Drawdown is an important risk measure in both theory and practice. Most drawdown measures use the running peak as the reference point from which to calculate the drawdown. Instead, the start-to-low drawdown (SLD), which references the start of the period, is firstly proposed as a relevant...

This study examines the effect of the investment portfolio structure on insurers' solvency, as measured by the Solvency Capital Requirement ratio. An empirical sample of 88 EU-based insurance groups was analyzed to provide robust evidence of the portfolio's impact on the Solvency Capital...