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Retained asset accounts and creditor reactions to an A.M. Best Change
Recurso electrónico / Electronic resource
Registro MARC
Tag12Valor
LDR  00000cab a2200000 4500
001  MAP20180003806
003  MAP
005  20180301125027.0
008  180207e20171204esp|||p |0|||b|spa d
040  ‎$a‎​MAP‎$b‎​spa‎$d‎​MAP
084  ‎$a‎​7
100  ‎$0‎​MAPA20180001253‎$a‎​Bisco, Jill ‌
24510‎$a‎​Retained asset accounts and creditor reactions to an A.M. Best Change‎$c‎​Jill Bisco, Kathleen McCullough
520  ‎$a‎​A variety of research has investigated the impact of rating changes on stakeholder and firm behavior. This article provides a unique setting to analyze the effect for both stock and mutual firms and with a class of nontraditional investors, owners of retained asset accounts (RAAs). These individuals become creditors of the insurer upon receipt of life insurance proceeds, which are held in the general accounts of the insurer. The funds receive limited guaranty fund and no Federal Deposit Insurance Corporation protection, thus subjecting the owner to the financial risk of the insurer. Some owners of RAAs may not understand the risk; thus, it is unclear if these owners act as other creditors to changes in the financial stability of the insurer. This provides a setting to analyze reaction to firm risk, as reflected in ratings changes, to stakeholders other than stockholders or customers. We find that RAA owners do act in a manner consistent with traditional investors. Specifically, we find that abnormal retention in the RAAs indicates significant declines in the level of accounts open and funds deposited in the year following a threshold downgrade (falling below an A) of the A.M. Best rating.
650 4‎$0‎​MAPA20080591182‎$a‎​Gerencia de riesgos ‌
7001 ‎$0‎​MAPA20080323080‎$a‎​McCullough, Kathleen A. ‌
7730 ‎$w‎​MAP20077001748‎$t‎​Risk management & insurance review‎$d‎​Malden, MA : The American Risk and Insurance Association by Blackwell Publishing, 1999-‎$x‎​1098-1616‎$g‎​04/12/2017 Tomo 20 Número 3 - 2017 , p. 277-307