Element Re Publishes Weather Risk Management Guide

February 22, 2002

Element Re Capital Products Inc., a division of XL Capital specializing in weather risk management products, has announced the international publication of “Weather Risk Management: Markets, products and applications,” a comprehensive guide to the industry.

Compiled by the employees and principals of Element Re, “the book gives chief financial officers, corporate treasurers, controllers and risk managers an in-depth look into the financial impact of weather on their companies and the ways to protect against it. It is the first comprehensive, mainstream book published on the subject,” said the announcement.

To underline the importance that the $7.5 billion weather risk management industry now occupies, Element Re pointed out that, “According to the United States Department of Commerce, non-catastrophic weather events such as heat, cold, rain, snow and wind impact nearly 10 percent of the $9 trillion U.S. Gross Domestic Product. Similar estimates apply in Europe, Asia and elsewhere around the world. Industries as diverse as utility/energy, construction, agribusiness, retail, transportation, manufacturing, food & beverage, resort and hospitality are all vulnerable to the negative effects of weather.”

Erik Banks, Chief Risk Officer of Element Re, who edited the study noted that, despite the increasing use of weather derivative products, ” there are still many financial decision makers in a range of industries that have little or no awareness of what they can do to protect their companies’ bottom lines. This book is intended to educate them.”

A review copy of “Weather Risk Management: Markets, products and applications,” or an interview with the authors may be obtained by contacting Josh Epstein at Clifford Public Relations, p: (212) 358-0800 x28 or josh@cliffordpr.com. To order a copy of the study go to www.palgrave-usa.com or www.amazon.com.

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