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 studies excess of loss reinsurance with reinstatements in the case in which the aggregate claims are …

In this paper, we investigate the optimal form of reinsurance when the insurer seeks to minimize the value at risk … reinsurance treaty, both the ceded and retained loss functions are constrained to be increasing. Under the additional assumption … that the reinsurance premium is calculated by a variance related principle, we show that the layer reinsurance is always …

with natural hazards, such as hurricanes and earthquakes. Risk management theory suggests protection by insurers and other … relatively little cat reinsurance against large events. We also find that premiums are high relative to expected losses …, especially after cat events. We then examine clinical evidence to understand why the theory fails. Specifically, we examine …