This issue includes:

• Solvency II internal model validation
  by Eamonn Phelan
• Financial markets corner European variable annuity economic hedge costs: Market update
  by Neil Dissanayake, Peter Lin
• ALM-chemy? – Creating value from actuarial modelling
  by Ed Morgan
• Risk appetite
  by Neil Cantle, Fred Vosvenieks
• Impact of Solvency II on term insurance and reinsurance
  by Chris Lewis
• Protecting with-profits policyholders
  by Andrew Gilchrist