Gatzert, Nadine; Schmeiser, Hato; Schuckmann, Stefan - Institut für Versicherungswirtschaft <Sankt Gallen> - 2007
conglomerates and insurance groups. A financial group providing
services and products in different sectors of financial markets is … systemic
risk of insolvency. The default of a whole financial group will, in general, have a
stronger impact on financial … markets than the default of a single subsidiary com-
pany.
This paper extends previous literature by analyzing risk …