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Risk management, capital budgeting, and capital structure policy for insurers and reinsurers
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MAP20071509067
Froot, Kenneth A. ‌
Risk management, capital budgeting, and capital structure policy for insurers and reinsurers / Kenneth A. Froot
This article builds on Froot and Stein in developing a framework for analyzing the risk allocation, capital budgeting, and capital structure decisions facing insurers and reinsurers. The model incorporates three key features: value-maximizing insurers and reinsurers face product-market as well as capital-market imperfections that give rise to well-founded concerns with risk management and capital allocation; some, but not all, of the risks they face can be frictionlessly hedged in the capital market; and the distribution of their cash flows may be asymmetric, which alters the demand for underwriting and hedging
En: The Journal of risk and insurance. - Orlando. - Volume 74, number 2, May 2007 ; p. 273-299
1. Gerencia de riesgos ‌. 2. Coste del riesgo ‌. 3. Riesgo financiero ‌. 4. Control de riesgos ‌. 5. Solvencia ‌. 6. Mercado de seguros ‌. I. Título. II. Título: The Journal of risk and insurance.