Safety Constraint: funds available at year end are at least equal to the specified loss safety level (IRR ≥ r_{f})
Investment Variance Constraint: variance of reins + inv strategy should be no more volatile than a direct investment in risky assets
Kreps Reins + inv compared to equity investment
Writing reinsurance can never really result in dist of capital that are really the same as investment dist because investment returns are strictly limited to having worst-case returns of -100%