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The Determinants of Credit Ratings in the United Kingdom Insurance Industry

Journal of business finance & accounting, 2003-04, Vol.30 (3-4), p.539-572 [Peer Reviewed Journal]

Copyright Blackwell Publishers Apr/May 2003 ;ISSN: 0306-686X ;EISSN: 1468-5957 ;DOI: 10.1111/1468-5957.00007

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Title:
The Determinants of Credit Ratings in the United Kingdom Insurance Industry
Author: Adams, Mike ; Burton, Bruce ; Hardwick, Philip
Subjects: Accounting ; Business studies ; Credit ; Credit market ; credit rating ; Credit ratings ; External credit ; Finance ; Financial management ; Hypotheses ; Insurance ; Insurance companies ; Insurance industry ; Mathematical models ; ordered probit ; panel data ; Policy making ; Regression analysis ; sample selection ; Studies ; United Kingdom
Is Part Of: Journal of business finance & accounting, 2003-04, Vol.30 (3-4), p.539-572
Description: This paper examines the determinants of external credit ratings attained by insurance firms in the United Kingdom (UK) and of the likelihood that insurers will have such an assessment. Using panel data relating to A.M. Best‐rated and Standard and Poor's (S&P)‐rated insurers over the period 1993–1997, a trichotomous logit model and an ordered probit model with sample selection are employed to show that the factors which influence the likelihood of having external credit assessments not only vary between the two agencies but also differ from those which determine the ratings themselves. Our results are shown to be of potential interest to participants in the insurance industry and policy‐makers alike.
Publisher: Oxford, UK: Blackwell Science Ltd
Language: English
Identifier: ISSN: 0306-686X
EISSN: 1468-5957
DOI: 10.1111/1468-5957.00007
Source: Alma/SFX Local Collection
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The Determinants of Credit Ratings in the United Kingdom Insurance Industry

Copyright Blackwell Publishers Apr/May 2003 ;ISSN: 0306-686X ;EISSN: 1468-5957 ;DOI: 10.1111/1468-5957.00007

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