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Title: Reinsurance and Capital Structure: Evidence from the United Kingdom Non-Life Insurance Industry
Authors: 許永明
Shiu, Yung-Ming
Contributors: 風管系
Date: 2011.04
Issue Date: 2013-11-12 17:53:10 (UTC+8)
Abstract: Using a data set consisting of statutory returns of U.K. non-life insurers from 1985 to 2002, I find that insurers with higher leverage tend to purchase more reinsurance, and insurers with higher reinsurance dependence tend to have a higher level of debt. My results are consistent with the expected bankruptcy costs argument, agency costs theory, risk-bearing hypothesis, and renting capital hypothesis. I also find that the impact of leverage on reinsurance will be weaker for insurers that use more derivatives than those that use less. Moreover, high levels of derivative use increase the leverage gains attributable to reinsurance.
Relation: Journal of Risk and Insurance, 78(2), 475-494
Data Type: article
Appears in Collections:[風險管理與保險學系 ] 期刊論文

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