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Reinsurance and capital structure: evidence from the United Kingdom : Non-Life lnsurance lndustry

Recurso electrónico / electronic resource
Registro MARC
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100  ‎$0‎MAPA20090013728‎$a‎Shiu, Yung-Ming
24500‎$a‎Reinsurance and capital structure: evidence from the United Kingdom‎$b‎: Non-Life lnsurance lndustry‎$c‎Yung-Ming Shiu
520  ‎$a‎Using 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.
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650 1‎$0‎MAPA20080597269‎$a‎Inversiones privadas
650 1‎$0‎MAPA20080561482‎$a‎Bancaseguros
650 1‎$0‎MAPA20080592806‎$a‎Productos derivados
651 1‎$0‎MAPA20080638290‎$a‎Reino Unido
7730 ‎$w‎MAP20077000727‎$t‎The Journal of risk and insurance‎$d‎Nueva York : The American Risk and Insurance Association, 1964-‎$x‎0022-4367‎$g‎01/06/2011 Tomo 78 Número 2 - 2011