结构化风险-我们可以拉动多少杠杆？.pdf

1、2022 ARTHUR J.GALLAGHER&CO.2023 CARe Reinsurance SeminarC-22:Structured Risk:How Many Levers Can We PullRaj Bohra FCAS Gallagher Re22022 ARTHUR J.GALLAGHER&CO.2The Casualty Actuarial Society is committed to adhering strictly to the letter and spirit of the antitrust laws.Seminars conducted under the

2、 auspices of the CAS are designed solely to provide a forum for the expression of various points of view on topics described in the programs or agendas for such meetings.Under no circumstances shall CAS seminars be used as a means for competing companies or firms to reach any understanding expressed

3、 or implied that restricts competition or in any way impairs the ability of members to exercise independent business judgment regarding matters affecting competition.It is the responsibility of all seminar participants to be aware of antitrust regulations,to prevent any written or verbal discussions

4、 that appear to violate these laws,and to adhere in every respect to the CAS antitrust compliance policy.CAS Antitrust Notice2022 ARTHUR J.GALLAGHER&CO.Structured Quota ShareManaging Capitalization42022 ARTHUR J.GALLAGHER&CO.Quota Share Reinsurance as Capital Management ToolFinance growth Generate c

5、apital relief,improve capitalization scores(i.e.,BCAR)Competitive pricing,when compared to other forms of capital,plus the flexibility of reinsurance Reduces premium required capitalAvailable reinsurance options run the continuum of cost/benefit Traditional/UnlimitedCostly under favorable scenarios

6、Structured/LimitedCost effective Available reinsurance capacity from highly rated reinsurers mitigates execution risk Well-understood contract and terms Deep structured reinsurance marketCapital issues faced by Insurance Companies Statutory accounting and regulatory capital models have conservative