The ART of Risk Management"This book evidences links and trade–offs between some key drivers of corporate value creation: capital structure, strategic definition of core and noncore risks, risk management retention and transfer, with a valuation of externalization, to achieve an integrated allocation and management of firm's capital. From math to legal, it takes us a definite step forward in modern finance." –Jacques Tierny, Deputy CFO, Michelin Group"For someone like me who has observed the evolution of financial theory and practice over the past twenty years, Culp's new book is a really extraordinary undertaking and accomplishment. On one level, it provides a comprehensive–and quite readable–account of the most important financing and risk management innovations in both insurance markets and capital markets. Even more remarkable is its success in fitting these innovative solutions and products into a single, unified theory of financial markets–one that integrates the once largely separate discipline of insurance and risk management with the current theory and practice of corporate finance." –Donald Chew, Editor of Journal of Applied Corporate Finance and a founding partner of Stern Stewart & Co."Chris Culp succeeds to cover this multifaceted and somehow fragmented ART market in a holistic way." –Thomas Bruendler, President, Allianz Risk Transfer (UK) Limited"This is indeed a book about convergence. It is dealing with the latest developments in the insurance and capital markets which blur the boundaries between these two areas. Laying the scientific foundations of ART, it also brings together theory and practice of this innovative field in an unprecedented way. Moreover, Culp looks behind the driving forces of ART and relates them back to their common underlying aspiration, the quest for optimal capital structure." –Paul Woehrmann, PhD, Head of Center of Excellence ART and Member of Executive Management Continental Europe Corporate, Zurich Financial Services"Culp divulges the true nature of convergence–as art and science, rooted in both traditional theories and forward–looking practices. He demonstrates undeniably that the marriage of the insurance and capital markets, once considered futuristic, is a pragmatic solution for corporations seeking to manage risk, generate capital, and create new value." –Tobey Russ, President & CEO, Chubb Financial Solutions