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The ART of Risk Management: Alternative Risk Transfer, Capital Structure, and the Convergence of Insurance and Capital Markets

ISBN: 978-0-471-12495-5
592 pages
March 2002
The ART of Risk Management: Alternative Risk Transfer, Capital Structure, and the Convergence of Insurance and Capital Markets (0471124958) cover image
Learn about today's hottest new risk management tools
One of the hottest areas of finance today, alternative risk transfer, or ART, refers to the use of various insurance products to manage market, credit, operational, legal, environmental, and other forms of risk. As the capital and insurance markets continue to converge, the number and complexity of new risk-defraying insurance products available to corporations, brokerages, money managers and other financial professionals will continue to grow. Expert Christopher L. Culp uses case studies of recent ART transactions used by risk managers to put the field into perspective for financial professionals and to acquaint them with the various types of risk control products now available. In addition he explores, in-depth, the links between ART, derivatives and bank-arranged risk financing, and he explains the key differences between classic insurance products and financial guarantees, risk financing, bundled layering, and other ART forms.
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ACKNOWLEDGMENTS.

PREFACE: COMPREHENSIVE APPROACH TO CORPORATION FINANCE.

PART I: THE QUEST FOR OPTIMAL CAPITAL STRUCTURE.

CHAPTER 1: The Nature of Financial Capital.

Appendix 1-1: A Brief Introduction to Capital Theory.

Appendix 1-2: A Review of Basic Option Concepts.

CHAPTER 2: A Securities Perspective on Capital Structure.

CHAPTER 3: When Is Capital Structure Irrelevant?

CHAPTER 4: Benefits and Costs of Debt and the "Trade-off Theory" of Optimal Capital Structure.

CHAPTER 5: Asymmetric Information, Adverse Selection, and the "Pecking Order Theory" of Optimal Capital Structure.

CHAPTER 6: Distinguishing between Capital Structure Theories.

CHAPTER 7: Risk and Signaling Capital.

CHAPTER 8: Regulatory Capital.

PART II: CAPITAL STRUCTURE AND RISK MANAGEMENT.

CHAPTER 9: A Vocabulary of Risk.

CHAPTER 10: Risk Management as a Process.

CHAPTER 11: Risk Management and Capital Structure.

PART III: CLASSICAL RISK TRANSFORMATION PRODUCTS.

CHAPTER 12: Commercial Banking Products.

CHAPTER 13: Derivatives.

CHAPTER 14: Asset Disposition and Securitized Products.

CHAPTER 15: Insurance.

CHAPTER 16: Reinsurance.

PART IV: ALTERNATIVE RISK TRANSFER PRODUCTS.

CHAPTER 17: Alternative Risk Finance vs. Alternative Risk Transfer.

CHAPTER 18: Alternative Risk Finance: Self-Insurance, Captives, and Captivelike Structures.

CHAPTER 19: Alternative Risk Finance: Finite Risk Products and Solutions.

CHAPTER 20: Integrated Multiline and Multitrigger Alternative Risk Transfer Products.

CHAPTER 21: Committed Capital and Guarantees.

CHAPTER 22: Alternative Risk Securitizations and Securitized Products.

PART V: PRACTICAL CONSIDERATIONS FOR WOULD-BE ARTISTS.

CHAPTER 23: USAA Prime: Choice Cats for Diversifying Investors (Morton N. Lane).

CHAPTER 24: Emerging Role of Patent Law in Risk Finance (J. B. Heaton).

CHAPTER 25: Weather Derivatives or Insurance? Considerations for Energy Companies (Andrea S. Kramer).

CHAPTER 26: Convergence of Insurance and Investment Banking: Representations and Warranties Insurance and Other Insurance Products Designed to Facilitate Corporate Transactions (Theodore A. Boundas and Teri Lee Ferro).

BIBLIOGRAPHY.

INDEX.
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CHRISTOPHER L. CULP is the Managing Director of CP Risk Management LLC and an Adjunct Associate Professor of Finance at the Graduate School of Business of the University of Chicago. Formerly President of Risk Management Consulting Services, Inc., and Senior Examiner in the Supervision and Regulation Department of the Federal Reserve Bank of Chicago, Dr. Culp is also Senior Fellow in Financial Regulation with the Competitive Enterprise Institute in Washington, D.C., and a recent Visiting Lecturer in Risk and Insurance at the Institut für Finanzmanagement, Universität Bern, Switzerland. He is the author of The Risk Management Process: Business Strategy and Tactics and coeditor, along with Merton H. Miller, of Corporate Hedging in Theory and Practice: Lessons from Metallgesellschaft. Culp holds a PhD in finance from the Graduate School of Business of the University of Chicago and a BA in economics from the Johns Hopkins University.
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