Structured Finance And Insurance: The ART Of Managing Capital And Risk

Structured Finance and Insurance: The ART of Managing Capital and Risk

Praise for Structured Finance & Insurance"More and more each year, the modern corporation must decide whatrisks to keep and what risks to shed to remain competitive and tomaximize its value for the capital employed. Culp explains thetheory and practice of risk transfer through either balance sheetmechanism such as structured finance, derivative transactions, orinsurance. Equity is expensive and risk transfer is expensive. Asunderstanding grows, and, as a result, costs continue to fall, ARTwill continue to replace equity as the means to cushion knowablerisks. 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 abusiness, and arguably even more valuable to any one expected topay for such service."--Norbert Johanning, Managing Director, DaimlerChrysler FinancialServices"Culp's latest book provides a comprehensive account of the mostimportant financing and risk management innovations in bothinsurance and capital markets. And it does so by fitting theseinnovative solutions and products into a single, unified theory offinancial markets that integrates the once largely separatedisciplines of insurance and risk management with the currenttheory and practice of corporate finance."--Don Chew, Editor, Journal of Applied Corporate Finance (a MorganStanley publication)"This exciting book is a comprehensive read on alternativeinsurance solutions available to corporations. It focuses on thereal benefits, economical and practical, of alternatives such ascaptives, rent-a-captive, and mutuals. An excellent introduction tothe very complex field of alternative risk transfer (ART)."--Paul Wohrmann, PhD, Head of the Center of Excellence ART andmember of theExecutive Management of Global Corporate in Europe,Zurich Financial Services"Structured Finance and Insurance transcends Silos to reach theEnterprise Mountaintop. Culp superbly details integrated, captive,multiple triggers and capital market products, and provides thearchitectural blueprints for enterprise risk innovation."--Paul Wagner, Director, Risk Management, AGL Resources Inc.