management) may depend on their access to capital markets. The property-casualty insurance industry has two features that make it …

risky investment, underwriting, reinsurance, and hedging; and (ii) the allocation of risk across all of these opportunities …

This paper estimates a reduced-form model to assess the credit risk of General Insurance (GI) non-life firms in the UK … business lines; there is default clustering in the GI industry; different reinsurance levels also affect the credit risk of … insurance firms. The implications of these findings for regulators of GI firms under the coming Solvency II are discussed. …

Since 2008, catastrophic losses and financial turmoil have deeply shaken the insurance and reinsurance industries … considered as largely auto-regulated by the insurance market. The impact of reinsurance credit on an insurers' balance sheet … assessing the importance of reinsurance counterparty risk on insurance levels and the systematic development of risk management …

that insurance companies hold. Until very recently and within the scope of Solvency II, liquidity risk was only considered … under Pillar II, i.e. the proposal was that insurance companies should perform a mere qualitative evaluation of it. Nowadays … Portuguese insurance sector, using actual portfolio holdings. The main empirical findings confirm liquidity risk is an important …

We present a model for P/L insurance companies based on Asset-Liability-Management (ALM). We show analytically for …

Catastrophe (Cat) bonds are insurance securitization vehicles which are supposed to transfer catastrophe … the market for insurance securitization is easiest for firms with less risky portfolios. Second, firms that issue Cat …

and scope. We use detailed survey data of German property-liability insurance companies that allows us to construct …