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Alternative Risk Transfer
Alternative risk transfer (often referred to as ART) is the use of techniques other than traditional insurance and reinsurance to provide risk-bearing entities with coverage or protection. The field of alternative risk transfer grew out of a series of insurance capacity crises in the 1970s through 1990s that drove purchasers of traditional coverage to seek more robust ways to buy protection. Most of these techniques permit investors in the capital markets to take a more direct role in providing insurance and reinsurance protection, and as such the broad field of alternative risk transfer is said to be bringing about a convergence of insurance and financial markets. Areas of activity A major sector of alternative risk transfer activity is risk securitization including catastrophe bonds and reinsurance sidecars. Standardization and trading of risk in non-indemnity form is another area of alternative risk transfer and includes Industry Loss Warranty, industry loss warranties. In ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Catastrophe Bond
Catastrophe bonds (also known as cat bonds) are risk-linked securities that transfer a specified set of risks from a sponsor to investors. They were created and first used in the mid-1990s in the aftermath of Hurricane Andrew and the Northridge earthquake. Catastrophe bonds emerged from a need by insurance companies to alleviate some of the risks they would face if a major catastrophe occurred, which would incur damages that they could not cover by the invested premiums. An insurance company issues bonds through an investment bank, which are then sold to investors. These bonds are inherently risky, generally BB, and usually have maturities less than 3 years. If no catastrophe occurred, the insurance company would pay a coupon to the investors. But if a catastrophe did occur, then the principal would be forgiven and the insurance company would use this money to pay their claim-holders. Investors include hedge funds, catastrophe-oriented funds, and asset managers. They ar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Citibank
Citibank, N. A. (N. A. stands for " National Association") is the primary U.S. banking subsidiary of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City Bank of New York. The bank has 2,649 branches in 19 countries, including 723 branches in the United States and 1,494 branches in Mexico operated by its subsidiary Banamex. The U.S. branches are concentrated in six metropolitan areas: New York, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami. It was founded as City Bank of New York and became National City Bank of New York. It has had an important role in war bonds. It has had a role in international events including the U.S. invasion of Haiti. History Early history The City Bank of New York was founded on June 16, 1812. The first president of the City Bank was the statesman and retired Colonel, Samuel Osgood. After Osgood's death in August 1813, William Few ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reinsurance
Reinsurance is insurance that an insurance company purchases from another insurance company to insulate itself (at least in part) from the risk of a major claims event. With reinsurance, the company passes on ("cedes") some part of its own insurance liabilities to the other insurance company. The company that purchases the reinsurance policy is called a "ceding company" or "cedent" or "cedant" under most arrangements. The company issuing the reinsurance policy is referred to as the "reinsurer". In the classic case, reinsurance allows insurance companies to remain solvent after major claims events, such as major disasters like hurricanes and wildfires. In addition to its basic role in risk management, reinsurance is sometimes used to reduce the ceding company's capital requirements, or for tax mitigation or other purposes. The reinsurer may be either a specialist reinsurance company, which only undertakes reinsurance business, or another insurance company. Insurance companies ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mercer (consulting Firm)
Mercer is an American consulting firm founded in 1945. It is one of the four operating subsidiaries of global professional services firm Marsh McLennan (NYSE: MMC). Mercer is headquartered in New York City with offices in 43 countries and operations in 130 countries. The company primarily provides human resources and financial services consulting services to its clients. Mercer has several distinct lines of business, namely: health and benefits, investments and retirement, workforce and careers, and M&A advisory services. It is the world's largest investment advisory with over US$300 billion outsourced assets under management and US$15 trillion under advisement in total. History Foundation and early years (1937–1959) William Manson Mercer founded William M. Mercer, Limited in Vancouver, Canada in 1945. It was acquired by Marsh McLennan and merged into their employee benefits department in 1959. Post acquisition growth (1959–2002) Mercer Consulting Group In 1975, Marsh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Towers Watson
Towers Watson & Co. was a global professional services firm. Its principal lines of business were risk management and human resource consulting. It also had actuarial and investment consulting practices. In January 2016, Towers Watson merged with Willis Group to form Willis Towers Watson. Overview Towers Watson was formed on January 4, 2010, by the merger of Towers Perrin and Watson Wyatt Worldwide. The merger created the world's largest employee-benefits consulting firm by revenue. Towers Watson has 14,000 employees in 35 countries and is expected to have revenue of US$3.6 billion per year. Towers Watson's chief executive officer and chairman of the board is John Haley, the former CEO of Watson Wyatt. The firm's first chief operating officer, president, and deputy chairman was Mark Mactas, the former CEO of Towers Perrin. History Towers Watson is the successor to R. Watson & Sons, which was formed in the UK in 1878. B. E. Wyatt founded The Wyatt Company as an actuarial ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Aon (company)
Aon PLC () is a British-American multinational financial services firm that sells a range of risk-mitigation products, including Commercial Risk, Investment, Wealth and Reinsurance solutions, as well as boutique strategy consulting through Aon Inpoint. Aon has approximately 50,000 employees in 120 countries. Aon was created in 1982 when the Ryan Insurance Group merged with the Combined Insurance Company of America. In 1987, that company was renamed Aon from ''aon'', a Gaelic word meaning "one". The company is headquartered in the UK and incorporated in Ireland, with its listing based in the US. History W. Clement Stone's mother bought a small Detroit insurance agency, and in 1918 brought her son into the business. Mr. Stone sold low-cost, low-benefit accident insurance, underwriting and issuing policies on-site. The next year he founded his own agency, the Combined Registry Co. As the Great Depression began, Stone reduced his workforce and improved training. Forced by his s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marsh (company)
Marsh is a global professional services firm, headquartered in New York City with operations in insurance broking and risk management. Marsh is a subsidiary of Marsh McLennan and a member of its Risk & Insurance Services business unit. Currently, approximately 45,400 Marsh employees provide risk management, insurance broking, insurance program management, risk consulting, analytical modeling and alternative risk financing services to a wide range of businesses, government entities, professional service organizations and individuals in more than 130 countries. Marsh's $10.208 billion in revenue in 2021 accounted for 52% of the parent company's total fiscal year revenue. History Marsh's insurance brokering and risk management business began in the first decade of the twentieth century, when it was formed by Henry Marsh and Donald McLennan with operations in New York and Chicago, where McLennan had studied railroad risk and insurance needs by spending 30 days riding the rails. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Willis Group Holdings
Willis Group Holdings plc was a multinational risk advisor, insurance brokerage and reinsurance brokerage company with its headquarters in the Willis Building in London until its merger of equals with financial services company Towers Watson in 2016. It was the world's third-largest insurance broker when measured by revenues. Willis has around 400 offices in 120 countries and approximately 18,000 employees. Willis was previously listed on the New York Stock Exchange before its early-2016 'merger of equals' with Towers Watson. After the deal closed, the combined company began trading on the Nasdaq exchange under the symbol, WLTW ( Nasdaq: WLTW). History The company was founded by Henry Willis in London in 1828, and initially operated as Henry Willis & Co. In 1898 it merged with Faber Brothers (founded in 1886) to form ''Willis Faber'', and then in 1928 it merged with Dumas & Wylie (founded in 1843) to create ''Willis, Faber & Dumas''. It was first listed on the London ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Swiss Re
Swiss Reinsurance Company Ltd, Swiss Re. Retrieved on 18 January 2011. "Swiss Reinsurance Company Ltd ("Swiss Re") .. and "Swiss Reinsurance Company Ltd, Mythenquai 50/60, 8022 Zurich, Switzerland ("Swiss Re" Disclosure notification in accordance with Article 20 of the Swiss Stock Exchange Act " Swiss Re. 2 August 2007. Retrieved on 18 January 2011. "Die Schweizerische Rückversicherungs-Gesellschaft (Swiss Re) teilt mit, .. commonly known as Swiss Re, is a |
Hannover Re
Hannover Re (in German ''Hannover Rück'') is a reinsurance company based in Hannover, Germany. It is the third-largest reinsurance group in the world, with a gross premium of around € The euro sign () is the currency sign used for the euro, the official currency of the eurozone and unilaterally adopted by Kosovo and Montenegro. The design was presented to the public by the European Commission on 12 December 1996. It consists o ...27 billion. Founded in 1966, Hannover Re transacts all lines of property & casualty and life & health reinsurance and has a network of over 170 subsidiaries, branches and representative offices on all five continents with a total staff of more than 3,000. The Group's German business is written by the subsidiary E+S Rück. History Hannover Re was founded on 6 June 1966. In the 1970s, the company entered the US and Japanese markets. In 1981, the company made its first acquisition of a foreign insurance group – the Hollandia Group (now Hannover Re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Munich Re
Munich Re Group or Munich Reinsurance Company (german: Münchener Rück; Münchener Rückversicherungs-Gesellschaft) is a German multinational insurance company based in Munich, Germany. It is one of the world's leading reinsurers. ERGO, a Munich Re subsidiary, is the Group's primary insurance arm. Munich Re's shares are listed on all German stock exchanges and on the Xetra electronic trading system. Munich Re is included in the DAX index at the Frankfurt Stock Exchange, the Euro Stoxx 50, and other indices. History In 1880 Carl von Thieme, a native of Erfurt who was the representative in Bavaria of his father's ''Thuringia'' insurance company, founded in Munich ''Münchener Rückversicherungs-Gesellschaft'' together with Wilhelm von Finck (co-owner of the Merck Finck & Co. bank) and Theodor von Cramer-Klett. This was followed by the founding of Allianz Versicherungs-Gesellschaft in 1890 in Berlin. Carl von Thieme was head of Munich Re until 1921, and Wilhelm von Finck ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
XL Capital
XL or variants may stand for: Arts and entertainment * XL (band), a J-Pop band * XL Recordings, a British independent record label * XL, a character in the animated series ''Buzz Lightyear of Star Command'' Businesses and organizations Transportation * XL Airways France, a French airline * XL Airways Germany, a German charter airline * XL Leisure Group, a major United Kingdom tour operator, which ceased operations in 2008 ** XL Airways UK, a defunct British airline which was part of XL Leisure Group * LAN Ecuador (IATA airline code XL) * the base trim level for Ford trucks Other businesses and organizations * XL Axiata, an Indonesian mobile phone network operator * XL Center, a civic center in Hartford, Connecticut, United States * XL Cola, a Swedish soft drink * XL Group, a financial services company headquartered in Ireland with executive offices in Bermuda * XL Recordings, a British independent record label * Excel Esports, a British esports organization (shortened name i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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