No abstract

Reinsurance is the primary source of interconnectedness in the insurance industry. As such, reinsurance connectivity provides a transmission mechanism for financial shocks and potentially exposes insurers to contagion and systemic risk. In this article, connectivity within the U.S. property-casualty (P/C) reinsurance market is modeled as a network. We model the network of all primary insurers and reinsurers in the market. We analyze all bilateral reinsurance counterparty relationships (domestic and foreign) of U.S. P/C insurers, and we model both intra-and intergroup transactions. We extend the prior literature by providing a detailed examination of the reinsurance network structure, including network density, network components, centrality of individual insurers, and subnetwork analysis for top insurers. Our analysis of contagion and insolvency risk reveals that even the failure of the top 10 in-degree or in-strength insurers with 100 percent loss given default would not lead to widespread insolvencies in the U.S. P/C insurance industry.

No abstract

Data leakage prevention has recently become the most important concern for both personal users and corporate users. Most existing feasible data leakage preventers are built with the Dynamic Binary Instrumentation (DBI) technology. Such mechanism suffers from poor application compatibility issue, especially for the large scale ones. In this paper, we propose Gemini, an instrumentation-free approach, to track data propagation dynamically and then prevent data leakage. Gemini leverages the page fault interrupt mechanism of the operating system, instead of DBI, to track memory page accesses, and then thwart the data leakage. As a result, Gemini is application transparent, i.e., it solves the application compatibility issue. Besides, Gemini is implemented on the most prevalent operating system-Windows, while most of previous approaches are built on Linux. Our evaluation results demonstrate Gemini's feasibility and effectiveness.