October 2018 Edition page 20" href="http://viewer.zmags.com/publication/ec62c9f8?page=20"> Spotlight on AIG AIG CEO Cites `Crazy' Previous </a> <a title="Best's Review - October 2018 Edition page 21" href="http://viewer.zmags.com/publication/ec62c9f8?page=21"> At Large Drawer Full of SOCs Insight System and</a> <a title="Best's Review - October 2018 Edition page 22" href="http://viewer.zmags.com/publication/ec62c9f8?page=22"> Risk Adviser Insight Bad Company Not all client</a> <a title="Best's Review - October 2018 Edition page 23" href="http://viewer.zmags.com/publication/ec62c9f8?page=23"> Technology Machines to People Insight Artificia</a> <a title="Best's Review - October 2018 Edition page 24" href="http://viewer.zmags.com/publication/ec62c9f8?page=24"> Regulatory/Law Insight Global Threat Internatio</a> <a title="Best's Review - October 2018 Edition page 25" href="http://viewer.zmags.com/publication/ec62c9f8?page=25"> Hello. Do you speak insurance? </a> <a title="Best's Review - October 2018 Edition page 26" href="http://viewer.zmags.com/publication/ec62c9f8?page=26"> Asset Management The End Draws Near A Best's R</a> <a title="Best's Review - October 2018 Edition page 27" href="http://viewer.zmags.com/publication/ec62c9f8?page=27"> “Any time you see the yield curve flatten to wher</a> <a title="Best's Review - October 2018 Edition page 28" href="http://viewer.zmags.com/publication/ec62c9f8?page=28"> Asset Management six years.And we've also seen p</a> <a title="Best's Review - October 2018 Edition page 29" href="http://viewer.zmags.com/publication/ec62c9f8?page=29"> “The way I would state it is, I think the [corpor</a> <a title="Best's Review - October 2018 Edition page 30" href="http://viewer.zmags.com/publication/ec62c9f8?page=30"> Asset Management But conversely, market breadth </a> <a title="Best's Review - October 2018 Edition page 31" href="http://viewer.zmags.com/publication/ec62c9f8?page=31"> Shows Promise Better movement of information via </a> <a title="Best's Review - October 2018 Edition page 32" href="http://viewer.zmags.com/publication/ec62c9f8?page=32"> Technology regulators, industry experts, and cor</a> <a title="Best's Review - October 2018 Edition page 33" href="http://viewer.zmags.com/publication/ec62c9f8?page=33"> Catastrophic Risk On the Agenda In a conversatio</a> <a title="Best's Review - October 2018 Edition page 34" href="http://viewer.zmags.com/publication/ec62c9f8?page=34"> </a> <a title="Best's Review - October 2018 Edition page 35" href="http://viewer.zmags.com/publication/ec62c9f8?page=35"> </a> <a title="Best's Review - October 2018 Edition page 36" href="http://viewer.zmags.com/publication/ec62c9f8?page=36"> (Continued from page 31) Catastrophic Risk Othe</a> <a title="Best's Review - October 2018 Edition page 37" href="http://viewer.zmags.com/publication/ec62c9f8?page=37"> Failing to think long-term, create worst-case sce</a> <a title="Best's Review - October 2018 Edition page 38" href="http://viewer.zmags.com/publication/ec62c9f8?page=38"> Catastrophic Risk “Some catastrophes, such as hu</a> <a title="Best's Review - October 2018 Edition page 39" href="http://viewer.zmags.com/publication/ec62c9f8?page=39"> executives take to think long term and define and</a> <a title="Best's Review - October 2018 Edition page 40" href="http://viewer.zmags.com/publication/ec62c9f8?page=40"> Life Insurance NEW HORIZONS: Amalgamated Life's </a> <a title="Best's Review - October 2018 Edition page 41" href="http://viewer.zmags.com/publication/ec62c9f8?page=41"> A Targeted Focus Amalgamated Life's new CEO Pau</a> <a title="Best's Review - October 2018 Edition page 42" href="http://viewer.zmags.com/publication/ec62c9f8?page=42"> Life Insurance So each morning he aims to“</a> <a title="Best's Review - October 2018 Edition page 43" href="http://viewer.zmags.com/publication/ec62c9f8?page=43"> Strategic Insight Powered by A.M. Best </a> <a title="Best's Review - October 2018 Edition page 44" href="http://viewer.zmags.com/publication/ec62c9f8?page=44"> Life Insurance “The environment is getting more </a> <a title="Best's Review - October 2018 Edition page 45" href="http://viewer.zmags.com/publication/ec62c9f8?page=45"> customer that the Cignas and Aetnas of the world </a> <a title="Best's Review - October 2018 Edition page 46" href="http://viewer.zmags.com/publication/ec62c9f8?page=46"> Expense Management Shifting Costs Insurers aren'</a> <a title="Best's Review - October 2018 Edition page 47" href="http://viewer.zmags.com/publication/ec62c9f8?page=47"> Key Points Common Theme: Though insurers talk ab</a> <a title="Best's Review - October 2018 Edition page 48" href="http://viewer.zmags.com/publication/ec62c9f8?page=48"> Expense Management “I think the expense ratios w</a> <a title="Best's Review - October 2018 Edition page 49" href="http://viewer.zmags.com/publication/ec62c9f8?page=49"> How does your capitalization stack up? Best</a> <a title="Best's Review - October 2018 Edition page 50" href="http://viewer.zmags.com/publication/ec62c9f8?page=50"> Expense Management “We're seeing a massive shift</a> <a title="Best's Review - October 2018 Edition page 51" href="http://viewer.zmags.com/publication/ec62c9f8?page=51"> Are You Getting the Insurance Data You Need? Los</a> <a title="Best's Review - October 2018 Edition page 52" href="http://viewer.zmags.com/publication/ec62c9f8?page=52"> Expense Management communication and a special c</a> <a title="Best's Review - October 2018 Edition page 53" href="http://viewer.zmags.com/publication/ec62c9f8?page=53"> Taking a Auto Insurance Detour T he </a> <a title="Best's Review - October 2018 Edition page 54" href="http://viewer.zmags.com/publication/ec62c9f8?page=54"> Auto Insurance As technology reduces risks—and e</a> <a title="Best's Review - October 2018 Edition page 55" href="http://viewer.zmags.com/publication/ec62c9f8?page=55"> Key Points Changing Lanes: With the rise of tech</a> <a title="Best's Review - October 2018 Edition page 56" href="http://viewer.zmags.com/publication/ec62c9f8?page=56"> Auto Insurance “As one part of insurance may be </a> <a title="Best's Review - October 2018 Edition page 57" href="http://viewer.zmags.com/publication/ec62c9f8?page=57"> “There are a lot of developments going on right n</a> <a title="Best's Review - October 2018 Edition page 58" href="http://viewer.zmags.com/publication/ec62c9f8?page=58"> Auto Insurance Should fully automated vehic</a> <a title="Best's Review - October 2018 Edition page 59" href="http://viewer.zmags.com/publication/ec62c9f8?page=59"> Auto Share of Total Company DPW—2017 ($ Thousand</a> <a title="Best's Review - October 2018 Edition page 60" href="http://viewer.zmags.com/publication/ec62c9f8?page=60"> Auto Coverage Share of Total Company DPW (Continu</a> <a title="Best's Review - October 2018 Edition page 61" href="http://viewer.zmags.com/publication/ec62c9f8?page=61"> Auto Coverage Share of Total Company DPW (Continu</a> <a title="Best's Review - October 2018 Edition page 62" href="http://viewer.zmags.com/publication/ec62c9f8?page=62"> Auto Coverage Share of Total Company DPW (Continu</a> <a title="Best's Review - October 2018 Edition page 63" href="http://viewer.zmags.com/publication/ec62c9f8?page=63"> Best's Rankings Top 25 U.S. Commercial Auto Writ</a> <a title="Best's Review - October 2018 Edition page 64" href="http://viewer.zmags.com/publication/ec62c9f8?page=64"> Top 25 U.S. Auto Physical Damage Writers Ranked b</a> <a title="Best's Review - October 2018 Edition page 65" href="http://viewer.zmags.com/publication/ec62c9f8?page=65"> Top 25 U.S. Total Auto Writers Ranked by 2017 dir</a> <a title="Best's Review - October 2018 Edition page 66" href="http://viewer.zmags.com/publication/ec62c9f8?page=66"> U.S. Total All Auto Lines – Top Writers by State,</a> <a title="Best's Review - October 2018 Edition page 67" href="http://viewer.zmags.com/publication/ec62c9f8?page=67"> Leverage an unmatched understanding </a> <a title="Best's Review - October 2018 Edition page 68" href="http://viewer.zmags.com/publication/ec62c9f8?page=68"> U.S. Auto Liability – Top Writers by State, Canad</a> <a title="Best's Review - October 2018 Edition page 69" href="http://viewer.zmags.com/publication/ec62c9f8?page=69"> U.S. Auto Physical Damage – Top Writers by State,</a> <a title="Best's Review - October 2018 Edition page 70" href="http://viewer.zmags.com/publication/ec62c9f8?page=70"> U.S. Private Passenger Auto – Top Writers by Stat</a> <a title="Best's Review - October 2018 Edition page 71" href="http://viewer.zmags.com/publication/ec62c9f8?page=71"> U.S. Commercial Auto – Top Writers by State, Can</a> <a title="Best's Review - October 2018 Edition page 72" href="http://viewer.zmags.com/publication/ec62c9f8?page=72"> Auto Insurance Driving Valu 70 BE</a> <a title="Best's Review - October 2018 Edition page 73" href="http://viewer.zmags.com/publication/ec62c9f8?page=73"> e A new s</a> <a title="Best's Review - October 2018 Edition page 74" href="http://viewer.zmags.com/publication/ec62c9f8?page=74"> Auto Insurance Value Creation in Property/Casual</a> <a title="Best's Review - October 2018 Edition page 75" href="http://viewer.zmags.com/publication/ec62c9f8?page=75"> Multistep Screening Process 1 Writes </a> <a title="Best's Review - October 2018 Edition page 76" href="http://viewer.zmags.com/publication/ec62c9f8?page=76"> Auto Insurance Ultimately, what strateg</a> <a title="Best's Review - October 2018 Edition page 77" href="http://viewer.zmags.com/publication/ec62c9f8?page=77"> Fundamental Insurance Strategies Operat</a> <a title="Best's Review - October 2018 Edition page 78" href="http://viewer.zmags.com/publication/ec62c9f8?page=78"> What A.M. Best Says Department Best's Special R</a> <a title="Best's Review - October 2018 Edition page 79" href="http://viewer.zmags.com/publication/ec62c9f8?page=79"> Exhibit 1 US P/C Industry – Cybersecurity Direct </a> <a title="Best's Review - October 2018 Edition page 80" href="http://viewer.zmags.com/publication/ec62c9f8?page=80"> Best's Credit Rating Actions Department T hised</a> <a title="Best's Review - October 2018 Edition page 81" href="http://viewer.zmags.com/publication/ec62c9f8?page=81"> Business Type AMB# Previous FSR </a> <a title="Best's Review - October 2018 Edition page 82" href="http://viewer.zmags.com/publication/ec62c9f8?page=82"> Department Business Type AMB# Previous F</a> <a title="Best's Review - October 2018 Edition page 83" href="http://viewer.zmags.com/publication/ec62c9f8?page=83"> Business Type AMB# Previous FSR </a> <a title="Best's Review - October 2018 Edition page 84" href="http://viewer.zmags.com/publication/ec62c9f8?page=84"> Department Business Type AMB# Previous F</a> <a title="Best's Review - October 2018 Edition page 85" href="http://viewer.zmags.com/publication/ec62c9f8?page=85"> BEST'S FINANCIAL STRENGTH RATING GUIDE – (FSR) A </a> <a title="Best's Review - October 2018 Edition page 86" href="http://viewer.zmags.com/publication/ec62c9f8?page=86"> BEST'S ISSUER CREDIT RATING GUIDE – (ICR) Depart</a> <a title="Best's Review - October 2018 Edition page 87" href="http://viewer.zmags.com/publication/ec62c9f8?page=87"> Industry Updates Best's Insurance Professionals </a> <a title="Best's Review - October 2018 Edition page 88" href="http://viewer.zmags.com/publication/ec62c9f8?page=88"> Advertisers Index PAGE A.M.</a> <a title="Best's Review - October 2018 Edition page 89" href="http://viewer.zmags.com/publication/ec62c9f8?page=89"> (Continued from page 88) </a> <a title="Best's Review - October 2018 Edition page 90" href="http://viewer.zmags.com/publication/ec62c9f8?page=90"> The Last Word Department Costly Embrace A young</a> <a title="Best's Review - October 2018 Edition page 91" href="http://viewer.zmags.com/publication/ec62c9f8?page=91"> </a> <a title="Best's Review - October 2018 Edition page 92" href="http://viewer.zmags.com/publication/ec62c9f8?page=92"> Expect big things in workers' compensation. Most </a>