We evaluate the two main methods to measuring property-liability insurer efficiency: the production and "flow" (or financial intermediation) approaches. The two approaches are not mutually consistent and thus potentially yield different answers to tested hypotheses. The production approach is...

This paper provides a detailed description of a new measure of reserve error, the Full Information Reserve Error (FIRE), which was first proposed by Grace and Leverty (2018). We briefly describe the philosophy of FIRE and its advantages. We then present the details on how to calculate it. We...

We explore whether life insurers use a unique reinsurance arrangement to manage their regulatory capital. Typical reinsurance arrangements allow insurers to reduce their regulatory capital by transferring liabilities, and the associated assets, to reinsurers. With modified coinsurance, insurers...