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

This paper examines the role of the federal government in the market for terrorism reinsurance. We investigate the …

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

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 … catastrophes: risks which are large for any one insurer but not for the reinsurance market as a whole. Reinsurance for catastrophes … public optimal reinsurance employs a deductible-style deductible-style excess-of-loss policy, and when is is private but the …