This paper describes the development of a cash flow model that can be used to analyze the solvency-position of a non-life insurance company. The model can be used by the management of a company to analyze the consequences of different policies on the solvency-position in the coming years. The model is build up of 3 modules: a financial module where the value of and the profits on the investment portfolio are determined, an insurance-technical module where the loss-amount is determined, and the main model where the results of the first two modules are joined into a balance-sheet from which the solvency margin can be calculated. The model uses simulation to generate the needed values in the financial and insurance-technical modules. This research is partly based on and inspired by the management model of Daykin and Hey (see Daykin & Hey (1990)).1