Insurance Linked Securities In A Challenging Market

Law360, New York (July 22, 2009, 2:55 PM EDT) -- Folks in the reinsurance industry were in for a surprise when they sat down to read the New York Times magazine on Aug. 26, 2007.

The magazine featured an article about cat bonds by Michael Lewis, the illustrious author who famously chronicled the rise of the mortgage backed securities market in Liar’s Poker and, in Moneyball, popularized the sabremetrics method of exploiting inefficiencies in Major League Baseball.

Lewis’s article was probably the general public’s first introduction to the concept of insurance linked securities (and for that...
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