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ABSTRACT This article analyzes variations in line-of-business diversification status and extent among property-liability insurers. Our results show that the extent of diversification is not driven by risk pooling considerations; insurers [...]

ABSTRACT Unlike studies that estimate managerial bias, we utilize a direct measure of managerial bias in the U.S. insurance industry to investigate the effects of executive compensation and corporate governance [...]

ABSTRACT Insurers are formally and informally monitored by a variety of stakeholders, including reinsurers, agents, outside board members, and regulators. While other studies have generally examined these stakeholders separately, they [...]

ABSTRACT This article examines the impact of ownership structure on the relation between firm performance and chief executive officer (CEO) turnover in the U.S. property--liability insurance industry. Theoretical implications of [...]

ABSTRACT Chief executive officer (CEO) turnover has long been an important topic in the academic literature. Previous research has focused mostly on the rationale for CEO turnovers, or circumstances that [...]

ABSTRACT This article investigates the implications of separation of ownership and control for board composition over a spectrum of ownership structures present in the U.S. property-liability insurance industry. We hypothesize [...]

ABSTRACT Using a sample of property-liability insurers over the period 1995-2004, we develop and test a model that explains performance as a function of line-of-business diversification and other correlates. Our [...]

ABSTRACT We exploit the transparency of internal capital markets (ICMs) within insurance groups to investigate the activity and efficiency of ICMs within insurance groups. Specifically, we compare the relationship between [...]

INTRODUCTION The issue of ownership structure in the insurance industry has been the subject of extensive discussion and analysis in academic research (Mayers and Smith, 1981, 1986, 1988, 1994; Fama [...]

A negative relationship exists between insolvency risk and insurance prices. This was gleaned from a study of the impact of an insurer's level of insolvency risk on the prices it obtains for its products in the property-liability insurance sector. Such finding indicates that property-liability insurers are penalized for default risk through lower prices and that the existence of guaranty funds does not provide full protection.

ABSTRACT Regulators, investors, consumers, and insurance brokers use insurer financial strength ratings to evaluate the insolvency risk of insurers. This article investigates the factors influencing the decision to obtain a [...]

ABSTRACT This study provides evidence regarding the risk-subsidy and monitoring hypotheses by investigating the relation between insider ownership and risk-taking in the property-liability insurance industry. The structure of guaranty funds [...]

ABSTRACT This study investigates the differences in cash holdings across property-liability insurers. We conclude that relative cash holdings are less for insurers with better access to cash through capital markets [...]

Reviewer: David W. Sommer, University of Georgia Employee benefits is a dynamic, rapidly evolving field. Anyone who has worked or taught in this area knows the challenges of staying current [...]

INTRODUCTION The state of New York is generally acknowledged to have the most rigorous insurance regulatory scheme of any jurisdiction in the United States (Meier 1988; Cummins and Sommer 1996). [...]