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Clements' opening came in the mid-1980s when a crisis hit the market for excess (or "surplus") insurance, most notably policies underwritten by Lloyd's of London.
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It shows that, even at a difficult time, Northwestern managed to increase its surplus (insurance-speak for retained earnings) by 5%, to $7.2 billion.
The trustee takes the view that scheme assets are better used in paying member benefits than potentially swelling a PPF surplus or insurance companies' profits.
The government's problems stem from the fact that it allowed the deficit and debt to rise during the boom up until 2007, instead of ensuring it was running a surplus as insurance against an economic downturn, say economists.
In its latest analysis of the implications of an EU exit by the UK, S&P's credit analyst Frank Gill said: "We believe it could significantly dent the UK's current net trade surplus in insurance and financial services of more than 3% of GDP.
The Cincinnati Specialty Underwriters Insurance offers excess and surplus lines insurance products.
In this paper, (X t)) denotes a surplus of insurance company, which is a real-valued right-continuous process with left limits.
Clarification: Language in this story has been amended to better describe surplus lines insurance.
If you treated the hospital insurance surplus the same way you treat the Social Security surplus -- which you should, since the two programs work the same way -- it would already be obvious that you are paying for the tax cut with money that was supposed to be reserved for future retirees.
Yet the woes of Spain show that even running a budget surplus is no insurance against economic meltdown.
The UK's surplus in financial, insurance and pension services of £18.5bn was likely to shrink, BlackRock added.
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