In 1982 a controversial reinsurance was made public.  The arrangement
was between the Fireman's Fund and the INA (which has since become
CIGNA then ACE).  The subject matter was an exchange of reserves for
workers' compensation losses which enabled each company to achieve a
discounting of their reserves and drop the gain to their bottom line
at a useful time.  Following the disclosure, the President of the
Fireman's Fund, Jim Meenaghan (sp?) felt compelled to resign.  I am
looking for an article which appeared in the financial press at the
time.  It may have been in Fortune, but I cannot be sure.  One of the
sentences in the introductory paragraph read: "Reinsurance is a
mystery not worth solving." - or words to that effect.