Convergence of Insurance and Financial Markets: Hybrid and Securitized Risk-Transfer Solutions

One of the most significant economic developments of the past decade has been the convergence of the financial services industry, particularly the capital markets and (re)insurance sectors. Convergence has been driven by the increase in the frequency and severity of catastrophic risk, market inefficiencies created by (re)insurance underwriting cycles, advances in computing and communications technologies, the emergence of enterprise risk management, and other factors. These developments have led to the development of hybrid insurance/financial instruments that blend elements of financial contracts with traditional reinsurance as well as new financial instruments patterned on asset-backed securities, futures, and options that provide direct access to capital markets. This article provides a survey and overview of the hybrid and pure financial markets instruments and provides new information on the pricing and returns on contracts such as industry loss warranties and Cat bonds. Copyright (c) The Journal of Risk and Insurance, 2009.

Changes in forest area along stream networks in an agricultural catchment of the Great Barrier Reef Lagoon

Scenes from the series of multispectral sensors on the Landsat satellites were used to map recent changes (between 1972 and 2004) in forest cover within and adjacent to stream networks of an intensively farmed region of the southern Great Barrier Reef catchment (Australia). Unsupervised ISODATA classifications of Tasseled-Cap transformed data (at 57 m ground resolution) mapped forest and cleared areas within 150 m of Pisoneer catchment waterways with 72.2% overall accuracy (K = 0.469), when adjusted for the size of each class. Although the user's accuracy was higher for the forest class (82.1 ± 8.4% at α = 0.05), large errors of commission (34.2 ± 8.3%) substantially affected map accuracy for the cleared class. The main reasons for misclassification include: (1) failure to discriminate narrowly vegetated riparian strips; (2) misregistration of scenes; and (3) spectral similarity of ground cover. Error matrix probabilities were used to adjust the mapped area of classes, resulting in a decline of forest cover by 12.3% and increase of clearing by 18.5% (22.4 km change; 95% confidence interval: 14.3-29.6 km ) between 1972 and 2004. Despite the mapping errors, Landsat data were able to identify broad patterns of land cover change that were verified from aerial photography. Most of the forest losses occurred in open forest to woodland habitat dominated by Eucalyptus, Corymbia, and Lophostemon species, which were largely replaced by sugarcane cropping. Melaleuca communities were similarly affected, though they have a much smaller distribution in the catchment

Heteromeric Solute Carriers: Function, Structure, Pathology and Pharmacology

Solute carriers form one of three major superfamilies of membrane transporters in humans, and include uniporters, exchangers and symporters. Following several decades of molecular characterisation, multiple solute carriers that form obligatory heteromers with unrelated subunits are emerging as a distinctive principle of membrane transporter assembly. Here we comprehensively review experimentally established heteromeric solute carriers: SLC3-SLC7 amino acid exchangers, SLC16 monocarboxylate/H+ symporters and basigin/embigin, SLC4A1 (AE1) and glycophorin A exchanger, SLC51 heteromer Ost α-Ost β uniporter, and SLC6 heteromeric symporters. The review covers the history of the heteromer discovery, transporter physiology, structure, disease associations and pharmacology - all with a focus on the heteromeric assembly. The cellular locations, requirements for complex formation, and the functional role of dimerization are extensively detailed, including analysis of the first complete heteromer structures, the SLC7-SLC3 family transporters LAT1-4F2hc, b0,+AT-rBAT and the SLC6 family heteromer B0AT1-ACE2. We present a systematic analysis of the structural and functional aspects of heteromeric solute carriers and conclude with common principles of their functional roles and structural architecture