Introduction -- Agents and brokers in the insurance industry : an intriguing area for further research -- Valuation of small and medium-sized insurance brokers : establishing a valuation approach for business succession -- Value creation in insurance intermediary mergers and acquisitions : an...

We develop a macroeconomic portfolio stress test that is specifically geared towards small and medium-sized banks. We combine a credit risk stress test which simulates credit impairments via a CreditMetrics type multi-factor portfolio model with an income stress test in the form of dynamic panel...