influences the equity position and investment strategy of a shareholder-value-maximising insurance company. Intuitively, a higher … regulation ; capital requirements ; asset allocation ; insurer default risk …

This paper compares the shareholder-value-maximizing capital structure and pricing policy of insurance groups against … instruments. We show that using these instruments enables the group to offer insurance with less default risk and at lower … group building being beneficial for shareholders but detrimental for policyholders. -- Insurance groups ; insurer default …