This chapter analyzes the characteristics of U.S. insurers for purposes of determining whether they are systemically risky. More specifically, primary indicators and contributing factors associated with systemic risk are assessed for the insurance sector. A distinction is made between the core...

This paper reviews the most pertinent literature on the sources and uses of equity capital in the U.S. property-casualty (P-C) insurance industry. P-C insurers serve a risk management and risk bearing function in the economy. Insurers create diversified risk pools consisting of large numbers of...

Many studies use country-specific evidence to investigate research questions of broad interest due to research advantages of a given country, such as data availability or to exploit an exogenous event that allows identification. One such research stream examines Canadian directors' and officers'...

We assess the capacity of the U.S. property-liability insurance industry and the efficiency of the state guaranty fund system in response to large scale loss events to assess the resilience of the current system to the growing challenges of climate change. We identify characteristics of the...

This study examines the relation of independent directors and their gender diversity, busyness, and experience with risk taking for 112 listed US insurance companies over 2003- 2010. Using OLS, system GMM and 3SLS, we find that board independence, females amongst independent directors and busy...

This research investigates reinsurance counterparty relationships in U.S. property-liability insurance. Counterparty relationships are measured in terms of reinsurance premiums ceded and reinsurance recoverable on paid and unpaid losses. Multiple regression analysis is used to analyze insurer...

This paper examines the potential for the U.S. insurance industry to cause systemic risk events that spill over to other segments of the economy. We examine primary indicators that determine whether institutions are systemically risky as well as contributing factors that exacerbate vulnerability...

This paper investigates economies of scope in the US insurance industry over the period 1993-2006. We test the conglomeration hypothesis, which holds that firms can optimize by operating a diversity of businesses, versus the strategic focus hypothesis, which holds that firms can best add value...

When faced with current and future liquidity needs, investors may behave myopically by liquidating the liquid securities, leaving the remaining portfolio vulnerable to future liquidity shocks; investors may also behave strategically by holding liquidity due to precautionary or speculative...

In this paper, we investigate earnings management surrounding forced CEO turnover for U.S. property-casualty insurance companies with differing organizational forms. We analyze the three principal organizational form types in the industry – publicly-traded stocks, closely-held stocks, and...