This issue includes:

• Industry at a cross roads
  by Josh Corrigan, Gary Finkelstein
• Pension buyouts and annuities
  by Philip Simpson, Emma McWilliam
• 2005 Embedded Value survey
  by Phil Overy
• European Embedded Value survey
  by Jeff Wood
• CP06/16 Proposals: Regulatory update
  by Philip Simpson, Oliver Gillespie, Lindsay Unwin
• IFRS Phase II: Insurance contracts reporting
  by Emma McWilliam, Oliver Gillespie
• Risk management initiative
  by Neil Cantle
• Solvency II impact studies: QIS vadis?
  by John McKenzie, Neil Cantle