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Isolating the Effects of the Price Cycle on the Lloyd's Global Index |
December 15, 1998. Also published in The Risk Financier, March 1999.
INSTRAT-UK
recently proposed an index of underwriting results based upon the
Lloyd’s Global result. Since the index applies to a broad range of
underwriting lines, it is a good gauge of the whole insurance market,
and, perhaps, a good hedge of particular underwriting results.
Interest has begun to focus on the prices at which options on this index might trade.
To read the full version of this article with graphs:
 Download the PDF Here
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October 1, 1998. Also published in Insurance Finance & Investment, November 16, 1998.
What the heck is a zero beta asset?
Whaddaya mean new asset class?
Correlation coefficient?
You’ve got to be kidding me, adding earthquakes to my portfolio can actually reduce my risk!
Initial
investor reaction to presentations about insurance-linked notes and
their benefits in diversifying a portfolio often range from disbelief
to scorn. At best they are skeptical and we, like others, try to
persuade them of our rationality with explanations about “efficient
frontiers,” “diversification,” and “lower standard deviations”. Pure
as these theoretical arguments are, they are not always convincing.
To read the full version of this article with graphs:
Download the PDF Here
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ECHOES FROM THE EAST
LESSONS FROM THE PAST
THOUGHTS FOR THE FUTURE
Lessons from the Past, Thoughts for the Future, September 1, 1998.
Some people think of 1992 as the year of Bill and Gennifer; others remember it as the year of Andrew and Inikki.
Current
events have forced the former crowd to ruefully acknowledge that
telltale events from the past have relevance for the present.
For
the Andrew and Inikki crowd, however, current events have provided no
such reminders. Recent history in reinsurance terms has been benign.
Many of the lessons of 1992 have slipped off the radar screen.
To read the full version of this article with graphs:
Download the PDF Here
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Warren Buffett on Risk - Or Risky Ground? |
May 15, 1998.
Mr.
Buffett deserves the world’s accolades when it comes to investing. He
is the nonpareil equity investor. When he speaks, the world, and I,
properly pay attention.
Permit me, however, to take issue with
several of his recent comments on bonds in general, and catastrophe
bonds in particular, which appeared in Schiff’s and are excerpted
alongside.
To read the full version of this article with graphs:
Download the PDF Here
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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.
To read the full version of this article with graphs:
Download the PDF Here
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