Efficient risk allocation within a non-life insurance group under Solvency II regime

Intra-group transfers are risk management tools that are usually widely used to optimise the risk position of an insurance group. In this paper, it is shown that premium and liability transfers could be optimally made in such a way as to reduce the amount of Technical Provisions and Minimum Capital Requirement for the entire insurance conglomerate. These levels of required capital represent the minimal amount that needs to be held by the insurance group without regulator intervention, according to the Solvency II regulation. We assume that only proportional risk transfers are feasible, since such transfers are not difficult to administer for a large scaled insurance group, as is always the case. In addition, any risk shifting should be made for commercial purposes in order to be considered acceptable by the local regulators that impose restrictions on how much the assets within an insurance group are fungible. Our numerical examples illustrate the efficiency of the optimal proportional risk transfers which can easily be implemented, in terms of computation, in any well-known solver even for an insurance conglomerate with many subsidiaries. We found that our proposed optimal proportional allocations are more beneficial for large insurance group, since the relative reduction in capital requirement tends to be small, whereas the gain in absolute terms is quite significant for large scaled insurance group

Optical Spin Initialization and Non-Destructive Measurement in a Quantum Dot Molecule

The spin of an electron in a self-assembled InAs/GaAs quantum dot molecule is optically prepared and measured through the trion triplet states. A longitudinal magnetic field is used to tune two of the trion states into resonance, forming a superposition state through asymmetric spin exchange. As a result, spin-flip Raman transitions can be used for optical spin initialization, while separate trion states enable cycling transitions for non-destructive measurement. With two-laser transmission spectroscopy we demonstrate both operations simultaneously, something not previously accomplished in a single quantum dot.Comment: Accepted for publication in Phys. Rev. Let

Metal-dielectric structures for high charge state ion production in ECR plasma

Metal-dielectric (MD) structures of pure (99.999%) aluminum foils were previously studied [1, 2] in the National Institute for Physics and Nuclear Engineering (NIPNE), Bucharest, Romania showing high secondary electron emission properties. Consequently, 26 mm diameter disks of such structures (Al-Al2O3) were tested in the ECR ion source of the Institut fuer Kernphysik (IKF) der J. W. Goethe Universitat, Frankfurt/Main, Germany, allowing to demonstrate their ability to significantly increase the ECRIS performances in what concerns the production of high charge state ions [3]. New experiments carried on in Bucharest on a special facility [2] stressed out the possibility to develop high emissive MD structures starting from lower purity (99%) aluminum foils. This result allowed us to make a special cylinder of 1 mm wall thickness electrolytically treated so that only the inner face had a MD structure layer while the external surface remained metallic. Such a cylinder introduced in the plasma chamber of an ECR ion source provides a high rate of secondary electrons that enhance the ECR plasma electron density while its metallic external surface provides a good electric and thermal contact with the plasma chamber. The tests performed with such a MD aluminum cylinder in the IKF 14 GHz ECR ion source, successfully demonstrated the possibility to shift the ECRIS output toward very high charge states (Ar16+) due to the strong secondary electron emission of the MD inner surface of the cylinder

Coring Sample Acquisition Tool

A sample acquisition tool (SAT) has been developed that can be used autonomously to sample drill and capture rock cores. The tool is designed to accommodate core transfer using a sample tube to the IMSAH (integrated Mars sample acquisition and handling) SHEC (sample handling, encapsulation, and containerization) without ever touching the pristine core sample in the transfer process

Delayed Capital Injections for a Risk Process with Markovian Arrivals

In this paper we propose a generalisation to the Markov Arrival Process (MAP) risk model, by allowing for a delayed receipt of required capital injections whenever the surplus of an insurance firm is negative. Delayed capital injections often appear in practice due to the time taken for administrative and processing purposes of the funds from a third party or the shareholders of a firm. We introduce a MAP risk model that allows for capital injections to be received instantaneously, or with a random delay, depending on the amount of deficit experienced by the firm. For this model, we derive a system of Fredholm integral equations of the second kind for the Gerber-Shiu function and obtain an explicit expression (in matrix form) in terms of the Gerber-Shiu function of the MAP risk model without capital injections. In addition, we show that the expected discounted accumulated capital injections and the expected discounted overall time in red, up to the time of ruin, satisfy a similar integral equation, which can also be solved explicitly. Finally, to illustrate the applicability of our results, numerical examples are given

In-Service Monitoring of Steam Pipe Systems at High Temperatures

A system and method for monitoring the properties of a fluid, such as water, in a steam pipe without mechanically penetrating the wall of the pipe. The system uses a piezoelectric transducer to launch an ultrasonic probe signal into the pipe. Reflected ultrasonic signals are captured in a transducer, which can be the same transducer that launched the probe signal. The reflected signals are subjected to data processing, which can include filtering, amplification, analog-to-digital conversion and autocorrelation analysis. A result is extracted which is indicative of a property of the fluid, such as a height of the condensed fluid, a cavitation of the condensed fluid, and a surface perturbation of the condensed fluid. The result can be recorded, displayed, and/or transmitted to another location. One embodiment of the system has been constructed and tested based on a general purpose programmable computer using instructions recorded in machine-readable non-volatile memory

739 observed NEAs and new 2-4m survey statistics within the EURONEAR network

We report follow-up observations of 477 program Near-Earth Asteroids (NEAs) using nine telescopes of the EURONEAR network having apertures between 0.3 and 4.2 m. Adding these NEAs to our previous results we now count 739 program NEAs followed-up by the EURONEAR network since 2006. The targets were selected using EURONEAR planning tools focusing on high priority objects. Analyzing the resulting orbital improvements suggests astrometric follow-up is most important days to weeks after discovery, with recovery at a new opposition also valuable. Additionally we observed 40 survey fields spanning three nights covering 11 sq. degrees near opposition, using the Wide Field Camera on the 2.5m Isaac Newton Telescope (INT), resulting in 104 discovered main belt asteroids (MBAs) and another 626 unknown one-night objects. These fields, plus program NEA fields from the INT and from the wide field MOSAIC II camera on the Blanco 4m telescope, generated around 12,000 observations of 2,000 minor planets (mostly MBAs) observed in 34 square degrees. We identify Near Earth Object (NEO) candidates among the unknown (single night) objects using three selection criteria. Testing these criteria on the (known) program NEAs shows the best selection methods are our epsilon-miu model which checks solar elongation and sky motion and the MPC's NEO rating tool. Our new data show that on average 0.5 NEO candidates per square degree should be observable in a 2m-class survey (in agreement with past results), while an average of 2.7 NEO candidates per square degree should be observable in a 4m-class survey (although our Blanco statistics were affected by clouds). At opposition just over 100 MBAs (1.6 unknown to every 1 known) per square degree are detectable to R=22 in a 2m survey based on the INT data, while our two best ecliptic Blanco fields away from opposition lead to 135 MBAs (2 unknown to every 1 known) to R=23.Comment: Published in Planetary and Space Sciences (Sep 2013

Sensor for Boundary Shear Stress in Fluid Flow

The formation of scour patterns at bridge piers is driven by the forces at the boundary of the water flow. In most experimental scour studies, indirect processes have been applied to estimate the shear stress using measured velocity profiles. The estimations are based on theoretical models and associated assumptions. However, the turbulence flow fields and boundary layer in the pier-scour region are very complex and lead to low-fidelity results. In addition, available turbulence models cannot account accurately for the bed roughness effect. Direct measurement of the boundary shear stress, normal stress, and their fluctuations are attractive alternatives. However, most direct-measurement shear sensors are bulky in size or not compatible to fluid flow. A sensor has been developed that consists of a floating plate with folded beam support and an optical grid on the back, combined with a high-resolution optical position probe. The folded beam support makes the floating plate more flexible in the sensing direction within a small footprint, while maintaining high stiffness in the other directions. The floating plate converts the shear force to displacement, and the optical probe detects the plate s position with nanometer resolution by sensing the pattern of the diffraction field of the grid through a glass window. This configuration makes the sensor compatible with liquid flow applications