Actuaries have become increasingly involved in general insurance, and in particular, in the London Market. This paper examines the management of the pricing process in the context of the London Market, and deals with concepts such as profit testing, risk and reward, and setting underwriting targets. The key area covered is the communication of a strategy in a meaningful way that can be controlled at the operating level.

The paper describes the main features of the market in traded endowment policies (TEPs) and the role of the main players in the market. The controversial, and related, issues of how to put a value on a traded endowment policy and the information given to investors are examined. The issues facing life offices whose policies are traded are discussed.

This paper is concerned with the development and operation of Continuing Care Retirement Communities (CCRCs). The paper examines the financial structure of a CCRC, being developed by the Joseph Rowntree Housing Trust, and describes a population model utilising transition probabilities to project care needs and financial performance.

The paper then explores the possibility of commercial organisations becoming involved in this market, and examines the risks that such a venture would entail and the strategies that may be adopted to reduce these risks.

This paper considers some of the properties of the jump-equilibrium model suggested by Smith (1996). A more detailed description of the model's derivation is provided. The model is represented in a discrete time format and a number of statistics are derived and discussed.

A first order autoregressive model was proposed in Wilkie (1995) for the retail price inflation series as a part of his stochastic investment model. In this paper we apply time series outlier analysis to the data set and a revised model is derived. It significantly alleviates the problem of leptokurtic and positive skewed residual distribution as found in the original model. Finally, ARCH models for the original series and the outlier-adjusted data are also considered.

This is the eleventh year of publication of the FT/S&P World Indices. R.H. Pain's retirement is marked. Equity indices are given for 28 countries, 11 regional groups, and the World.