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Essays and Commentaries
A New Wall and LaSalle Street Cocktail (With a Slice of Lime Street)
July 15, 1997. Also published in CFR Magazine, July-Aug. 1997 and The Risk Financier, November 1997

What a difference a year makes!  Last November CFO Magazine published a headline in its Newswatch column, “Disaster Bonds are a Catastrophe” (CFO November 1996).  The headline summed up a common sentiment at the time:  that the nascent effort to securitize insurance risk, once promised to be the next great wave of the future, was running out of gas.  It was indeed their winter of discontent.

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