لایب سان

Author(s): Paula Jarzabkowski, Rebecca Bednarek, Paul Spee

Publisher: Oxford University Press, Year: 2015

ISBN: 0199664765,9780199664764

Contents List of Reinsurance-as-Practice - Empirical Illustrations xv List of Buyer’s Perspective - Empirical Illustrations xvii List of Figures xix List of Tables xxi 1. Reinsurance: A Market for Acts of God 1 1.1 Introduction 2 1.2 What Is this Market? 3 1.3 What We Did 5 1.4 What Is Being Traded? 8 1.5 Where Is Risk Traded? Hubs for Global Capital Allocation 11 1.6 Theorizing the Market: Advancing a Concept of Nested Relationality 14 1.6.1 A Conceptual Framework: Relationality, Nested Relationality, and Relational Presence 15 1.6.2 Sites of Market-Making Activity 17 1.6.3 Building on Existing Theory 18 1.7 Book Structure 21 2. United We Stand, Divided We Fall: Bearing Risk Collectively 25 2.1 Introduction 25 2.2 Quoting Deals as a Site of Market-Making Activity 27 2.3 General Understandings: Consensus Pricing and Market Cycles 29 2.3.1 Consensus Pricing 30 2.3.2 Market Cycles 33 2.4 Coordinating Through the Renewal Date 36 2.5 Practical Understandings: Renewing Deals Through the Quoting Process 38 2.5.1 Enacting the Quoting Process 38 2.5.2 The Practice of Renewing Business 40 2.6 The Thai Floods: Coordinating Consensus Pricing and Market Cycles 42 2.7 Relationality Between Individual Practice, Consensus Price, and Market Cycle 53 2.8 Further Theorizing 55 2.9 Conclusion 57 xii Contents 3. Transforming Disasters into Tradable Deals 59 3.1 Introduction 59 3.2 Evaluating Deals as Site of Market-Making 62 3.3 General Understanding: Marketization 64 3.4 Coordinating the Market: Models as Calculative Devices 68 3.5 Practical Understanding: Practicing Deal Evaluation 71 3.5.1 Technicalizing 72 3.5.2 Contextualizing 79 3.5.3 Blending Technicalizing and Contextualizing: Generating a Comparable and Tradable Object 84 3.6 Making the Market Through Deal Evaluation 86 3.7 Further Theorizing 88 3.8 Conclusion 90 4. Calculation at the Frontier: Evaluation in the Absence of Models 92 4.1 Introduction 92 4.2 Evaluating Within Risk-Types as a Site of Market-Making 95 4.2.1 Information Quality 95 4.2.2 Standardization 97 4.2.3 Three Categories of Risk-Type 97 4.3 General Understanding: Marketization of Varied Risk-Types 100 4.4 Coordinating Market Practice—Epistemic Cultures 101 4.4.1 Epistemic Cultures and Evaluating Varied Risk-Types 102 4.4.2 Epistemic Cultures and Connectivity 105 4.5 Practical Understandings: Variations in Blending Technicalizing and Contextualizing Among Epistemic Cultures 106 4.5.1 Blending Technicalizing and Contextualizing for Specialized Risk-Types 107 4.5.2 Blending Technicalizing and Contextualizing for Frontier Deals 112 4.5.3 Constructing the Market Through Variations in Blending 115 4.6 Epistemic Cultures in the Relationality Among Actors, Deal, and Market 116 4.7 Further Theorizing 119 4.8 Conclusion 122 5. One Firm’s Trash is Another’s Treasure: Competing in a Consensus Market 124 5.1 Introduction 124 5.2 Firm as Site 125 5.3 General Understandings: Basis of Competition 127 5.3.1 Competition to Establish and Influence the Price 127 Contents xiii 5.3.2 Competing for Share During Quoting and at the Point of Capital Allocation 129 5.4 Coordinating Competition: Reinsurer Risk-Appetite 130 5.5 Practical Understandings: Enacting Risk-Appetite 133 5.5.1 Enacting Risk-Appetite Through Diversification Across Risk-Types 134 5.5.2 Enacting Risk-Appetite Through Relationship Longevity 136 5.5.3 Enacting Risk-Appetite Through Capital Availability 138 5.5.4 Enacting Variations in Evaluations of Profitability Based on Risk-Appetite 140 5.6 Enacting Risk-Appetite as a Competitive Process 141 5.6.1 The Process of Enacting Risk-Appetite 141 5.6.2 Enacting Competition Through Practical Understandings: An Empirical Illustration 143 5.7 Relationalities of Coordinating Competition in a Consensus Market 150 5.7.1 Relationality Among Deal and Portfolio of Risk-Types 151 5.7.2 Relationality Among Firm and Multiple Risk-Types 151 5.7.3 Relationality Among Firm and Deal 151 5.7.4 Relationality Between Firm and Market Cycle 153 5.8 Further Theorizing 153 5.9 Conclusion 156 6. Unraveling the Nest: From a Market for Acts of God to a Market for Commodities 158 6.1 Introduction 158 6.2 Changes in Purchasing Reinsurance Cover 161 6.2.1 Cedents’ Retention of Risk Reduces Global Reinsurance Premium 161 6.2.2 Bundling Risk Changes the Composition of Deals 164 6.2.3 Growth of Alternative Risk Transfer (ART) Products 166 6.3 Pressures on Nested Relationalities 170 6.3.1 Altering Sites of Market-Making 171 6.3.2 Eroding Consensus Pricing and Altering the Basis of Competition 172 6.3.3 Eroding Market Cycles 173 6.3.4 Technicalizing Is Strengthened at the Expense of Contextualizing 174 6.3.5 Altering Risk-Appetite 177 6.4 Ways Forward: Commoditizing Reinsurance Cover 178 6.4.1 Bundling Risks: Losing a Sense of Reality? 178 6.4.2 Taking Catastrophe Modeling too Seriously? 180 xiv Contents 6.4.3 What Is the Purpose of Reinsurance? 181 6.5 Conclusion 182 7. Addressing “Big Questions”: Advancing a Practice Theory of the Market 185 7.1 Introduction 185 7.2 The Theory of Making a Market 186 7.3 Practice Theory—Answering Big Questions 189 Methodology Appendix 193 Glossary 201 References 211 Index 221

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