Alternative (Re)Insurance Strategies (2nd Revised edition)

Alternative (Re)Insurance Strategies (2nd Revised edition)

By: Lane Morton (editor)Paperback

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Ten years on from the publication of the first edition, Alternative (Re)insurance Strategies: Second Edition is a completely updated, comprehensive review of the current state of the insurance securitisation market, as practiced by issuers, direct investors and investment managers. The financial crisis of 2008 proved that insurance risk has a low correlation with wider financial risk. Investments in the insurance sector - particularly insurance-linked securities (ILS) - have increased markedly, with practitioners capitalising on the successes of investing in insurance risk. Capturing the transformation and expansion of the ILS and catastrophe bond market, as well as looking forward to the emerging trends and future direction of the market, this book provides a timely and thorough examination of the market that informs new participants, as well as providing insight and new angles to experienced practitioners. Edited by Morton Lane, a leading expert involved in the ILS market for the past 20 years, this book brings together investors, issuers and regulators with expertise and vast experience in the ILS market. The book gives readers the viewpoints of their counterparties for a detailed and complete understanding of the ILS market. A practical guide for all insurance risk professionals, the book includes details of the latest practices in insurance-linked investment, developed since the publication of the first edition. Covering topics such as side pockets, industry loss warranties, fronting, side cars and portfolio optimisation, Alternative (Re)insurance Strategies: Second Edition encapsulates the growth and innovations in this ever popular market.

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About Author

Editor biography Morton Lane Morton Lane is the Director of the Master of Science in Financial Engineering (MSFE) program at the University of Illinois, a program that combines the latest in finance and engineering. Morton Lane also acts as an independent consultant and president of Lane Financial, LLC, a broker-dealer engaged in activity at the intersection of the reinsurance and capital markets. Previously, Morton has been president of Sedgwick Lane Financial, senior managing director of the Capital Markets Division at Gerling Global Financial Products (GGFP), president of Discount Corp of New York Futures, senior managing director and head of commodities of Bear Stearns & Co, president of Lind-Waldock, investment officer for The World Bank, and lecturer at the London Graduate School of Business Studies. Morton is a prominent speaker on insurance and securitisation and has written numerous articles on this subject. He has been awarded the Charles A. Hachemeister Prize for his article on "Pricing Risk Transfer Transactions" published in the Actuarial Studies in Non-life Insurance (ASTIN) Bulletin. In 2010 he received the "Outstanding Contributor" award from Trading Risk magazine, only the second person to do so. He is a past appointed member of the Board of the Casualty Actuarial Society. He has co-authored two books on financial derivatives, The Treasury Bond Basis (1989) and Eurodollar Futures (1991), and edited a third on insurance securitization, Alternative Risk Strategies (2002). Morton earned a first in B Soc Sc from Birmingham University in mathematics, economics and statistics, and his Ph D in mathematics, business administration and computer science from the University of Texas.


Table of contents Introduction Morton Lane Section 1 - Perspectives on the Securitization of (Re)insurance A History of Direct Insurance-Linked Investments Tom Bolt Good Derivatives: Why Securitisation of Insurance Risks Matters Richard Sandor and Sylvie Bouriaux Section 2 - Developments in Insurance-Linked Products Convergence at High Tide: The Catastrophe Finance Market Michael Millette Industry Loss Warranties Erik Manning Sidecars Andre Perez Fronting for Collateralized Reinsurance Capacity Kathleen Faries Section 3 - Issuance: Buying Protection, Raising Capital Risk Transformation through Capital Markets Martin Bisping A Case Study of a Consistent Insurance-Linked Securities Issuer: United Services Automobile Association Morton Lane and Roger Beckwith Section 4 - Agents of Issuance: The Facilitators Issues and Issuance Paul Schultz and Erin Lakshmanan Advances in ILS Portfolio Management Analytics Peter Nakada and Dominic Smith Role of Catastrophe Risk Modelling in Insurance-Linked Securities Brent Poliquin and David Lalonde Section 5 - Investing: Selling Protection, Providing Capital Managing an Insurance-Linked Securities Hedge Fund Frank Majors and Laura Taylor Insurance-Linked Securities Hedge Fund Business Models John Seo Some Reflections on the Insurance-Linked Securities Market from an Institutional Investor Perspective Bernard Van der Stichele Section 6 - Reflections on ILS Structural Issues Learning it the Hard Way: An Analysis of Cat Bond Investing Pitfalls Cedric Edmonds Some Considerations with Collateralised Reinsurance and Side Pockets Luca Albertini Legal and Transaction Structure Developments in Insurance-Linked Securities Michael Pinsel and Bobbi Anderson Solvency II and the Implications for Insurance-Linked Securities and Special Purpose Vehicles Kathryn Morgan Section 7 - Risk Management and Portfolio Considerations The "At-Risk" Metrics and Measures Christopher Culp Portfolio Optimization with Insurance Linked Asset Classes Adolfo Pena, Chris Parish and Pascal Karsenti Insurance-Linked Securities Market-Derived Metrics: Implications for Risk Adjustment Transforms Morton Lane and Jerome Kreuser Reference Property Claims Services Industry Loss Estimates Gary Kerney The PERILS Index Luzi Hitz and Eduard Held The Basics of Catastrophe Bond Mathematics and Insurance-Linked Securities Pricing Craig Bonder Insurance as a Second Language Andrew Martin Data Appendices Catastrophe-based Insurance-Linked Securities and Selected Issuance Statistics (1998-June 2012) Insurance-Linked Securities Loss Experiences Insurance-Linked Securities Return Experience

Product Details

  • publication date: 30/11/2012
  • ISBN13: 9781906348892
  • Format: Paperback
  • Number Of Pages: 571
  • ID: 9781906348892
  • ISBN10: 1906348898
  • edition: 2nd Revised edition

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