American General-Morrison-Knudsen Co. (Joint Venture) -Richgart Inc. (Joint Venture) -M. J. Brock & Sons -Morrison Homes Kemperco-Hogan & Farwell Massachusetts Mutual-Sheraton Four Ambassadors Monumental Corp.-Continental Properties Northwestern Mutual Life-Inland-Ryerson Construction The size and range of diversification that the insurance industry has engaged in during the past year would seem to indicate that, while insurers confront many problems in their efforts to maximize their profit potential, the long-range course has been set. The roles of the underwriting and marketing functions have been affected by these corporate changes. During the past decade, the property-liability market capacity has continued to contract and product innovations in insurance coverages has been minimal. Insurers have also become cognizant of the public's underlying ability to make money at a faster rate than the individual is capable of managing it. The prospects for the future seem to involve a continued shortage of insurance capacity until some fundamental problems are finally resolved. The coming years will also witness keen competition among insurers, banks and other orga nizations to provide complete individual and corporate financial planning and services. Viewing all of these events in perspective, it seems hard to deny that no matter what the array of probabilities, the insurance industry is undergoing change of the most fundamental and sweeping proportions. Despite the turmoil and confusion inherent in such change, the opportunities that the 70s promise for the insurance industry seem endless. ACCOUNTING PRACTICES AND THE MERGER MOVEMENT TESTIMONY BY BEFORE THE UNITED STATES SENATE SUBCOMMITTEE ON ANTITRUST AND MONOPOLY OF THE COMMITTEE ON THE JUDICIARY WASHINGTON, D.C. FEBRUARY 5, 1970 American General-Morrison-Knudsen Co. (Joint Venture) -Richgart Inc. (Joint Venture) -M. J. Brock & Sons -Morrison Homes Kemperco-Hogan & Farwell Massachusetts Mutual-Sheraton Four Ambassadors Monumental Corp.-Continental Properties Northwestern Mutual Life-Inland-Ryerson Construction Prudential-Gateway Urban Renewal Corp. The size and range of diversification that the insurance industry has engaged in during the past year would seem to indicate that, while insurers confront many problems in their efforts to maximize their profit potential, the long-range course has been set. The roles of the underwriting and marketing functions have been affected by these corporate changes. During the past decade, the property-liability market capacity has continued to contract and product innovations in insurance coverages has been minimal. Insurers have also become cognizant of the public's underlying ability to make money at a faster rate than the individual is capable of managing it. The prospects for the future seem to involve a continued shortage of insurance capacity until some fundamental problems are finally resolved. The coming years will also witness keen competition among insurers, banks and other organizations to provide complete individual and corporate financial planning and services. Viewing all of these events in perspective, it seems hard to deny that no matter what the array of probabilities, the insurance industry is undergoing change of the most fundamental and sweeping proportions. Despite the turmoil and confusion inherent in such change, the opportunities that the 70s promise for the insurance industry seem endless. |