The Structure of Reinsurance Contracts

  • M Martin Boyer
  • Théodora Dupont-Courtade
Original Article


Using a unique proprietary data set of primary insurers and reinsurers, we analyse the structure of the reinsurance market. The data, which spans six years, contains the quotes for different reinsurance layers, for different clients, for different treaties and for different lines of business. This is the first study that documents the actual structure of the global reinsurance market using actual quotes, not just the winning quote, for a large number of layers and a large number of reinsurance treaties.


reinsurance reinsurance tranches risk management market structure 



We would like to thank seminar participants at HEC Montréal and at the PSE, as well as conference participants at ARIA (for the paper titled The Market for Reinsurance) for judicious comments. The continuing financial support of Cirano is also gratefully acknowledged. Théodora also wishes to thank Jean-Marc Tallon and Meglena Jeleva for their support and comments throughout this research.


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Copyright information

© The International Association for the Study of Insurance Economics 2015

Authors and Affiliations

  • M Martin Boyer
    • 1
  • Théodora Dupont-Courtade
    • 2
  1. 1.HEC Montréal, Université de MontréalMontréalCanada
  2. 2.Paris School of Economics (Université Paris 1 Panthéon-Sorbonne) 106–112Paris cedex 13France

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