Does reinsurance need reinsurers?

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      <subfield code="a">Does reinsurance need reinsurers?</subfield>
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      <subfield code="a">The reinsurance market is the secondary market for insurance risks. It has a very specific organization. Direct insurers rarely trade risks with each other. Rather, they cede part of their primary risks to specialized professional reinsurers who have no primary business. This article offers a model of equilibrium in reinsurance and capital markets in which professional reinsurers arise endogenously. Their role is to monitor primary insurers credibly, so that insurers can raise capital more easily. In equilibrium, the financial structure of primary insurers consists of a mix of reinsurance and outside capital . The comparative statics yield empirical predictions which are broadly in line whit a number of stylized facts from the reinsurance market</subfield>
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      <subfield code="a">The Journal of risk and insurance</subfield>
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      <subfield code="g">Volume 73, number 1, March 2006 ;  p. 153-168</subfield>
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