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Book Review: Reviewed by John
Salisbury, CPCU, ARe A NEW REINSURANCE BASICS PRIMER
The first chapter of Fundamentals of Reinsurance and Reinsurance Markets provides a condensed history of insurance and reinsurance for those new to the world of reinsurance and insurance. The history is also quick refresher for those who already have working careers in the insurance industry. The next eight chapters provide an overview of the types of reinsurance, the purchase of reinsurance, reinsurance claims, reinsurance accounting, reinsurance commutations, captives and reinsurance, assumed reinsurance, reinsurance failures and enterprise risk management. The last chapter focuses on the future of reinsurance. Collectively, these chapters present any reader who does not want or need to become an in-depth reinsurance expert with a practical grounding in the concepts and basics of reinsurance. Fundamentals of Reinsurance and Reinsurance Markets includes numerous easy-to-understand charts, illustrations and checklists. Among the exhibits are examples of both treaty and facultative pro rata and excess of loss reinsurance. The authors have done a fine job of supplementing the text with helpful visuals, including an appendix of key reinsurance agreement terms and clauses. Insurance executives and human resource directors of captives or captive managers are encouraged to use this invaluable resource as part of a basic training program for boards of directors and staff. The book is not intended to be a substitute for the texts that support insurance professionals seeking to become reinsurance experts. Those individuals should seek out the texts that support the Associate in Reinsurance (ARe) designation of The American Institute for Chartered Property Casualty Underwriters. Purchasing this book not only provides its readers a basic foundation in reinsurance, but also helps encourage university students to consider careers in reinsurance. The royalties from the sale of the book are being donated to the CPCU-Loman Education Foundation which helps support the studies of future generations of insurance and reinsurance leaders. About the authors: Steve McElhiney, CPCU, and Teresa Huddleston, JD, co-author Fundamentals of Reinsurance and Reinsurance Markets. Mr. McElhiney is President of EWI Risk Services, a reinsurance intermediary. He also serves as a board member of the Tall Pines insurance captive in Vermont, and is the 2011-2012 president of the CPCU Society. Ms. Huddleston has served as reinsurance operations manager and coverage attorney for an insurance company. She currently provides legal consultation and expert witness services. General shipping guidelines: For domestic shipments, please allow 2 weeks for delivery. Should you have questions about your order, you may reply to the e-mail that confirms your order or call IRMI at 800-827-4242.
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