life insurance and securitization书籍.pdfVIP

C The Journal of Risk and Insurance, 2005, Vol. 72, No. 2, 193-226 SECURITIZATION OF LIFE INSURANCE ASSETS AND LIABILITIES Alex Cowley J. David Cummins INTRODUCTION Securitization is one of the most important innovations of modern finance. The secu- ritization process involves the isolation of a pool of assets or rights to a set of cash flows and the repackaging of the asset or cash flows into securities that are traded in capital markets. The trading of cash flow streams enables the parties to the contract to manage and diversify risk, to take advantage of arbitrage opportunities, o