Captives as Risk Transfer Mechanisms focuses on how captives are used when risks are transferred between risk takers to improve risk financing efficiency. It discusses the types of risk that can be placed in a captive, techniques used to quantify risk and develop insurance rates, the underwriting processes, and how reinsurance is used to protect the captive. The course highlights the flexibility of captives in financing risk on or off balance sheet and reviews approaches like finite risk protection, loss portfolio transfers, and special purpose vehicles.