Christopher L. Culp

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.

Alternative Risk Transfer, Capital Structure, and the Convergence of Insurance and Capital Markets

The ART of Risk Management

Based on an enormously popular "derivative instruments and applications" course taught by risk expert Christopher Culp at the University of Chicago, Risk Transfer will prepare both current practitioners and students alike for many of the issues and problems they will face in derivative markets. Filled with in-depth insight and practical advice, this book is an essential resource for those who want a comprehensive education and working knowledge of this major field in finance, as well as professionals studying to pass the GARP FRM exam. Christopher L. Culp, PhD (Chicago, IL), is a Principal at CP Risk Management LLC and is also Adjunct Professor of Finance at the University of Chicago. He is the author of Corporate Aftershock (0-471-43002-1) and The ART of Risk Management (0-471-12495-8).

Derivatives in Theory and Practice

Risk Transfer

Andria van der Merwe

Bettina J. Stärkle

This book, unique in its composition, reviews the academic empirical literature on how CDSs actually work in practice, including during distressed times of market crises. It also discusses the mechanics of single-name and index CDSs, the theoretical costs and benefits of CDSs, as well as comprehensively summarizes the empirical evidence on important aspects of these instruments of risk transfer. Full-time academics, researchers at financial institutions, and students will benefit from the dispassionate and comprehensive summary of the academic literature; they can read this book instead of identifying, collecting, and reading the hundreds of academic articles on the important subject of credit risk transfer using derivatives and benefit from the synthesis of the literature provided.

Mechanics and Empirical Evidence on Benefits, Costs, and Inter-Market Relations

Credit Default Swaps

Praise for Structured Finance & Insurance "More and more each year, the modern corporation must decide whatrisks to keep and what risks to shed to remain competitive and tomaximize its value for the capital employed. Culp explains thetheory and practice of risk transfer through either balance sheetmechanism such as structured finance, derivative transactions, orinsurance. Equity is expensive and risk transfer is expensive. Asunderstanding grows, and, as a result, costs continue to fall, ARTwill continue to replace equity as the means to cushion knowablerisks. This book enhances our understanding of ART." --Myron S. Scholes, Frank E. Buck Professor of Finance, Emeritus,Graduate School of Business, Stanford University "A must-read for everyone offering structured finance as abusiness, and arguably even more valuable to any one expected topay for such service." --Norbert Johanning, Managing Director, DaimlerChrysler FinancialServices "Culp's latest book provides a comprehensive account of the mostimportant financing and risk management innovations in bothinsurance and capital markets. And it does so by fitting theseinnovative solutions and products into a single, unified theory offinancial markets that integrates the once largely separatedisciplines of insurance and risk management with the currenttheory and practice of corporate finance." --Don Chew, Editor, Journal of Applied Corporate Finance (a MorganStanley publication) "This exciting book is a comprehensive read on alternativeinsurance solutions available to corporations. It focuses on thereal benefits, economical and practical, of alternatives such ascaptives, rent-a-captive, and mutuals. An excellent introduction tothe very complex field of alternative risk transfer (ART)." --Paul Wohrmann, PhD, Head of the Center of Excellence ART andmember of theExecutive Management of Global Corporate in Europe,Zurich Financial Services "Structured Finance and Insurance transcends Silos to reach theEnterprise Mountaintop. Culp superbly details integrated, captive,multiple triggers and capital market products, and provides thearchitectural blueprints for enterprise risk innovation." --Paul Wagner, Director, Risk Management, AGL Resources Inc.

The ART of Managing Capital and Risk

Structured Finance and Insurance

Integrates essential risk management practices with practical corporate business strategies Focusing on educating readers on how to integrate risk management with corporate business strategy-not just on hedging practices-The Risk Management Process is the first financial risk management book that combines a detailed, big picture discussion of firm-wide risk management with a comprehensive discussion of derivatives-based hedging strategies and tactics. An essential component of any corporate business strategy today, risk management has become a mainstream business process at the highest level of the world's largest financial institutions, corporations, and investment management groups. Addressing the need for a well-balanced book on the subject, respected leader and teacher on the subject Christopher Culp has produced a well-balanced, comprehensive reference text for a broad audience of financial institutions and agents, nonfinancial corporations, and institutional investors.

Business Strategy and Tactics

The Risk Management Process

William A. Niskanen

The first book to address public policy in the light of recent corporate debacles Corporate Aftershock is a reasoned, informed response to the numerous proposals to restrict derivatives, structured financing activities, and shareholder protection principles and practices following the failure of Enron and other corporations. Readers get a cogent analysis of the public policy world after recent corporate debacles. Corporate Aftershock provides a detailed background of the markets, players, regulations, and institutional environment surrounding these failures. Christopher L. Culp, PhD (Chicago, IL), is a Principal at CP Risk Management LLC. William A. Niskanen, PhD (Washington, DC), is Chairman of the Cato Institute.

Christopher L. Culp

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