risky investment, underwriting, reinsurance, and hedging; and ii) the allocation of risk across all of these opportunities …

transferring risk are being explored. The paper studies several recent transactions by USAA which use reinsurance capacity from …

Catastrophe bonds feature full collateralization of the underlying risk transfer, and thus abandon the insurance …

This paper examines the role of the federal government in the market for terrorism reinsurance. We investigate the … Risk Insurance Act (TRIA) of 2002. In the industries most likely to be affected by TRIA banking, construction, insurance … was at best value-neutral for property-casualty insurers because it eliminated the option not to offer terrorism insurance …

This paper attempts to identify moral hazard in the traditional reinsurance market. We build a multi-period principle … agent model of the reinsurance transaction from which we derive predictions on premium design, monitoring, loss control and … insurer risk retention. We then use panel data on U.S. property liability reinsurance to test the model. The empirical results …

relatively little cat reinsurance against large events. We also find that premiums are high relative to expected losses … transactions that look to capital markets, rather than traditional reinsurance markets, for risk-bearing capacity. These provide …

We explore two theories that have been advanced to explain the patterns in U.S. catastrophe reinsurance pricing. The … second holds that the supply of capital to the reinsurance industry is less than perfectly elastic, with the consequence that … prices are bid up whenever existing funds are depleted by catastrophe losses. Using detailed reinsurance contract data from …

supply of intermediary capital is perfectly elastic. We take the US catastrophe reinsurance market as an example, using … results suggest that the price of reinsurance generally exceeds fair' values, particularly in the aftermath of large events …

This paper examines the optimal design of insurance and reinsurance policies. We first consider reinsurance for …. Premium risk emerges as an important part of risk, which reinsurance and primary insurance markets do not adequately diversify." … catastrophes: risks which are large for any one insurer but not for the reinsurance market as a whole. Reinsurance for catastrophes …

In the U.S. mortgage market, private mortgage insurance (PMI) is mandated for high-leverage mortgages purchased by … dramatically expanded insurance on high-risk mortgages at the tail-end of the housing boom, contradicting the industry's own … research regarding house price risk. Using three detailed sources of mortgage and insurance data, we examine PMI application …