This paper considers a range of stochastic models which give the same reserve estimates as the chain-ladder technique. The relationship between the models described by Renshaw and Verrall (Renshaw, A.E., Verrall, R.J., 1998. British Actuarial Journal 4, 903–923) and Mack (Mack, T., 1993. ASTIN Bulletin 23, 213–225) is explored in more detail than previously. Several new models are suggested and...