text:
|Publication number
|Publication type
|Application number
|Publication date
|Feb 22, 2011
|Priority date
|Jul 27, 2007
|Fee status
|Also published as
|Publication number
|Nicholas Mocciolo
|Original Assignee
|Hartford Fire Insurance Company
|Export Citation
|BiBTeX, EndNote, RefMan
|Patent Citations (10), Non-Patent Citations (2), Referenced by (4), Classifications (16), Legal Events (2)
|External Links: USPTO, USPTO Assignment, Espacenet
This application is a continuation-in-part of Non-Provisional U.S. application Ser. No. 12/002,376, filed on Dec. 17, 2007, which claims the benefit of U.S. Provisional Application Ser. No. 60/962,196, filed on Jul. 27, 2007, and such specifically enumerated applications are hereby incorporated by reference.
The present invention generally relates to the field of hedging. More specifically, the present invention discloses a novel method and system of hedging the risks involved in providing variable annuities utilizing dividend swap contracts.
Often, individuals will seek to guarantee a steady stream of income for situations when their regular income is either diminished or altogether unavailable (e.g. retirement, times of financial hardship, etc). Additionally, individuals may make an investment in order to expand their income at a later date. In such cases, these individuals will often invest their existing funds, in order to guarantee a stream of payments of the invested amount, as well as to receive return from the investment at a later time. This type of investment is generally known as an "annuity." An individual investing in an annuity (and upon whose life the income payments will be based) is known as an "annuitant." The individual receiving payments from the annuity is known as the "contract owner." The contract owner and the annuitant are often the same individual.
The annuity has two phases: an accumulation phase, during which the contract builds a cash value and money is added, and a payout phase, during which the funds are distributed. An annuitant may choose to purchase an annuity with a lump sum, or may make continuous payments into an annuity fund. Regardless of the payment method chosen by the annuitant, the financial or insurance institution offering an annuity will begin making periodic payments to and stop receiving funds from the annuitant on a predetermined date, this is known as "annuitization."
Two common types of annuities are known as fixed annuities ("FA") and variable annuities ("VA"). Upon annuitization, fixed annuities offer payments of predetermined value, or of sums that increase by a set percentage. Conversely, upon annuitization, variable annuities offer payments determined by the performance of a particular investment option (e.g. bonds).
With a variable annuity, the annuity contract owner bears the investment risk. The relevant life typically has a choice of investment options in which he/she can direct where the annuity deposits will be invested. These various investment options, or sub-accounts, may include stocks, bonds, money market instruments, mutual funds and the like.
Since the yield of a variable annuity is dependent on the specific sub-accounts, the risk involved in purchasing a variable annuity is proportional to the risk involved in investing in the underlying sub-accounts. While a potential annuitant may be interested in a specific investment option, the risk involved over a long period of time before annuitization may be unappealing. In such a case, the financial institution or insurance company offering the variable annuity product may elect to guarantee a certain minimum return on the annuitant's investment. Thus, the financial or insurance institution would assume some of the risk involved in purchasing a variable annuity product.
Variable annuity contracts can also provide a death benefit. Usually, during the accumulation period, this death benefit is related to the value of the underlying sub-accounts, or contract value. That is, if the sub-accounts backing the contract value have performed poorly, then the death benefit may be reduced to an insignificant amount. After annuitization, the death benefit can be a function of the remaining payments of the annuity at the time of the relevant life's death.
Annuity contracts may also provide guarantees in several different variations. A guaranteed minimum death benefit ("GMDB") is a guarantee that provides a minimum benefit at the death of the relevant life regardless of the performance of the underlying investments. A guaranteed minimum income benefit ("GMIB") is a guarantee that will provide a specified minimum income amount at the time the contract is annuitized. The income payment will be dependent on previously stated details set out in the contract.
A guaranteed minimum accumulation benefit ("GMAB") is a benefit that guarantees a specified minimum contract value at a certain date in the future, even if actual investment performance of the contract is less than the guaranteed amount. A guaranteed minimum withdrawal benefit ("GMWB") is a guarantee of income for a specified period of time, and in some versions, the income stream is guaranteed for life without requiring annuitization as in the guaranteed minimum income benefit. However, this guarantee will automatically annuitize the contract if the contract value is reduced to zero or some other amount specified in the contract or rider (as described below). Further, if the annuity contract does not provide a guarantee (e.g. GMIB, GMWB, etc.), the contract will terminate when the contract value goes to $0 or some other amount specified in the contract.
The guarantees form a class of liabilities collectively referred to as variable annuity guaranteed benefits ("VAGB"). These guarantees are known as "riders." The contract holder can purchase riders in order to guarantee a certain minimum performance criteria for underlying separate accounts. To the extent that the underlying investments do not perform in such a way so that the minimum criteria are met, the writing insurance company must subsidize the difference between the minimum performance that the VAGB guarantees and the actual performance of the underlying sub-accounts.
VAGBs can be further subdivided into several different categories, which are shown in
The VAGMDB 106 is commonly implemented as one the following three (3) manifestations: return of premium death benefits ("ROPDB") 110, high watermark and/or periodic ratchet death benefits ("HWDB/PRDB") 112, and earnings enhancement death benefits ("EEDB").
The VAGLB 108 is commonly implemented as one the following three (3) manifestations: variable annuity guaranteed minimum accumulation benefits ("GMAB") 116, variable annuity guaranteed minimum income benefits ("GMIB") 118, and variable annuity guaranteed minimum withdrawal benefits ("GMWB") 120. This is not intended as an exhaustive list, but rather, a broad overview of the general trend of VAGBs currently available.
As previously discussed, two types of VAGBs are VAGMDB and VAGLB. The fundamental difference between VAGMDBs and VAGLBs is that the former requires that the annuitant die in order for the contract holder to realize the incremental value afforded by the guarantee. On the contrary, VAGLBs permit the contract holder to realize some or all of the benefit of the guarantee while the annuitant is living.
Naturally, regardless of the specific form taken by a particular VAGB, there is significant risk that the underlying sub-accounts perform in a manner that is inadequate to meet the minimum performance criteria. Financial and insurance institutions offering VAs are often interested in decreasing the risks entailed in the sale of a variable annuity.
Historically, many financial and insurance institutions have purchased reinsurance in an attempt to share the risk that there will be inadequate funds available to cover these guarantees. Typically, reinsurance companies spread risks by pooling the risks of multiple companies and contracts. Specifically, insurance companies pay a premium to cede a portion of their risk so that if losses are above a negotiated amount, the reinsurance company will reimburse the insurance company for these excess losses. Since the reinsurance company assumes risks from multiple companies, any losses incurred from business assumed from one insurance company are expected to be outweighed by profits from another company, thus allowing the reinsurance company to make a profit. Over the years, most reinsurers have withdrawn from providing coverage for variable annuity contracts having features such as those described above because of the high correlation among the contracts, and thus the risk could not be mitigated by pooling risks from multiple companies. Because of the inability of insurance companies to reinsure variable annuity contracts, they incurred large economic losses during the stock market decline from 2000 to 2002.
Another method of mitigating these risks is known as a "hedge," while investing in a hedge is known as "hedging." To protect the variable annuity contract holders, and to ensure the claims-paying ability of the writing insurance company, hedging programs are often maintained by insurance carriers to offset the risk associated with the riders.
Hedging is a strategy that entails making an investment, the gains of which will offset the losses of a business risk, thus allowing the hedging entity to benefit from a gain involved in a particular business transaction while offsetting losses. Commonly, hedging is used to diminish the risk factors involved in a specific investment, but can also be used to manage the risks involved in guaranteeing a minimum income to an annuitant on a variable annuity, or for a group of annuitants whose variable annuities depend on the same or similar factors.
Various strategies are being employed to manage GMWB and GMDB risks: (a) delta hedging (uncertain effectiveness since a GMWB's exposure to "vega" (implied volatility) is not hedgeable with futures, and substantial EPS (earnings per share) and economic risks remain); (b) Multi-greek hedging with futures and vanilla options (reasonably effective to hedge economic and EPS exposure over intermediate term and stable markets, but long term effectiveness is uncertain due to cost and exposure to second and third order risks); and (c) Multi-greek hedging with futures, vanilla options, and exotic equity options (reasonably effective to hedge EPS exposure over intermediate term and stable markets, but long term effectiveness is not well understood).
Hedging programs can vary significantly but generally proceed according to the following pseudo-algorithm:
Furthermore, it should be noted that the liability delta is defined as the sensitivity of the VAGB valuation to instantaneous changes in stock or stock index levels, the liability vega is defined as the sensitivity of the VAGB valuation to instantaneous changes in stock or stock index implied volatility levels, and the liability rho is defined as the sensitivity of the VAGB valuation to instantaneous changes in interest rates.
Additionally, there are innumerable other Greeks that can be defined and managed as part of a hedge program. Those may include the following additional metrics:
Finally, it should be noted that the above is by no means meant to be an exhaustive list of all possible Greeks, but merely an illustrative description of some Greeks that may be instrumental in understanding the subject matter of the invention.
The following is an example of hedging the liability associated with a VA. Assuming a VA guarantee has been written on a VA contract in which the policyholder's funds are invested in a single asset, and supposing the writing insurance company wishes to implement a 3-Greek first order hedge to offset delta, vega, and rho risk. Let ƒL(x,y,z) be the liability valuation estimate computed after a hypothetical change to the underlying stock index of x, a hypothetical change to the underlying index volatility of y, and a hypothetical change to the underlying interest rate term structure of z.
In classic terminology, the three Greeks of the liability would be computed using a finite-differencing methodology as follows:
ƒL B=ƒ(0,0,0)
δL=ƒL(1,0,0)−ƒL(0,0,0)=ƒL(1,0,0)−ƒL B
κL=ƒL(0,0.01,0)−ƒL(0,0,0)=ƒL(0,0.01,0)−ƒL B
ρL=ƒL(0,0,0.0001)−ƒL(0,0,0)−ƒL(0,0,0.0001)−ƒL B
Similar metrics can be calculated for a portfolio of hedging assets. Using analogous notation, a standard goal of a hedging program would be to formulate a portfolio of hedging assets that, minimally, meets the following criteria:
Wherein, the ε ("epsilon") represents tolerance imposed on the management of the portfolio. Notably, they need not be constant, although they are expressed that way above. The above examples demonstrate first-order hedging only in a 3-Greek framework, but similar exercises may be performed related to higher-order Greeks and cross-gammas. That is, second-order Greeks and cross-gammas can be calculated using analogous finite differencing methodologies and analogous hedge tolerances can be defined. Furthermore, each of the above three equations represents the hedging of a different Greek (i.e. delta, vega, and rho). Additionally, the main difference between the first and second condition, in each of the above three equations, is whether the deviation in liability and asset Greeks is viewed on an absolute and/or a relative basis.
The motivation for Greek-matching is to produce gains or losses that offset losses or gains made on the liability. For example, suppose that the price of the underlying asset were to decrease by one. This would result in a change (generally a loss in the case of VA guarantees) of δL. However, due to the construction of the asset portfolio, the hedges will experience a change in value (generally a gain in the case of VA guarantee hedges) of δA. Since the hedging process ensures that the difference between δA and δL is small, the net economic impact on the company is also small, making the company reasonably indifferent to small changes in these capital market variables.
Among other factors, hedging effectiveness on VA guarantees using generic hedging instruments, known as "vanilla hedging instruments," is dependent upon the size, frequency and correlation of movements in critical capital markets variables. Generally, small changes in valuation inputs will not cause a hedge to materially lose effectiveness. Depending upon the nature of the guarantee written, as well as upon the exact instruments chosen for hedging, there are two characteristics of VA guarantee liabilities that cause hedging ineffectiveness in existing systems for guaranteeing benefits using hedging: 1) the instance where valuation inputs experience large and/or sudden changes, and 2) when several of the inputs move together.
The present invention comprises a method and system for mitigating risks associated with an insurance instrument. The method includes the steps of determining hedging transactions to meet required characteristics of risks associated with the insurance instrument, and mitigating the risks associated with the insurance instrument by executing hedging transactions.
The insurance contract provides a guaranteed minimum death benefit, a guaranteed minimum income benefit, a guaranteed minimum accumulation benefit and a guaranteed minimum withdrawal benefit.
The insurance instrument may be an annuity contract, a variable annuity contract, or a fixed annuity contract.
An account value of the insurance instrument is determined and the account value is at least in part based on account features of the insurance instrument, or the demographics of a policyholder.
The account features comprise one or more of the following: a product type, a death benefit, a withdrawal amount, a lapse period, a ratchet value, a fund selection, and a rollup value. The demographics of a policyholder of the insurance instrument includes at least one of the following: an age, a gender, and a mortality rate.
The system and method calculates the delta, gamma, vega, theta, rho and other first order, higher order and cross gammas for the insurance product. Then, active hedging is executed.
The present invention also comprises a system and method for hedging risks associated with an insurance instrument with benefits, the method including the steps of providing a plurality of insurance instruments with benefits, calculating a plurality of risk statistics based on characteristics of the plurality of insurance instruments with benefits, and hedging the risks associated with the insurance instruments by purchasing dividend swaps agreements
The present invention further comprises a method and system for managing risks associated with an insurance instrument issued by an insurance provider. The system includes a data storage module for storing information associated with the insurance instrument and a computing system in electronic communication with the data storage module and the insurance provider, the computing system including a hedging engine.
The hedging engine is operable to calculate one or more risk statistics based on the information associated with the guaranteed variable annuity contracts and to identify a hedge position to mitigate risks associated with the insurance instrument using derivatives such as dividend swaps.
The hedging engine may include a trading system for executing trades associated with the identified hedge positions.
The computing system may also include a risk assessment module for assessing the risks associated with the issuance of the insurance instrument, the risks including behavior risks and market risks. The computing system includes a display module, a data entry module, a processing module, a calculation module and one or more communication modules. The computer system also includes a reporting module for producing reports of information associated with the insurance instrument.
Other objects, features, and characteristics of the present invention, as well as the methods of operation and functions of the related elements of the structure, and the combination of parts and economies of manufacture, will become more apparent upon consideration of the following detailed description with reference to the accompanying drawings, all of which form a part of this specification.
A further understanding of the present invention can be obtained by reference to a preferred embodiment set forth in the illustrations of the accompanying drawings. Although the illustrated embodiment is merely exemplary of systems and methods for carrying out the present invention, both the organization and method of operation of the invention, in general, together with further objectives and advantages thereof, may be more easily understood by reference to the drawings and the following description. The drawings are not intended to limit the scope of this invention, which is set forth with particularity in the claims as appended or as subsequently amended, but merely to clarify and exemplify the invention.
As required, a detailed illustrative embodiment of the present invention is disclosed herein. However, techniques, systems and operating structures in accordance with the present invention may be embodied in a wide variety of forms and modes, some of which may be quite different from those in the disclosed embodiment. Consequently, the specific structural and functional details disclosed herein are merely representative, yet in that regard, they are deemed to afford the best embodiment for purposes of disclosure and to provide a basis for the claims herein, which define the scope of the present invention. The following presents a detailed description of the preferred embodiment of the present invention.
Yet further, in most variable annuity products with guaranteed benefit riders, the policyholder may invest in a variety of underlying sub-accounts, in proportions that are selected by the policyholder, although in other non-limiting embodiments, these investments may be subject to various allocation restrictions.
Particularly, variable annuity products have given policyholders a wide array of sub-account styles from which to choose, including but not limited to, money market funds, corporate bond funds, mortgage securities funds, balanced funds, small cap stock funds, mid cap stock funds, large cap stock funds, equity index-tracking funds, international debt and equity funds, and the other similar type of investments. Moreover, the managers of these traditional equity-based mutual funds use the invested cash, received from policyholders, to buy stocks, and therefore, policyholders benefit from dividends paid by stocks held in the fund. Therefore, without considering the investment expenses and fees, policyholders receive "total returns" from their investments in underlying equity-based sub-accounts, as opposed to "price returns." It should be appreciated that "price returns" is the increase in the price of the equity (i.e., capital appreciation component) while "total returns" includes the dividend or distribution component as well as the capital appreciation component.
Further still, when viewed in the context of variable annuity guaranteed benefits (VAGBs), insurers have guaranteed, in a formulaic manner, the total return performance of the underlying sub-account investments. Traditionally, three-Greek variable annuity hedging programs have been buyers of put options on equity indices or baskets of equity indices. In most cases, the level of an equity index does not include the effect of reinvested dividends. Therefore, it is a "price return" index. There are also, in some cases, total return proxy indices that are designed to proxy the total return performance that an investor would have attained by receiving and reinvesting the dividends associated with the underlying constituent stocks.
As an example, the S&P 500 index, whose ticker symbol is "SPX" on the Bloomberg terminal (i.e., a platform that streams the price of various trading data), is a price index, whereas the S&P US 500 Total Return index, whose ticker is "SPTR" on the Bloomberg Terminal, is a total return index associated with the same underlying stocks as those comprising the SPX. Put options listed on exchanges generally correspond to the "price return" version of the index (e.g. the SPX), and as such, the natural tendency in the evolution of over-the-counter ("OTC") equity derivatives trading has been to use the price return indices as underlying assets in most cases. Options on total return indices are also made available in the OTC markets, if requested, but the default is generally the price return index.
As a result of the conditions described above, many hedging programs for variable annuity guaranteed benefits ("VAGBs) are faced with the potential of hedging ineffectiveness owing to the market's expectation of future dividends. As an illustration, consider that under risk-neutral pricing techniques, an investment in an underlying equity sub-account must always be arbitrage-free with respect to the initial yield curve. Therefore, while altering the expectation for dividends payable on the underlying equities would alter the proportion of the total expected performance of the underlying sub-accounts attributable to dividends (and therefore, simultaneously, the proportion attributable to capital appreciation), it would not alter their sum. In other words, the expectation of the total return of the underlying equity index does not change when expected future dividends change, but the composition of that return, (i.e. the proportions attributable to dividends and capital appreciation), would change.
Therefore, since the payouts owed to policyholders, who have elected VAGBs, are tied to the performance of the underlying sub-accounts, which, in turn, have traditionally been tied to the total returns of the equities held in the fund, the market's expectation for future dividend changes may not have a material impact on the valuation of a policyholder's VAGB. By contrast, since traditional put options and other commonly used instruments in variable annuity guaranteed benefits hedging programs have payouts that are generally linked to the price return of equities or equity indices, rather than the total return, the valuation of hedging instruments is altered, in some cases materially, when expected future dividends change.
These phenomena result in a VAGB being much less sensitive to changes in expected future dividends than the price-return-based instruments often chosen as hedges. This means that when expected future dividends change, the valuation of hedging instruments can change significantly, while the change in the corresponding GMDB liabilities may be much lesser, creating unintended hedge ineffectiveness.
Thus, for the above described reasons, existing systems for guaranteeing benefits using hedging are often incomplete and plagued with a lack of certainty that the assets generated from hedging would cover the liability stemming from VAGBs.
Because current hedging programs are incomplete and uncertain, there is a clear need in the art for a system and method to more effectively redistribute the risk associated with variable annuities. The present invention overcomes the various deficiencies associated with traditional hedging programs.
Furthermore, there is a need to institute a mechanism by which to mitigate unintended hedge ineffectiveness arising from changes in the market's expectation of future dividends for those variable annuity hedging programs whose liabilities are tied to the total return performance of the equities held in the underlying sub-accounts, but whose assets, in part or in whole, have payouts linked to price return indices.
The present invention provides a novel approach to mitigate the aforementioned unintended hedge ineffectiveness with respect to future dividends by hedging first-order dividend risk utilizing Dividend Swap Agreements ("Dividend Swaps"). Dividend Swaps are Over-The-Counter ("OTC") contracts where, in one non-limiting example, two parties enter into an agreement to exchange dividends for an asset based on a notional amount tied to the asset, in exchange for dividends based on the same notional amount for an asset tied to a fixed index.
In operation, the Dividend Swap provides a payout to the long position, with the payout calculated as:
Furthermore, and as disclosed in the present invention, in order to hedge dividend exposure or risk, a VAGB hedging program may take the appropriate position in dividend swaps, so that the net hedging impact is managed to first-order, which greatly reduces the earnings volatility associated with changes in the market's expectation of future dividends.
The following non-limiting embodiment illustrates the hedging exposure to future dividends while utilizing the above-mentioned VAGB hedging program:
On Dec. 31, 2007, an annuity policyholder has elected a GMAB benefit, which guarantees $100, for which the guarantee payout, if any, is payable on Dec. 31, 2009. The value of the policyholder's account is presently $100. The lone investment vehicle in the policyholder's annuity contract is an index fund that precisely tracks the performance of the ABC stock index. There are no fees, taxes, or transactions costs associated with this GMAB benefit. The current level of the ABC stock index is 100. The expectation is that the stocks in the ABC index will pay cumulative dividends of $1 on each of Jun. 30, 2008 and Jun. 30, 2009 for each share of the ABC index owned by the policyholder. The risk-free rate of interest is 5%, continuously compounded, applies for all maturities, and is deterministic. The implied volatility surface for the ABC index is flat at 20%
Let ƒL(x,y,z,d) be the estimated value of the VAGB liability, and ƒA(x,y,z,d) the estimated value of the hedging portfolio, assuming that:
Suppose the hedging portfolio corresponding to this VAGB guarantee consisted of:
The valuation and liabilities of the shares and zero-coupon bond disclosed above are estimated using either analytic methods or a 100,000-path Monte Carlo simulation (for the options and the VAGB liability disclosed above), and Table 1, shown below, summarizes the valuation of these instruments under the base market environment described above, as well as under various perturbed markets.
Valuation with
Valuation with
Valuation with
with the
the risk-free
dividends of
ABC index
rate at
at 21%
1.1 per year
price at 101
1 yr, 90-strike ABC put
2 yr, 80-strike ABC put
1 y Dividend Swap
ABC Index Shares
1 yr Zero-Coupon Bond
Total Assets
Through finite differencing, the first-order Greeks of the liability and hedging portfolio may be calculated using the information above. In one non-limiting embodiment, the first-order Greeks, restricted to one-sided differencing, are defined as:
It should be appreciated that the first-order Greeks for Assets are calculated utilizing substantially similar one-sided differencing equations. The results obtained from running these calculations are displayed in Table 2 below:
The portfolio is therefore hedged to first order on the basis of Delta, Vega, and Rho, and therefore resembles some traditional variable annuity hedging strategies. However, the net first-order exposure to Psi has not been hedged.
Yet further, if the market moves such that the value of the ABC index is 99.50, the ABC index implied volatility surface is flat at 20.15%, the risk-free rate is 4.99%, and the expected dividends fall to 0.6, then using the equations for calculating first-order Greeks utilizing finite-order differencing, the new value of the instruments and the VAGB, post-shock, are shown in Table 3:
1 yr, 90-strike ABC put
2 yr, 80-strike ABC put
1 y Dividend Swap
ABC Index Shares
1 yr Zero-Coupon Bond
Total Assets
Table 3 shows that the asset portfolio has increased in value by an amount equal to 30.973-30.917=0.056, while the VAGB valuation has increased by an amount equal to 6.887−6.649=0.238. The company has therefore suffered a net economic loss of 0.182.
In another non-limiting embodiment and best shown in Table 4, the performance of the hedging portfolio is disclosed and shows what the values would be if the hedging portfolio were to hold a short position of 0.47291 in the 1 yr dividend swap, while the revised valuations and net Greek profiles are shown in Table 5:
Valuation with
Valuation with
Valuation with
with the
the risk-free
dividends of
ABC index
rate at
at 21%
1.1 per year
price at 101
1 yr, 90-strike ABC put
2 yr, 80-strike ABC put
1 y Dividend Swap
ABC Index Shares
1 yr Zero-Coupon Bond
Total Assets
The performance of the hedging program on a before-and-after basis would therefore be as shown in Table 6 below.
1 yr, 90-strike ABC put
2 yr, 80-strike ABC put
1 y Dividend Swap
ABC Index Shares
1 yr Zero-Coupon Bond
Total Assets
While the VAGB has still increased in value by 0.238, the hedging portfolio has now generated a gain of 31.153−30.917=0.238, for a net gain of 0.002. It should be appreciated that the calculated net gain 0.002 was calculated from numbers inputted from a spreadsheet (not shown), and the discrepancy in math is not an error but accountable to the rounding off of numbers from the spreadsheet. Thus, hedging dividend risk to first-order has materially lowered the overall volatility in hedging performance.
The present invention utilizes customized derivatives to hedge first-order dividend risk utilizing Dividend Swap Agreements.
The product characteristics 220 of the insurance instrument are input into the hedge engine 222. Product characteristics 220 include: living benefit guarantees, death benefit guarantees, minimum income guarantees, etc.
Capital market assumptions 218 are input into the hedge engine 224. These assumptions include risk free rates, volatilities, correlations of funds, and any other statistical measurements and data describing the conditions of the capital markets. Risk neutral and real world assumptions may also be used as input items.
The characteristics of the derivative positions 230 are also used as inputs into the hedge engine 222. The hedge engine calculates the first order values 226, although in other non-limiting embodiments, higher-order and cross-gamma values may also be calculated.
Actuarial assumptions 224 are used to provide mortality rates, surrender rates, partial withdrawal rates, fund mapping and expenses. Wherein, fund mapping is the process of analyzing separate account funds and assigning them to indices that can be hedged.
The hedge engine 222 calculates the amount of available options to be purchased and uses cash and derivative options.
The output from the hedge engine 222 is the specific buy and sell positions 232 that provide the balance.
One or more of the resulting portfolios is then selected as the desired portfolio. The result is compared 308 to the existing portfolio. One or more tolerance bands may be established to determine if adjustments to the portfolio are necessary and used when comparing the existing portfolio to the new portfolio 310. It is determined if the review process is to continue in step 316, if the new portfolio is within the tolerance bands the review process continues in step 308. However if it is determined that the review process is not to continue, the procedure ends in step 318.
However, if the selected portfolio is outside the established tolerances, the hedge transactions that will create the selected portfolio are determined 312, and executed 314. The procedure ends in step 318.
The procedure described in
The following depicts the hedging methods, which are described more specifically in
Unlike standard vanilla call and put options, dividend swap derivatives do not conform to a single payoff function definition, owing to the very unique structuring opportunities within the OTC derivatives market. In general, these structures will combine the performance of a swap notional amount, a sum of dividends payable to an investor owning one share of the specified equity index between the start date and the end date of the swap, and the strike level of dividends. However, there are many other designs, which may be used to without departing from the spirit of the present invention. The list below details some of those examples; nevertheless, it should not be considered exhaustive:
Referring now to
Network server may also be configured in a distributed architecture, wherein databases and processors are housed in separate units or locations. Some such servers perform primary processing functions and contain at a minimum, a RAM, a ROM, and a general controller or processor. In such an embodiment, each of these servers is attached to a communications hub or port that serves as a primary communication link with other servers, client or user computers and other related devices. The communications hub or port may have minimal processing capability itself, serving primarily as a communications router. A variety of communications protocols may be part of the system, including but not limited to: Ethernet, SAP, SAS™, ATP, Bluetooth, GSM and TCP/IP.
Data storage device may include a hard magnetic disk drive, optical storage units, CD-ROM drives, or flash memory. Data storage device contains databases used in processing transactions and/or calculations in accordance with the present invention, including at least an insurance subscriber database and an insurance database. In one embodiment, database software creates and manages these databases. Insurance related calculations and/or algorithms of the present invention are stored in storage device and executed by the CPU.
The controller comprises a processor, such as one or more conventional microprocessors and one or more supplementary co-processors such as math co-processors. The processor is in communication with a communication port through which the processor communicates with other devices such as other servers, user terminals or devices. The communication port may include multiple communication channels for simultaneous communication with, for example, other processors, servers or client terminals. As stated, devices in communication with each other need not be continually transmitting to each other. On the contrary, such devices need only transmit to each other as necessary, may actually refrain from exchanging data most of the time, and may require several steps to be performed to establish a communication link between the devices.
The processor also is in communication with a data storage device. The data storage device may comprise an appropriate combination of magnetic, optical and/or semiconductor memory, and may include, for example, RAM, ROM, flash drive, an optical disc such as a compact disc and/or a hard disk or drive. The processor and the data storage device each may be, for example, located entirely within a single computer or other computing device; or connected to each other by a communication medium, such as a USB port, serial port cable, a coaxial cable, an Ethernet type cable, a telephone line, a radio frequency transceiver or other similar wireless or wireline medium or combination of the foregoing.
The data storage device may store, for example, (i) a program (e.g., computer program code and/or a computer program product) adapted to direct the processor in accordance with the present invention, and particularly in accordance with the processes described in detail hereinafter with regard to the controller; (ii) a database adapted to store information that may be utilized to store information required by the program. The database includes multiple records, each record includes fields that are specific to the present invention such as interest rates, premiums, subscribers, payouts, claims, etc.
The program may be stored, for example, in a compressed, an uncompiled and/or an encrypted format, and may include computer program code. The instructions of the program may be read into a main memory of the processor from a computer-readable medium other than the data storage device, such as from a ROM or from a RAM. While execution of sequences of instructions in the program causes the processor to perform the process steps described herein, hard-wired circuitry may be used in place of, or in combination with, software instructions for implementation of the processes of the present invention. Thus, embodiments of the present invention are not limited to any specific combination of hardware and software. Suitable computer program code may be provided for performing numerous functions such as mitigating risks associated with an insurance instrument, determining hedging transactions to meet required characteristics of risks associated with the insurance instrument, and mitigating the risks associated with the insurance instrument by executing hedging transactions. The functions described above are merely exemplary and should not be considered exhaustive of the type of function which may be performed by the computer program code of the present inventions.
The computer program code required to implement the above functions (and the other functions described herein) can be developed by a person of ordinary skill in the art, and is not described in detail herein.
All of the modules described herein are operably inter-connected via a bi-directional connection with a central serial bus 538. The serial bus 538 serves to receive information from every single module, as well as to transmit information from one module to another. The insurance provider 216 transmits and receives data, to and from the computing system via any standard means known in the art. The communication module 520 transmits and receives data, to and from the computing system 514 via any standard electronic means known in the art. The computing system 514 consists of: a display module 504, a data entry module 526, and a processing module 518. The processing module is generally used to process information as well as to perform any other processes not specifically assigned to any other module within the computing system 514.
Furthermore, the computing system 514 includes a risk assessment module 508, wherein the risk assessment module 508 may be used for assessing the risks associated with the issuance of an insurance instrument, and wherein the risks include market risks and behavior risks.
Additionally, the computing system 514 includes a hedging engine 510. The hedging engine 510 may be used for hedging risks associated with the issuance of an insurance instrument, and for participating in hedging transactions which utilize derivatives.
In addition the computing system 514 includes a reporting module 512. The reporting module 512 may be used for producing reports of information associated with said insurance instrument, as well as any other kinds of related reports.
The data storage module 522 may be external to the computing system 514, for the purposes of allowing further controls of data access, to be implemented if needed. However, a data storage module 522 which is internal to the computing system 514 may be used without departing from the spirit of the present invention.
Additionally, the computing system 514 includes: a text data input module 524 for inputting data in the form of text, a data entry module 526 for entering a variety of forms of data and inputting the data into the computing system 514.
Finally, the computing system 514 includes: an audio data input module 528 for receiving and inputting audio information, a calculation module 506 for performing any necessary mathematical calculations, a memory module 532 for temporarily storing information as it is being processed by the processing module 518, a universal serial bus interface module 538 for receiving and transmitting data to and from devices capable of establishing a universal serial bus connection, and a digital data input interface module 536 for receiving data contained in digital storage devices (e.g. floppy disk, zip drive, 8 mm digital tape, etc).
The term "computer-readable medium" as used herein refers to any medium that provides or participates in providing instructions to the processor of the computing device (or any other processor of a device described herein) for execution. Such a medium may take many forms, including but not limited to, non-volatile media, volatile media, and transmission media. Non-volatile media include, for example, optical or magnetic disks, such as memory. Volatile media include dynamic random access memory (DRAM), which typically constitutes the main memory. Common forms of computer-readable media include, for example, a floppy disk, a flexible disk, hard disk, magnetic tape, any other magnetic medium, a CD-ROM, DVD, any other optical medium, punch cards, paper tape, any other physical medium with patterns of holes, a RAM, a PROM, an EPROM or EEPROM (electronically erasable programmable read-only memory), a FLASH-EEPROM, any other memory chip or cartridge, a carrier wave as described hereinafter, or any other medium from which a computer can read.
Various forms of computer readable media may be involved in carrying one or more sequences of one or more instructions to the processor (or any other processor of a device described herein) for execution. For example, the instructions may initially be borne on a magnetic disk of a remote computer. The remote computer can load the instructions into its dynamic memory and send the instructions over an Ethernet connection, cable line, or even telephone line using a modem. A communications device local to a computing device (or, e.g., a server) can receive the data on the respective communications line and place the data on a system bus for the processor. The system bus carries the data to main memory, from which the processor retrieves and executes the instructions. The instructions received by main memory may optionally be stored in memory either before or after execution by the processor. In addition, instructions may be received via a communication port as electrical, electromagnetic or optical signals, which are exemplary forms of wireless communications or data streams that carry various types of information.
Servers of the present invention may also interact and/or control one or more user devices or terminals. The user device or terminal may include any one or a combination of a personal computer, a mouse, a keyboard, a computer display, a touch screen, LCD, voice recognition software, or other generally represented by input/output devices required to implement the above functionality. The program also may include program elements such as an operating system, a database management system and "device drivers" that allow the processor to interface with computer peripheral devices (e.g., a video display, a keyboard, a computer mouse, etc).
Thus, this invention is not limited to the disclosed features and other similar hedging effects may be realized by utilizing a hybrid design with a completely different functional payoff form, this can be done without departing from the spirit of the present invention. Furthermore, risk can be transformed, muted, eliminated, or left unhedged depending on the particular goals of the hedge without departing from the spirit of the present invention.
While the present invention has been described with reference to the preferred embodiment and alternative embodiments, which embodiments have been set forth in considerable detail for the purposes of making a complete disclosure of the invention, such embodiments are merely exemplary and are not intended to be limiting or represent an exhaustive enumeration of all aspects of the invention. The scope of the invention, therefore, shall be defined solely by the following claims. Further, it will be apparent to those of skill in the art that numerous changes may be made in such details without departing from the spirit and the principles of the invention. It should be appreciated that the present invention is capable of being embodied in other forms without departing from its essential characteristics.
|Cited Patent
|Filing date
|Publication date
|Feb 4, 2000
|Jun 11, 2002
|Saddle Peak Systems
|System and method for data collection, evaluation, information generation, and presentation
|Feb 28, 2001
|Aug 29, 2002
|Mark Higgins
|Basket option hedging method
|Dec 26, 2002
|May 15, 2003
|Marshall David J.
|Method for hedging one or more liabilities associated with a deferred compensation plan and for recordkeeping information of such a hedge
|Jul 1, 2003
|Oct 7, 2004
|Chicago Mercantile Exchange, Inc.
|Derivatives trading methods that use a variable order price and a hedge transaction
|Dec 7, 2004
|Apr 21, 2005
|Paul Efron
|Credit risk hedging system, method and apparatus
|Aug 24, 2004
|Nov 24, 2005
|Cantor Fitzgerald & Co.
|Systems and methods for hedging against risks associated with distressed instruments
|Jan 13, 2006
|Sep 14, 2006
|Coughlin John L
|Managing risks within variable annuity contractors
|May 17, 2006
|Sep 21, 2006
|Retirement Engineering, Inc.
|Methods for issuing, distributing, managing and redeeming investment instruments providing normalized annuity options
|May 25, 2005
|Nov 30, 2006
|Sparaggis Panayotis T
|System and method for relative-volatility linked portfolio adjustment
|Jul 27, 2005
|Jul 12, 2007
|Weinreb Earl J
|Securities aid
|"International Financial Law Review", journal, ISSN:0262-6969, v25, n2, ps119, Feb. 2006.
|"PCT International Search Report", dated Oct. 10, 2008 for PCT/US08/08195, 2pgs.
|Citing Patent
|Filing date
|Publication date
|May 9, 2005
|Mar 6, 2012
|Genesis Financial Products, Inc.
|Program generator for hedging the guaranteed benefits of a set of variable annuity contracts
|Jul 8, 2010
|Mar 22, 2016
|Sap Se
|Data management for top-down risk based audit approach
|Jul 8, 2010
|Oct 13, 2011
|Sap Ag
|Data management for top-down risk based audit approach
|May 23, 2013
|Hartford Fire Insurance Company
|System and method for processing data relating to providing risk management for investment accounts
|U.S. Classification
|International Classification
|Cooperative Classification
|European Classification
|Feb 2, 2009
Owner name: HARTFORD FIRE INSURANCE COMPANY, CONNECTICUT
Free format text: ASSIGNMENT OF ASSIGNORS INTEREST;ASSIGNOR:MOCCIOLO, NICHOLAS;REEL/FRAME:022216/0463
Effective date: 20090127
|Jun 30, 2014
|Fee payment
Year of fee payment: 4


text: "The Internet is the greatest generation gap since rock and roll"Paul Boutin11/24/08 1:10pmFiled to: Bruce SchneierValleywag11EditInvite manuallyPromoteDismissUndismissHideShare to KinjaToggle Conversation toolsGo to permalink Barack Obama should be allowed to keep his BlackBerry at the White House, writes security rockstar Bruce Schneier. The roadblock is a legal one, but there's a cultural rift beneath it. Schneier was born in 1963. He writes like an Old, but thinks like the Youngs. Here's the core part of his essay: Obama might be on the younger side of the generation gap, but the rules he's operating under were written by the older side. When all our ephemeral conversations can be saved for later examination, different rules have to apply. Conversation is not the same thing as correspondence. Words uttered in haste over morning coffee, whether spoken in a coffee shop or thumbed on a Blackberry, are not official pronouncements. And privacy isn't just about having something to hide; it has enormous value to democracy, liberty, and our basic humanity. In the end, this is cultural. The Internet is the greatest generation gap since rock and roll. We're now witnessing one aspect of that generation gap: the younger generation chats digitally, and the older generation treats those chats as written correspondence. Until our CEOs blog, our Congressmen Twitter, and our world leaders send each other LOLcats – until we have a Presidential election where both candidates have a complete history on social networking sites from before they were teenagers– we aren't fully an information age society. (Photo by the New York Times/Ozier Muhammad) Reply11 repliesLeave a reply

subset: commoncrawl


text:
Serving greater West Madison, Middleton
and Cross Plains, WI
Research demonstrates that adverse experiences early in life can have lifelong, negative consequences for physical and mental health and well-being. You are their safety net.
Youth can make a difference in our community! Co-led by MOM and the City of Middleton, youth will have the opportunity to meet new people, lend a hand, build self-esteem, and gain a better understanding of our community. Get more information on our blog.
MOM just recieved Charity Navigator's highest rating - four stars!
We have been honored with a Top-Rated Award for 2015 from GreatNonprofits! Read reviews of MOM's work from donors and volunteers on their website.
Learn more about MOM's upcoming Capital Campaign.
Ever wanted to show a friend the Food Pantry or see it for yourself? Have a donation or drive collection to drop-off at the Food Pantry? Join us at one of our regularly scheduled Public Tours!
Ever wonder if its better to donate food or money to a Food Pantry? Read more
HomeDonateVolunteerGet HelpContact UsEmploymentFinancialsNewsEventsBlog
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text:
The Allure Group is not happy about the New York State Attorney General's probe into its purchase of a Harlem nursing home. [more]
At 7-foot-3, Kristaps Porzingis apparently enjoys looking down on the rest of us. The Latvian-born Knicks forward rented a corner penthouse at Moinian Group's 71-story luxury tower Sky in Hell's Kitchen.
The pad, which features sweeping views over Manhattan and the Hudson River, was asking $8,000 per month, the New York Post reported. The 20-year-old prodigy also rented two more units in the tower for his brothers. Located at 605 West 42nd Street, the 1,175-unit tower includes three swimming pools and an indoor basketball court reportedly designed by fellow Knick Carmelo Anthony. [more]
The Chen Foundation is in contract to purchase a 12-story loft office building at 335 West 35th Street for $50 million, sources told The Real Deal. [more]
Buyers aren't shying away from the Bronx's investment sales market, even as the rest of the city saw the number of deals shrink in the first six months of the year, according to the mid-year report from Ariel Property Advisors. [more]
The Real Deal's new mobile app is now available on all Android devices. Visit the Google Play store to download the latest updates for our new and improved app.
The latest version includes a separate feed for our new Los Angeles website, which joined The Real Deal's family of news websites in January. An updated navigation bar allows readers to access each of the three markets with ease, and a new "National" tab aggregates our New York, South Florida and Los Angeles websites into one stream. [more]
Harry Macklowe's Macklowe Properties is in the market for a $1 billion senior construction loan for its residential conversion of the office skyscraper at One Wall Street, sources told The Real Deal. [more]
From the July issue's "In their words" feature, a roundup of the funniest and most insightful comments on real estate:
To read other smart and/or funny sayings, click here for the full feature.
Related Companies and Oxford Properties group have landed a $1.2 billion loan to build 35 Hudson Yards.
The Children's Investment Fund, a U.K.-based hedge fund, provided the debt for the 1,000-foot tall mixed-use tower, the developers said in a release Thursday. The loan covers part of the tower's $2 billion price tag, which is also being financed through an undisclosed equity investment. [more]
Ginger Brokaw, a top agent at Town Residential who held many of the brokerage's priciest listings, is moving to Brown Harris Stevens, The Real Deal has learned. Brokaw's exit from Town comes right after CEO and founder Andrew Heiberger bought out partner Joseph Sitt to assume full control of the residential firm.
Brokaw brokered record-breaking deals at the Charles on the Upper East Side with colleague Jason Karadus, who also jumped to BHS earlier this week. [more]
UPDATED, July 28, 3:22 p.m: Bluestone Organization is partnering with a centuries-old church in Jamaica to develop a 174-unit mixed-use building. [more]
The U.S. homeownership rate dropped to its lowest level since 1965, according to a new report from the Census Bureau.
Nearly 63 percent of U.S. households owned their home in the second quarter of the year – down from 63.5 percent in the previous quarter. The rate reached a peak of 69.2 percent in 2004 but tumbled in the wake of the 2008 financial crisis amid stagnating incomes and rising home prices. [more]
Publisher and analytics company Reed Elsevier, which changed its name last year to RELX Group, is relocating its corporate headquarters to the Helmsley Building, where its LexisNexis imprint already has a sizable footprint. [more]
From the South Florida website: The king has traded his castle for a stack of cash.
Actor Kevin James, best known for his lead role in the popular sitcom "The King of Queens," just sold his sprawling oceanfront mansion in Delray Beach in South Florida for $26.38 million. [more]
The hospitality arm of Qatar's Alduwaliya Asset Management picked up a Garment District hotel for $167 million from a group of owners led by Rockwood Capital. [more]
UPDATED, July 28, 12:35 p.m.: The Empire State Building's observation deck increased its revenues in the first half of 2016, despite a challenging tourism environment and competition from One World Trade Center. [more]
Bucking the notion that the real estate market is softening like butter on a balmy day, Douglas Elliman sold $6.4 billion worth of real estate nationwide during the second quarter of 2016, up from $5.5 billion a year earlier, the brokerage's parent company Vector Group reported Thursday.
For the first six months of the year, Elliman closed sales worth $12.1 billion, up from $9.6 billion during 2015's first half, Vector said. And profits at New York City's largest brokerage also soared, largely on the back of investments in its development market division, Chairman Howard Lorber said during an investor call. [more]
Kale could be a rent killer for long-term residents of Central Harlem. A Whole Foods grocery store set to open in at 100 West 125th Street later this year could cause apartment rents in the neighborhood to spike. [more]
Silicon Valley Bank is doubling its footprint in Manhattan and setting up shop closer to its technology-based clients.
The bank signed a lease for 20,000 square feet at TF Cornerstone's newly-renovated 387 Park Avenue South, where asking rents touch $78 per square foot. [more]
From the July Issue: Robert Verrone is the founder of commercial mortgage brokerage Iron Hound Management Company, which has arranged and restructured more than $20 billion in debt and equity since launching in 2009. During the last real estate bubble, Verrone gained a reputation as a major risk-taker for providing large, interest-only loans to developers with little equity down. For that he earned the nickname "Large Loan Verrone."
Verrone began his career at Bear Stearns, but after being let go in 1994, he joined North Carolina-based First Union (which later acquired Wachovia and took on its name) to lead the bank's lending and securitization division. As co-head of Wachovia's real estate group from 2007 to 2008, he oversaw a portfolio that grew to $80 billion in debt and managed as many as 600 employees. [more]
Like Williamsburg, One Wall Street is now officially over. Harry Macklowe landed Whole Foods as a retail tenant at his Financial District condo conversion project. The upscale grocery store chain will occupy 44,000 square feet in the building. [more]


text:
Dr. Mohammad Rahman specializes in vascular surgery in Battle Creek, Michigan.
Dr. Mohammad Rahman has been compared 189 times. Details of Dr. Rahman's experience as an MD and his hospital affiliation are available on your free doctor report.
Primary Location for Dr. Rahman
2845 Capital Ave SW
Suite 201
Battle Creek, MI 49015
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Board Certification, Specialty and Expertise
Dr. Mohammad Rahman has been identified as specializing in Vascular Surgery.
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Dr. Rahman is affiliated with 1 hospital:
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text:
Experts: Froome has better chance in Vuelta than Giro
Chris Froome is slated to race the Spanish grand tour after the Olympics, and insiders say his chances are good.
Road Racing News
Chris Froome is slated to race the Spanish grand tour after the Olympics, and insiders say his chances are good.
The UCI has a strange entanglement with post-Tour criteriums — spectator-friendly "races" that have more in common with pro wrestling.
Team Illuminate became the first American team to race in Iran. The trip was different than any other racing trip they'd taken.
Chris Froome is eyeing the Tour-Vuelta double, which gets more difficult with the Olympics sandwiched in between.
Joe Dombrowski returns to Utah to defend his title at the Larry H. Miller Tour of Utah. But a strong contingent of climbers will challenge
Chris Froome will return to London for the RideLondon-Surrey Classic to fine-tune his form ahead of the Rio Olympics.
The Tour is in the books, and all five Americans who started the race finished in Paris. Here's a look at how they fared, plus La Course
Team Colombia will be without star climber Nairo Quintana at the upcoming Rio Olympics
Chloe Hosking triumphs on the Champs-Élysées in La Course by Le Tour de France
Etixx – Quick-Step confirmed Friday that Tom Boonen will continue racing for the Belgian squad in 2017.


text:
After the Bell
Before the Bell
Jim Cramer's Daily Booyah
Midday Bell
Top 10
Winners & Losers
EDE HSNI L are going ex-dividend tomorrow, Friday, May 27, 2016
The Web giant is branching out into live-streaming fashion shows and air cargo.
As 'Style Code Live' highlights different fashion and beauty trends, viewers are able to click through to purchase products on Amazon.
IPHS HSNI RE are going ex-dividend Monday, Monday, March 07, 2016
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Action Alerts PLUS is a registered trademark of TheStreet, Inc.


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Alcorta Family History & Genealogy
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Most Common First Names
- Jose 3.4%
- Maria 2.8%
- Daniel 1.8%
- Manuel 1.5%
- Juan 1.3%
- Rosa 1.3%
- Jesus 1.1%
- Joe 1.1%
- Robert 1.0%
- Sandra 1.0%
Sample of 804 Alcortas bios
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According to our database of 202 people with the last name Alcorta that have a birth and death date listed:
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- Hipolito S Alcorta lived 100 years
- Ester H Alcorta lived 94 years
- Fidel Alcorta lived 93 years
- Theresa R Alcorta lived 96 years
- Edith Alcorta lived 98 years
- Elbira E Alcorta lived 91 years
- Teresa Alcorta lived 91 years
- Jose R Alcorta lived 89 years
- Ramiro P Alcorta lived 87 years
- Petra Alcorta lived 84 years
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text:
CEZ Gets New Coal Plants Offer Only From EPH, E15 Says
CEZ AS, the Czech Republic's largest power producer, got only one improved offer for its Pocerady and Chvaletice coal-fired plants, E15 reported, citing spokeswoman Barbora Pulpanova.
Energeticky a Prumyslovy Holding AS submitted a new offer by the Nov. 9 deadline, the newspaper reporter.
Czech Coal AS, another potential buyer, insists on the original offer, saying it's willing to negotiate about additional conditions, the newspaper said, citing Czech Coal spokeswoman Gabriela Benesova.
Before it's here, it's on the Bloomberg Terminal. LEARN MORE


text:
Bucs Beat: RB Charles Sims will get 'more carries,' but Doug Martin still the 'focal point' of the offenseThursday, June 23, 2016, 10:47am
Mark Cook of the Pewter Report was asked about the Buccaneers' running game.
Question 1. Chris will Doug Martin rush for over 1,400 yards again this season?
Answer: Well he certainly is capable, but so many factors play into it actually happening. First and foremost, does he stay healthy? Secondly, will head coach Dirk Koetter rely more on the arm of Winston now that he is in his second season of the offense? There is no question Koetter understands the importance of balance, but how much did Lovie Smith's influence have an affect on the play calling in 2015? And then there is the Charles Sims effect. I really believe we will see Sims get more carries in 2016 and that could cut into Martin's total yardage. Of course you don't give Martin the contract you gave him to take too many touches away from him, if any at all. It will be interesting to see how things play out, but one thing is certain, and that is, if Martin is healthy, he will be a focal point of this offense, as he should be.
Last year, there were 479 touches split between Martin and Sims, with Martin seeing 67% of the work to Sims' 33%. We currently project a similar split, which makes Sims our #30 RB in PPR formats, three spots higher than his current ADP. He would have upside from there if the Bucs decide to give him some of Martin's carries.
Bucs WR Mike Evans showing good chemistry with Jameis WinstonFriday, June 10, 2016, 2:30pm
After recording 1,000 yards in back-to-back seasons, Buccaneers WR Mike Evans looks primed to continue his success in 2016. Head coach Dirk Koetter has spoken about Evans' intent to improve his chemistry with Jameis Winston and it appears to be going well. The two connected on several passes during team drills at practice, including a handful deep down the field. Evans was also able to successfully limit any drops during the three practices open to the media.
Last year, Evans was the #23 receiver in PPR formats, but he has been working on building better chemistry with his quarterback. He's currently the #8 receiver off the board in early drafts, so the fantasy community is expecting a big bounce back season from the third-year wideout. He was the #13 WR as a rookie and has missed one game in each of his two seasons.
Bucs QB Jameis Winston determined to avoid sophomore slumpMonday, May 30, 2016, 10:34am
Jameis Winston and Buccaneers receiver Mike Evans worked through countless routes and were together on and off the field. Winston invited Evans over to his house several times this offseason to break down film before watching Golden State Warriors games.
Tim Grover, who has worked with NBA greats Michael Jordan and Kobe Bryant, received a call in early February. Grover agreed to meet and establish a preliminary workout but under one condition: Winston would have to abide by strict guidelines and show improvement by Grover's next visit.
"I have to put my stamp on him," said Grover, who is very selective about the high-profile clients he trains. "When it's actually time to follow up on it, sometimes athletes don't do it. I wanted to make sure not only was he saying the right things but was doing them."
Grover was pleasantly surprised when he resumed workouts with Winston a month later.
Without depriving Winston of his favorite foods but rather modifying his eating schedule, Grover helped him drop 18 pounds since February. Grover would prefer Winston lose about five more pounds to reach a goal weight between 225 to 229 pounds.
Winston was the #13 fantasy quarterback in his rookie season thanks in large part to his six rushing touchdowns. He may not be able to repeat that feat, but he should be able to improve as a passer and post a similar finish in 2016.
Bucs TE Cameron Brate 'has looked strong' in OTAsFriday, May 27, 2016, 5:05pm
With Austin Seferian-Jenkins battling injuries a year ago, TE Cameron Brate stepped in to become the Bucs' leading receiver at the tight end position. Brate, who was waived at the start of last season and briefly claimed by the Saints, has looked strong in both of the Bucs' open OTA practices. He caught several passes during each of the two practices, including a one-handed catch behind his back on Thursday.
Earlier this month, HC Dirk Koetter implied that Brate has a chance to start ahead of Seferian-Jenkins if he has a good summer.
Buccaneers TE Austin Seferian-Jenkins will have to win jobTuesday, May 17, 2016, 10:17am
Though the Buccaneers spent a second-round draft pick on Austin Seferian-Jenkins two years ago, HC Dirk Koetter isn't ready to hand the oft-injured University of Washington product a starter's job just yet. Cameron Brate is the reason.
A two-time All-Ivy League first-teamer, Brate slowly emerged as one of Winston's go-to targets last year, eventually finishing his second full season in the NFL with 23 catches (two more than Seferian-Jenkins) for 288 yards and three touchdowns.
That has Koetter thinking he may have a better option at the pass-catching tight end spot than Seferian-Jenkins, who first has to prove he can stay healthy and then may have to prove he's got a better connection with quarterback Jameis Winston than Brate.
"Yeah, we talk a lot about chemistry, because you never know how or why certain guys connect, but Jameis and Cam, they really connected last year,'' Koetter said.
"They had a real good feel for each other in the red zone and on seam routes and just all over the field really. And Cam, well, he really made the most of his opportunities.''
ASJ will likely start for the Bucs this year, but the takeaway here is that it's no sure thing, so early drafters should pick accordingly.
Koetter: WR Vincent Jackson isn't 'anywhere close to being done'Wednesday, March 23, 2016, 1:02pm
Buccaneers HC Dirk Koetter says he feels good about his receiving corps and is not of the belief Vincent Jackson "is anywhere close to being done."
Jackson struggled with a knee injury in 2015, but produced as a fringe fantasy WR2 (3.9-66-0.38) in the eight games that he was able to finish. Ageism is real in fantasy football, and given his 11th-round ADP, owners are already writing him off in early drafts. If his knee looks healthy this offseason then he'll be a nice value later on in the draft.
RB Doug Martin re-signs with the BuccaneersWednesday, March 9, 2016, 2:53pm
The Tampa Bay Buccaneers and running back Doug Martin have reached agreement on a five-year deal worth over $35 million, a source told ESPN's Adam Schefter.
Martin, 27, is coming off a huge bounce-back season in which he finished second in the NFL in rushing (1,402 yards) and in yards after contact. He also caught 32 passes for 271 yards and scored seven touchdowns (six rushing) to make his second Pro Bowl.
In 2015, Martin was the #5 RB in standard formats (#6 in PPR), so his decision to re-sign with the Bucs will keep his value high. He will enter the season as a fantasy RB1 and will likely be drafted in the first two rounds once his ADP catches up with the news of his signing. His return to Tampa is obviously bad news for Charles Sims, but Sims will remain a good value in the middle rounds, especially in PPR formats.
Bucs consider RB Charles Sims to be an 'every down back'Wednesday, February 24, 2016, 12:35pm
Buccaneers HC Dirk Koetter said RB Charles Sims had a great year and played a complimentary role but the feeling is he can be an every down back if need be.
Related players: Doug Martin
Stroud also reported that the Bucs were optimistic that they'll be able to re-sign Doug Martin. Sims quietly finished as the #22 RB in standard formats and #17 in PPR leagues, catching at least three passes in 10 of 16 games. He also averaged 4.94 YPC on 107 carries, so he showed the ability to be effective as a runner as well. He's currently the 32nd running back off the board in early PPR drafts (i.e. MFL10s and MyFantasyLeague), so he's a good target in the 6th/7th round for those utilizing a "wait on RB" strategy.
Bengals TE Tyler Eifert injures ankle in Pro BowlSunday, January 31, 2016, 11:25pm
The Pro Bowl was full of fun and games, but one unfortunate moment occurred in the fourth quarter when Tyler Eifert attempted to haul in a deep pass from Jameis Winston. As he went to the ground, the ball popped out and he got up gingerly, holding his left leg. Eifert was seen soon after being tended to by trainers on the sideline. The update of his injury on the scene given on the television broadcast was that Eifert came down hard on his ankle and needed to get it wrapped, but the true extent of the injury wasn't known.
Hopefully, the injury isn't serious, but we'll keep an eye on Eifert's status over the next few weeks.
Bucs plan to promote Dirk Koetter to head coachThursday, January 14, 2016, 6:05pm
Buccaneers and OC Dirk Koetter now closing in on deal to make him Tampa's HC, per league source. Done shortly.
Koetter's Bucs were 5th in yards but only 20th in points scored in 2015. Still, the yardage is encouraging, and it's good for Jameis Winston that he'll remain in the same offense in Year Two.
Friday, January 8, 2016, 6:38pm
Texans TE Ryan Griffin (achilles, probable) took full practice reps again Friday and is probable for Week 18.
Thursday, January 7, 2016, 6:15pm
Texans TE Ryan Griffin (achilles) took full practice reps Thursday after being limited Wednesday.
Bucs release DC Leslie FrazierThursday, January 7, 2016, 1:18pm
Buccaneers have informed DC Leslie Frazier his option will not be picked up for 2016.
Although the Bucs defense gave up the 23rd-most yards, it yielded the 7th-most points in the league.
Bucs fire HC Lovie SmithWednesday, January 6, 2016, 11:02pm
The Tampa Bay Buccaneers have announced that Head Coach Lovie Smith has been relieved of his duties.
Statement from Buccaneers Co-Chairman Joel Glazer:
"After careful consideration, we informed Lovie that we have decided to make a change. I want to thank Lovie for his hard work and dedication to the Buccaneers during his time here. This decision was difficult on a variety of levels. I am disappointed that we were not more successful these past few seasons, but we are committed to doing what is necessary to give our fans the winning team they deserve. As we move forward, General Manager Jason Licht will oversee the process for finding our next head coach."
Smith was 8-24 in two seasons with the Bucs, but the team was competitive (6-10) in his second season. The departure of his run-first mentality may end up hurting Doug Martin if he re-signs with Tampa Bay, though if the Bucs promote OC DIrk Koetter, the offense probably won't change too much.
Wednesday, January 6, 2016, 6:16pm
Texans TE Ryan Griffin (achilles) took limited practice reps Wednesday.
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Ancient grains
Published: Wednesday, January 6, 2010 at 3:30 a.m.
Last Modified: Tuesday, January 5, 2010 at 7:07 p.m.
Oregon-based tea, spice and cereal company Yogi just introduced a new snack product, Granola Crisps. The crunchy granola flakes are made from oats, barley, spelt, amaranth and quinoa, and come in three flavors: Mountain Blueberry Flax, Baked Cinnamon Raisin and Fresh Strawberry Crunch. Suggested retail for the 10.4-ounce resealable bag is about $5. Stores include Whole Foods Market and Target.
Yogi also just launched several new cereal blends: Cherry Almond Crunch, Goji Berry Flake & Cluster and Walnut Spice Crunch. The cereals come in 12-ounce boxes for about $4.49.
Reader comments posted to this article may be published in our print edition. All rights reserved. This copyrighted material may not be re-published without permission. Links are encouraged.
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Twins Place Plouffe On Disabled List Due To Broken RibThe Minnesota Twins have placed third baseman Trevor Plouffe on the disabled list because of a broken left rib. He'll likely miss more than a month.
Twins Claim 9 – 4 Win Over Angels In Their Highest-Scoring Game This SeasonPaul Molitor knows the standings aren't flattering to the Minnesota Twins, who have won only 20 games all season. The manager still allowed the Twins a moment to appreciate one of their best performances of the year.
5 Players The Twins Could Trade By The July 31 DeadlineThe Twins season has been a mess and the team will likely be sellers at the trade deadline. Here are 5 players that could be dealt.
Trevor Plouffe On DL Over Intercostal StrainThe Minnesota Twins have placed third baseman Trevor Plouffe on the 15-day disabled list with a right intercostal strain.
Winless Twins Striking Out At Historic RateThe metaphor for the start of this season for the Minnesota Twins is obvious: one big swing and a miss.
Plouffe Pushes Twins Past Pirates Split Squad, 3-0Trevor Plouffe had two hits and two RBIs as the Minnesota Twins beat a Pittsburgh Pirates split squad 3-0 on Saturday. Minnesota's Kyle Gibson went six innings, allowing three hits with no walks and eight strikeouts.
Twins, Plouffe Agree To $7.25M 1-Year ContractThe Minnesota Twins have agreed with third baseman Trevor Plouffe on a $7.25 million, one-year contract to avoid arbitration. The Twins made the announcement on Monday. Plouffe hit .244 last season with 22 home runs and a career-high 86 RBIs.
Jepsen, Twins Agree To $5.3M ContractRight-hander Kevin Jepsen have avoided salary arbitration by agreeing to a one-year contract worth $5,312,500. The agreement, announced Friday, gives the pitcher a raise of more than $2 million from his earnings of $3,025,000 last year.
Twins Agree To Deals With 4 Arbitration-Eligible PlayersThe Minnesota Twins have agreed to one-year contracts with infielders Eduardo Escobar and Eduardo Nunez, right-hander Casey Fien and lefty Tommy Milone, averting salary arbitration.
Tommy Milone Agrees To $4.5 Million, 1-Year Contract With TwinsLeft-hander Tommy Milone and the Minnesota Twins have agreed to a $4.5 million, one-year contract, a deal that avoids salary arbitration.
Twins Rally For 4-2 Win Over Indians, Gain On Wild CardPinch-runner Eduard Nunez scored from third base on a wild pitch and Torii Hunter hit a sacrifice fly in the ninth inning to give Minnesota a 4-2 victory over the Cleveland Indians on Thursday night, moving the Twins a little closer to an AL wild-card spot.
Eaton Gets 3 Hits To Help Quintana, White Sox Beat Twins 8-2Adam Eaton had three hits, Carlos Sanchez hit a two-run double and the Chicago White Sox used a seven-run fourth inning to beat the Minnesota Twins 8-2 on Saturday night.


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Are the objects described here in static equilibrium, dynamic equilibrium, or not in equilibrium at all? Explain.
a. A 200 pound barbell is held over your head.
b. A girder is lifted at constant speed by a crane.
c. A girder is being lowered into place. It is slowing down.
d. A jet plane has reached its cruising speed and altitude.
e. A box in the back of a truck doesn't slide as the truck stops.


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Track: Dystopia | Artist: Nightcrawler (feat. Vincenzo Salvia) | Album: Metropolis
Nintendo Has Tried Detachable Controllers Before (In 1984)
There's a report from Eurogamer today that the Nintendo NX will be a handheld featuring "detachable" controllers. It's a neat idea, but it's also one that Nintendo have a bit of experience with.
Woman Cosplays To Work To Beat Stupid Dress Code
Cosplayer June Rivas was told by her boss that her work attire was "unprofessional". Good thing she had a fix for that.
A Very Good Pokémon Go Story
I have heard some good Pokémon Go stories over the past few weeks, but in terms of truly tapping into the spirit of times we are living through, I like this one the best.
Nice meme, Blizzard. This is the newly updated World of Warcraft site's server error page (via Musely). It might look familiar if you've literally ever used the Internet before.
Overwatch Update Buffs Ana, Nerfs McCree
Fans: "BUFF ANA! NERF MCCREE (AGAIN)!" Blizzard: "OK." McCree: "Does this mean it is no longer high noon?"
Today's Best Deals: Air Conditioners, Wireless Headphones, Your Favorite Travel Mug
An ultra-thin Anker battery pack, $10 wireless headphones, and portable air conditioners lead off Tuesday's best deals.
No, Sega Doesn't Have Its Own Mini-Genesis
Despite reports circulating to the contrary, the Nintendo/Sega console rivalry isn't flaring back up in miniature form. Nintendo's upcoming mini-NES is a brand new device. AtGames' Sega-branded mini-Mega Drive is a shoddy emulation box that's been around for years.
Deadspin What Is The Wildest Sports Take That You Sincerely Believe? | Jezebel Aaron Rodgers SPEAKS | Gizmodo Blackberry Gives Up | Gawker What Exactly Was Donald Trump Saying About Cory Booker? |
It's Hard To Make The Official Xbox One Custom Controllers Look Bad
Last month Microsoft announced fans would be able to apply their own style to the Xbox One's new wireless controller, creating a custom design to have shipped to their door. Mine just arrived, and it's even prettier in person.
Kotaku Staff Here. Ask Us Anything [UPDATE: Q&A Over]
Hi! We're the staff of Kotaku, and we'll be answering your questions for the next hour or two. Fire away.
Upgrade To 5.1 Surround Sound For $169, With Few Wires, and No Receiver
As long as you don't mind buying a refurb, VIZIO's SB3851 38" 5.1 surround sound system is on sale for $169 on Amazon right now. I own this exact system, and absolutely love it, as do many of our readers.
Final Fantasy XIV's New Fat Moogle Mount Costs A Whopping $30
I'm over Fat Chocobo, the bloated bird that has enraptured Final Fantasy fans for two decades. In Final Fantasy XIV, the gluttonous avian became a popular mount and meme when it was released as a part of 2014's A Realm Reborn Collector's Edition.
Kiki's Express Delivery Service
Riot Games (League of Legends) artist Atey Ghailan has, for the past year, been working on a project where he drew something every day for 365 days. That project is now over, and the results are fantastic.
You can e-mail us tips at firstname.lastname@example.com or send them directly to any of our writers. You can follow us on Twitter or Facebook. You can even subscribe to our new, daily newsletter. We have a YouTube page, too. You can subscribe to our podcast, Kotaku Splitscreen, on iTunes. For a list of all Kotaku subsites, click…
The Philadelphia Pokémon Situation Is Hell
PHILADELPHIA — Thus far, the Democratic National Convention has been many things: scorching, plagued by scandal, a logistical nightmare. But now, after just over 24 hours in Philly, I can add one more thing to this ever-growing list: An willful affront to Pokémon Go players everywhere.
All The Current Options For Buying An Xbox One S
The sleek-looking Xbox One S starts shipping next week, but if you want one, you may want to hold off. More options will be available later in the month thanks to a new set of bundles Microsoft announced today.
Crypt of the Necrodancer Speedrunner Makes Near-Impossible Run Even Harder, Pulls It Off
Crypt of the Necrodancer is already tough, but what speedrunner SpootyBiscuit recently pulled off is remarkable. No one has done it, and not even the developers can really believe it happened.
The Biggest Winners and Baddest Losers of San Diego Comic-Con 2016
Another Comic-Con has come to a close, after four days of bright lights, big news, and sublime cosplay. There were some amazing moments—and some that flopped, and flopped hard. Here's our list of the biggest winners of San Diego Comic-Con 2016, and its biggest losers, too.
Razer's Smallest Gaming Mouse Is Down To Its Smallest Price
The Razer Orochi is billed as a "travel" gaming mouse, but if its compact size doesn't bother you, the specs here look as good as just about any full sized gaming mouse you could buy.


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How many Championships did the Chicago Bears win under George Halas?
kgb answers » Sports » Football » How many Championships did the Chicago Bears win under George Halas?
Wednesday, February 01 2012
Source: http://www.spiritus-temporis.com/george-halas/
Related questions
- What number did george Halas wear for the chicago bears?
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Top 10 questions Football
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|Atheists U.
|Sent on:
|Friday, August 24, 2012 8:50 PM
Upcoming events from Atheists United, our parent organization.
This Sunday at 11am
Shelley Segal, the Melbourne base singer-songwriter, will be performing music from her new album 'An Atheist Album'.
The event is free and a complimentary lunch is provided after the talk so we'll get a chance to get to know one another.
Click on the following link to check out her video, get more info and to RSVP!
Sunday, September 9th at 2pm
Another fun beach volleyball day! We had such a great time on the last meetup that we had to go for Round 2! This will be a fun and open game for all levels and ages. This is an event for the whole family, feel free to bring your kids.
Even if you don't want to play, come out and enjoy a lovely day at the beach with us.
Click on the link below for complete details and to RSVP!
Do you like hiking?
Check out the Humanist Hikers of Southern California. It's an active Meetup group of freethinkers that explore the beautiful trails in the greater Los Angeles area. The group is organized by AU board member Norman Abshear.
You're sure to have a good time with this group!
Click on the link below for details on upcoming events and to join the group!
Meetup members, Log in
By clicking "Sign up" or "Sign up using Facebook", you confirm that you accept our Terms of Service & Privacy Policy


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Private Ties: Technology Rises in Private Equity
Much of private equity rests on old relationships and privity of information, but with limited partnership investments becoming more common for a wider array of investors, and a secondaries market gaining steam, technology is blossoming in unlikely places. By Tim Bourgaize Murray
Following the financial services industry's collective flogging four years ago, the 2012 US elections saw a more specific target this time around: private equity—and presidential candidate Mitt Romney's firm, Bain Capital, in particular. Whether that criticism was deserved is a matter of judgment—surely not all venture capitalism is "vulture" capitalism, and the private markets offer a...
More on Industry Issues & Initiatives
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