$100 Million at NoblePoker

[mshalen]

The insurance part is big business. Haven't you ever seen at a local golf tournament where they give away a car for a hole in one? Anytime there is a huge amount of data and it is easy to determine the probability then you can find an insurance company willing to take the risk in return for the right premium.

[IggyWH]

[ QUOTE ]
The insurance part is big business. Haven't you ever seen at a local golf tournament where they give away a car for a hole in one? Anytime there is a huge amount of data and it is easy to determine the probability then you can find an insurance company willing to take the risk in return for the right premium.

[/ QUOTE ]

Yes, but it still comes down to eventually someone putting $100,000,000 on the line. I would want to know who that someone is to make sure they could pay up.

Big business or not, I don't believe there's too many companies (relative to all companies) that can afford a $100,000,000 cash flow out and still survive. Hell, I could back this offer, collect the couple million premium from Noble for it and then file for bankrupcy if it's hit.

[AcmeSalesRep]

For those who are interested...

Michael Konik wrote about a guy that writes a lot of these insurance policies. I think it was in "The Man with the $100,000 Breasts" but it could have been in "Telling Lies and Getting Paid."

Acme

[Uglyowl]

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Big business or not, I don't believe there's too many companies (relative to all companies) that can afford a $100,000,000 cash flow out and still survive.

[/ QUOTE ]

Couple of points:

A. T&C have not been released, but I am sure it will be paid out over the course of about 20 years at $5 million/year. In those terms doesn't seem too bad to deal with for a company.

B. Compare to the risk of natural disasters, AIR Worldwide earlier estimated insured losses in the Katrina-hit states in a range of $17 billion to $25 billion. These figures cover wind and rain damage and some flooding, AIR Worldwide said.

[TylerD]

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Yes, but it still comes down to eventually someone putting $100,000,000 on the line.

[/ QUOTE ]

Are you sure?

[IggyWH]

[ QUOTE ]
B. Compare to the risk of natural disasters, AIR Worldwide earlier estimated insured losses in the Katrina-hit states in a range of $17 billion to $25 billion. These figures cover wind and rain damage and some flooding, AIR Worldwide said.

[/ QUOTE ]

And sadly for those victums, a lot of those insurance companies will go broke before victums receive a fraction of their claims.

[LoyalFrush]

A *wink wink* agreement to keep everyone alive at the table until someone hits the royal and then chop the jackpot up among the table for $10-15M each (depending on the size of the final table). [img]/images/graemlins/blush.gif[/img]
I'm sure Noble Poker wouldn't mind the collusion [img]/images/graemlins/grin.gif[/img]

[Jimbo]

[ QUOTE ]
[ QUOTE ]
B. Compare to the risk of natural disasters, AIR Worldwide earlier estimated insured losses in the Katrina-hit states in a range of $17 billion to $25 billion. These figures cover wind and rain damage and some flooding, AIR Worldwide said.

[/ QUOTE ]

And sadly for those victums, a lot of those insurance companies will go broke before victums receive a fraction of their claims.

[/ QUOTE ]

Evidence please?

[Chadt74]

Berkshire Hathaway has been taking insurance policies that noone else would for years. Primary owner of Berkshire Hathaway Warren Buffet he could put $100M on his credit card as it is less than 1% of his net worth...

http://www.forbes.com/finance/lists/...atatype=Person

Point is Insurance companies have HUGE assets check out AIG with $48 billion of cash on their balance sheet.

Insurance companies can come up with $100M and the other poster is right, most of those "$1 million dollar shots/passes" are covered by a one time fee of $20K or something like that.

[tonypaladino]

http://www.lloyds.com/index.asp