In many insurance and reinsurance c...

In many insurance and reinsurance companies, the single principally important component of the firm's value remains unmanaged, principally because it is invisible or solitary dimly visible to the firm's senior officers. Making this value visible, measuring it and understanding for what reason to manage it well will distinguish fortunate insurers and reinsurers from unprosperous ones.

In most firms, what is visible is what has to be reported in the firm's statutory or GAAP--Generally Accepted Accounting Principles--financials. The incredible importance of financial reporting became especially evident to me more than brace decades ago when, as a junior analyst at a large