Structured Finance and Insurance
The ART of Managing Capital and Risk
Wiley Finance Editions
1. Auflage Februar 2006
912 Seiten, Hardcover
Wiley & Sons Ltd
Praise for Structured Finance & Insurance
"More and more each year, the modern corporation must decide what
risks to keep and what risks to shed to remain competitive and to
maximize its value for the capital employed. Culp explains the
theory and practice of risk transfer through either balance sheet
mechanism such as structured finance, derivative transactions, or
insurance. Equity is expensive and risk transfer is expensive. As
understanding grows, and, as a result, costs continue to fall, ART
will continue to replace equity as the means to cushion knowable
risks. This book enhances our understanding of ART."
--Myron S. Scholes, Frank E. Buck Professor of Finance, Emeritus,
Graduate School of Business, Stanford University
"A must-read for everyone offering structured finance as a
business, and arguably even more valuable to any one expected to
pay for such service."
--Norbert Johanning, Managing Director, DaimlerChrysler Financial
Services
"Culp's latest book provides a comprehensive account of the most
important financing and risk management innovations in both
insurance and capital markets. And it does so by fitting these
innovative solutions and products into a single, unified theory of
financial markets that integrates the once largely separate
disciplines of insurance and risk management with the current
theory and practice of corporate finance."
--Don Chew, Editor, Journal of Applied Corporate Finance (a Morgan
Stanley publication)
"This exciting book is a comprehensive read on alternative
insurance solutions available to corporations. It focuses on the
real benefits, economical and practical, of alternatives such as
captives, rent-a-captive, and mutuals. An excellent introduction to
the very complex field of alternative risk transfer (ART)."
--Paul Wohrmann, PhD, Head of the Center of Excellence ART and
member of theExecutive Management of Global Corporate in Europe,
Zurich Financial Services
"Structured Finance and Insurance transcends Silos to reach the
Enterprise Mountaintop. Culp superbly details integrated, captive,
multiple triggers and capital market products, and provides the
architectural blueprints for enterprise risk innovation."
--Paul Wagner, Director, Risk Management, AGL Resources Inc.
Structured Finance by Tom Skwarek.
Preface.
PART I: INTEGRATED RISK AND CAPITAL MANAGEMENT.
1. Real and Financial Capital.
2. Risk and Risk
Management.
3. Leverage.
4. Adverse Selection and Corporate Financing
Decisions.
5. Capital Budgeting, Project Selection, and Performance
Evaluation.
6. Risk Transfer.
7. Risk Finance.
PART II: TRADITIONAL RISK TRANSFER.
8. Insurance.
9. Reinsurance.
10. Credit Insurance and Financial
Guarantees.
11. Derivatives.
12. Credit Derivatives.
PART III: STRUCTURED FINANCE.
13. The Structuring Process.
14. Hybrids, Convertibles, and Structured Notes.
15. Contingent Capital.
16. Securitization.
17. Cash Collateralized Debt Obligations.
18. Synthetic Collateralized Debt Obligations.
19. Structured Synthetic Hybrids.
20. Securitizing Private Equity and Hedge Funds.
21. Project and Principal Finance.
PART IV: STRUCTURED INSURANCE AND ALTERNATIVE RISK
TRANSFER
22. Risk Securitizations and Insurance-Linked Notes.
23. Captives, Protected Cell Companies, and Mutuals.
24. Finite Risk.
25. Multi-Line and Multi-Trigger Insurance Structures.
26. Contingent Cover.
PART V: CASE AND ISSUE STUDIES.
27. The Emerging Role of Patent Law in Risk Finance by J. B.
Heaton, Bartlit Beck Herman Palenchar & Scott.
28. Critical Distinctions Between Insurance and Weather
Derivatives by Andrea S. Kramer, McDermott Will &
Emery.
29. Is Insurance a Substitute for Capital Under the Revised
Basel Accord? by Barbara T. Kavanagh.
30. Is My SPE a VIE Under FIN46R? And If So, So What? by J.
Paul Forrester, Mayer Brown Rowe & Maw, and Benjamin Neuhausen,
BDP Seidman.
31. Credit Derivatives, Insurance, and CDOs: The Aftermath of
Enron by Alton B. Harris, Ungaretti & Harris, and Andrea
S. Kramer, McDermott Will & Emery.
32. Project Finance Collateralized Debt Obligations: What? Why?
Now? by J. Paul Forrester, Mayer Brown Rowe & Maw.
33. 2004 Trends in Insurance Securitization: Exploring Outside
the Cat Box by Morton N. Lane and Roger Beckwith, Lane
Financial.
34. Enterprise Risk Management: The Case of United Grain
Growers by Scott Harrington and Greg Niehaus, University of
South Carolina, and Kenneth Risko, Willis Risk Solutions
35. Representations and Warranties Insurance and Other Insurance
Products Designed to Facilitate Corporate Transactions by
Theodore A. Boundas and Teri Lee
Ferro.
APPENDICES.
Appendix 1: Capital Structure Irrelevance
Propositions.
Appendix 2: Risk-Based Capital Regulations on Financial
Institutions.
Appendix 3: Risk Capital.
Commonly Used Abbreviations.
References.
