MAP20071506645 Babbel, David F. Real and illusory value creation by insurance companies / David F. Babbel, Craig Merrill In this article, the authors will review a simple decomposition of the value of an insurance company. The decomposition illuminates the motivation for a variety of strategies that can be observed in practice. These strategies run the gamut from accounting manipulation through risk transfer schemes to positive net present value (NPV)"proyect" selection En: The Journal of risk and insurance. - Orlando. - Volume 72, number 1, March 2005 ; p. 1-21 1. Empresas de seguros . 2. Estados Unidos . 3. Creación de valor en la empresa . 4. Casos prácticos . 5. Transferencia de riesgos . 6. Contabilidad a valor de mercado . I. Merrill, Craig . II. Título. III. Título: The Journal of risk and insurance.