Rational Reinsurance Buying

Financial / Capital Market

Rational Reinsurance Buying

By Nick Golden
Risk Books November 2002

Specifications

ISBN-13
9781904339007
Publisher
Risk Books
Publication
November 2002
Format
Paperback
Jurisdiction
International ? Countri(es) for reference only

Details

Brings together the perspectives of leading insurance practitioners to provide a variety of new insights into the behaviour and rationale behind organised insurance buying and risk assessment.

  • Presents the strategies, motives and methods practiced by the major players and suggests why corporate behaviour and internal culture may have an influence on insurance purchasing
  • Examines the global behavioural aspects of reinsurance and breaks down buying patterns by organisational type and preferred strategy
  • Provides inside knowledge to assist insurers in assessing their own reinsurance buying policies and to utilise the most appropriate and effective modelling techniques for specific needs
  • Expert contributions from insurance, reinsurance, brokers and modelling agencies
  • Includes sections on: alternative strategies, risk assessment and the role of capital, as well as a study of how transactions are now being made and efforts to create more sustainable relationships in the industry

Table of Contents

Preface

ALTERNATIVE STRATEGIES OF INSURERS

1. The Evolution of Purchasing Strategy

Nick Golden of Royal and Sun Alliance Group

2. Managing Reinsurance within a Multinational Environment

Robert Stevenson of Zurich Financial Services

3. Reinsurance Buying Practices

Philippe Derieux of AXA

4. A New Rationale for Reinsurance Buying?

Herbert Sedlmair of Allianz AG

5. The Evolution of American International Group, Inc.’s Reinsurance Strategy

Chris Milton of American International Group Inc. (AIG)

RISK ASSESSMENT

6. Can Reinsurance Credit Risk be Priced?

Chris Klein of Benfield Group Ltd

7. Catastrophe Modelling

Dickie Whitaker of Guy Carpenter

8. Identifying and Controlling Emerging Risk

Reto Schneider of Swiss Re

9. Dynamic Financial Analysis: The Answer to Rational Reinsurance Purchase?

David Simmons of Benfield Group Ltd

INTEGRATION OF RISK MANAGEMENT WITH CAPITAL MANAGEMENT

10. Economic and Financial Perspectives on the Demand for Reinsurance

James R. Garven of Hankamer School of Business, Baylor University and Joan Lamm-Tennant of GeneralCologne Re

11. Alternative capital sources

Morton Lane of Lane Financial LLC

ALTERNATIVE PERSPECTIVES

12. The Future of Electronic Trading

Kathrine Huelster of inreon

13. Principles on Minimum Requirements for Supervision of Reinsurers

Reinsurance Subcommittee of IAIS

14. Supervisory Standard on the Evaluation of the Reinsurance Cover of Primary Insurers and the Security of their Reinsurers

Reinsurance Subcommittee of IAIS

15. Risk Measurement and Reinsurance

Jonathan Barber of The SERM Rating Agency, Adam Rose of Falcon Asset Management and Paul Koronka of Charles Taylor Consulting Plc

16. Academia and Insurance: Bridging the Gap

Dougal Goodman of The Foundation for Science and Technology 

About the Author

Nick Golden

Until June 2002, Nick Golden was the director of reinsurance for the Royal and Sun Alliance Group (R&SA) worldwide. His responsibilities included formulating and implementing the reinsurance strategy for the group and integrating the risk management strategy with capital management. He implemented a risk and capital management discipline that was supported by a global dynamic financial analysis (DFA) model for the group as well as each of the regional territories. By consolidating the territory DFA analysis into a global DFA model, R&SA was successful in evaluating the trade-off between regional vs global positions. His success in coordinating a global DFA discipline was instrumental in R&SA’s ability to replenish capital following September 11, 2001 through the purchase of a quota share reinsurance with Munich Re, the largest single reinsurance contract ever effected. Whilst at R&SA Nick was a founder member of the TSUNAMI initiative, a UK government initiative to form a bridge between insurance and academia. This work has produced a number of research projects and consequent findings. Nick has spoken extensively on the issues faced by the global insurance industry and the support needed from academia. Nick is a fellow of the Chartered Institute of Insurers the UK.

Reviews

“A very valuable contribution to the relatively limited library of material on reinsurance.“

Ross McKenzie, Chairman, Aon Re International

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