Emergence of "total return reinsurers"

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      <subfield code="a">A total return reinsurer contemplates risk and returns from both sides of the balance sheet, by deploying risk capital where the best opportunities present themselves, whether as investments or reinsurance contracts. These opportunity sets are analyzed in tandem, under the common assumption of low correlation between investment returns and reinsurance results for most lines of business.AM Best views the total return reinsurer as a relatively recent manifestation of the alternative capital concept, which started with the first issuance of catastrophe bonds in the mid-1990s, following the Northridge earthquake and Hurricane Andrew. Most of the total return reinsurers were formed in 2012, in a tenuous and deteriorating reinsurance rate environment, as well as a historically very low interest rate environment.</subfield>
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