LEADER 05481nam 22007454a 450 001 9910810591603321 005 20200520144314.0 010 $a1-118-67327-1 010 $a1-283-37254-1 010 $a9786613372543 010 $a0-470-85746-3 035 $a(CKB)111090529061262 035 $a(EBL)189613 035 $a(OCoLC)475900863 035 $a(SSID)ssj0000101625 035 $a(PQKBManifestationID)11126756 035 $a(PQKBTitleCode)TC0000101625 035 $a(PQKBWorkID)10042866 035 $a(PQKB)11084112 035 $a(MiAaPQ)EBC189613 035 $a(Au-PeEL)EBL189613 035 $a(CaPaEBR)ebr10114026 035 $a(CaONFJC)MIL337254 035 $a(EXLCZ)99111090529061262 100 $a20031121d2004 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aAlternative risk transfer $eintegrated risk management through insurance, reinsurance, and the capital markets /$fErik Banks 205 $a1st ed. 210 $aChichester, England ;$aHoboken, NJ $cWiley$dc2004 215 $a1 online resource (240 p.) 225 1 $aWiley finance series 300 $aDescription based upon print version of record. 311 $a0-470-85745-5 320 $aIncludes bibliographical references (p. [221]-222) and index. 327 $aAlternative Risk Transfer; Contents; Acknowledgements; Biography; PART I: RISK AND THE ART MARKET; 1 Overview of Risk Management; 1.1 Risk and return; 1.2 Active risk management; 1.2.1 Risk management processes; 1.2.2 Risk management techniques; 1.2.3 General risk management considerations; 1.3 Risk concepts; 1.3.1 Expected value and variance; 1.3.2 Risk aversion; 1.3.3 Risk transfer and the insurance mechanism; 1.3.4 Diversification and risk pooling; 1.3.5 Hedging; 1.3.6 Moral hazard, adverse selection and basis risk; 1.3.7 Non-insurance transfers; 1.4 Outline of the book 327 $a2 Risk Management Drivers: Theoretical Motivations, Benefits, and Costs 2.1 Maximizing enterprise value; 2.2 The decision framework; 2.2.1 Replacement and abandonment; 2.2.2 Costs and benefits of loss control; 2.2.3 Costs and benefits of loss financing; 2.2.4 Costs and benefits of risk reduction; 2.3 Coping with market cycles; 2.3.1 Insurance pricing; 2.3.2 Hard versus soft markets; 2.4 Accessing new risk capacity; 2.5 Diversifying the credit risk of intermediaries; 2.6 Managing enterprise risks intelligently; 2.7 Reducing taxes; 2.8 Overcoming regulatory barriers 327 $a2.9 Capitalizing on deregulation 3 The ART Market and its Participants; 3.1 A definition of ART; 3.2 Origins and background of ART; 3.3 Market participants; 3.3.1 Insurers and reinsurers; 3.3.2 Investment, commercial, and universal banks; 3.3.3 Corporate end-users; 3.3.4 Investors/capital providers; 3.3.5 Insurance agents and brokers; 3.4 Product and market convergence; PART II: INSURANCE AND REINSURANCE; 4 Primary Insurance/Reinsurance Contracts; 4.1 Insurance concepts; 4.2 Insurance and loss financing; 4.3 Primary insurance contracts; 4.3.1 Maximum risk transfer contracts 327 $a4.3.2 Minimal risk transfer contracts 4.3.3 Layered insurance coverage; 4.4 Reinsurance and retrocession contracts; 4.4.1 Facultative and treaty reinsurance; 4.4.2 Quota share, surplus share, excess of loss, and reinsurance pools; 4.4.3 Finite reinsurance; 5 Captives; 5.1 Using captives to retain risks; 5.1.1 Background and function; 5.1.2 Benefits and costs; 5.2 Forms of captives; 5.2.1 Pure captives; 5.2.2 Sister captives; 5.2.3 Group captives; 5.2.4 Rent-a-captives and protected cell companies; 5.2.5 Risk retention groups; 5.3 Tax consequences; 6 Multi-risk Products 327 $a6.1 Multiple peril products 6.2 Multiple trigger products; PART III: CAPITAL MARKETS; 7 Capital Markets Issues and Securitization; 7.1 Overview of securitization; 7.2 Insurance-linked securities; 7.2.1 Overview; 7.2.2 Costs and benefits; 7.3 Structural features; 7.3.1 Issuing vehicles; 7.3.2 Triggers; 7.3.3 Tranches; 7.4 Catastrophe bonds; 7.4.1 Hurricane; 7.4.2 Earthquake; 7.4.3 Windstorm; 7.4.4 Multiple cat peril ILS and peril by tranche ILS; 7.4.5 Bond/derivative variations; 7.5 Other insurance-linked securities; 8 Contingent Capital Structures; 8.1 Creating post-loss financing products 327 $a8.2 Contingent debt 330 $aA practical approach to ART-an alternative method by which companies take on various types of risk This comprehensive book shows readers what ART is, how it can be used to mitigate risk, and how certain instruments/structures associated with ART should be implemented. Through numerous examples and case studies, readers will learn what actually works and what doesn't when using this technique.Erik Banks (CT) joined XL Capital's weather/energy risk management subsidiary, Element Re, as a Partner and Chief Risk Officer in 2001. 410 0$aWiley finance series. 606 $aFinance 606 $aRisk management 606 $aCapital market 606 $aRisk (Insurance) 606 $aReinsurance 615 0$aFinance. 615 0$aRisk management. 615 0$aCapital market. 615 0$aRisk (Insurance) 615 0$aReinsurance. 676 $a658.15/5 700 $aBanks$b Erik$0621076 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910810591603321 996 $aAlternative risk transfer$93980372 997 $aUNINA