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

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. …

Risk transfer is a key risk and capital management tool for insurance companies. Transferring risk between insurers is … environment of insurers and consider capital costs and capital constraints at the level of individual insurance companies. We …