The Financial Services Modernization Act of 1999 repeals the Depression-era Glass-Steagall Act (1933) and the Bank Holding Company Act (1956) and allows insurance firms for the first time to merge with banks and cross sell non-traditional insurance products. Previous studies suggest that such an...

This study analyzes the impact of diversification and focus strategies on firms targeted for acquisitions. Based on a sample of acquisitions of property-liability insurers from 1993 to 1997, the study centers on two major questions: (1) whether the diversification or focus decision of the...

The announcement of a share repurchase provides a firm’s management with the opportunity to communicate with existing and potential shareholders. Our results indicate that voluntary information disclosed by management in an insurance company’s repurchase announcement concerning the future...

We examine the effects of stock repurchase announcements on the value of the announcing insurance firms and on the value of rival insurance firms. We find that insurance firms experience a significant increase in value at the time of the announcement. Repurchasing firms continue to earn excess...

We extend previous research by Doerpinghaus (1991) and others by examining relationships between private passenger auto insurance complaint ratios and insurer characteristics. Consistent with Doerpinghaus, results indicate that insurers with higher complaint ratios are more likely to write...

In this paper we examine the prevailing level and structure of executive compensation within the insurance industry. We analyze the level of base pay, annual bonus, long-term compensation, and option grants of 836 executive positions at 92 companies of various sizes in 1999 and 2001. The data...