本次英国作业主要为保险证券化相关的assignment金融代写
主题 1 – 评估保险公司
• 任务。你在一家投资银行的并购部门工作，需要提供建议收购人寿（或非人寿）保险公司的客户。你被问到起草一份关于用于评估人寿（或非人寿）保险的通用框架的报告商业。专注于内含价值的概念并解释如何制作它市场一致（在没有套利定价的意义上）。考虑两者都可以交易风险（例如利率风险、嵌入式金融期权和担保）和非方法论讨论中的可交易风险（例如，选择性失误）。
• 资源：
o 多伦尼西姆 (2010)。保险公司的分析与估值。哥伦比亚商学院。
o 美国精算师学会 (2009)。内含价值 (EV) 报告。美国精算师学会人寿财务报告委员会。
o Diers 等人。 (2012)。非寿险市场一致的内含价值：如何衡量它以及为什么。风险金融杂志。
主题 2 – 保险中的 ESG 评级。
• 任务。您正在为保险公司制定战略提供建议旨在满足特定的 ESG 目标，以满足主要股东并有机会被纳入绿色ETF由一家大型资产管理公司发起。你被要求起草一份报告，概述最常用的 ESG 指标和 ESG 评分工具，同时解释它们可能有很大不同的原因。公司希望你就未来可能特别有争议的任何方面提供建议。在特别是，该公司担心漂绿和相关声誉风险。你应该通过尝试识别和强调来起草你的报告对保险可能特别重要或具有挑战性的任何方面业务或特定业务线。
Topic 1 – Valuing insurance companies
• Task. You work in the M&A department of an investment bank and need to advise a client on the acquisition of a life (or non-life) insurance company. You are asked to draft a report on common frameworks used to value life (or non-life) insurance business. Focus on the concept of Embedded Value and explain how to make it market consistent (in the sense of no arbitrage pricing). Consider both tradable risks (e.g., interest rate risk, embedded financial options and guarantees) and non tradable risks (e.g., selective lapses) in the discussion of the methodology.
• Resources:
o Doron Nissim (2010). Analysis and Valuation of Insurance Companies.
Columbia Business School.
o American Academy of Actuaries (2009). Embedded Value (EV) Reporting.
Life Financial Reporting Committee, American Academy of Actuaries.
o Diers et al. (2012). Market-consistent embedded value in non-life insurance:
How to measure it and why. Journal of Risk Finance.
Topic 2 – ESG ratings in insurance.
• Task. You are advising an insurance company on the development of a strategy aimed at meeting specific ESG targets in order to satisfy the demands of major shareholders and have the opportunity to be included in a green ETF to be launched by a major asset manager. You are asked to draft a report outlining the most commonly available ESG metrics and ESG scoring tools, while explaining the reasons for why they can differ considerably. The company would like you to advise on any aspects which might be particularly contentious going forward. In particular, the company is concerned about greenwashing and associated reputational risk. You should draft your report by trying to identify and emphasize any aspects which may particularly material or challenging for insurance businesses or specific business lines.