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Alternative Risk Transfer Products are separated into two categories; Unconventional vehicles used to cover conventional risks, and Vehicles based on instruments from the capital markets.

Unconventional vehicles used to cover conventional risks


 * Self-Insured Retentions (SIR): retentions of capital set aside for use under negative contingencies.
 * Risk Retention Groups (RRG): self-insurance capital pooled by a number of small-to-medium sized companies.
 * Captives: subsidiary companies set up solely to insure to the parent company. These are often located offshore to exploit tax advantages.
 * Rent-a-Captives: captives shared among several medium-sized companies; funds are managed centrally.
 * Earnings Protection: policies triggered by a specific earnings shortfall within a given financial period.
 * Finite Insurance: insurance policies extended over a multi-year time period in order to smooth profit and loss. This kind of insurance often involves very little risk transfer, but has the effect of reducing capital requirements and/or taxes.
 * Integrated risk and multi-trigger policies: policies covering a basket of different risks, some of which are not conventional insurance risks, sometimes called insuratization.
 * Multi-Trigger Policies: policies triggered only if a number of different specific events occur within a given timeframe.
 * Multi-Year, Multi-Line Policies: Policies covering a basket of different risks, spread out over a specified number of years.

Vehicles based on instruments from the capital markets


 * Insurance-linked bonds: bonds whose interest and/or principal are wholly or partially forfeit if a specifies event occurs.
 * Securitization: the process of packaging risks into debt or equity instruments that can be traded in financial markets.
 * Cat-E-Puts (Catastrophe Equity Put Options): options allowing a company to issue and sell equity at a predetermined price in the event of a specified catastrophic event.
 * Contingent Surplus Notes: Notes providing access to capital to their holders in the event of a loss event.
 * Credit Default Swaps: derivatives under which the buyer pays premiums to the seller, who makes a payment to the buyer in the event of a credit default.
 * Weather Derivatives: policies triggered by specific meteorological events of predetermined magnitude.

Source:

Lam, J. (2004). Enterprise Risk Management: From Incentives to Controls. Hoboken, NJ: John Wiley & Sons, Inc.