{"product_id":"alternative-risk-transfer-integrated-risk-management-through-insurance-reinsurance-and-the-capital-markets-the-wiley-finance-series-9780470857458","title":"Alternative Risk Transfer Integrated Risk","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eOffers a practical approach to ART - an alternative method by which companies take on various types of risk. This 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. It also explains readers what works and what doesn't when using this technique.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003eAcknowledgements ix\u003c\/p\u003e \u003cp\u003eBiography xi\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART I: RISK AND THE ART MARKET 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 Overview of Risk Management 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1.1 Risk and return 3\u003c\/p\u003e \u003cp\u003e1.2 Active risk management 5\u003c\/p\u003e \u003cp\u003e1.2.1 Risk management processes 6\u003c\/p\u003e \u003cp\u003e1.2.2 Risk management techniques 7\u003c\/p\u003e \u003cp\u003e1.2.3 General risk management considerations 10\u003c\/p\u003e \u003cp\u003e1.3 Risk concepts 12\u003c\/p\u003e \u003cp\u003e1.3.1 Expected value and variance 12\u003c\/p\u003e \u003cp\u003e1.3.2 Risk aversion 14\u003c\/p\u003e \u003cp\u003e1.3.3 Risk transfer and the insurance mechanism 16\u003c\/p\u003e \u003cp\u003e1.3.4 Diversification and risk pooling 17\u003c\/p\u003e \u003cp\u003e1.3.5 Hedging 20\u003c\/p\u003e \u003cp\u003e1.3.6 Moral hazard, adverse selection and basis risk 21\u003c\/p\u003e \u003cp\u003e1.3.7 Non-insurance transfers 22\u003c\/p\u003e \u003cp\u003e1.4 Outline of the book 22\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Risk Management Drivers: Theoretical Motivations, Benefits, and Costs 25\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e2.1 Maximizing enterprise value 25\u003c\/p\u003e \u003cp\u003e2.2 The decision framework 29\u003c\/p\u003e \u003cp\u003e2.2.1 Replacement and abandonment 31\u003c\/p\u003e \u003cp\u003e2.2.2 Costs and benefits of loss control 31\u003c\/p\u003e \u003cp\u003e2.2.3 Costs and benefits of loss financing 32\u003c\/p\u003e \u003cp\u003e2.2.4 Costs and benefits of risk reduction 35\u003c\/p\u003e \u003cp\u003e2.3 Coping with market cycles 35\u003c\/p\u003e \u003cp\u003e2.3.1 Insurance pricing 35\u003c\/p\u003e \u003cp\u003e2.3.2 Hard versus soft markets 37\u003c\/p\u003e \u003cp\u003e2.4 Accessing new risk capacity 42\u003c\/p\u003e \u003cp\u003e2.5 Diversifying the credit risk of intermediaries 43\u003c\/p\u003e \u003cp\u003e2.6 Managing enterprise risks intelligently 44\u003c\/p\u003e \u003cp\u003e2.7 Reducing taxes 45\u003c\/p\u003e \u003cp\u003e2.8 Overcoming regulatory barriers 46\u003c\/p\u003e \u003cp\u003e2.9 Capitalizing on deregulation 47\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 The ART Market and its Participants 49\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e3.1 A definition of ART 49\u003c\/p\u003e \u003cp\u003e3.2 Origins and background of ART 51\u003c\/p\u003e \u003cp\u003e3.3 Market participants 52\u003c\/p\u003e \u003cp\u003e3.3.1 Insurers and reinsurers 53\u003c\/p\u003e \u003cp\u003e3.3.2 Investment, commercial, and universal banks 55\u003c\/p\u003e \u003cp\u003e3.3.3 Corporate end-users 56\u003c\/p\u003e \u003cp\u003e3.3.4 Investors\/capital providers 57\u003c\/p\u003e \u003cp\u003e3.3.5 Insurance agents and brokers 57\u003c\/p\u003e \u003cp\u003e3.4 Product and market convergence 58\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART II: INSURANCE AND REINSURANCE 61\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Primary Insurance\/Reinsurance Contracts 63\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e4.1 Insurance concepts 63\u003c\/p\u003e \u003cp\u003e4.2 Insurance and loss financing 64\u003c\/p\u003e \u003cp\u003e4.3 Primary insurance contracts 65\u003c\/p\u003e \u003cp\u003e4.3.1 Maximum risk transfer contracts 65\u003c\/p\u003e \u003cp\u003e4.3.2 Minimal risk transfer contracts 66\u003c\/p\u003e \u003cp\u003e4.3.3 Layered insurance coverage 76\u003c\/p\u003e \u003cp\u003e4.4 Reinsurance and retrocession contracts 78\u003c\/p\u003e \u003cp\u003e4.4.1 Facultative and treaty reinsurance 81\u003c\/p\u003e \u003cp\u003e4.4.2 Quota share, surplus share, excess of loss, and reinsurance pools 81\u003c\/p\u003e \u003cp\u003e4.4.3 Finite reinsurance 86\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 Captives 89\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e5.1 Using captives to retain risks 89\u003c\/p\u003e \u003cp\u003e5.1.1 Background and function 89\u003c\/p\u003e \u003cp\u003e5.1.2 Benefits and costs 91\u003c\/p\u003e \u003cp\u003e5.2 Forms of captives 94\u003c\/p\u003e \u003cp\u003e5.2.1 Pure captives 94\u003c\/p\u003e \u003cp\u003e5.2.2 Sister captives 95\u003c\/p\u003e \u003cp\u003e5.2.3 Group captives 95\u003c\/p\u003e \u003cp\u003e5.2.4 Rent-a-captives and protected cell companies 96\u003c\/p\u003e \u003cp\u003e5.2.5 Risk retention groups 99\u003c\/p\u003e \u003cp\u003e5.3 Tax consequences 100\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Multi-risk Products 103\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e6.1 Multiple peril products 103\u003c\/p\u003e \u003cp\u003e6.2 Multiple trigger products 106\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART III: CAPITAL MARKETS 113\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Capital Markets Issues and Securitization 115\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e7.1 Overview of securitization 115\u003c\/p\u003e \u003cp\u003e7.2 Insurance-linked securities 116\u003c\/p\u003e \u003cp\u003e7.2.1 Overview 116\u003c\/p\u003e \u003cp\u003e7.2.2 Costs and benefits 118\u003c\/p\u003e \u003cp\u003e7.3 Structural features 119\u003c\/p\u003e \u003cp\u003e7.3.1 Issuing vehicles 119\u003c\/p\u003e \u003cp\u003e7.3.2 Triggers 121\u003c\/p\u003e \u003cp\u003e7.3.3 Tranches 123\u003c\/p\u003e \u003cp\u003e7.4 Catastrophe bonds 124\u003c\/p\u003e \u003cp\u003e7.4.1 Hurricane 124\u003c\/p\u003e \u003cp\u003e7.4.2 Earthquake 127\u003c\/p\u003e \u003cp\u003e7.4.3 Windstorm 129\u003c\/p\u003e \u003cp\u003e7.4.4 Multiple cat peril ILS and peril by tranche ILS 129\u003c\/p\u003e \u003cp\u003e7.4.5 Bond\/derivative variations 130\u003c\/p\u003e \u003cp\u003e7.5 Other insurance-linked securities 131\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Contingent Capital Structures 135\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e8.1 Creating post-loss financing products 135\u003c\/p\u003e \u003cp\u003e8.2 Contingent debt 139\u003c\/p\u003e \u003cp\u003e8.2.1 Committed capital facilities 139\u003c\/p\u003e \u003cp\u003e8.2.2 Contingent surplus notes 140\u003c\/p\u003e \u003cp\u003e8.2.3 Contingency loans 141\u003c\/p\u003e \u003cp\u003e8.2.4 Financial guarantees 142\u003c\/p\u003e \u003cp\u003e8.3 Contingent equity 142\u003c\/p\u003e \u003cp\u003e8.3.1 Loss equity puts 143\u003c\/p\u003e \u003cp\u003e8.3.2 Put protected equity 146\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Insurance Derivatives 149\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e9.1 Derivatives and ART 149\u003c\/p\u003e \u003cp\u003e9.2 General characteristics of derivatives 150\u003c\/p\u003e \u003cp\u003e9.3 Exchange-traded insurance derivatives 156\u003c\/p\u003e \u003cp\u003e9.3.1 Exchange-traded catastrophe derivatives 156\u003c\/p\u003e \u003cp\u003e9.3.2 Exchange-traded temperature derivatives 157\u003c\/p\u003e \u003cp\u003e9.4 OTC insurance derivatives 162\u003c\/p\u003e \u003cp\u003e9.4.1 Catastrophe reinsurance swaps 162\u003c\/p\u003e \u003cp\u003e9.4.2 Pure catastrophe swaps 164\u003c\/p\u003e \u003cp\u003e9.4.3 Temperature derivatives 164\u003c\/p\u003e \u003cp\u003e9.4.4 Other weather derivatives 166\u003c\/p\u003e \u003cp\u003e9.4.5 Credit derivatives 167\u003c\/p\u003e \u003cp\u003e9.5 Bermuda transformers and capital markets subsidiaries 168\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART IV: ART OF THE FUTURE 171\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Enterprise Risk Management 173\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e10.1 Combining risks 173\u003c\/p\u003e \u003cp\u003e10.1.1 The enterprise risk management concept 173\u003c\/p\u003e \u003cp\u003e10.1.2 Costs and benefits 177\u003c\/p\u003e \u003cp\u003e10.2 Developing an enterprise risk management program 179\u003c\/p\u003e \u003cp\u003e10.2.1 Strategic and governance considerations 180\u003c\/p\u003e \u003cp\u003e10.2.2 Program blueprint 182\u003c\/p\u003e \u003cp\u003e10.2.3 Program costs 186\u003c\/p\u003e \u003cp\u003e10.3 End-user demand 188\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 Prospects for Growth 193\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e11.1 Drivers of growth 193\u003c\/p\u003e \u003cp\u003e11.2 Barriers to growth 194\u003c\/p\u003e \u003cp\u003e11.3 Market segments 196\u003c\/p\u003e \u003cp\u003e11.3.1 Finite structures 196\u003c\/p\u003e \u003cp\u003e11.3.2 Captives 197\u003c\/p\u003e \u003cp\u003e11.3.3 Multi-risk products 197\u003c\/p\u003e \u003cp\u003e11.3.4 Capital markets issues 198\u003c\/p\u003e \u003cp\u003e11.3.5 Contingent capital 198\u003c\/p\u003e \u003cp\u003e11.3.6 Insurance derivatives 199\u003c\/p\u003e \u003cp\u003e11.3.7 Enterprise risk management 199\u003c\/p\u003e \u003cp\u003e11.4 End-user profiles 201\u003c\/p\u003e \u003cp\u003e11.5 Future convergence 202\u003c\/p\u003e \u003cp\u003eGlossary 205\u003c\/p\u003e \u003cp\u003eSelected References 221\u003c\/p\u003e \u003cp\u003eIndex 223\u003c\/p\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":49402444644695,"sku":"9780470857458","price":85.5,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780470857458.jpg?v=1730480418","url":"https:\/\/bookcurl.com\/products\/alternative-risk-transfer-integrated-risk-management-through-insurance-reinsurance-and-the-capital-markets-the-wiley-finance-series-9780470857458","provider":"Book Curl","version":"1.0","type":"link"}