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actuarial losses adverse selection aftermath agency costs aggregate argued assets basis risk behavior Berkshire Hathaway Berkshire's Bermuda Bermudan reinsurers billion capital and surplus capital shortages cat events cat risk catastrophe reinsurance catastrophic risk Closed-end funds corporate form cost of capital coverage cyclical disaster Economic equity event losses ex-post financing example existing reinsurers explanation Figure Financing of Catastrophe Financing of Property/Casualty Froot growth Guy Carpenter hazard and adverse homeowners Hurricane Andrew incentive increase inefficient insufficient capital insurance industry insurers and reinsurers investments investors large event low quantities managers market power market share moral hazard National Indemnity NBER conference NBER Working Papers outcomes partial subscriptions Paul O'Connell portfolio premium prices and quantities prices are high Prices of catastrophe Property/Casualty Risks regulation reinsurance are high reinsurance capital reinsurance contracts reinsurance market reinsurance prices reinsurance purchased required returns Richard Sandor risk sharing risk transfer Roberto Mendoza shareholders Trade uncorrelated