An important assumption underlying the designation of some insurers as systemically important is that their overlapping portfolio holdings can result in common selling. We measure the overlap in holdings using cosine similarity, and show that insurers with more similar portfolios have larger...

An important assumption underlying the designation of some insurers as systemically important is that their overlapping portfolio holdings can result in common selling. We measure the overlap in holdings using cosine similarity, and show that insurers with more similar portfolios have larger...

We examine whether the concern of academics and regulators about the potential for insurers tosell similar assets due to the overlap in their holdings is justified. We measure this overlap usingcosine similarity and find that insurers with more similar portfolios have larger subsequent...