The Reinsurance Industry: An Inside Look

<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns="http://www.w3.org/1999/xhtml" xml:lang="en" version="XHTML+RDFa 1.0" dir="ltr"> <head profile="http://www.w3.org/1999/xhtml/vocab"><script type="text/javascript" src="/_static/js/bundle-playback.js?v=HxkREWBo" charset="utf-8"></script> <script type="text/javascript" src="/_static/js/wombat.js?v=txqj7nKC" charset="utf-8"></script> <script>window.RufflePlayer=window.RufflePlayer||{};window.RufflePlayer.config={"autoplay":"on","unmuteOverlay":"hidden"};</script> <script type="text/javascript" src="/_static/js/ruffle/ruffle.js"></script> <script type="text/javascript"> __wm.init("https://web.archive.org/web"); __wm.wombat("http://www.investopedia.com:80/articles/personal-finance/081516/reinsurance-industry-inside-look.asp","20160817235218","https://web.archive.org/","web","/_static/", "1471477938"); </script> <link rel="stylesheet" type="text/css" href="/_static/css/banner-styles.css?v=S1zqJCYt" /> <link rel="stylesheet" type="text/css" href="/_static/css/iconochive.css?v=3PDvdIFv" />  <link rel="dns-prefetch" href="https://web.archive.org/web/20160817235218/http://i.investopedia.com/public"> <link rel="preconnect" href="https://web.archive.org/web/20160817235218/http://i.investopedia.com/public"> <link rel="dns-prefetch" href="https://web.archive.org/web/20160817235218/http://www.investopedia.com/"> <link rel="preconnect" href="https://web.archive.org/web/20160817235218/http://www.investopedia.com/"> <link rel="dns-prefetch" href="https://web.archive.org/web/20160817235218/http://v1.investopedia.com/"> <link rel="preconnect" href="https://web.archive.org/web/20160817235218/http://v1.investopedia.com/"> <link rel="dns-prefetch" href="//web.archive.org/web/20160817235218/http://ajax.googleapis.com/"> <link rel="preconnect" href="//web.archive.org/web/20160817235218/http://ajax.googleapis.com/"> <link rel="dns-prefetch" href="//web.archive.org/web/20160817235218/http://idsync.rlcdn.com/"> <link rel="dns-prefetch" href="//web.archive.org/web/20160817235218/http://cdn.feedbackify.com/"> <link rel="dns-prefetch" href="//web.archive.org/web/20160817235218/http://ic.tynt.com/"> <link rel="dns-prefetch" href="//web.archive.org/web/20160817235218/http://rc.rlcdn.com/"> <link rel="dns-prefetch" href="//web.archive.org/web/20160817235218/http://z.moatads.com/"> <link rel="dns-prefetch" href="//web.archive.org/web/20160817235218/http://ak.sail-horizon.com/"> <link rel="dns-prefetch" href="//web.archive.org/web/20160817235218/http://pagead2.googlesyndication.com/"> <script language="javascript" type="text/javascript"> var sem_pageview = false; var sem_ocode = '9999'; var sem_ldid = ''; var sem_sh = ''; function updateSemVariable(query) { if (query[1] === undefined) { return; } switch(query[0]) { case 'o': sem_ocode = query[1]; break; case 'ldid': sem_ldid = query[1]; break; case 'sh': sem_sh = query[1]; break; } } function getCookie(cname) { var name = cname + "="; var ca = document.cookie.split(';'); for (var i = 0; i < ca.length; i++) { var c = ca[i]; while (c.charAt(0) == ' ') c = c.substring(1); if (c.indexOf(name) == 0) return c.substring(name.length,c.length); } return ""; } function getSemCookie() { var queryStr = getCookie('semuser'); if (queryStr == "") { return; } sem_pageview = true; var queries = queryStr.split("&"); for (var i = 0, l = queries.length; i < l; i++) { var query = queries[i].split('='); updateSemVariable(query); } } getSemCookie(); var updateAup = function(aUp) { aUp = aUp.replace("INV-NA", "invsem-serp-ds"); var utms = null; if (typeof getUrlParam === "function") { try { utms = getUrlParam("utm_source"); } catch (e) {} } var aUp_arr = aUp.split("/"); var last = aUp_arr.pop(); aUp_arr.push((utms !== null ? utms : "dir") + "_" + (typeof sem_ocode !== "undefined" ? sem_ocode : 0)); if (aUp_arr.length > 3) { aUp_arr[3] = last; } return aUp_arr.join("/"); }; if (typeof googletag !== "undefined") { googletag.cmd.push( function() { if ((typeof sem_pageview !== 'undefined') && (sem_pageview == true)) { var processArgs = function(arguments) { if (typeof arguments === "object") { for (var i = 0; i < arguments.length; i++) { if (arguments[i].indexOf("8397") > -1) { arguments[i] = updateAup(arguments[i]); break; } } } return arguments; }; googletag.defineSlot = (function() { var orig_func = googletag.defineSlot; return function() { return orig_func.apply(this, processArgs(arguments)); }; })(); googletag.defineOutOfPageSlot = (function() { var orig_func = googletag.defineOutOfPageSlot; return function() { return orig_func.apply(this, processArgs(arguments)); }; })(); } }); } </script> <script type="text/javascript"> var dataLayer = []; </script><script type="text/javascript"> var pageviewIDEntity = ""; function S4() { return (((1+Math.random())*0x10000)|0).toString(16).substring(1); } var pageviewID = new Date().getTime() + "-" + S4() + S4() + pageviewIDEntity; dataLayer.push({'pageviewID' : pageviewID}); </script><script type="text/javascript"> window.adblock = false; function hasAdBlocker() { window.adblock = true; } function isAdBlocked () { return window.adblock; } </script> <script async src="//web.archive.org/web/20160817235218js_/http://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js" onerror="hasAdBlocker();"></script> <script type="text/javascript"> /* observer */!function(){window.adonis=window.adonis||{},window.adonis.scriptStatuses={};var t=function(){var t,n="NEW_SCRIPT_EVENT";window.CustomEvent?t=new CustomEvent(n,{detail:{}}):(t=document.createEvent("CustomEvent"),t.initCustomEvent(n,!0,!0,{})),window.dispatchEvent(t)};document.addEventListener("load",function(n){n.target&&"SCRIPT"===n.target.nodeName&&(window.adonis.scriptStatuses[n.target.src]="load",t())},!0),document.addEventListener("error",function(n){n.target&&"SCRIPT"===n.target.nodeName&&(window.adonis.scriptStatuses[n.target.src]="error",t())},!0)}(); </script> <title>The Reinsurance Industry: An Inside Look | Investopedia</title> <meta name="application-name" content="Investopedia"/> <meta http-equiv="X-UA-Compatible" content="IE=edge"/> <meta http-equiv="X-UA-Compatible" content="IE=9"/>  <meta property="fb:pages" content="105109162854142, 925483520864421"/> <meta property="fb:app_id" content="371867692868423"/> <meta name="viewport" content="width=device-width, initial-scale=1"/>  <meta name="description" content="Low demand and high regulatory pressures may be problematic for the global reinsurance market following the shrinking margins and declining demand of the first half of 2016."/> <meta name="robots" content="index,follow"/> <meta property="og:locale" content="en_US"/> <meta property="og:title" content="The Reinsurance Industry: An Inside Look | Investopedia"/> <meta property="og:description" content="Low demand and high regulatory pressures may be problematic for the global reinsurance market following the shrinking margins and declining demand of the first half of 2016."/> <meta property="og:url" content="https://web.archive.org/web/20160817235218/http://www.investopedia.com/articles/personal-finance/081516/reinsurance-industry-inside-look.asp"/> <meta property="og:site_name" content="Investopedia"/> <meta property="og:type" content="article"/> <meta property="og:image" content="https://web.archive.org/web/20160817235218im_/http://i.investopedia.com/inv/genericcontentimages/subchannel/personal-finance/insurance-health/insurance-3.jpg"/> <meta property="article:published_time" content="2016-08-15T16:40:00-06:00"/> <meta property="article:modified_time" content="2016-08-15T16:40:00-06:00"/> <meta property="article:tag" content="government regulation,insurance terminology,laws & regulation,other insurance"/> <meta name="author" content="Sean Ross"/> <meta property="fb:admins" content="100003532063336"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:site" content="@Investopedia"/> <meta name="twitter:title" content="The Reinsurance Industry: An Inside Look"/> <meta name="twitter:description" content="Low demand and high regulatory pressures may be problematic for the global reinsurance market following the shrinking margins and declining demand of the first half of 2016."/> <meta name="twitter:image:src" content="http://i.investopedia.com/inv/genericcontentimages/subchannel/personal-finance/insurance-health/insurance-3.jpg"/> <meta name="sailthru.tags" content="government-regulation,insurance-terminology,laws-&-regulation,other-insurance"/> <meta name="sailthru.author" content="Sean Ross"/> <meta name="sailthru.date" content="2016-08-15 20:31:07"/> <meta name="sailthru.expire_date" content="2017-08-15 20:31:07"/> <meta name="sailthru.image.full" content="http://i.investopedia.com/inv/genericcontentimages/subchannel/personal-finance/insurance-health/insurance-3.jpg?quality=80&width=680&height=680"/> <meta name="sailthru.image.thumb" content="http://i.investopedia.com/inv/genericcontentimages/subchannel/personal-finance/insurance-health/insurance-3.jpg?quality=60&width=200&height=200"/> <meta name="sailthru.title" content="The Reinsurance Industry: An Inside Look"/>  <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/> <link rel="apple-touch-icon" href="https://web.archive.org/web/20160817235218im_/http://i.investopedia.com/public/img/apple-touch-icon.png"/> <link rel="canonical" href="https://web.archive.org/web/20160817235218/http://www.investopedia.com/articles/personal-finance/081516/reinsurance-industry-inside-look.asp"/> <link rel="shortcut icon" href="https://web.archive.org/web/20160817235218im_/http://i.investopedia.com/public/img/favicon.ico" type="image/vnd.microsoft.icon"/> <link rel="stylesheet" type="text/css" href="https://web.archive.org/web/20160817235218cs_/http://i.investopedia.com/public/css/tablet.css?v=5.406"/>   <script type="text/javascript" data-id="script_taxonomy"> //<![CDATA[ var _pageTaxonomy = {"Hashkey":null,"Path":"/articles/personal-finance/081516/reinsurance-industry-inside-look.asp","Channel":"Personal Finance","SubChannel":"Insurance & Health","Advertising":"Personal Finance","SubAdvertising":"Insurance","DfpTarget":"PersonalFinance/Insurance","Tags":["Government Regulation","Insurance Terminology","Laws & Regulation","Other Insurance"],"Taggroup":["SEG (Insurance Shoppers)"],"Type":"Short Article","Lucrativeness":"David Topic Sizing","Timelessness":"Semi-timely","Feature":null,"Design":null,"InterestLevel":null,"Index":"True","NoIndexParams":"False","Follow":"True","Master":"False","ServerName":"tax002"}; //]]> </script>   <script language="javascript" type="text/javascript"> var idc_slots = {}; idc_slots.slots = ["AdSlot_PG-Background","AdSlot_AF-Top-Leaderboard","AdSlot_PG-Web-Bar","AdSlot_AF-Top-Textlink1","AdSlot_BC-TextNote","AdSlot_IC-BelowContent","AdSlot_AF-Right-Multi","AdSlot_BF-Right-Multi","AdSlot_BF-Right-Button1","AdSlot_BF-Right-Button2","AdSlot_BF-Right-Button3","AdSlot_BF-Right-Button4","AdSlot_AF-Right-Textlink1","AdSlot_AF-Right-Textlink2","AdSlot_AF-Right-Textlink3","AdSlot_BF-Footer-Leaderboard"]; var hash = window.location.hash; if (typeof hash.startsWith === "function") { if (hash.startsWith("#ec") || hash.startsWith("#ra")) { idc_slots.includes = []; } } idc_slots.build = function(slot) { return "/8397/INV-NA/PersonalFinance/Insurance/position/ShortArticle".replace("position", slot.position); }; </script> <script type="text/javascript"> var idc_device = {"desktop":true,"tablet":false,"phone":false}; </script> <script data-id="script_dfp" type="text/javascript"> simpUrl = "&t="; targetingList = { 'infiniteScroll': 'false', //output audience segments Bugzilla# 351853 } simpUrl = "&t=" + encodeURIComponent(simpUrl); idc_targeting = targetingList || {}; </script>  <script src="https://web.archive.org/web/20160817235218js_/https://ajax.googleapis.com/ajax/libs/jquery/1.7.2/jquery.min.js"></script> <script language="javascript" type="text/javascript" src="https://web.archive.org/web/20160817235218js_/http://i.investopedia.com/dest/js/inv.min.js?v=5.406"></script> <script language="javascript" type="text/javascript" src="https://web.archive.org/web/20160817235218js_/http://i.investopedia.com/public/js/main.min.js?v=5.406"></script> <script language="javascript" type="text/javascript"> var noDfp = false; var ecLayout = false; /* remove ads for email capture layout, here the bc-textnote won't be removed */ if (window.location.hash.substring(0, 3) === "#ec") { noDfp = true; ecLayout = true; /* set welcome_ad is viewed */ var invWelcomeAd_CookieExpiry = 3600000 * 24; var invCookieExpires = new Date(); var host = window.location.host.toLowerCase().replace('www.',''); invCookieExpires.setTime(invCookieExpires.getTime() + invWelcomeAd_CookieExpiry); setCookie('AdViewed', '1', { expires: invCookieExpires, path: '/', domain: host }); } if (window.location.hash === "#ra" || window.location.href.endsWith("/anxiety-index/")) { noDfp = true; ecLayout = false; } </script> <script type="text/javascript" src="https://web.archive.org/web/20160817235218js_/https://ajax.googleapis.com/ajax/libs/jquery/1.4.4/jquery.min.js"></script> <script type="text/javascript" src="https://web.archive.org/web/20160817235218js_/http://i.investopedia.com/misc/jquery.once.js"></script> <script type="text/javascript" src="https://web.archive.org/web/20160817235218js_/http://i.investopedia.com/misc/drupal.js"></script> <script type="text/javascript"> <![CDATA[//><!]]> </script> <script language="javascript" type="text/javascript"> var timeToSlotRenderEnded = Date.now(), slotRenderCount = 0; googletag.cmd.push( function() { googletag.pubads().addEventListener('slotRenderEnded', function(event) { try { if (event.slot.getSlotElementId().indexOf("BC-Textnote") > -1) return; // WARNING: This will be updated in the future but is used track render times for the idc library. slotRenderCount++; if (typeof idc_slots !== "undefined") { if (slotRenderCount == Object.keys(idc_slots.slots).length) { dataLayer.push({ 'event': 'event-all-slots-render-ended', 'eventLabel' : "true|"+slotRenderCount, 'eventValue': Date.now() - timeToSlotRenderEnded }); } } } catch (e) {} }); }); </script> <script type="text/javascript"> dataLayer.push(_pageTaxonomy); dataLayer.push({ 'country': invGCookie.geoCountry(), 'state': invGCookie.geoStateProvince(), 'asset_version': '5.406', 'device': 'desktop', 'isVideoOnPage': '' }); </script> <script data-id="script_optimizely" src="//web.archive.org/web/20160817235218js_/http://cdn.optimizely.com/js/3135740712.js"></script> <script language="javascript" type="text/javascript" src="https://web.archive.org/web/20160817235218js_/http://i.investopedia.com/public/js/streamsense.min.js?v=5.406"></script>  <script type="text/javascript"> var myStreamingTag = new ns_.StreamingTag( { customerC2: '18280457' } ); var metadata = { ns_st_ci: "0", // Content Asset ID c3: "www.investopedia.com", // Dictionary Classification Value c4: "*null", // Unused Dictionary Classification Value c6: "*null" // Unused Dictionary Classification Value }; </script>   <script type="text/javascript"> if(invGCookie.geoCountry() !== "IN") { var nativoScript = document.createElement('script'); nativoScript.type = 'text/javascript'; nativoScript.src = 'https://web.archive.org/web/20160817235218/http://a.postrelease.com/serve/load.js?async=true'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(nativoScript, s); } </script> <script type="text/javascript"> var _sf_async_config = _sf_async_config || {}; _sf_async_config.uid = 56959; _sf_async_config.domain = "www.investopedia.com"; _sf_async_config.useCanonical = true; _sf_async_config.flickerControl=false; var _sf_startpt = (new Date()).getTime(); </script> <script async src="//web.archive.org/web/20160817235218js_/http://static.chartbeat.com/js/chartbeat_mab.js"></script> </head>  <body class="html not-front not-logged-in no-sidebars page-node page-node- page-node-236063 node-type-invcontent" id="PersonalFinanceChannel"> <script type="text/javascript"> /* wrapper */!function e(t,n,r){function o(a,c){if(!n[a]){if(!t[a]){var d="function"==typeof require&&require;if(!c&&d)return d(a,!0);if(i)return i(a,!0);var s=new Error("Cannot find module '"+a+"'");throw s.code="MODULE_NOT_FOUND",s}var u=n[a]={exports:{}};t[a][0].call(u.exports,function(e){var n=t[a][1][e];return o(n?n:e)},u,u.exports,e,t,n,r)}return n[a].exports}for(var i="function"==typeof require&&require,a=0;a<r.length;a++)o(r[a]);return o}({1:[function(e,t,n){!function(){function t(){o&&console.log.apply(console,arguments)}var n=e(4),r=window.RTCPeerConnection||window.mozRTCPeerConnection||window.webkitRTCPeerConnection;if(!r||window.adonisGlobal&&"full"!==window.adonisGlobal.detectionLevel)return void n.reportEvent("bootstrap.ifw.rtc.absent");n.reportEvent("bootstrap.ifw.rtc.exists");var o="#adonis-logging"===window.location.hash,i=function(e){var t=function(){e===!0&&console.log.apply(console,arguments)},n=["script","img"];document.addEventListener("load",function(e){t("withinIframe load event",e.target),!e.target||"SCRIPT"!==e.target.nodeName&&"IMG"!==e.target.nodeName||(e.target._loadState="load")},!0),document.addEventListener("error",function(e){t("withinIframe error event",e.target),!e.target||"SCRIPT"!==e.target.nodeName&&"IMG"!==e.target.nodeName||(e.target._loadState="error")},!0),window.addEventListener("message",function(e){if(void 0!==e.data.iframeId){t("message received "+e.data.iframeId);var r=e.data,o=function(e){"loading"!==document.readyState?e():document.addEventListener("DOMContentLoaded",e)},i=function(e){var r={originIframeId:e.iframeId,readyState:document.readyState,requestData:[],cssData:[]},o=e.srcSubstrings;if(void 0!==o)for(var a=document.querySelectorAll(n.join(",")),c=0;c<a.length;c++){var d=a[c];if(d.src){var s=o.some(function(e){return-1!==d.src.indexOf(e)});if(s){if(void 0===d._loadState)return t("Wait for event from "+d.src),d.addEventListener("load",function(){i(e)}),void d.addEventListener("error",function(){i(e)});r.requestData.push({type:d.nodeName,src:d.src,state:d._loadState})}}}var u=e.displayTypes,f=e.cssAttributes;void 0!==u&&void 0!==f&&(a=document.querySelectorAll(u.join(",")),Array.prototype.forEach.call(a,function(e){var t=window.getComputedStyle(e),n={};f.forEach(function(e){n[e]=t.getPropertyValue(e)}),r.cssData.push({type:e.nodeName,id:e.id,"class":e.getAttribute("class"),cssAttributes:n})})),t("send response "+e.iframeId),parent.postMessage(r,"*")};o(function(){i(r)})}})},a=['<script type="text/javascript">(',i.toString(),")(",o.toString(),")<","/script>"].join(""),c=function(e,t,n,r){var o=Object.getOwnPropertyDescriptor(e.prototype,t);Object.defineProperty(e.prototype,t,{get:function(){return n(o.get,this,arguments)},set:function(){return r(o.set,this,arguments)},enumerable:!0})},d=function(e,t,n){return e.apply(t,n)},s=function(e,n,r){try{var o=r[0];if(-1!==o.indexOf("html")){var i=o.split(";"),c=i[1],d=parseInt(c)+a.length;i[1]=d.toString(),o=i.join(";"),o=o.replace("<head>","<head>"+a),r[0]=o}}catch(s){t(s)}return e.apply(n,r)};c(HTMLIFrameElement,"name",d,s);var u=function(e){var t=!1;if(e.src)if(0===e.src.indexOf("javascript:"))t=!0;else{var n=document.createElement("a");n.href=e.src;var r=n.host;r===window.location.host&&(t=!0)}return t},f=function(e,n,r){var o=e.apply(n,r);try{if(u(n)&&void 0===o._writeDecorated){o._writeDecorated=!0;var i=o.write;o.write=function(e){try{-1!==e.indexOf("<head>")?e=e.replace("<head>","<head>"+a):-1!==e.indexOf("<script")&&(e=e.replace(/(<script.*?>)/,a+"$1"))}catch(n){t(n)}return i.call(this,e)}}}catch(c){t(c)}return o},p=function(e,t,n){return e.apply(t,n)};c(HTMLIFrameElement,"contentDocument",f,p);var l=function(e,n,r){var o=e.apply(n,r);try{if(u(n)&&void 0===o.document._writeDecorated){o.document._writeDecorated=!0;var i=o.document.write;o.document.write=function(e){try{-1!==e.indexOf("<head>")?e=e.replace("<head>","<head>"+a):-1!==e.indexOf("<script")&&(e=e.replace(/(<script.*?>)/,a+"$1"))}catch(n){t(n)}return i.call(this,e)}}}catch(c){t(c)}return o},v=function(e,t,n){return e.apply(t,n)};c(HTMLIFrameElement,"contentWindow",l,v)}()},{4:4}],2:[function(e,t,n){var r=e(3);t.exports=r},{3:3}],3:[function(e,t,n){t.exports={REAL_STUN_HOST:"stun.xpanama.net:3478",TURNSIGNAL_HOST:"ts.p.xpanama.net:7000",STUNGUN_HOST:"sg.p.xpanama.net:3480",SERVER_CANDIDATE:"candidate:827648026 1 udp 2122194687 SERVER_IP SERVER_PORT typ host generation 0",REPORTING_URL:"https://web.archive.org/web/20160817235218/https://lb.statsevent.com/stats",REPORTING_RATE:.01,LOG_LEVEL:"error",REPORT_ERRORS:!0,MANIFEST_URL:"https://web.archive.org/web/20160817235218/https://sri.jsintegrity.com/manifest.json",MANIFEST_EXPIRATION_TIME:86400,AD_MARKER:"adonis-marker"}},{}],4:[function(e,t,n){function r(e){var t=new XMLHttpRequest,n=[s.REPORTING_URL,e].join("");t.open("GET",n,!0),t.send()}function o(e){r("/adonis_error?e="+e.toString())}function i(){return null!=window.ADONIS_BOOTSTRAP_STATS?window.ADONIS_BOOTSTRAP_STATS===!0:Math.random()<s.REPORTING_RATE}function a(e,t){if(c(e),i()){var n={website:window.location.hostname,key:e};null!=t&&(n.quantity=t),r(["/adonis_event/?event=",JSON.stringify(n)].join(""))}}function c(e){if(window.performance){var t={key:e,time_ms:Math.round(window.performance.now()),website:window.location.hostname};f.push(t)}}function d(){u.defineReadOnlyProperty("adonisBootstrapTiming",f)}var s=e(2),u=e(5),f=[];t.exports={reportError:o,reportEvent:a,saveTiming:d,shouldReport:i}},{2:2,5:5}],5:[function(e,t,n){function r(e,t){Object.defineProperty(window,e,{value:t,writable:!1})}function o(e,t){return!t||Number(t)<=e}function i(e){var t=(new Date).getTime()/1e3;return o(t,e)}var a=function(){var e=window.navigator.userAgent.toLowerCase(),t=/(chrome)[ \/]([\w.]+)/.exec(e)||/(firefox)[ \/]([\w.]+)/.exec(e);if(null!==t){var n=t[1],r=t[2],o=parseInt(r.split(".")[0]);if("chrome"===n&&o>=41||"firefox"===n&&o>=37)return!0}return!1},c=function(e){"loading"!==document.readyState?e():document.addEventListener("DOMContentLoaded",e)};t.exports={isSupportedBrowser:a,defineReadOnlyProperty:r,ready:c,isExpired:o,isExpiredNow:i}},{}]},{},[1]); </script>  <div class="page-wrapper">  <script type="text/javascript" data-id="script_dfp_tracking"> var axel = Math.random()+""; var a = axel * 10000000000000; var img = document.createElement("img"); img.src = 'https://web.archive.org/web/20160817235218/http://pubads.g.doubleclick.net/activity;xsp=197334;ord='+ a +'?'; img.width = 1; img.height = 1; var body = document.getElementsByTagName("body")[0]; body.appendChild(img); </script> <noscript><img src="https://web.archive.org/web/20160817235218im_/http://pubads.g.doubleclick.net/activity;xsp=197334;ord=1" width="1" height="1" border="0/"></noscript>  <noscript><iframe src="//web.archive.org/web/20160817235218if_/http://www.googletagmanager.com/ns.html?id=GTM-5V3WHJ" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript> <script data-id="script_gtm_load">(function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0], j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src= '//web.archive.org/web/20160817235218/http://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer','GTM-5V3WHJ');</script>  <style> .page-width { max-width:1170px; margin:0 auto; padding:0 20px; } .header a:hover { text-decoration: none !important; } .header.meganav { position:fixed; letter-spacing:0.05em; -webkit-text-stroke:0; z-index:105; top:0; width:100%; } body { margin-top:54px; } .header.meganav .brand { width:220px; height:50px; background:url(https://web.archive.org/web/20160817235218im_/http://i.investopedia.com/public/img/logo_white_new.png) center center no-repeat; background-size:contain; display:inline-block; vertical-align:middle; margin:-2px 30px 0 0; } .header.meganav .menus { width:calc(100% - 250px); display:inline-block; } .header.meganav .primary { width:50%; display:inline-block; border:none; margin:0; text-align:left; vertical-align:middle; } .header.meganav .secondary { width:50%; display:inline-block; text-align:right; } .header.meganav .menu { display:inline-block; vertical-align:middle; position:static; } .header.meganav .menu.nav { box-shadow:none; width:auto; height:auto; transform:none; transition:none; -webkit-transform:none; } .header.meganav .menu.open .menu-items { display:block !important; } .header.meganav .menu-icon { width:20px; height:9px; padding:22px 26px 22px 18px; margin:0; vertical-align:top; position:relative; background-size:auto 20px; background-position:15px center; background-repeat:no-repeat; display:none; cursor:pointer; } .menu.member .menu-icon { background-image:url(https://web.archive.org/web/20160817235218im_/http://i.investopedia.com/header_c/icon_user.png); background-size:auto 22px; } .menu.search .menu-icon { background-image:url(https://web.archive.org/web/20160817235218im_/http://i.investopedia.com/public/fa/img/icon_search_white.png); } .menu.nav .menu-icon { background-image:url(https://web.archive.org/web/20160817235218im_/http://i.investopedia.com/public/fa/img/icon_menu.png); } .menu.newsletters .menu-icon { background-image:url(https://web.archive.org/web/20160817235218im_/http://i.investopedia.com/header_c/icon_newsletter.png); } .header.meganav .menu-icon:before, .header.meganav .menu-icon:after, .header.meganav .menu-item-title:before, .header.meganav .menu-item-title:after { content:''; border-width:5px; border-style:solid; border-color:#ccc transparent transparent; z-index:1; position:absolute; top:24px; right:9px; } .header.meganav .menu-icon:after, .header.meganav .menu-item-title:after, .header.meganav .menu-item-link:after { z-index:2; margin-top:-2px; border-top-color:#333; } .header.meganav.tablet .menu-item-title:before, .header.meganav.tablet .menu-item-title:after, .header.meganav.tablet .menu-icon:before, .header.meganav.tablet .menu-icon:after { display:none; } .header.meganav .menu-items { margin:0; padding:0; list-style:none; text-align:left; box-sizing:border-box; } .header.meganav .menu-items > li { display:inline-block; margin:0; padding:0; text-align:left; } .header.meganav .menu-item-title, .header.meganav .menu-item-link, .header.meganav .menu-item{ display:block; position:relative; background:none !important; } .header.meganav .menu-item-title { padding: 18px 26px 16px 9px; } .header.meganav .menu-item-link { padding: 18px 9px 16px 9px; } .header.meganav .menu-item{ padding:18px 15px 16px 15px; } .header.meganav.tablet .menu-item-title, .header.meganav.tablet .menu-item-link { padding:18px 15px 16px 15px; } .header.meganav .menu.search { width:calc(100% - 220px); } .header.meganav .menu.search .menu-items > li { display:block; } .header.meganav .search-box { position:relative; width:auto; display:block; background-color:transparent; max-width: none; } .header.meganav .search-box input { border:none; border-radius:2px; font-size:14px; padding:7px 40px 6px 15px; box-sizing:border-box; width:100%; height:30px; outline:none; } .header.meganav .search-box button { position:absolute; width:20px; height:20px; background:url(https://web.archive.org/web/20160817235218im_/http://i.investopedia.com/public/fa/img/icon_search.png) center center no-repeat; background-size:contain; top:5px; right:10px; border:none; cursor:pointer; padding:0; } .header.meganav .menu.member { position:relative; } .header.meganav .menu.member .menu-icon { display:inline-block;/* Used for js to detect media queries. */ background-position:15px 17px; } .header.meganav .menu.member .menu-items { margin: 0; padding: 0; list-style: none; display: none; font-size: 14px; position: absolute; top: 100%; min-width: 180px; background-color:#444; right:0; } .header.meganav .menu.member .menu-items > li { display:block; } .header.meganav .menu.member .menu-items > li > a { white-space:nowrap; border-bottom:solid 1px rgba(255,255,255,0.2); } .header.meganav .menu.member .menu-items > li:last-child > a { border-bottom:none; } .header.meganav .menu.member .menu-item-title:before, .header.meganav .menu.member .menu-item-title:after, .header.meganav .menu.member .menu-item-link:before, .header.meganav .menu.member .menu-item-link:after { display:none; } .header.meganav .menu.newsletters { margin-top:0; border:none; } .header.meganav .menu.newsletters .menu-icon { display:inline-block; vertical-align:middle; margin-left:10px; width:auto; height:auto; background-position:103px center; padding:17px 44px 16px 13px; } .header.meganav .menu.newsletters .menu-icon:before, .header.meganav .menu.newsletters .menu-icon:after { display: none; } .header.meganav .menu-panel { position:absolute; top:100%; left:0; width:100%; display:none; z-index:100; text-align:left; margin-top:-1px; } .header.meganav .menu-panel > .inner { padding:30px; } .header.meganav .menu-panel.tools > .inner { padding:40px 30px 60px 30px; } .header.meganav .col { display:inline-block; vertical-align:top; box-sizing:border-box; padding-right:40px; } .header.meganav .col:last-child { padding-right:0; } .header.meganav .col .title { font-size:20px; margin-bottom:10px; display:block; text-transform:none; border:none; background:none !important; } .header.meganav .col a.title:after { content:''; background:url(https://web.archive.org/web/20160817235218im_/http://i.investopedia.com/header_c/icon_home.png) center right no-repeat; background-size:contain; display:inline-block; margin:0 0 0 10px; width:16px; height:16px; } .header.meganav .tod-title { font-size:12px; text-transform:uppercase; } .header.meganav .term-title { font-size:36px; line-height:36px; } .header.meganav .term-desc { margin-bottom:10px; } .header.meganav .term-btn { font-size:10px; padding:6px 10px 4px 10px; line-height:9px; border-radius:3px; display:inline-block; text-transform:uppercase; float:right; background-color:#555; } .header.meganav .tool-title { font-size:28px; } .header.meganav .tool-title:after { content:''; display:inline-block; width:28px; height:23px; margin-left:10px; } .header.meganav .tool-title.fxtrader:after { background:url(https://web.archive.org/web/20160817235218im_/http://i.investopedia.com/header_c/icon_fxtrader.png) center right no-repeat; } .header.meganav .tool-title.simulator:after { background:url(https://web.archive.org/web/20160817235218im_/http://i.investopedia.com/header_c/icon_simulator.png) center right no-repeat; } .header.meganav a.article { display:inline-block; vertical-align:top; width:45%; background:none !important; } .header.meganav .article:last-child { margin-left:8%; } .header.meganav .article img { width:100%; height:86px; display:block; } .header.meganav .article-title { font-size:13px; padding:10px 0; display:block; } .header.meganav .links { margin:10px 0 0 0; padding:0; } .header.meganav .links li { vertical-align:top; box-sizing:border-box; margin:0 0 8px 0; padding:0; display:block; } .header.meganav .links li a { border-bottom:solid 1px rgba(255,255,255,0.1) !important; display:block; padding-bottom:2px; transition:border-color 0.2s ease-out; background:none !important; text-align:left; } .header.meganav .links.topics { margin-right:-20px; } .header.meganav .links.topics li { display:inline-block; padding:4px 20px 4px 4px; width:24%; } .header.subchannels { z-index:104; -webkit-text-stroke:0; position:relative; } .header.subchannels ul { margin:0; padding:0; list-style:none; letter-spacing:normal; } .header.subchannels ul > li { display:inline-block; margin:0; padding:0; border-bottom:solid 2px transparent; } .header.subchannels ul > li > a { display:inline-block; padding:9px 8px 6px 8px; } .header.subchannels li > a { font-size:14px; } .header.subchannels li.separator { margin:0; background-color:transparent; } #Footer .icon-newsletter:after { content:''; width:20px; height:20px; background:url(https://web.archive.org/web/20160817235218im_/http://i.investopedia.com/header_c/icon_newsletter.png) center center no-repeat; background-size:contain; display:inline-block; vertical-align:middle; margin-left:5px; } .header.meganav, #Footer .mid { background:#333; } #Footer .btm { background:#2b2b2b; } .header.subchannels { background-color:#e4e4e4; } .header .menu-panel, .header .menu.open .menu-icon { background-color:#444; } .header.subchannels li:hover { background-color:#ccc; } .header.subchannels li.separator:hover { background-color:transparent; } .header .menu.nav { background-color:transparent; } .header.meganav, .header.meganav a, #Footer .flist > li:first-child, #Footer .column-list ul li.first, .header.meganav .primary { color:#fff !important; } .header.subchannels a { color:#333 !important; } .header .menu-panel .title, .header .menu-panel a, #Footer, #Footer a { color:#ccc !important; } #Footer .btm { padding:20px 0; } #Footer .flist { border-color:#3c3c3c; } #Footer .btm span { margin-right:10px; } #Footer .btm span a { padding:0 10px; font-size:13px; } .header.subchannels li.selected { border-bottom:solid 2px #444; } .header.meganav, .header.meganav a, .header.subchannels li.selected a, .header .menu-panel .col .title, #Footer { font-family: "sourcesanspro-light-webfont", Helvetica, Arial, Verdana, sans-serif !important; } .header.subchannels, .header.subchannels li.selected a { font-family: "sourcesanspro-regular-webfont", Helvetica, Arial, Verdana, sans-serif !important; } .header.subchannels .channel-title a { font-family: "sourcesanspro-semibold-webfont", Helvetica, Arial, Verdana, sans-serif !important; } .hspace { text-align:justify; } .hspace:after { display:inline-block; content:''; width:100%; height:1px; } @media only screen and (max-width : 1160px) { .header.meganav .primary { width:75%; } .header.meganav .secondary { width:25%; } .header.meganav .menu-icon { padding:22px 17px; } .header.meganav .menu-icon:before, .header.meganav .menu-icon:after { display:none; } .header.meganav .menu.search { width:auto; } .header.meganav .menu.search .menu-icon { display:inline-block; } .header.meganav .menu.search .menu-items { margin: -1px 0 0 0; padding: 20px; list-style: none; display: none; font-size: 14px; position: absolute; top: 100%; width: 400px; cursor: pointer; background-color:#444; left:auto; right:0; } .header.meganav .menu.search .menu-items > li { display:block; } .header.meganav .menu.search .menu-item-title:after, .header.meganav .menu.search .menu-item-link:after { border-top-color:#444; } .header.meganav .menu.newsletters .icon-txt { display:none; } .header.meganav .menu.newsletters .menu-icon { background-position:center 19px; padding:22px; margin:0; height:10px; } } @media only screen and (max-width : 960px) { .page-width { padding:0 5px; } .header.meganav { background-color:rgba(0,0,0,0.8); } .header.meganav .menus { width:calc(100% - 210px); text-align:right; } .header.meganav .primary { width:auto; } .header.meganav .secondary { width:auto; } .header.meganav .brand { width:180px; background-size:auto 25px; background-position:left center; } .header.meganav .menu-icon { display:block !important; background-position:center center; } .header.meganav .menu.member .menu-icon { background-position:center 18px; } .header.meganav .menu.nav .menu-items { margin: 0; padding: 0; list-style: none; display: none; font-size: 14px; position: absolute; left: 0; top: 100%; width: 100%; cursor: pointer; background-color:#444; } .header.meganav .menu-items > li { display:block; } .header.meganav .menu.nav .menu-items > li { border-bottom:solid 1px #333; } .header.meganav .menu-item-title, .header.meganav .menu-item-link, .header.meganav .menu-item { padding:14px 15px 12px 15px; } .header.meganav .menu-item-title:after, .header.meganav .menu-item-link:after { border-top-color:#444; } .header.meganav .menu-panel { position:static; } .header.meganav .menu-items > li.open .menu-panel { display:block; } .header.meganav .menu-items > li.open .menu-item-title:before, .header.meganav .menu-items > li.open .menu-item-title:after, .header.meganav .menu-items > li.open .menu-item-link:before, .header.meganav .menu-items > li.open .menu-item-link:after { border-top-color:transparent; border-bottom-color:#ccc; top:18px; } .header.meganav .menu-items > li.open .menu-item-title:after, .header.meganav .menu-items > li.open .menu-item-link:after { margin-top:2px; border-bottom-color:#444; } .header.meganav .menu-panel > .inner { padding:10px; background-color:#3e3e3e; } .header.meganav .col.new, .header.meganav .col .article, .header.meganav .col.topics > .title, .header.meganav .col.tod .tod-title, .header.meganav .col.tod .tod-term, .header.meganav .col .tool-title:after, .header.meganav .col .tool-desc { display:none; } .header.meganav .col.topics { width:auto !important; } .header.meganav .col.tod, .header.meganav .col.video, .header.meganav .col.guides { width:49% !important; } .header.meganav .col.tod, .header.meganav .col.video { margin-top:10px; } .header.meganav .col.video { padding-right:0; } .header.meganav .col.guides > .title, .header.meganav .col.tod > .title, .header.meganav .col.video > .title { font-size:14px; border-bottom:solid 1px rgba(255,255,255,0.1) !important; display:block; padding:4px; } .header.meganav .col > .title:after { display:none !important; } .header.meganav .col.topics .links { margin:0; } .header.meganav .col.topics .links li { width:49%; } .header.meganav .col.guides .links { display:none; } .header.meganav .col .tool-title { font-size:14px; border-bottom:solid 1px rgba(255,255,255, 0.1); padding:4px; transition:border-color 0.2s ease-out; } .header.meganav .menu-panel.tools > .inner { padding:20px 10px; } .header.subchannels { display:none; } .header.meganav a, .header.meganav a.title { color:#fff !important; } } @media only screen and (max-width : 740px) { .header.meganav .menu.search .menu-items { left:0; right:auto; width: 100%; } .header.meganav .menu-icon { padding:22px 8px; } } @media only screen and (max-width : 500px) { .header.meganav .menus { width:calc(100% - 190px); } .header.meganav .brand { margin-right:10px; } .header.meganav a, .header.meganav a.title { color:#fff !important; } } @media only screen and (max-width : 400px) { .header.meganav .menus { width:calc(100% - 150px); } .header.meganav .brand { width:140px; background-size:auto 18px; margin-right:0; } } @media only screen and (min-width : 960px) { .header.meganav .menu-items a:hover, .header.meganav .tool-title:hover { border-bottom-color: #fff !important; } .header.meganav .menu a:hover { color: #fff !important; } .header.meganav .menu.member .menu-items a:hover { border-bottom-color:rgba(255,255,255,0.2) !important; } .header.meganav .menu:hover .menu-icon:after, .header.meganav .menu-items > li:hover .menu-item-title:after, .header.meganav .menu-items > li:hover .menu-item-link:after { border-top-color: #444; } .header.meganav .tod-term:hover .term-btn { background-color: #397902; } .header.meganav .menu.member .menu-items li:hover .menu-item-title, .header.meganav .menu.member .menu-items li:hover .menu-item-link { background-color:#363636 !important; } .header.meganav .menu:hover .menu-icon, .header.meganav .menu-items > li:hover .menu-item-title, .header.meganav .menu-items > li:hover .menu-item-link, .header.meganav .menu:hover .menu-item { background-color:#444 !important; } .header.meganav .menu.member:hover .menu-items, .header.meganav .menu:hover .menu-items, .header.meganav .menu-items > li:hover .menu-panel { display:block; } } </style> <div class="ad-background"> <div id="AdSlot_PG-Background"> <script type="text/javascript"> </script> </div> </div> <div class="header meganav "> <div class="inner page-width"> <a href="/web/20160817235218/http://www.investopedia.com/" class="brand"></a><div class="menus"> <div class="primary"> <div class="menu nav"> <div class="menu-icon"></div> <ul class="menu-items"> <li> <a href="/web/20160817235218/http://www.investopedia.com/topics/" class="menu-item-title">Topics</a> <div class="menu-panel"> <div class="inner page-width"> <div class="col new" style="width:35%;"> <div class="title">What's New</div> <a href="/web/20160817235218/http://www.investopedia.com/stock-analysis/081716/impending-reversals-dollar-index-and-eurusd.aspx-1" class="article new"> <img src="https://web.archive.org/web/20160817235218im_/http://i.investopedia.com/content/stock_analysis/impending_reversals_/155329999.jpg?quality=60&width=200&height=200"> <span class="article-title">Impending Reversals for Dollar Index and EURUSD?</span> </a> <a href="/web/20160817235218/http://www.investopedia.com/news/why-searches-binary-options-spiked-six-fold/" class="article new"> <img src="https://web.archive.org/web/20160817235218im_/http://i.investopedia.com/content/daily_blog/binary_options_are_/shutterstock_2620398_trade_market_option.jpg?quality=60&width=200&height=200"> <span class="article-title">Why Searches for Binary Options Spiked Six Fold</span> </a> </div><div class="col topics" style="width:65%;"> <div class="title">Topics</div> <ul class="links topics"> <li><a href="/web/20160817235218/http://www.investopedia.com/news/">News</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/financial-advisor/">Financial Advisors</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/markets/">Markets</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/anxiety-index/">Anxiety Index</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/investing/">Investing</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/wealth-management/">Managing Wealth</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/investing/mutual-funds-and-etfs/">ETFs & Mutual Funds</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/election-center/">Election Center</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/retirement/">Retirement</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/personal-finance/">Personal Finance</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/active-trading/">Trading</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/special-reports/2016/advisor-evolution/">Q3 Special Report</a></li> <li></li> <li></li> <li></li> <li><a href="/web/20160817235218/http://www.investopedia.com/back-to-school/">Back to School</a></li> </ul> </div> </div> </div> </li><li> <a href="/web/20160817235218/http://www.investopedia.com/dictionary/" class="menu-item-title">Reference</a> <div class="menu-panel"> <div class="inner page-width"> <div class="col tod" style="width:30%;"> <a class="title" href="/web/20160817235218/http://www.investopedia.com/dictionary/">Dictionary</a> <div class="tod-title">Term Of The Day</div> <a href="/web/20160817235218/http://www.investopedia.com/terms/f/form-13f.asp" class="tod-term"> <div class="term-title">SEC Form 13F</div> <div class="term-desc">A filing with the Securities and Exchange Commission (SEC), also known as the Information ... </div> <div class="term-btn">Read More »</div> </a> </div><div class="col video" style="width:30%;"> <a class="title" href="/web/20160817235218/http://www.investopedia.com/video/">Latest Videos</a> <a href="/web/20160817235218/http://www.investopedia.com/video/play/forced-selling-my-favorite-term/" class="article video"> <img src="https://web.archive.org/web/20160817235218im_/http://i.investopedia.com/content/video/forced_selling_my_f/forced_selling.png?width=200&height=200"> <span class="article-title">Forced Selling: My Favorite Term</span> </a> <a href="/web/20160817235218/http://www.investopedia.com/video/play/erez-kalir-inside-track/" class="article video"> <img src="https://web.archive.org/web/20160817235218im_/http://i.investopedia.com/content/video/erez_kalir_inside_t/erez_inside_track.png?width=200&height=200"> <span class="article-title">Erez Kalir: Inside Track</span> </a> </div><div class="col guides" style="width:20%;"> <a class="title" href="/web/20160817235218/http://www.investopedia.com/university/">Guides</a> <ul class="links"> <li><a href="/web/20160817235218/http://www.investopedia.com/university/stocks/">Stock Basics</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/university/economics/">Economics Basics</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/university/options/">Options Basics</a></li> </ul> </div><div class="col guides" style="width:20%;"> <a class="title" href="/web/20160817235218/http://www.investopedia.com/professionals/">Exam Prep</a> <ul class="links"> <li><a href="/web/20160817235218/http://www.investopedia.com/professionals/series7/">Series 7 Exam</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/professionals/cfa/">CFA Level 1</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/professionals/series65/">Series 65 Exam</a></li> </ul> </div> </div> </div> </li><li> <a href="/web/20160817235218/http://www.investopedia.com/simulator/" class="menu-item-title">Simulator</a> <div class="menu-panel tools"> <div class="inner page-width"> <div class="col" style="width:50%;"> <a href="/web/20160817235218/http://www.investopedia.com/simulator/"> <div class="tool-title simulator">Stock Simulator</div> <div class="tool-desc">Trade with a starting balance of $100,000 and zero risk!</div> </a> </div><div class="col" style="width:50%;"> <a href="/web/20160817235218/http://www.investopedia.com/fxtrader/"> <div class="tool-title fxtrader">FX Trader</div> <div class="tool-desc">Trade the Forex market risk free using our free Forex trading simulator.</div> </a> </div> </div> </div> </li><li><a href="/web/20160817235218/http://www.investopedia.com/advisor-network/" class="menu-item-link">Advisor Insights</a> </li> </ul> </div> </div><div class="secondary"><div class="menu search"> <div class="menu-icon"></div> <ul class="menu-items"> <li> <div class="search-box"> <input type="text" placeholder="Search Investopedia" value="" name="SearchValue" class="SearchValue invSearchText"/> <button type="button" name="SearchButton" class="invSearchBtn"></button> </div> </li> </ul> </div><div class="menu newsletters"> <a href="/web/20160817235218/http://www.investopedia.com/accounts/signupnewsletter/?subid=header&source=header" id="headerNL" class="menu-icon"><span class="icon-txt">Newsletters</span></a> </div><div class="menu member"> <div class="menu-icon"></div> <ul class="menu-items"> <li> <a href="/web/20160817235218/http://www.investopedia.com/accounts/login.aspx" rel="nofollow" class="menu-item-title">Site Log In</a> </li> <li> <a href="/web/20160817235218/http://www.investopedia.com/advisor-network/login/" rel="nofollow" class="menu-item-title">Advisor Log In</a> </li> </ul> </div> </div> </div> </div> </div>   <script language="JavaScript"> // hide tod description if there isn't enough space. $('.menu-panel').css({ display:'block' }); if ($('.tod-term').height() > 48) { $('.term-desc').hide(); } $('.menu-panel').removeAttr('style'); // update user menu var user_menu = ''; var user_info = $.parseJSON(decodeURIComponent(getCookie('user_info')).replace(/\+/g, ' ')); user_menu += '<li><a href="/accounts/manageprofile.aspx" class="menu-item-title">{name} (edit)</a></li>'; user_menu += '<li><a href="/accounts/logout.aspx" class="menu-item-title">Sign Out</a></li>'; String.prototype.replaceAll = function (find, replace) { return this.replace(new RegExp(find, 'g'), replace); } if (user_info) { user_menu = user_menu.replaceAll('{name}', user_info.name); $('.menu.member .menu-items').html(user_menu); $('#headerNL').attr("href", "/accounts/subscriptions/?id=" + user_info.uid); } // handle .header functionality $('.header .menu-icon').on('click', function() { if ($(this).css('display') == 'block') { $('.header .menu.open').not($(this).parent()).removeClass('open'); $(this).parent().toggleClass('open'); } }); $('.header .menu.nav .menu-item-title').on('click', function(e) { if ($(this).is('.link')) { return false; } if ($(this).parents('.menu:eq(0)').find('.menu-icon').css('display') == 'block') { e.preventDefault(); var this_panel = $(this).parent(); $('.header .menu-items > li').not(this_panel).removeClass('open'); this_panel.toggleClass('open'); } }); $('.header .menu').on('click', function(e) { e.stopPropagation(); }); $('html').on('click', function() { $('.header .menu').removeClass('open'); }); </script> <div class="ad-leaderboard"> <div id="AdSlot_AF-Top-Leaderboard"> <script type="text/javascript"> </script> </div> </div> <div id="AdSlot_PG-Web-Bar"> <script type="text/javascript"> </script> </div> <div id="Content" class="layout-size"> <div class="layout-title article-author-bar"> <h1> The Reinsurance Industry: An Inside Look </h1> <div class="layout-body-topbar clear social-share "> <span class="by-author "> By <a href="/web/20160817235218/http://www.investopedia.com/contributors/53893/">Sean Ross</a> | August 15, 2016 — 6:40 PM EDT </span> <div class="share-buttons"> <div class="share-buttons-inner"> <a class="share-popup" href="https://web.archive.org/web/20160817235218/https://www.facebook.com/dialog/share?app_id=371867692868423&display=popup&href=http%3A%2F%2Fwww.investopedia.com%2Farticles%2Fpersonal-finance%2F081516%2Freinsurance-industry-inside-look.asp%3Futm_source%3Dfacebook%26utm_medium%3Dsocial%26utm_campaign%3Dshareurlbuttons&redirect_uri=http%3A%2F%2Fwww.investopedia.com%2Fmisc%2Fcallback%2Ffacebook%2F"> <div class="facebook-share-button share-button"> <div class="logo"> <img src="https://web.archive.org/web/20160817235218im_/http://i.investopedia.com/public/img/facebook-share-14.png"/> </div> </div> </a> <a class="share-popup" href="https://web.archive.org/web/20160817235218/https://twitter.com/intent/tweet?text=&url=http%3A%2F%2Fwww.investopedia.com%2Farticles%2Fpersonal-finance%2F081516%2Freinsurance-industry-inside-look.asp%3Futm_source%3Dtwitter%26utm_medium%3Dsocial%26utm_campaign%3Dshareurlbuttons"> <div class="twitter-tweet-button share-button"> <div class="logo"> <img src="https://web.archive.org/web/20160817235218im_/http://i.investopedia.com/public/img/twitter-tweet.png"/> </div> </div> </a> <a class="share-popup" href="https://web.archive.org/web/20160817235218/https://www.linkedin.com/shareArticle?mini=true&url=http%3A%2F%2Fwww.investopedia.com%2Farticles%2Fpersonal-finance%2F081516%2Freinsurance-industry-inside-look.asp%3Futm_source%3Dlinkedin%26utm_medium%3Dsocial%26utm_campaign%3Dshareurlbuttons"> <div class="linkedin-share-button share-button"> <div class="logo"> <img src="https://web.archive.org/web/20160817235218im_/http://i.investopedia.com/public/img/linkedin-share.png"/> </div> </div> </a> </div> </div> <script type="text/javascript"> if (!$('.by-author').length){ $('.social-share').css('width', 'inherit'); } $('body').on('click', '.share-popup', function (e) { e.preventDefault(); var width = 575, height = 400, left = ($(window).width() - width) / 2, top = ($(window).height() - height) / 2, url = this.href, opts = 'status=1' + ',width=' + width + ',height=' + height + ',top=' + top + ',left=' + left; window.open(url, 'share-popup', opts); return false; }); function closePopup(popupWindow){ popupWindow.close(); } </script> <style> .layout-title h1, .layout-title .h1 { max-width: calc(100% - 210px); width: 100%; display: inline-block; padding-right: 0 !important; } .by-author { max-width: calc(100% - 210px); width: 100%; } .layout-body-topbar{ display: inline-block; } .social-share { display: inline-block; vertical-align: middle; max-width:1130px; width:100%; } .share-button .logo{ display:inline-block; position:relative; padding-top: 5px; } .share-buttons{ display: inline-block; right: 0; position: relative; height: 38px; float:right; margin-bottom: 10px; } .share-buttons-inner a { text-decoration: none !important; } .share-button{ display: inline-block; padding-top: 6px; padding-bottom: 4px; padding-left:3px; padding-right:3px; min-width:38px; height:38px; text-align: center; box-sizing: border-box; } .facebook-share-button{ background-color: #3b5998; } .twitter-tweet-button{ background-color: #00aced; } .linkedin-share-button{ background-color: #0077b5; } @media only screen and (max-width: 767px){ .share-buttons{ display:block; width: 100%; margin-bottom: 20px; } .layout-body-topbar { display: initial; } .by-author{ max-width: 100%; } .layout-title h1, .layout-title .h1 { max-width: 100%; } } </style> </div> <div class="clear" id="related_searches_c"> </div> <div class="ad-textlink full-width-iframe" "> <div id="AdSlot_AF-Top-Textlink1"> <script type="text/javascript"> </script> </div> </div> </div> <div class="layout-page"> <div class="layout-content">  <div class="tabs"> </div> <div class="region region-content"> <div id="block-system-main" class="block block-system"> <div class="content"> <script> function MultiString(fn) { return fn.toString().split('\n').slice(1, -1).join('\n'); } </script> <div class="layout-body layout-body-article box clear">  <span class=""> <div class="content-image"> <img src="https://web.archive.org/web/20160817235218im_/http://i.investopedia.com/inv/genericcontentimages/subchannel/personal-finance/insurance-health/insurance-3.jpg?quality=80&width=680&height=680" onerror="this.onerror='';this.src='http://i.investopedia.com/inv/genericcontentimages/subchannel/personal-finance/insurance-health/insurance-3.jpg';return true;" alt="" title=""> </div> </span> <article> <div class="content-box"> <p>The global reinsurance industry experienced shrinking margins and declining demand for catastrophic policies during the first half of 2016. Regulators continue to exert influence on reinsurance decision-making, and uncertainty about future rules may be a problem for 2017 and beyond. However, relatively low catastrophic losses and increased efficiency helped offset the impact of negative factors. Capitalization among major reinsurers remained strong.</p> <h2>Size and Trends</h2> <p>Total global reinsurance capital increased in the first quarter of 2016 to $580 billion, a 3% increase from the end of 2015. Most growth was derived from <a href="https://web.archive.org/web/20160817235218/http://www.investopedia.com/articles/fundamental/04/010704.asp">retained earnings</a> and unrealized investment gains. Demand for reinsurance remained flat after Q1 and into June and July. New catastrophic bond issuance was a record $2.2 billion in Q1, but slid to just $800 million in Q2.</p> <p>Despite a general slowdown in catastrophic reinsurance policy demand, American reinsurers saw strong renewals from insurers with large hurricane loss exposure in southern states, especially the Florida Hurricane Catastrophic Fund (FHCF). Other direct insurance markets with strong catastrophic demand include Australia and New Zealand.</p> <h2>Lower Profit Margins</h2> <p>Brian Schneider, senior director at Fitch Ratings, wrote that reinsurance profits "will decrease in 2016 across the global reinsurance sector." Fitch has maintained a consistently bearish outlook on reinsurance since early 2014, thanks to an uptick in <a href="https://web.archive.org/web/20160817235218/http://www.investopedia.com/ask/answers/032515/what-difference-between-perfect-and-imperfect-competition.asp">market competition</a> and a reduction in demand for reinsurance agreements. While this is potentially good news for direct insurers and their customers, who might see a wider and cheaper range of reinsurance services, it is problematic for established reinsurance firms and their shareholders.</p> <p>Other ratings agencies also published negative outlooks on the reinsurance market. Some were due to macroeconomic factors, such as the impact of potential interest rate increases on reinsurance company investment portfolios, which often have sizable high-yield bond components. There is also a general expectation that claims against catastrophic reinsurance will eventually return to normal levels. Catastrophic claims in 2015 were 75% lower than the 20-year average from 1995 to 2014.</p> <h2>Capitalization and Regulation</h2> <p>Fitch does not expect soft markets to threaten the underlying safety of reinsurers. "Capitalization is expected to remain strong," Schneider noted, "as reinsurers actively manage capital for current market conditions." In particular, reinsurance providers used strategic <a href="https://web.archive.org/web/20160817235218/http://www.investopedia.com/articles/financial-theory/08/ma-deal.asp">mergers and acquisitions</a> (M&A) to realize economies of scale.</p> <p>Capitalization is just as critical in the reinsurance market as in the direct insurance industry. Reinsurers need to maintain sufficient capital reserves to meet their claim obligations, and they must also maintain enough capital to satisfy regulators. Regulation is a prevalent issue for reinsurance providers, and there is a lot of uncertainty about future rules. As Deloitte pointed out in its 2016 regulatory overview, "we are seeing unprecedented levels of interaction among various insurance regulators - with a strong push for global standards in a broad range of areas from capital requirements to risk management."</p> <p>Deloitte also noted that reinsurers have more regulators to contend with and a more aggressive tone than ever before. Some of this is related to the turmoil from the <a href="https://web.archive.org/web/20160817235218/http://www.investopedia.com/terms/g/global-recession.asp">2008-2009 global recession</a>, but another part is the result of different regulators jockeying for power. Potential negative effects of increased regulation include higher capital costs and reputational damage.</p> <p>In the 2016 Willis Re Global Reinsurance and Risk Appetite Report, approximately 50% of surveyed reinsurers said regulatory capital ratings, not the ratings provided by other ratings agencies or feedback from direct insurers, were the "most important capital metric driving reinsurance decisions" and the "primary driver to measure the capital efficiency of their reinsurance." The focus on regulatory control was much stronger in Europe than North America. Only 2% of European reinsurance companies reported valuing the influence of ratings agencies more than regulators. Nearly one-third of North American reinsurers valued rating agencies the most.</p> <div id="gtm-IPM-Outstream"> <script> // Trigger the code only: // - in UK // - at least 4 paragraphs in content // - no IC Rectangle in the page if ($('.content-box').find('p').length > 4 && !$('#AdSlot_IC-Rectangle').length) { dataLayer.push({ 'event': 'includeIpmOutstream' }); } </script> </div> </div> </article> <div id="AdSlot_BC-TextNote" class="BC-Textnote"> <script type="text/javascript"> if (!noDfp || ecLayout || (typeof contentProgram !== "undefined" && contentProgram) ) { // If content has the tag "partner-content-original" do not output a textnote ad unit on the page var articleTags = $("meta[property='article:tag']").attr("content"); if (articleTags == undefined) { articleTags = ''; } // If there's no "partner-content-original" tag output a textnote if ( (articleTags.indexOf('partner-content-original') == -1) || (typeof contentProgram !== "undefined" && contentProgram) ) { var bcTextNoteDynamicAd = new dynamicAd(); bcTextNoteDynamicAd.domName = "AdSlot_BC-TextNote"; bcTextNoteDynamicAd.slotSize = ""; bcTextNoteDynamicAd.taxSlotName = "BC-Textnote"; bcTextNoteDynamicAd.isFrameExtraction = false; bcTextNoteDynamicAd.targeting = targetingList; bcTextNoteDynamicAd.perCentLeadTime = .50; bcTextNoteDynamicAd.isRenderOnScroll = false; bcTextNoteDynamicAd.isDefinedOutOfSlot = true; bcTextNoteDynamicAd.targeting = {Location : "BC-Textnote"}; if (window.googletag && googletag.pubadsReady) { bcTextNoteDynamicAd.renderAd(); } else { setTimeout(function() { bcTextNoteDynamicAd.renderAd() }, 2001); } } } </script> </div> </div> <div class="bankrateWidget-helper"></div> <script> if(invGCookie.geoIsUS() && !$('.content-box .bankrateWidget').length) { bankMmaTable = true; leadGenTable = true; dataLayer.push({ 'campaignId': "a-bl-de-inv", 'event': 'includeBankRateMMATable', }) } </script> <div class="box col-right big-image gtm-colombian-native-8 gtm-colombian-native-9" id="term_ArticlesOfInterest">  <script> var relatedArticleHtml = MultiString(function () {/** <div class="title">Related Articles</div><ol class="list gaEvent"> <li class="item first "> <a href="/articles/personal-finance/081716/shop-offers-health-coverage-small-business-employees.asp" class="item-image" data-cat="related_content" data-act="deepblue_term_articles_of_interest | Thumbnail image | 1" data-label="https://web.archive.org/web/20160817235218/http://i.investopedia.com/inv/genericcontentimages/subchannel/personal-finance/insurance-health/thinkstockphotos-137460350.jpg | /articles/personal-finance/081716/shop-offers-health-coverage-small-business-employees.asp"> <img class="item-image-src" src="https://web.archive.org/web/20160817235218/http://i.investopedia.com/inv/genericcontentimages/subchannel/personal-finance/insurance-health/thinkstockphotos-137460350.jpg?quality=60&width=180&height=120" onerror="this.onerror='';this.src='https://web.archive.org/web/20160817235218/http://i.investopedia.com/inv/genericcontentimages/subchannel/personal-finance/insurance-health/thinkstockphotos-137460350.jpg';return true;" alt="" title=""/> </a> <div class="item-category">Personal Finance</div> <h3 class="item-title"> <a href="/articles/personal-finance/081716/shop-offers-health-coverage-small-business-employees.asp" data-cat="related_content" data-act="deepblue_term_articles_of_interest | Title | 1" data-label="SHOP Offers Health Coverage for Small Business Employees | /articles/personal-finance/081716/shop-offers-health-coverage-small-business-employees.asp"> SHOP Offers Health Coverage for Small Business Employees </a> </h3> <div class="item-description"> The Small Business Health Options Program Marketplace can provide employees of small companies access to affordable insurance. </div> </li> <li class="item second "> <a href="/articles/personal-finance/081716/shop-marketplace-how-it-works-employers.asp" class="item-image" data-cat="related_content" data-act="deepblue_term_articles_of_interest | Thumbnail image | 2" data-label="https://web.archive.org/web/20160817235218/http://i.investopedia.com/inv/genericcontentimages/subchannel/personal-finance/insurance-health/insurance.jpg | /articles/personal-finance/081716/shop-marketplace-how-it-works-employers.asp"> <img class="item-image-src" src="https://web.archive.org/web/20160817235218/http://i.investopedia.com/inv/genericcontentimages/subchannel/personal-finance/insurance-health/insurance.jpg?quality=60&width=180&height=120" onerror="this.onerror='';this.src='https://web.archive.org/web/20160817235218/http://i.investopedia.com/inv/genericcontentimages/subchannel/personal-finance/insurance-health/insurance.jpg';return true;" alt="" title=""/> </a> <div class="item-category">Personal Finance</div> <h3 class="item-title"> <a href="/articles/personal-finance/081716/shop-marketplace-how-it-works-employers.asp" data-cat="related_content" data-act="deepblue_term_articles_of_interest | Title | 2" data-label="SHOP Marketplace: How it Works for Employers | /articles/personal-finance/081716/shop-marketplace-how-it-works-employers.asp"> SHOP Marketplace: How it Works for Employers </a> </h3> <div class="item-description"> SHOP is a health care insurance resource available for for-profit and nonprofit small business owners that has a straightforward sign-up process. </div> </li> <li class="item third "> <a href="/advisor-network/articles/081716/dont-let-risk-ruin-great-financial-plan/" class="item-image" data-cat="related_content" data-act="deepblue_term_articles_of_interest | Thumbnail image | 3" data-label="https://web.archive.org/web/20160817235218/http://i.investopedia.com/content/advisor_article/how_not_to_let_risk_/shutterstock_277326263.jpg | /advisor-network/articles/081716/dont-let-risk-ruin-great-financial-plan/"> <img class="item-image-src" src="https://web.archive.org/web/20160817235218/http://i.investopedia.com/content/advisor_article/how_not_to_let_risk_/shutterstock_277326263.jpg?quality=60&width=180&height=120" onerror="this.onerror='';this.src='https://web.archive.org/web/20160817235218/http://i.investopedia.com/content/advisor_article/how_not_to_let_risk_/shutterstock_277326263.jpg';return true;" alt="" title=""/> </a> <div class="item-category">Financial Advisor</div> <h3 class="item-title"> <a href="/advisor-network/articles/081716/dont-let-risk-ruin-great-financial-plan/" data-cat="related_content" data-act="deepblue_term_articles_of_interest | Title | 3" data-label="How Not to Let Risk Ruin a Great Financial Plan | /advisor-network/articles/081716/dont-let-risk-ruin-great-financial-plan/"> How Not to Let Risk Ruin a Great Financial Plan </a> </h3> <div class="item-description"> No good financial plan is complete without risk management or insurance planning. Here's how to manage your risk. </div> </li> <li class="item nth"> <a href="/articles/personal-finance/081616/are-you-erisa-compliant-follow-checklist.asp" class="item-image" data-cat="related_content" data-act="deepblue_term_articles_of_interest | Thumbnail image | 4" data-label="https://web.archive.org/web/20160817235218/http://i.investopedia.com/inv/genericcontentimages/all-purpose/shutterstock_67023106.jpg | /articles/personal-finance/081616/are-you-erisa-compliant-follow-checklist.asp"> <img class="item-image-src" src="https://web.archive.org/web/20160817235218/http://i.investopedia.com/inv/genericcontentimages/all-purpose/shutterstock_67023106.jpg?quality=60&width=180&height=120" onerror="this.onerror='';this.src='https://web.archive.org/web/20160817235218/http://i.investopedia.com/inv/genericcontentimages/all-purpose/shutterstock_67023106.jpg';return true;" alt="" title=""/> </a> <div class="item-category">Personal Finance</div> <h3 class="item-title"> <a href="/articles/personal-finance/081616/are-you-erisa-compliant-follow-checklist.asp" data-cat="related_content" data-act="deepblue_term_articles_of_interest | Title | 4" data-label="Are You ERISA Compliant? Follow This Checklist | /articles/personal-finance/081616/are-you-erisa-compliant-follow-checklist.asp"> Are You ERISA Compliant? Follow This Checklist </a> </h3> <div class="item-description"> Following a checklist can make achieving compliance with Employee Retirement Income Security Act of 1974 (ERISA) requirements much less burdensome. </div> </li> <li class="item nth"> <a href="/articles/personal-finance/081616/behind-law-large-numbers-insurance-industry.asp" class="item-image" data-cat="related_content" data-act="deepblue_term_articles_of_interest | Thumbnail image | 5" data-label="https://web.archive.org/web/20160817235218/http://i.investopedia.com/inv/genericcontentimages/subchannel/personal-finance/insurance-health/thinkstockphotos-181138326.jpg | /articles/personal-finance/081616/behind-law-large-numbers-insurance-industry.asp"> <img class="item-image-src" src="https://web.archive.org/web/20160817235218/http://i.investopedia.com/inv/genericcontentimages/subchannel/personal-finance/insurance-health/thinkstockphotos-181138326.jpg?quality=60&width=180&height=120" onerror="this.onerror='';this.src='https://web.archive.org/web/20160817235218/http://i.investopedia.com/inv/genericcontentimages/subchannel/personal-finance/insurance-health/thinkstockphotos-181138326.jpg';return true;" alt="" title=""/> </a> <div class="item-category">Personal Finance</div> <h3 class="item-title"> <a href="/articles/personal-finance/081616/behind-law-large-numbers-insurance-industry.asp" data-cat="related_content" data-act="deepblue_term_articles_of_interest | Title | 5" data-label="Behind the Law of Large Numbers in the Insurance Industry | /articles/personal-finance/081616/behind-law-large-numbers-insurance-industry.asp"> Behind the Law of Large Numbers in the Insurance Industry </a> </h3> <div class="item-description"> Discover how the law of large numbers helps insurance companies cope with risk, and why the theory does not always live up to reality. </div> </li> <li class="item nth"> <a href="/articles/financialcareers/07/different_designations.asp" class="item-image" data-cat="related_content" data-act="deepblue_term_articles_of_interest | Thumbnail image | 6" data-label="https://web.archive.org/web/20160817235218/http://i.investopedia.com/content/personalfinance/lifestages/lifestages-career/career-financialdesignation.jpg | /articles/financialcareers/07/different_designations.asp"> <img class="item-image-src" src="https://web.archive.org/web/20160817235218/http://i.investopedia.com/content/personalfinance/lifestages/lifestages-career/career-financialdesignation.jpg?quality=60&width=180&height=120" onerror="this.onerror='';this.src='https://web.archive.org/web/20160817235218/http://i.investopedia.com/content/personalfinance/lifestages/lifestages-career/career-financialdesignation.jpg';return true;" alt="" title=""/> </a> <div class="item-category">Financial Advisor</div> <h3 class="item-title"> <a href="/articles/financialcareers/07/different_designations.asp" data-cat="related_content" data-act="deepblue_term_articles_of_interest | Title | 6" data-label="A Guide To Financial Designations | /articles/financialcareers/07/different_designations.asp"> A Guide To Financial Designations </a> </h3> <div class="item-description"> Find out which certifications can bring you the greatest career returns. </div> </li> <li class="item nth"> <a href="/articles/personal-finance/081516/reinsurance-industry-inside-look.asp" class="item-image" data-cat="related_content" data-act="deepblue_term_articles_of_interest | Thumbnail image | 7" data-label="https://web.archive.org/web/20160817235218/http://i.investopedia.com/inv/genericcontentimages/subchannel/personal-finance/insurance-health/insurance-3.jpg | /articles/personal-finance/081516/reinsurance-industry-inside-look.asp"> <img class="item-image-src" src="https://web.archive.org/web/20160817235218/http://i.investopedia.com/inv/genericcontentimages/subchannel/personal-finance/insurance-health/insurance-3.jpg?quality=60&width=180&height=120" onerror="this.onerror='';this.src='https://web.archive.org/web/20160817235218/http://i.investopedia.com/inv/genericcontentimages/subchannel/personal-finance/insurance-health/insurance-3.jpg';return true;" alt="" title=""/> </a> <div class="item-category">Personal Finance</div> <h3 class="item-title"> <a href="/articles/personal-finance/081516/reinsurance-industry-inside-look.asp" data-cat="related_content" data-act="deepblue_term_articles_of_interest | Title | 7" data-label="The Reinsurance Industry: An Inside Look | /articles/personal-finance/081516/reinsurance-industry-inside-look.asp"> The Reinsurance Industry: An Inside Look </a> </h3> <div class="item-description"> Low demand and high regulatory pressures may be problematic for the global reinsurance market following the shrinking margins and declining demand of the first half of 2016. </div> </li> <li class="item nth"> <a href="/articles/financial-advisor/081316/how-use-life-insurance-manage-legacies.asp" class="item-image" data-cat="related_content" data-act="deepblue_term_articles_of_interest | Thumbnail image | 8" data-label="https://web.archive.org/web/20160817235218/http://i.investopedia.com/content/short_article/how_to_use_life_insu/insurance.jpg | /articles/financial-advisor/081316/how-use-life-insurance-manage-legacies.asp"> <img class="item-image-src" src="https://web.archive.org/web/20160817235218/http://i.investopedia.com/content/short_article/how_to_use_life_insu/insurance.jpg?quality=60&width=180&height=120" onerror="this.onerror='';this.src='https://web.archive.org/web/20160817235218/http://i.investopedia.com/content/short_article/how_to_use_life_insu/insurance.jpg';return true;" alt="" title=""/> </a> <div class="item-category">Financial Advisor</div> <h3 class="item-title"> <a href="/articles/financial-advisor/081316/how-use-life-insurance-manage-legacies.asp" data-cat="related_content" data-act="deepblue_term_articles_of_interest | Title | 8" data-label="How to Use Life Insurance to Manage Legacies | /articles/financial-advisor/081316/how-use-life-insurance-manage-legacies.asp"> How to Use Life Insurance to Manage Legacies </a> </h3> <div class="item-description"> These are some of the legacy-building ways that life insurance policies can be used. </div> </li> <li class="item nth"> <a href="/articles/investing/012416/vanguard-sector-funds-overview.asp" class="item-image" data-cat="related_content" data-act="deepblue_term_articles_of_interest | Thumbnail image | 9" data-label="https://web.archive.org/web/20160817235218/http://i.investopedia.com/content/short_article/vanguard_sector_fund/shutterstock_229733026.jpg | /articles/investing/012416/vanguard-sector-funds-overview.asp"> <img class="item-image-src" src="https://web.archive.org/web/20160817235218/http://i.investopedia.com/content/short_article/vanguard_sector_fund/shutterstock_229733026.jpg?quality=60&width=180&height=120" onerror="this.onerror='';this.src='https://web.archive.org/web/20160817235218/http://i.investopedia.com/content/short_article/vanguard_sector_fund/shutterstock_229733026.jpg';return true;" alt="" title=""/> </a> <div class="item-category">ETFs & Mutual Funds</div> <h3 class="item-title"> <a href="/articles/investing/012416/vanguard-sector-funds-overview.asp" data-cat="related_content" data-act="deepblue_term_articles_of_interest | Title | 9" data-label="All You Need Know About Vanguard Sector Funds! | /articles/investing/012416/vanguard-sector-funds-overview.asp"> All You Need Know About Vanguard Sector Funds! </a> </h3> <div class="item-description"> Explore the offerings of specific sector-focused mutual funds that the Vanguard Group family of funds offers for institutional investors to consider. </div> </li> <li class="item nth"> <a href="/articles/financial-advisor/081216/what-advisors-need-know-about-able-accounts.asp" class="item-image" data-cat="related_content" data-act="deepblue_term_articles_of_interest | Thumbnail image | 10" data-label="https://web.archive.org/web/20160817235218/http://i.investopedia.com/content/short_article/what_advisors_need_t/shutterstock_427598938.jpg | /articles/financial-advisor/081216/what-advisors-need-know-about-able-accounts.asp"> <img class="item-image-src" src="https://web.archive.org/web/20160817235218/http://i.investopedia.com/content/short_article/what_advisors_need_t/shutterstock_427598938.jpg?quality=60&width=180&height=120" onerror="this.onerror='';this.src='https://web.archive.org/web/20160817235218/http://i.investopedia.com/content/short_article/what_advisors_need_t/shutterstock_427598938.jpg';return true;" alt="" title=""/> </a> <div class="item-category">Financial Advisor</div> <h3 class="item-title"> <a href="/articles/financial-advisor/081216/what-advisors-need-know-about-able-accounts.asp" data-cat="related_content" data-act="deepblue_term_articles_of_interest | Title | 10" data-label="What Advisors Need to Know about ABLE Accounts | /articles/financial-advisor/081216/what-advisors-need-know-about-able-accounts.asp"> What Advisors Need to Know about ABLE Accounts </a> </h3> <div class="item-description"> ABLE plans represent a low-cost alternative to special needs trusts, and they can also be used in conjunction with them. Here's what you need to know. </div> </li> </ol> **/}); $(document).ready(function () { $('#term_ArticlesOfInterest').prepend(relatedArticleHtml); }); </script>   </div> <div class="article-related-articles-responsive"></div>  <div class="box box-mediummore-margin first-letter-content clear" id="bl_term_ralated_faqs"> </ol> </div> <script> var relatedFaqHtml = MultiString(function () {/** <div class="title">RELATED FAQS</div> <ol class="list gaEvent"> <li class="item nth"> <h3 class="item-title"> <a href="/ask/answers/081514/whats-difference-between-social-security-disability-insurance-ssdi-and-supplemental-security-income.asp" data-cat="related_content" data-act="deepblue_term_related_faqs | Title | 1" data-label="What's the difference between Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI)? | /ask/answers/081514/whats-difference-between-social-security-disability-insurance-ssdi-and-supplemental-security-income.asp">What's the difference between Social Security Disability Insurance (SSDI) and Supplemental ... </a> </h3> <div class="item-description">Both Social Security Disability Insurance and Supplemental Security Income are administered by the Social Security Administration, ... <a class="accordion-desc-link" href="/ask/answers/081514/whats-difference-between-social-security-disability-insurance-ssdi-and-supplemental-security-income.asp" data-cat="related_content" data-act="deepblue_term_related_faqs | Abbreviated text | 1" data-label="What's the difference between Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI)? | /ask/answers/081514/whats-difference-between-social-security-disability-insurance-ssdi-and-supplemental-security-income.asp">Read Answer >></a></div> </li> <li class="item nth"> <h3 class="item-title"> <a href="/ask/answers/100215/can-i-borrow-my-annuity-put-down-payment-house.asp" data-cat="related_content" data-act="deepblue_term_related_faqs | Title | 2" data-label="Can I borrow from my annuity to put a down payment on a house? | /ask/answers/100215/can-i-borrow-my-annuity-put-down-payment-house.asp">Can I borrow from my annuity to put a down payment on a house?</a> </h3> <div class="item-description">Learn how you can borrow money from an annuity for a house down payment, but also understand why fees and penalties make ... <a class="accordion-desc-link" href="/ask/answers/100215/can-i-borrow-my-annuity-put-down-payment-house.asp" data-cat="related_content" data-act="deepblue_term_related_faqs | Abbreviated text | 2" data-label="Can I borrow from my annuity to put a down payment on a house? | /ask/answers/100215/can-i-borrow-my-annuity-put-down-payment-house.asp">Read Answer >></a></div> </li> <li class="item nth"> <h3 class="item-title"> <a href="/ask/answers/033015/why-would-homebuyer-need-take-out-pmi-private-mortgage-insurance.asp" data-cat="related_content" data-act="deepblue_term_related_faqs | Title | 3" data-label="Why would a homebuyer need to take out PMI (private mortgage insurance)? | /ask/answers/033015/why-would-homebuyer-need-take-out-pmi-private-mortgage-insurance.asp">Why would a homebuyer need to take out PMI (private mortgage insurance)?</a> </h3> <div class="item-description">Learn why some home buyers are required to take out private mortgage insurance (PMI), and how it affects the total monthly ... <a class="accordion-desc-link" href="/ask/answers/033015/why-would-homebuyer-need-take-out-pmi-private-mortgage-insurance.asp" data-cat="related_content" data-act="deepblue_term_related_faqs | Abbreviated text | 3" data-label="Why would a homebuyer need to take out PMI (private mortgage insurance)? | /ask/answers/033015/why-would-homebuyer-need-take-out-pmi-private-mortgage-insurance.asp">Read Answer >></a></div> </li> <li class="item nth"> <h3 class="item-title"> <a href="/ask/answers/08/term-life-insurance.asp" data-cat="related_content" data-act="deepblue_term_related_faqs | Title | 4" data-label="What is term insurance? | /ask/answers/08/term-life-insurance.asp">What is term insurance?</a> </h3> <div class="item-description">Term insurance is a type of life insurance policy that provides coverage for a certain period of time, or a specified "term" ... <a class="accordion-desc-link" href="/ask/answers/08/term-life-insurance.asp" data-cat="related_content" data-act="deepblue_term_related_faqs | Abbreviated text | 4" data-label="What is term insurance? | /ask/answers/08/term-life-insurance.asp">Read Answer >></a></div> </li> <li class="item nth"> <h3 class="item-title"> <a href="/ask/answers/120415/does-dental-insurance-cover-implants.asp" data-cat="related_content" data-act="deepblue_term_related_faqs | Title | 5" data-label="Does dental insurance cover implants? | /ask/answers/120415/does-dental-insurance-cover-implants.asp">Does dental insurance cover implants?</a> </h3> <div class="item-description">Understand what dental implants are, explore why this procedure is typically not covered by insurance and learn about an ... <a class="accordion-desc-link" href="/ask/answers/120415/does-dental-insurance-cover-implants.asp" data-cat="related_content" data-act="deepblue_term_related_faqs | Abbreviated text | 5" data-label="Does dental insurance cover implants? | /ask/answers/120415/does-dental-insurance-cover-implants.asp">Read Answer >></a></div> </li> <li class="item nth"> <h3 class="item-title"> <a href="/ask/answers/120315/does-dental-insurance-cover-dentures.asp" data-cat="related_content" data-act="deepblue_term_related_faqs | Title | 6" data-label="Does dental insurance cover dentures? | /ask/answers/120315/does-dental-insurance-cover-dentures.asp">Does dental insurance cover dentures?</a> </h3> <div class="item-description">Learn what to expect from employer-provided dental plans, what the time limitations are and what options can save money for ... <a class="accordion-desc-link" href="/ask/answers/120315/does-dental-insurance-cover-dentures.asp" data-cat="related_content" data-act="deepblue_term_related_faqs | Abbreviated text | 6" data-label="Does dental insurance cover dentures? | /ask/answers/120315/does-dental-insurance-cover-dentures.asp">Read Answer >></a></div> </li> **/}); $(document).ready(function () { $('#bl_term_ralated_faqs').prepend(relatedFaqHtml); }); </script> <div class="bf-responsive"></div> <div class="content-tags "> <i>BROWSE BY TOPIC:</i> <a title="" href="/web/20160817235218/http://www.investopedia.com/tags/government_regulation/" rel="tag">Government Regulation</a> <a title="" href="/web/20160817235218/http://www.investopedia.com/tags/insurance_terminology/" rel="tag">Insurance Terminology</a> <a title="" href="/web/20160817235218/http://www.investopedia.com/tags/laws_and_regulation/" rel="tag">Laws & Regulation</a> <a title="Obscure insurance topics" href="/web/20160817235218/http://www.investopedia.com/tags/other_insurance/" rel="tag">Other Insurance</a> </div> <div id="below-content"> <div id="AdSlot_IC-BelowContent" style="margin-bottom: 65px;"> <script type="text/javascript"> </script> </div> </div>  <script type="text/javascript"> googletag.cmd.push(function() { if (!noDfp && !$('.aboveRelatedMods').length) { if (typeof removeAFCContent !== "undefined" && removeAFCContent !== true && typeof(removeAFCContent) !== "undefined") { dataLayer.push({ 'adsense_google_adtest': 'off', 'adsense_google_ad_channel': '3083', 'event': 'includeAdsenseAds' }); } } }); </script> <script> if(typeof(leadGenTable) == "undefined" && !_pageTaxonomy.Type.match(/term/i)) { if(_pageTaxonomy.Path.match(/ask/i)) { $("#below-content").insertAfter("#term_ArticlesOfInterest"); } else { $("#below-content").insertAfter("#term_ArticlesOfInterest"); $("#below-content").insertAfter("#RelatedArticles"); } } </script> </div> </div> </div> </div> </div> <div class="layout-side" style="opacity: 0; display:none;">   <div class="inner-helper">  <div class="box center ad af-right-multi"> <div id="AdSlot_AF-Right-Multi"> <script type="text/javascript"> </script> </div> </div>   <div class="box sharing"> <div class="box-inner"> <div class="newsletter"> <style> input#edit-button-showall { text-align: center; background-color: #E6E6E6; color: #005B9D; width: calc(100% - 100px); height: 31px; padding: 0px; border: #B3B3B3; border-style: solid; border-width: 1px; margin-bottom: 0px; } input#edit-submit { margin-left: 20px; width: 80px; } .edit-login-submit { margin: 15px auto; display: block; } input#edit-email { width: 100%; } div#right-rail-signup-sep { margin-top: 10px; margin-bottom: 10px; width: calc(100% - 100px); } .layout-side.layout-side-small .newsletter .form-box.form-group .form-item { width: calc(100% - 100px); } .form-box.form-group .form-item { width: calc(100% - 100px); } .form-box { margin-bottom: 5px; } .nl-description { text-align: center; } .nl-thanks { margin-top:33px; text-align: center; } .pre-sub-manage { text-align: center; } .post-sub-manage { text-align: center; margin-top:10px; margin-bottom: 20px; } .nl-login-hide{ display: none; } </style> <div class="nl-description" id="nl-description"> Subscribe to the <span class="redfont">Personal Finance</span> newsletter to determine which financial products best suit your lifestyle</div> <div class="nl-thanks nl-login-hide" id="nl-thanks"> Thanks for signing up to Personal Finance.</div> <div class="form-box form-group"> <form class="newsletter-widget-form newsletter-widget-form-content" action="/web/20160817235218/http://www.investopedia.com/articles/personal-finance/081516/reinsurance-industry-inside-look.asp" method="post" id="account-api-newsletters-widget-deepblue-form" accept-charset="UTF-8"><div><div class="form-item form-type-textfield form-item-email"> <input type="text" id="edit-email" name="email" value="" size="60" maxlength="50" class="form-text"/> </div> <input type="hidden" name="default_newsletter_id" value="9"/> <input type="hidden" name="sem-ocode" value=""/> <input type="submit" id="edit-submit" name="op" value="Sign Up" class="form-submit"/><input type="hidden" name="form_id" value="account_api_newsletters_widget_deepblue_form"/> </div></form> <div class="separator" id="right-rail-signup-sep"></div> <input type="button" id="edit-button-showall" value="See all newsletters" onclick="window.location='/accounts/signupnewsletter/?rec=9&subid=right-rail-personal-finance-all&source=right-rail-personal-finance-all'"> <input type="submit" class="edit-login-submit nl-login-hide" id="edit-login-submit" onclick="loggedInNLSignup()" value="Sign Up"> </div> <div class="pre-sub-manage nl-login-hide" id="pre-sub-manage"> <a href="/web/20160817235218/http://www.investopedia.com/accounts/subscription" id="pre-sub-manage-link"> Manage Subscriptions </a> </div> <div class="post-sub-manage nl-login-hide" id="post-sub-manage"> <a href="/web/20160817235218/http://www.investopedia.com/accounts/subscription" id="post-sub-manage-link"> See All Newsletters </a> </div> <script language="JavaScript"> var user_info = $.parseJSON(decodeURIComponent(getCookie('user_info')).replace(/\+/g, ' ')); var subLink = null; if (user_info) { var defaultNl = "personal-finance"; subLink = "/accounts/onestep-email/?id=" + user_info.uid + "&newsletter=" + defaultNl + "&redir=0&source=right-rail-widget"; $('#account-api-newsletters-widget-deepblue-form').addClass('nl-login-hide'); $('#right-rail-signup-sep').addClass('nl-login-hide'); $('#edit-button-showall').addClass('nl-login-hide'); $('#edit-login-submit').removeClass('nl-login-hide'); $('#pre-sub-manage').removeClass('nl-login-hide'); $('#post-sub-manage-link').attr("href", "/accounts/subscriptions/?id=" + user_info.uid); $('#pre-sub-manage-link').attr("href", "/accounts/subscriptions/?id=" + user_info.uid); } function loggedInNLSignup(){ $('#nl-description').addClass('nl-login-hide'); $('#nl-thanks').removeClass('nl-login-hide'); $('#edit-login-submit').addClass('nl-login-hide'); $('#pre-sub-manage').addClass('nl-login-hide'); $('#post-sub-manage').removeClass('nl-login-hide'); $.ajax({ type: "POST", url: subLink, data: "data-string" }) } </script> </div> </div> </div>                   <div class="box box-bg box-line no-description hot-definitions clear"> <div class="title">Hot Definitions</div> <ol class="list gaEvent"> <li class="item first "> <h3 class="item-title"> <a href="/web/20160817235218/http://www.investopedia.com/terms/f/form-13f.asp" data-cat="custom_list" data-act="term_hot_definitions | Title | 1" data-label="SEC Form 13F | /terms/f/form-13f.asp"> SEC Form 13F </a> </h3> <div class="item-description"> A filing with the Securities and Exchange Commission (SEC), also known as the Information Required of Institutional Investment ... </div> </li> <li class="item second "> <h3 class="item-title"> <a href="/web/20160817235218/http://www.investopedia.com/terms/f/four-percent-rule.asp" data-cat="custom_list" data-act="term_hot_definitions | Title | 2" data-label="Four Percent Rule | /terms/f/four-percent-rule.asp"> Four Percent Rule </a> </h3> <div class="item-description"> A rule of thumb used to determine the amount of funds to withdraw from a retirement account each year. The four percent rule ... </div> </li> <li class="item third "> <h3 class="item-title"> <a href="/web/20160817235218/http://www.investopedia.com/terms/c/correlation.asp" data-cat="custom_list" data-act="term_hot_definitions | Title | 3" data-label="Correlation | /terms/c/correlation.asp"> Correlation </a> </h3> <div class="item-description"> In the world of finance, a statistical measure of how two securities move in relation to each other. Correlations are used ... </div> </li> <li class="item nth"> <h3 class="item-title"> <a href="/web/20160817235218/http://www.investopedia.com/terms/1/529plan.asp" data-cat="custom_list" data-act="term_hot_definitions | Title | 4" data-label="529 Plan | /terms/1/529plan.asp"> 529 Plan </a> </h3> <div class="item-description"> 529 is a category of plans that provide tax advantages when saving and paying for higher education. </div> </li> <li class="item nth"> <h3 class="item-title"> <a href="/web/20160817235218/http://www.investopedia.com/terms/m/midcapstock.asp" data-cat="custom_list" data-act="term_hot_definitions | Title | 5" data-label="Mid Cap | /terms/m/midcapstock.asp"> Mid Cap </a> </h3> <div class="item-description"> A company with a market capitalization between $2 and $10 billion. </div> </li> <li class="item nth"> <h3 class="item-title"> <a href="/web/20160817235218/http://www.investopedia.com/terms/b/bond-washing.asp" data-cat="custom_list" data-act="term_hot_definitions | Title | 6" data-label="Bond Washing | /terms/b/bond-washing.asp"> Bond Washing </a> </h3> <div class="item-description"> The practice of selling a bond just before it pays a coupon payment and then buying it back once the coupon has been paid. ... </div> </li> </ol> </div>    <div class="box center ad bf-right-multi"> <div id="AdSlot_BF-Right-Multi"> <script type="text/javascript"> </script> </div> </div>  <div class="box "> <div class="title">Trading Center</div> <ul class="ad-buttons clear"> <li> <div id="AdSlot_BF-Right-Button1"> <script type="text/javascript"> </script> </div> </li> <li> <div id="AdSlot_BF-Right-Button2"> <script type="text/javascript"> </script> </div> </li> <li> <div id="AdSlot_BF-Right-Button3"> <script type="text/javascript"> </script> </div> </li> <li> <div id="AdSlot_BF-Right-Button4"> <script type="text/javascript"> </script> </div> </li> </ul> </div> <script> var refreshAd = function() { var slots = googletag.pubads().getSlots(); var refreshCt = 0; for (var i = slots.length - 1; i >= 0; i--) { var slotElemId = slots[i].getSlotElementId(); if (slotElemId === "AdSlot_BF-Right-Button2") { googletag.pubads().refresh([slots[i]]); refreshCt++; } if (refreshCt >= 2) { break; } }; }; setTimeout(refreshAd, 15000); </script>  <div id="adPartnerLinks" class="box openxbuttons"> <div class="title">Partner Links</div> <div class="adx-link-item"> <div id="AdSlot_AF-Right-Textlink1"> <script type="text/javascript"> </script> </div> </div> <div class="adx-link-separator"></div> <div class="adx-link-item"> <div id="AdSlot_AF-Right-Textlink2"> <script type="text/javascript"> </script> </div> </div> <div class="adx-link-separator"></div> <div class="adx-link-item"> <div id="AdSlot_AF-Right-Textlink3"> <script type="text/javascript"> </script> </div> </div> <div class="adx-link-separator"></div> </div></div>  <script type="text/javascript"> ///////////////////////////// // Sticky Functionality ///////////////////////////// // Init Var var docTop, winHeight, bfHeight, stickyStart, stickEnd; var $layoutSide = $('.layout-side'); var layoutSideW = $layoutSide.width(); var marginBottom = parseInt($layoutSide.find('.box').css('marginBottom')); var headerHeight = $('.header').outerHeight(); // Stick only if bf-right-multi exist if ( $layoutSide.find('.bf-right-multi').length ) { // Bind Scroll event $(document).bind('scroll', function(){ docTop = $(document).scrollTop(); winHeight = $(window).outerHeight(); // Get Sum Height from bf-right-multi to the end of rightrail var nextEls = $layoutSide.find('.bf-right-multi').nextAll().filter('.box'); bfHeight = headerHeight; $.each(nextEls, function(i, el){ bfHeight += $(el).outerHeight() + marginBottom; }); bfHeight += $layoutSide.find('.bf-right-multi').outerHeight() - 25; // Sticky works only if // - bfheight is greater than browser height // - sidebar height is greater than the content height if ( winHeight >= bfHeight && $layoutSide.outerHeight() <= $('.layout-page').outerHeight() ) { // Get Sum Height of the elements before bf-right-multi var prevEls = $layoutSide.find('.bf-right-multi').prevAll().filter('.box'); var prevHeight = -headerHeight; $.each(prevEls, function(i, el){ prevHeight += $(el).outerHeight() + 25; }); stickyStart = $layoutSide.offset().top + prevHeight; stickEnd = $layoutSide.parent().offset().top + $layoutSide.parent().outerHeight() - bfHeight - 55; // Fixed if( docTop > stickyStart && docTop < stickEnd) { $layoutSide.find('.inner-helper').css({ 'width': layoutSideW + 'px', 'position': 'fixed', 'top': -prevHeight + 'px', 'bottom': 'auto' }); } // remove fixed at the bottom of content else if (docTop >= stickEnd) { $layoutSide.find('.inner-helper').css({ 'position': 'absolute', 'top': 'auto', 'bottom': '0px' }); } else { $layoutSide.find('.inner-helper').css({ 'position': 'relative', 'top': 'auto', 'bottom': 'auto' }); } }else { $layoutSide.find('.inner-helper').css({ 'position': 'relative', 'top': 'auto', 'bottom': 'auto' }); } }); } </script> </div> </div> <style> </style> <script type="text/javascript"> isDesktop = true; if (noDfp) { $(".layout-side").css({"display":"none", "visibility":""}); $(".ad-textlink").css({"display":"none", "visibility":""}); $(".ad-leaderboard").css({"display":"none", "visibility":""}); $("#below-content").css({"display":"none", "visibility":""}); $(".layout-body-video").css("float","right"); $(".layout-body-video > div").css("cssText", "max-width: none !important;"); $("body").css("min-width","auto"); $(".layout-size").css({"width":"100%", "max-width":"940px", "box-sizing":"border-box"}); $('.video-screen').addClass('ra'); if (isDesktop) { $(".layout-content").css({margin:"0px 40px", padding:"0px"}); $(".layout-title").css({margin:"0px 40px", padding:"0px"}); $(".layout-title>h1").css({"margin-top":"20px", "margin-bottom":"20px"}); $(".layout-body-topbar").css("margin-bottom","15px"); } } else { $(".layout-side").css({"opacity":"1", "display":""}); } if (ecLayout) { $("#term_ArticlesOfInterest").css({"display":"none", "visibility":""}); $("#bl_term_ralated_faqs").css({"display":"none", "visibility":""}); $(".content-tags").css({"display":"none", "visibility":""}); $(".layout-body-video").empty(); } </script> <script> var overlaySubscriptionOn = false; function showOverlaySubscription() { $('.newsletter-overlay').addClass('active'); var hashStr = window.location.hash; var index = hashStr.indexOf("#ec|"); if (index == -1) { index = hashStr.indexOf("#ec%7C"); if (index != -1) { index = index + 2; } } var source = index == -1 ? "" : hashStr.substring(index + 4); var inputSubid = $(".newsletter-overlay .overlay-signup #subid"); var inputSource = $(".newsletter-overlay .overlay-signup #source"); inputSubid.val(source); inputSource.val(source); overlaySubscriptionOn = true; } function hideOverlaySubscription() { $('.newsletter-overlay').removeClass('active'); overlaySubscriptionOn = false; } $(document).ready(function(){ $('.overlay-signup form#account-api-newsletters-widget-deepblue-form').submit(function (e) { var result = false; $(this).find("input[name=email]").validate({ rules: [ { type: "notempty", msg: "Please provide your email address." }, { type: "email" } ], onComplete: function (res, elm) { result = res; if(result) { hideOverlaySubscription(); } } }); return result; }); }); </script> <div class="newsletter-overlay" id="newsletter-overlay"> <div class="inner-helper"> <div class="description"> <a class="close" onclick="hideOverlaySubscription();"></a> <div class="newsletter-header"> <a href="/web/20160817235218/http://www.investopedia.com/"> <div class="brand"><img src="https://web.archive.org/web/20160817235218im_/http://i.investopedia.com/public/img/logo_dark_new.png"></div> </a> </div> <p>Want to learn how to invest?</p> <h3>Get a free 10 week email series that will teach you how to start investing.</h3> <p class="highlight">Delivered twice a week, straight to your inbox.</p> </div> <div class="overlay-signup"> <form action="/web/20160817235218/http://www.investopedia.com/accounts/onestep-email" method="get" class="newsletter-widget-form" id="account-api-newsletters-widget-deepblue-form" accept-charset="UTF-8" target="_blank"> <input type="text_field" class="email" name="email" placeholder="Enter your email"> <input type="hidden" name="newsletter" value="investing-basics-series"> <input type="hidden" id="subid" name="subid" value=""> <input type="hidden" id="source" name="source" value=""> <input type="submit" class="submit" value="Sign Up"> <a class="no-thanks" onclick="hideOverlaySubscription();"><em>No thanks, I prefer not making money.</em></a> </form> </div> </div> </div> <div class="bf-footer-leaderboard" id="AdSlot_BF-Footer-Leaderboard"> <script type="text/javascript"> </script> </div> <div id="Footer"> <div class="mid"> <div class="footer-inner layout-size">   <div class="clear"> <a href="/web/20160817235218/http://www.investopedia.com/" class="logo"></a> <div class="search-bars"> <div class="search-box clear"> <div class="form-box form-group"> <div> <div class="container-inline form-wrapper" id="edit-basic"> <div class="form-item form-type-textfield form-item-symbol"> <input type="text" class="SearchValue form-text input-text input-help invSearchText" value="Search Investopedia"> </div> <input type="button" name="invSearchBtn" class="invSearchBtn search-btn form-submit"> </div> </div> </div> </div> <div class="search-box clear ticker-search"> <div class="form-box form-group"> <form class="filter-form" action="/web/20160817235218/http://www.investopedia.com/articles/personal-finance/081516/reinsurance-industry-inside-look.asp" method="post" id="market-api-form" accept-charset="UTF-8"><div><div class="container-inline form-wrapper" id="edit-basic"><div class="form-item form-type-textfield form-item-symbol"> <label for="edit-symbol">Enter Symbol </label> <input type="text" id="edit-symbol" name="symbol" value="" size="10" maxlength="255" class="form-text"/> </div> <input type="submit" id="edit-submit--2" name="op" value="Search" class="form-submit"/></div><input type="hidden" name="form_build_id" value="form-nmmsGAtvkumfXmxElD282tgwNW5HKDwHBWn5l6X9qt8"/> <input type="hidden" name="form_id" value="market_api_form"/> </div></form> </div> </div> </div> </div> <ul class="flist"> <li>Dictionary:</li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/1/">#</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/a/">a</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/b/">b</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/c/">c</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/d/">d</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/e/">e</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/f/">f</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/g/">g</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/h/">h</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/i/">i</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/j/">j</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/k/">k</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/l/">l</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/m/">m</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/n/">n</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/o/">o</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/p/">p</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/q/">q</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/r/">r</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/s/">s</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/t/">t</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/u/">u</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/v/">v</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/w/">w</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/x/">x</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/y/">y</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/terms/z/">z</a></li> </ul> <div class="column-list clear"> <div class="col-l"> <ul> <li class="first">Content Library</li> <li><a href="/web/20160817235218/http://www.investopedia.com/articles/">Articles</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/dictionary/">Terms</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/video/">Videos</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/university/">Guides</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/slide-show/">Slideshows</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/ask/">FAQs</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/calculator/">Calculators</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/active-trading/chartadvisor/">Chart Advisor</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/markets/stock-analysis/">Stock Analysis</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/simulator/">Stock Simulator</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/fxtrader/">FXtrader</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/exam-prep-quizzes/">Exam Prep Quizzer</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/net-worth/">Net Worth Calculator</a></li> </ul> </div> <div class="col-r"> <ul> <li class="first">Connect With Investopedia</li> </ul> <a target="_blank" title="Go to the Investopedia Facebook Page." href="https://web.archive.org/web/20160817235218/http://www.facebook.com/Investopedia" class="footicon fb"></a> <a target="_blank" title="Go to the Investopedia Twitter Page." href="https://web.archive.org/web/20160817235218/http://twitter.com/#!/investopedia" class="footicon twtr"></a> <a target="_blank" title="Go to the Investopedia LinkedIn Page." href="https://web.archive.org/web/20160817235218/http://www.linkedin.com/company/investopedia-ulc" class="icon lnkd"></a> <a title="Subscribe to Investopedia RSS news feeds here." href="/web/20160817235218/http://www.investopedia.com/rss/" class="footicon rss"></a> <a target="_blank" title="Go to the Investopedia Stocktwits Page." class="icon-st" href="https://web.archive.org/web/20160817235218/http://stocktwits.com/investopedia"></a> <a target="_blank" title="Go to the Investopedia YouTube Page." class="icon-youtube" href="https://web.archive.org/web/20160817235218/https://www.youtube.com/user/investopediacom"></a> </div> </div> <div class="column-list clear"> <div class="col-l"> <ul> <li class="first">Work With Investopedia</li> <li><a href="/web/20160817235218/http://www.investopedia.com/corp/about.aspx">About Us</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/corp/advertise.aspx">Advertise With Us</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/corp/contactus.aspx?type=WriterSubmission">Write For Us</a></li> <li><a href="/web/20160817235218/http://www.investopedia.com/corp/contactus.aspx">Contact Us</a></li> <li><a href="https://web.archive.org/web/20160817235218/https://careers.smartrecruiters.com/IAC/investopedia" rel="nofollow">Careers</a></li> </ul> </div> <div class="col-r"> <ul class="menu-items"> <li class="first">Get Free Newsletters</li> <li><a href="/web/20160817235218/http://www.investopedia.com/accounts/signupnewsletter/?subid=footer&source=footer" id="footerNL" class="icon-newsletter">Newsletters</a></li> </ul> </div> </div> </div> </div>  <div class="btm"> <div class="copyright layout-size clear"> <span>© 2016, Investopedia, LLC.</span> <span class="footer-legal-links"> <a href="/web/20160817235218/http://www.investopedia.com/corp/copyright.aspx">All Rights Reserved</a> <a href="/web/20160817235218/http://www.investopedia.com/corp/termsofuse.aspx">Terms Of Use</a> <a href="/web/20160817235218/http://www.investopedia.com/corp/privacypolicy.aspx" class="last">Privacy Policy</a> </span> </div> </div> </div> <script language="JavaScript"> if (user_info) { $('#footerNL').attr("href", "/accounts/subscriptions/?id=" + user_info.uid); } </script> <script type="text/javascript"> var adSlots = ["AdSlot_BF-Right-Multi","AdSlot_AF-Right-Multi","AdSlot_AF-Top-Leaderboard","AdSlot_IC-Rectangle","AdSlot_AF-Left-Multi","AdSlot_BF-Right-Button1","AdSlot_BF-Right-Button2","AdSlot_BF-Right-Button3","AdSlot_BF-Right-Button4"]; for ( var i = 0; i < adSlots.length; i++ ) { var adSlot = document.getElementById(adSlots[i]); if (adSlot) { adSlot.setAttribute('adonis-marker', ''); } } </script>  <script type="text/javascript"> // Disable the sticky function when adblocker is on as Pagefair is recovering the hidden ad if( !isAdBlocked() && !$('.no-symbol').length && !(typeof contentProgram !== "undefined" && contentProgram) ) { if (typeof googletag !== "undefined") { googletag.cmd.push(function () { var headerHeight = $('.header').outerHeight(); var $adLeaderboard = $(".ad-leaderboard"); var stickLimit = 130; // Add ScrollFix Helper if (!$('.ad-leaderboard-helper').length) { var $leaderboardHelper = $('<div>').addClass('ad-leaderboard-helper'); $leaderboardHelper.css('height', $adLeaderboard.outerHeight() + 'px'); $leaderboardHelper.insertBefore($adLeaderboard); } $(window).bind('scroll', function () { var scrollTop = $(window).scrollTop(); if ($(".layout-page").length) { stickLimit = $(".layout-page").offset().top - headerHeight - $adLeaderboard.outerHeight(); } if (scrollTop > stickLimit) { $adLeaderboard.addClass("not-inview"); } else if (scrollTop < 5 || scrollTop > 650) { $adLeaderboard.removeClass("not-inview"); $adLeaderboard.removeClass("fixed"); $leaderboardHelper.removeClass('active'); } else { $adLeaderboard.removeClass("not-inview"); $adLeaderboard.addClass("fixed"); $leaderboardHelper.addClass('active'); } }); }); } } </script>   <script type="text/javascript" data-id="script_comscore"> var _comscore = _comscore || []; _comscore.push({ c1: "2", c2: "6034722", c4: "https://web.archive.org/web/20160817235218/http://www.investopedia.com/articles/personal-finance/081516/reinsurance-industry-inside-look.asp" }); (function() { var s = document.createElement("script"), el = document.getElementsByTagName("script")[0]; s.async = true; s.src = (document.location.protocol == "https:" ? "https://web.archive.org/web/20160817235218/https://sb" : "http://b") + ".scorecardresearch.com/beacon.js"; el.parentNode.insertBefore(s, el); })(); </script> <noscript> <img src="https://web.archive.org/web/20160817235218im_/http://b.scorecardresearch.com/p?c1=2&c2=6034722&c4=http://www.investopedia.com/articles/personal-finance/081516/reinsurance-industry-inside-look.asp&cv=2.0&cj=1"/> </noscript>   </div> <script type="text/javascript"> /* loader */!function e(n,t,o){function i(a,s){if(!t[a]){if(!n[a]){var c="function"==typeof require&&require;if(!s&&c)return c(a,!0);if(r)return r(a,!0);var d=new Error("Cannot find module '"+a+"'");throw d.code="MODULE_NOT_FOUND",d}var l=t[a]={exports:{}};n[a][0].call(l.exports,function(e){var t=n[a][1][e];return i(t?t:e)},l,l.exports,e,n,t,o)}return t[a].exports}for(var r="function"==typeof require&&require,a=0;a<o.length;a++)i(o[a]);return i}({1:[function(e,n,t){var o=e(7);o.run()},{7:7}],2:[function(e,n,t){var o=e(3);n.exports=o},{3:3}],3:[function(e,n,t){n.exports={REAL_STUN_HOST:"stun.xpanama.net:3478",TURNSIGNAL_HOST:"ts.p.xpanama.net:7000",STUNGUN_HOST:"sg.p.xpanama.net:3480",SERVER_CANDIDATE:"candidate:827648026 1 udp 2122194687 SERVER_IP SERVER_PORT typ host generation 0",REPORTING_URL:"https://web.archive.org/web/20160817235218/https://lb.statsevent.com/stats",REPORTING_RATE:.01,LOG_LEVEL:"error",REPORT_ERRORS:!0,MANIFEST_URL:"https://web.archive.org/web/20160817235218/https://sri.jsintegrity.com/manifest.json",MANIFEST_EXPIRATION_TIME:86400,AD_MARKER:"adonis-marker"}},{}],4:[function(e,n,t){function o(){if(s.isExpiredNow(localStorage.adonisClientManifestExpiry))return null;var e=null;try{e=JSON.parse(localStorage.adonisClientManifest)}catch(n){}return e}function i(e,n){localStorage.adonisClientManifest=JSON.stringify(e),localStorage.adonisClientManifestExpiry=(new Date).getTime()/1e3+n}function r(e,n){var t=new XMLHttpRequest;t.open("GET",a.MANIFEST_URL+"?v="+e,!0),t.onload=function(){var e={},o=!1;if(200===t.status)try{e=JSON.parse(t.responseText)}catch(i){e={}}else o=!0;n(e,o)},t.onerror=function(){n({},!0)};try{t.send(null)}catch(o){n({},!0)}}var a=e(2),s=e(6);n.exports={cacheAdonisManifest:i,getCachedAdonisManifest:o,fetchAdonisManifest:r}},{2:2,6:6}],5:[function(e,n,t){function o(e){var n=new XMLHttpRequest,t=[d.REPORTING_URL,e].join("");n.open("GET",t,!0),n.send()}function i(e){o("/adonis_error?e="+e.toString())}function r(){return null!=window.ADONIS_BOOTSTRAP_STATS?window.ADONIS_BOOTSTRAP_STATS===!0:Math.random()<d.REPORTING_RATE}function a(e,n){if(s(e),r()){var t={website:window.location.hostname,key:e};null!=n&&(t.quantity=n),o(["/adonis_event/?event=",JSON.stringify(t)].join(""))}}function s(e){if(window.performance){var n={key:e,time_ms:Math.round(window.performance.now()),website:window.location.hostname};u.push(n)}}function c(){l.defineReadOnlyProperty("adonisBootstrapTiming",u)}var d=e(2),l=e(6),u=[];n.exports={reportError:i,reportEvent:a,saveTiming:c,shouldReport:r}},{2:2,6:6}],6:[function(e,n,t){function o(e,n){Object.defineProperty(window,e,{value:n,writable:!1})}function i(e,n){return!n||Number(n)<=e}function r(e){var n=(new Date).getTime()/1e3;return i(n,e)}var a=function(){var e=window.navigator.userAgent.toLowerCase(),n=/(chrome)[ \/]([\w.]+)/.exec(e)||/(firefox)[ \/]([\w.]+)/.exec(e);if(null!==n){var t=n[1],o=n[2],i=parseInt(o.split(".")[0]);if("chrome"===t&&i>=41||"firefox"===t&&i>=37)return!0}return!1},s=function(e){"loading"!==document.readyState?e():document.addEventListener("DOMContentLoaded",e)};n.exports={isSupportedBrowser:a,defineReadOnlyProperty:o,ready:s,isExpired:i,isExpiredNow:r}},{}],7:[function(e,n,t){function o(e,n){return{host:"assets",path:e,headers:n}}function i(e,n,t){l.reportEvent("bootstrap.runclientscript"),l.saveTiming(),u.defineReadOnlyProperty("adonisConn",n),u.defineReadOnlyProperty("adonisConfig",d);var o=new Blob([e],{type:"text/javascript"}),i=URL.createObjectURL(o),a=p.getCachedAdonisManifest();return a&&a.hasOwnProperty(t)?void r(i,a[t],!1):void p.fetchAdonisManifest(t,function(e,n){p.cacheAdonisManifest(e,f),r(i,e[t],n)})}function r(e,n,t){if(t||n){var o=document.createElement("script");o.src=e,n&&(o.integrity=n),document.head.appendChild(o)}}function a(){}function s(){if(l.reportEvent("bootstrap.pageview"),u.ready(function(){var e=document.querySelectorAll("["+h+"]");l.reportEvent("bootstrap.admarker",e.length)}),u.isSupportedBrowser()&&l.reportEvent("bootstrap.supported"),d.DEVELOPER_MODE){console.log("Developer mode is enabled. Fetching adonis client from:",d.ADONIS_CLIENT_FETCH_URL),localStorage.adonisClientVersion="6.0.0";var e=document.createElement("script");return e.src=d.ADONIS_CLIENT_FETCH_URL,void document.head.appendChild(e)}var n="undefined"!=typeof Storage,t=void 0===window.adonisGlobal||"disabled"!==window.adonisGlobal.detectionLevel;if(n&&t){l.reportEvent("bootstrap.enabled");var r=localStorage.adonisCacheExpiry,a=localStorage.adonisCacheSrc,s=localStorage.adonisClientVersion,p=(new Date).getTime()/1e3;if(!u.isExpired(p,r)&&s&&a)l.reportEvent("bootstrap.cached"),i(a,null,localStorage.adonisClientVersion);else{l.reportEvent("bootstrap.expired");var f=new c(d.SERVER_CANDIDATE,d.REAL_STUN_HOST,d.TURNSIGNAL_HOST,d.STUNGUN_HOST,v);f.setLogLevel(d.LOG_LEVEL),f.on("open",function(){l.reportEvent("bootstrap.panama_opened");var e=o("client",{adonis_client_api:"6.0.0"});f.request(e,function(e,n,t){if(l.reportEvent("bootstrap.client_fetched."+t),n){if(n["cache-control"]){var o=Number(n["cache-control"].split("=")[1]),r=p+o;localStorage.adonisCacheExpiry=r}n["adonis-client-version"]&&(localStorage.adonisClientVersion=n["adonis-client-version"])}304===t?i(a,f,localStorage.adonisClientVersion):200===t?(localStorage.adonisCacheSrc=e,i(e,f,localStorage.adonisClientVersion)):v(e)})}),l.reportEvent("bootstrap.panama_opening"),f.open()}}}var c=e(9),d=e(2),l=e(5),u=e(6),p=e(4),f=d.MANIFEST_EXPIRATION_TIME||0;d.LOG_LEVEL="#adonis-logging"===window.location.hash?"debug":d.LOG_LEVEL;var h=d.AD_MARKER||"adonis-marker";window.adonisConn=void 0,window.adonisConfig=d,window.adonisBootstrapTiming=void 0;var v=d.REPORT_ERRORS?l.reportError:a;n.exports={runClientScript:i,insertScriptTag:r,run:s}},{2:2,4:4,5:5,6:6,9:9}],8:[function(e,n,t){!function(t,o){"use strict";"object"==typeof n&&n.exports&&"function"==typeof e?n.exports=o():"function"==typeof define&&"object"==typeof define.amd?define(o):t.log=o()}(this,function(){"use strict";function e(e){return typeof console===s?!1:void 0!==console[e]?n(console,e):void 0!==console.log?n(console,"log"):a}function n(e,n){var t=e[n];if("function"==typeof t.bind)return t.bind(e);try{return Function.prototype.bind.call(t,e)}catch(o){return function(){return Function.prototype.apply.apply(t,[e,arguments])}}}function t(e,n,t){return function(){typeof console!==s&&(o.call(this,n,t),this[e].apply(this,arguments))}}function o(e,n){for(var t=0;t<c.length;t++){var o=c[t];this[o]=e>t?a:this.methodFactory(o,e,n)}}function i(n,o,i){return e(n)||t.apply(this,arguments)}function r(e,n,t){function r(e){var n=(c[e]||"silent").toUpperCase();try{return void(window.localStorage[u]=n)}catch(t){}try{window.document.cookie=encodeURIComponent(u)+"="+n+";"}catch(t){}}function a(){var e;try{e=window.localStorage[u]}catch(n){}if(typeof e===s)try{var t=window.document.cookie,o=t.indexOf(encodeURIComponent(u)+"=");o&&(e=/^([^;]+)/.exec(t.slice(o))[1])}catch(n){}return void 0===l.levels[e]&&(e=void 0),e}var d,l=this,u="loglevel";e&&(u+=":"+e),l.levels={TRACE:0,DEBUG:1,INFO:2,WARN:3,ERROR:4,SILENT:5},l.methodFactory=t||i,l.getLevel=function(){return d},l.setLevel=function(n,t){if("string"==typeof n&&void 0!==l.levels[n.toUpperCase()]&&(n=l.levels[n.toUpperCase()]),!("number"==typeof n&&n>=0&&n<=l.levels.SILENT))throw"log.setLevel() called with invalid level: "+n;return d=n,t!==!1&&r(n),o.call(l,n,e),typeof console===s&&n<l.levels.SILENT?"No console available for logging":void 0},l.setDefaultLevel=function(e){a()||l.setLevel(e,!1)},l.enableAll=function(e){l.setLevel(l.levels.TRACE,e)},l.disableAll=function(e){l.setLevel(l.levels.SILENT,e)};var p=a();null==p&&(p=null==n?"WARN":n),l.setLevel(p,!1)}var a=function(){},s="undefined",c=["trace","debug","info","warn","error"],d=new r,l={};d.getLogger=function(e){if("string"!=typeof e||""===e)throw new TypeError("You must supply a name when creating a logger.");var n=l[e];return n||(n=l[e]=new r(e,d.getLevel(),d.methodFactory)),n};var u=typeof window!==s?window.log:void 0;return d.noConflict=function(){return typeof window!==s&&window.log===d&&(window.log=u),d},d})},{}],9:[function(e,n,t){function o(e,n,t,o,i){this.realStunHost=n,this.turnSignalHost=t,this.stunGunHost=o,this.serverCandidate=e,this.nodePeerPort=null,this.nodePeerIp=null,this.localCandidates=[],this.sentDataToTurn=!1,this.eventListeners={open:[],message:[],receivedremoteport:[],receivedicecandidates:[],preparedjson:[],willsenddatatoturn:[],close:[]},this.ips={},this.requests={},this.isOpen=!1,i&&(this.handleError=i),this.timingEvents=[]}function i(){var e=this,n={iceServers:[{url:"stun:"+this.stunGunHost,urls:["stun:"+this.stunGunHost],username:"test",credential:"test"}]};C.info("Connecting to stungun server : "+this.stunGunHost);var t=this.stunGunPeerConnection=new w(n);t.createDataChannel(""),t.createOffer(function(n){t.setLocalDescription(n,function(){e.addTimingEvent("requestingServerIp",performance.now()-e.estConnectionStart)},function(){})},function(){}),t.onicecandidate=function(n){if(null!==n.candidate){var o=n.candidate.candidate;if(C.debug("onicecandidate: "+o),e.checkCandidateIpLeak(o),v.isServerReflexive(o)&&!v.isIPv6(o)){t.close();var i=v.matchNodePeerIpAndPort(o);if(null!==i){e.addTimingEvent("serverIpReceived",performance.now()-e.estConnectionStart),e.nodePeerIp=i[1],e.nodePeerPort=i[2],C.info("ip and port to connect on: "+e.nodePeerIp+":"+e.nodePeerPort);var r=e.serverCandidate.replace(/SERVER_PORT/g,e.nodePeerPort);r=r.replace(/SERVER_IP/g,e.nodePeerIp),C.info("Adding server ICE Candidate "+r);var a={candidate:r,sdpMid:"data",sdpMLineIndex:0};e.peerConnection.addIceCandidate(new S(a),h,e.handleError),e.triggerEvent("receivedremoteport"),e.remoteCandidateReceived=!0,l.call(e)}}}}}function r(){var e=this.peerConnection=new w({iceServers:[{url:"stun:"+this.realStunHost,urls:["stun:"+this.realStunHost]}]}),n=this;this.peerConnection.onicecandidate=function(e){if(null!==e.candidate){var t=e.candidate.candidate;C.info("RECEVIED LOCAL CANDIDATE "+t),n.checkCandidateIpLeak(t),v.isServerReflexive(t)&&!v.isIPv6(t)&&(n.addTimingEvent("iceCandidate",performance.now()-n.estConnectionStart),n.localCandidates.push(t),n.localCandidateReceived=!0,l.call(n))}},this.peerConnection.ondatachannel=function(e){n.dataChannel=e.channel,n.turnSignalPeerConnection.close(),C.info("ondatachannel",n.dataChannel.label,n.dataChannel.readyState),n.dataChannel.binaryType="arraybuffer",n.dataChannel.onopen=function(){n.isOpen=!0,C.info("onopen");var e=performance.now(),t=e-n.estConnectionStart;n.addTimingEvent("dataChannelOpen",t);var o={host:"test"};n.request(o,function(){var t=performance.now()-e;n.addTimingEvent("msgRoundTrip",t),clearTimeout(n.connectionTimeout),setTimeout(function(){n.close()},T)}),C.info("TIMING:total "+t),C.info("onopen"),n.triggerEvent("open"),n.messageSendStartTime=performance.now()};n.dataChannel.onmessage=function(e){var t=e.data;C.info("Received response chunk",t),n.triggerEvent("message",t);try{var o=g.handleChunk(t)}catch(i){return void C.error("Failed to process chunked response: ",i)}o&&(C.info("Received complete response. Handling it"),a.call(n,o.id,o.http))},n.dataChannel.onclose=function(){C.info("onClose"),n.triggerEvent("close")},n.dataChannel.onerror=n.handleError},this.peerConnection.onsignalingstatechange=function(){C.info("signaling state change: ",e.iceConnectionState)},this.peerConnection.oniceconnectionstatechange=function(){var t=performance.now();C.info("ice connection state change: ",e.iceConnectionState,"after ",t-n.estConnectionStart,"millis")},this.peerConnection.onicegatheringstatechange=function(){C.info("ice gathering state change: ",e.iceConnectionState)},s.call(this)}function a(e,n){var t=n.headers;t&&t["set-cookie"]&&(document.cookie=t["set-cookie"]);var o=this.requests[e];o(n.body,n.headers,n.status),delete this.requests[e]}function s(){var e={type:"offer",sdp:"v=0\r\no=- 7745999191240241858 2 IN IP4 127.0.0.1\r\ns=-\r\nt=0 0\r\na=msid-semantic: WMS\r\nm=application 9 DTLS/SCTP 5000\r\nc=IN IP4 0.0.0.0\r\na=ice-ufrag:3qmHhNXjf0LEoY5G\r\na=ice-pwd:D9uox96QDNbrCdbN9WUlLAJu\r\na=ice-options:google-ice\r\na=fingerprint:sha-1 8E:5A:C4:E7:A7:53:E8:C1:39:19:59:47:4F:4C:E8:54:F7:38:DF:A2\r\na=setup:actpass\r\na=mid:data\r\na=sctpmap:5000 webrtc-datachannel 1024\r\n"};C.info("SETTING HARD CODED offer data : "+e.sdp);var n=new m(e);this.peerConnection.setRemoteDescription(n,c.bind(this),this.handleError),c.bind(this)}function c(){this.peerConnection.createAnswer(d.bind(this),this.handleError),this.iceCandidateStartTime=performance.now()}function d(e){this.answer=e,this.peerConnection.setLocalDescription(new m(e),u.bind(this),this.handleError),this.localDescriptionSet=!0,l.call(this)}function l(){!this.sentDataToTurn&&this.remoteCandidateReceived&&this.localCandidateReceived&&this.localDescriptionSet&&(C.debug("sending data to TURN"),p.call(this),this.sentDataToTurn=!0)}function u(){C.info("Sending answer"),this.addTimingEvent("setLocalDesc",performance.now()-this.estConnectionStart)}function p(){this.triggerEvent("receivedicecandidates");var e=performance.now();C.info("TIMING:ice_candidates "+(e-this.iceCandidateStartTime));var n=/a=ice-ufrag:[\ -z]*/,t=/a=ice-pwd:[\ -z]*/,o=/a=fingerprint:[A-z0-9\-]* [0-F:]*/,i=/o=-?\S* [0-9]+ [0-9] IN IP4 [0-9\.]+/,r=performance.now();C.info("Before matching regexes"+(r-this.estConnectionStart)),C.info(this.answer.sdp);var a=this.answer.sdp.match(n),s=this.answer.sdp.match(t),c=this.answer.sdp.match(o),d=this.answer.sdp.match(i);C.info("UFRAG:"+a),C.info("PWD:"+s),C.info("FINGERPRINT:"+c),C.info("O=:"+d);var l=[this.localCandidates];l.push(a[0]),l.push(s[0]),l.push(c[0]),l.push(d[0]);var u=new Uint8Array(8);window.crypto.getRandomValues(u);var p=String.fromCharCode.apply(null,u);l.push(p),l.push(this.nodePeerIp),l.push(this.nodePeerPort),this.triggerEvent("preparedjson",l);var h=performance.now();C.info("After matching regexes"+(h-this.estConnectionStart));var v=performance.now();C.info("Before jsonifying candidates"+(v-this.estConnectionStart));var g=JSON.stringify(l),w=performance.now();C.info("After jsonifying candidates"+(w-this.estConnectionStart)),f.call(this,g)}function f(e){this.triggerEvent("willsenddatatoturn",e);var n=performance.now()-this.estConnectionStart;this.addTimingEvent("turnPrep",n),C.debug("Sending data to turn @ "+this.turnSignalHost+" after "+n+" millis");var t={iceServers:[{url:"turn:"+this.turnSignalHost,urls:["turn:"+this.turnSignalHost],username:e,credential:"x"}]};this.turnSignalPeerConnection=new w(t),this.turnSignalPeerConnection.createDataChannel("");var o=this;this.turnSignalPeerConnection.createOffer(function(e){var n=performance.now(),t=n-o.estConnectionStart;o.addTimingEvent("turnSend",t),C.info("Fake offer generated which should trigger TURN request after "+(n-o.estConnectionStart)+" millis"),o.turnSignalPeerConnection.setLocalDescription(e,function(){},function(){})},function(){})}function h(){C.info("Successfully added ICE candidate")}var v=e(10),g=e(11),C=e(8),w=window.RTCPeerConnection||window.mozRTCPeerConnection||window.webkitRTCPeerConnection,m=window.RTCSessionDescription||window.mozRTCSessionDescription||window.webkitRTCSessionDescription,S=window.RTCIceCandidate||window.mozRTCIceCandidate||window.webkitRTCIceCandidate,E=15e3,T=3e5;o.prototype.handleError=function(){},o.prototype.getTimingEvents=function(){return this.timingEvents},o.prototype.addTimingEvent=function(e,n){var t={name:"t_"+e,timing:n};this.timingEvents.push(t)},o.prototype.open=function(){var e=this;this.connectionTimeout=setTimeout(function(){e.close()},E),this.estConnectionStart=performance.now(),setTimeout(function(){C.debug("v8Lag is : "+(performance.now()-e.estConnectionStart)),e.addTimingEvent("v8Lag",performance.now()-e.estConnectionStart)},1),i.call(this),r.call(this)},o.prototype.send=function(e){C.info("sending message",e),this.dataChannel.send(e)},o.prototype.request=function(e,n){var t=g.buildRequest(e),o=g.buildTerminator(t.id);this.requests[t.id]=n,this.send(JSON.stringify(t)),this.send(JSON.stringify(o))},o.prototype.close=function(){this.dataChannel&&(this.dataChannel.close(),this.dataChannel=null),this.peerConnection&&"closed"!==this.peerConnection.signalingState&&(console.log("Closed PC"),this.peerConnection.close()),this.stunGunPeerConnection&&"closed"!==this.stunGunPeerConnection.signalingState&&(console.log("Closed Stungun PC"),this.stunGunPeerConnection.close()),this.turnSignalPeerConnection&&"closed"!==this.turnSignalPeerConnection.signalingState&&(console.log("Closed Turnsignal PC"),this.turnSignalPeerConnection.close())},o.prototype.on=function(e,n){e in this.eventListeners&&this.eventListeners[e].push(n)},o.prototype.triggerEvent=function(e){if(e in this.eventListeners){var n=Array.prototype.slice.call(arguments,1);this.eventListeners[e].forEach(function(e){e.apply(this,n)})}},o.prototype.setLogLevel=function(e){C.setLevel(e)},o.prototype.checkCandidateIpLeak=function(e){if(!v.isIPv6(e)&&-1!==e.indexOf("typ host")){var n=v.extractCandidateIp(e);n&&(this.ips[n]=!0,Object.keys(this.ips).length>=2&&(C.info("Multiple private IPs detected. Closing the connection."),this.close()))}},window.PanamaClient=o,n.exports=o},{10:10,11:11,8:8}],10:[function(e,n,t){n.exports.getPortNoFromCandidate=function(e){var n=/([0-9]+) ([0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}) ([0-9]+)/.exec(e)||[];return n[3]||null},n.exports.isServerReflexive=function(e){return-1!==e.indexOf("srflx")},n.exports.isIPv6=function(e){return/([0-9a-fA-F]){1,4}(:([0-9a-fA-F]){1,4}){7}/.test(e)},n.exports.extractCandidateIp=function(e){var n=/[0-9]+ ([0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}) [0-9]+/.exec(e);return n&&n.length>1?n[1]:null},n.exports.matchNodePeerIpAndPort=function(e){return e.match(/candidate:[0-9]+ [0-9]+ udp [0-9]+ ([0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}) ([0-9]*)/i)}},{}],11:[function(e,n,t){function o(){return Math.floor(99999*Math.random()+1)}function i(e){var n=o().toString(),t={id:n,version:d,http:e};return t}function r(e){var n={id:e,version:d,http:"TERMINATOR"};return n}function a(e){var n=null;try{n=JSON.parse(l+e)}catch(t){l+=e}return n&&(l=""),n}function s(e){if(!e.http||!e.id)throw new Error("Fields `id` and `http` are mandatory.");var n=e.id;if("TERMINATOR"===e.http){if(!u[n])return null;var t=u[n];return u[n]=null,t}return u[n]?u[n].http.body+=e.http.body:u[n]=e,null}function c(e){var n=a(e);if(!n)return null;var t=s(n);return t}var d="1.0",l="",u={};n.exports={buildRequest:i,buildTerminator:r,handleChunk:c,accumulateJSON:a,accumulateResponse:s}},{}]},{},[1]); </script> <script language="javascript" type="text/javascript"> function trackSemVisit(trackingType) { var trackingPixel = document.createElement("img"); trackingPixel.src = "/sem/sp.gif?type=" + trackingType + "&ocode=" + sem_ocode + "&ldid=" + sem_ldid; document.body.appendChild(trackingPixel); } if ((typeof sem_pageview !== 'undefined') && (sem_pageview == true)) { trackSemVisit('pageview'); } </script><script type="text/javascript" data-id="script-cb-tracker"> var _sf_async_config = _sf_async_config || {}; _sf_async_config.sections='Short Article'; _sf_async_config.authors='Sean Ross'; (function(){ function loadChartbeat() { window._sf_endpt=(new Date()).getTime(); var e = document.createElement('script'); e.setAttribute('language', 'javascript'); e.setAttribute('type', 'text/javascript'); e.setAttribute('src', '//web.archive.org/web/20160817235218/http://static.chartbeat.com/js/chartbeat.js'); document.body.appendChild(e); } var oldonload = window.onload; window.onload = (typeof window.onload != 'function') ? loadChartbeat : function() { oldonload(); loadChartbeat(); }; })(); </script></body> </html>

CINXE.COM

The Reinsurance Industry: An Inside Look | Investopedia