Alternative Risk Strategies by Morton Lane

By Morton Lane

This quantity exposes the rather new zone of possibility financing from conventional tools of coverage and gives research of the intersection of coverage and finance. It presents an in depth perception on numerous matters to incorporate an outline of the reinsurance undefined, contingent financing, terrorism probability, captives, finite chance, loss portfolio transfers, disaster chance, modelling matters and probability swaps. The paintings beneficial properties multi-author contributions from top specialists of the consequences of September eleventh at the coverage and reinsurance markets and chronicles the industry alterations from conventional equipment of coverage via advancements, study and present perform.

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The reinsurer as an investor One reason for the success of the securitisation of insurance risks, such as catastrophe risks, is that it can open the door for additional investors: (hedge) fund managers, commercial banks and life insurance companies are increasingly interested in adding assets to their portfolio that are less correlated with other asset classes. Insurers and reinsurers have also been active investors in this asset class. DEVELOPMENTS AND OUTLOOK SINCE 11 SEPTEMBER, 2001 Since the inception of the cat bond market in the mid-1990s, the product has competed with extremely low pricing in the reinsurance industry.

One of the drawbacks in Kreps original formulation of pricing is that it does not lead to ‘layer independent’ pricing. In other words, the combined price of a junior and an adjacent senior layer, under the formula, will not necessarily equal the price of the combined layer. ) Wang takes up the challenge that implies and pursues the transformation solution proposed by Gary Venter (a double Dorweiler Prize-winner in 1986 and 1999). Indeed he takes that concept further by proposing a two-factor model which links back, under the appropriately defined circumstances, to options theory and the CAPM.

Structurer and project manager With their expertise in risk management, reinsurers are a logical choice to assume responsibility as structurers and project managers in a capital markets project. Fronter and transformer Acting as fronter and transformer of insurance risks, a reinsurer can provide surplus relief to its client and ensure compliance with regulations. This means the reinsurer enters into a reinsurance agreement with the cedent and retrocedes the risk to the SPV, which covers its contingent liabilities through the issue of bonds.

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