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基本説明
Provides a thorough overview of the reinsurance industry, contingent financing, captives, finite risk, loss portfolio transfers, catastrophe risk, modelling issues and risk swaps.
Full Description
This volume exposes the relatively new area of risk financing from traditional methods of insurance and provides analysis of the intersection of insurance and finance. It provides a detailed insight on a variety of issues to include an overview of the reinsurance industry, contingent financing, terrorism risk, captives, finite risk, loss portfolio transfers, catastrophe risk, modelling issues and risk swaps. The work features multi-author contributions from leading industry experts of the effects of September 11th on the insurance and reinsurance markets and chronicles the market changes from traditional methods of insurance through industry developments, research and current practice.
Contents
Introduction Morton Lane, Lane Financial, LLC PART I : PRODUCT TYPES FOR TRANSFERRING, FINANCING, TRANSFORMING AND RETAINING RISK. 1 Reinsurance vs. Other Risk-transfer Instruments - the Reinsurer's Perspective. Kenneth J. Bock and Manfred W. Seitz, Munich Re 2 Managing Risk using Index-linked Catastrophic Loss securities J.David Cummins, David LaLonde and Richard D. Phillips, Wharton, AIR and GSU 3 Catastrophe Bonds. David Mocklow, John DeCaro and Matthew McKenna, Cochran-Coronia 4 Industry Loss Warrantees. Enda McDonnell, Access Re 5 Risk Swaps. Yuichi Takeda, The Tokio Marine and Fire Insurance Company Co. Ltd 6 Contingent Capital and the Art of Corporate Finance Christopher L. Culp, University of Chicago 7 Contingent Covers. Bryon Ehrhart, Aon 8 Finite Risk Insurance and Reinsurance. Oscar Tymon, Centre Solutions 9 Captives Paul WOhrmann and Christoph Burer, Zurich Financial Services PART II : THE PRICE OF RISK AND ITS VOLATILITY. 10 Catastrophe Risk Pricing in the Traditional Market . John A. Major and Rodney E. Kreps, Guy Carpenter 11 Pricing of Catastrophe Bonds. Shaun Wang, SCOR 12 Implications of Market Shocks: Capacity, Price Volatility and the Value of Transparency. Joan Lamm-Tennant, General Cologne Re PART III: ASSESSING INDIVIDUAL RISKS BY MODELLING 13 Natural Catastrophe Loss Modelling Mahmoud Khater and Dennis E. Kuzak, EQECAT 14 Quantifying Insurance Terrorism Risk. Gordon Woo, RMS 15 Weather Risk Modelling for Improved Weather Risk Management Mark Gibbas and S. Ming Lee, AIR 16 The ART of Dependence Modelling: The Latest Advances in Correlation Analysis Peter Blum, Alexandra Dias and Paul Embrechts, Swiss Federal Institute of Technology 17 Economic Modelling: The Residual Valuation and Lease Income Streams of Aircraft Fleets. Derrell Hendrix and Neil Hohmann, RisConsulting PART IV: INDUSTRY-SPECIFIC PRACTICES AND SOLUTIONS 18 Industry-specific Practices and Solutions: Credit Solutions Provided by Insurance Companies Uwe E. Remy and Daniel Grieger, Swiss Re 19 Securitisation of Life Insurance Businesses Michael Millette, Shiv Kumar ,Omar J Chaudhary, Goldman Sachs and Company Jacqueline M. Keating and Steven I. Schreiber, Milliman USA 20 The Origin of Contingent Liabilities. Stephen Hough, BAE Systems 21 Private Equity Capital Guarantee Structures. Gabriele Zeindler, Swiss Re 22 Applying Insurance Techniques and Structures to Manage Merger Risk. David Govrin and Andrew Kaiser, Goldman Sachs 23 The Role of Hedge Funds as Asset Managers in Pension, Life and Annuity Portfolios, and Property-Casualty Reinsurance Covers. David K. A. Mordecai, Clinton Group Inc PART V: PORTFOLIO CONSIDERATIONS 24 The Cost of Risk and Cost of Capital in Capital-Budgeting and Risk Transfer Decisions. Neil Doherty, University of Pennsylvania 25 Correlation in Risk Portfolio Management. Bill Riker, Renaissance Re 26 Integrated Simulation Techniques. Michael Steel, Benfield Group 27 Improving Portfolio Performance with Catastrophe Bonds. John Kiernan & David Heike, Lehman Brothers 28 Amending Lloyds Risk-based Capital Model for Financial Guarantee and Credit Insurance Peter Allen, Derek Bain, Tony Jones and Samit Shah, Ernst and Young PART VI: OTHER PERSPECTIVES 29 Accounting Issues in Finite Reinsurance and Alternative Risk Transfer Products. Mike Brosnan, Ernst and Young 30 Legal Risks Mitigating Document Risk - Some Hard Lessons Learned. Clive O'Connell, Barlow, Lyde & Gilbert 31 Alternative Risk Strategies - Regulation. Nigel Davies, Financial Services Authority 32 Alternative Risk Transfer and Financial Stability. David Rule, Bank of England Afterword - Whither securitisation? Morton Lane, Lane Financial LLC
