1,945 research outputs found
The Determinants of Credit Ratings in the United Kingdom Insurance Industry
Executive Summary
The Determinants of Credit Ratings in the United Kingdom
Insurance Industry
Academic researchers have devoted a considerable amount of attention to the activities of
credit rating agencies over the past 20 years, focusing in particular on the agenciesâ potential role
in overseeing corporate financial strength and promoting the efficient operation of financial
markets. Examinations of credit rating practices has recently extended to the insurance industry,
where the complex technical nature of market transactions leads to policyholders, investors and
others facing particularly acute information asymmetries at the point-of-sale. Published credit
ratings are therefore seen as helping to alleviate imperfections in insurance markets by providing a
third party opinion on the adequacy of an insurerâs financial health and the likelihood of it meeting
obligations to policyholders and others in the future. Although the United Kingdom (UK)
insurance market is now one of the five largest in the world, relatively little is known about the
practices of the major firms and policy-makers which influence its operations. In particular, whilst
the determinants of rating agenciesâ assessments of United States (US) insurers is well
documented, published studies have yet to provide comprehensive evidence about insurance
company ratings in the UK. This study attempts to fill this gap by examining the ratings awarded
by two of the worldâs leading agencies â A.M. Best and Standard and Poor (S&P) â and
establishing the extent to which organizational variables can help predict: (i) insurance firmsâ
decision to be rated; and (ii) the assigned ratings themselves.
Our sample of UK data comprises ratings made by A.M. Best and S&P over the period
1993-1997 for both life and property-liability insurers. The panel data we use is ordinal in nature
and is therefore analysed using an ordered probit model. However, because neither A.M. Best or
S&P rate the full population of UK insurance firms our data set is potentially subject to selfselection
bias and we therefore extend the model to correct for such problems. In particular, the
paper examines the effect of eight firm-specific variables (namely, capital adequacy, profitability,
liquidity, growth, size, mutual/stockowner status, reinsurance level, and short/long-term nature of
business) on the ratings awarded by the two agencies, as well as on insurance firmsâ decisions to
volunteer for the ratings in the first place.
In general terms, our evidence concurs with earlier US findings, and suggests that
although the decision to be rated by either of the agencies is largely influenced by a common set
of factors, the determinants of the ratings themselves appear to differ. Specifically, our first main
finding is that insurersâ decisions to be rated by either A.M. Best or S&P is positively related to
surplus growth, profitability and leverage. Second, while we find that A.M. Bestâs ratings are
positively linked to profitability and liquidity, as well as being generally higher for mutual insurers,
the findings for S&P differ substantially. Although liquidity again exerted a positive influence on
assigned ratings, the only other statistically significant variable was financial leverage, which had a
negative sign.
We believe that the results of our research are of potential importance for companies
operating in insurance markets as well as for policy-makers, brokers and others. For example, the
evidence that mutual insurers are generally assigned higher ratings than stock insurers suggests
that certain publicly-traded insurers, in particular new entrants, might not possess sound financial
strength and may require closer regulatory scrutiny than other, more established, insurance firms.
In addition, the finding that liquidity has a significantly positive effect on ratings assigned by two
of the worldâs leading credit agencies should provide a measure of confidence about the
robustness of the ratings to industry regulators, policyholders and investors in the UK. This could
imply that external ratings might eventually play a role in substituting for costly industry
regulation. The study concludes that although the factors influencing the decision to be rated by
A.M. Best or S&P are broadly the same, a degree of variability exists in the variables which
influence the actual ratings themselves. Insurance company managers should be aware of this
when contemplating whether to seek an independent rating and which agency to choose for the
assessment. We therefore believe that this study fills an important gap in the literature about key
players in the important UK insurance market and provides a basis for the conduct of future
research
A new approach to equipment testing
Considerable controversy has arisen during the recent discussions over a new version of the RTCA DO160C/ED 14C Section 22 document at the European Committee for Aviation Electronics. Section 22 is concerned with lightning waveform tests to equipment. Investigations of some of these controversies with circuit analysis and measurements indicate the impedance characteristics required of the transient generators and the possibility of testing to a voltage limit even for current waveforms
Fish assemblage patterns as a tool to aid conservation in the Olifants River catchment (East), South Africa
South Africa has committed to address freshwater conservation at the catchment scale, using a combination of landscapelevel and species-level features as surrogates of freshwater biodiversity. To support this work, we examined fishes in the Olifants River catchment, where multiple anthropogenic pressures affect streams. Patterns in fish assemblage data across 88 sites were analysed and related to landscape environmental variables using statistical techniques of multivariate ordination, cluster analysis, and regression tree analysis. We identified 6 distinct fish assemblage types, which were separated by altitude and human influence, primarily dry-land cropping and dams. In the upper reaches of the catchment, we identified a faunal shift from Barbus neefi, which occurred in less impacted sites, to B. anoplus and Tilapia sparrmanii, which werefavored in cropland and mixed cropland/urban settings, respectively. The fish assemblage of the middle section of the catchment was not unique, but supported one species, Chiloglanis pretoriae, that could be considered a focal species for conservation. The low altitude, high-runoff section of the catchment supported the most species. However, species richnessincreased in association with dams, through the addition of species that are more tolerant of flow and physicochemical modifications. Thus, species richness may not be an optimal conservation target for this system. Rather, a series of indicators will be necessary to track and measure conservation success in the Olifants catchment
PHS162 Prevalence of Mental Health Disorders and access to care among children Enrolled in the mississippi medicaid
Understanding how language revitalisation works: a realist synthesis
Indigenous communities, linguists, teachers, and language activists have been developing methods to revitalise endangered languages over several decades. Not only are these methods diverse, they are usually implemented in various ways according to local needs and aspirations. Language revitalisation methods focus on proficiency, but there is also interest in strengthening identity, resilience, and wellbeing. Aside from a handful of successes, programs may not be achieving desired outcomes. One could try to evaluate specific programs. However, we believe that a necessary first step is to examine published literature of revitalisation efforts to develop initial understandings of how they work. In particular, we seek to understand how revitalisation efforts tap into the speech community, how local participation affects outcomes, and how this involvement is supported and sustained by external programs, with a focus on language revitalisation efforts in Australia. We conduct a realist synthesis, and through analysis of 125 pieces of literature, we identify 13 initial theories. In analysing these theories, we identify two major gaps in our understanding of language revitalisation: how revitalisation programs work to strengthen communities and promote commitment. We propose these as significant, under-theorised elements of successful revitalisation which can guide exploration at the level of individual programs
Antiapoptotic herpesvirus Bcl-2 homologs escape caspase-mediated conversion to proapoptotic proteins
The antiapoptotic Bcl-2 and Bcl-x(L) proteins of mammals are converted into potent proapoptotic factors when they are cleaved by caspases, a family of apoptosis-inducing proteases (E. H.-Y. Cheng, D. G. Kirsch, R. J. Clem, R. Ravi, M. B. Kastan, A. Bedi, K. Ueno, and J. M. Hardwick, Science 278:1966-1968, 1997; R. J. Clem, E. H.-Y. Cheng, C. L. Karp, D. G. Kirsch, K. Ueno, A. Takahashi, M. B. Kastan, D. E. Griffin, W. C. Earnshaw, M. A. Veliuona, and J. M. Hardwick, Proc. Natl. Acad. Sci. USA 95:554-559, 1998). Gamma herpesviruses also encode homologs of the Bcl-2 family. All tested herpesvirus Bcl-2 homologs possess antiapoptotic activity, including the more distantly related homologs encoded by murine gammaherpesvirus 68 (gammaHV68) and bovine herpesvirus 4 (BHV4), as described here. To determine if viral Bcl-2 proteins can be converted into death factors, similar to their cellular counterparts, five herpesvirus Bcl-2 homologs from five different viruses were tested for their susceptibility to caspases. Only the viral Bcl-2 protein encoded by gammaHV68 was susceptible to caspase digestion. However, unlike the caspase cleavage products of cellular Bcl-2, Bcl-x(L), and Bid, which are potent inducers of apoptosis, the cleavage product of gammaHV68 Bcl-2 lacked proapoptotic activity. KSBcl-2, encoded by the Kaposi's sarcoma-associated herpesvirus, was the only viral Bcl-2 homolog that was capable of killing cells when expressed as an N-terminal truncation. However, because KSBcl-2 was not cleavable by caspases, the latent proapoptotic activity of KSBcl-2 apparently cannot be released. The Bcl-2 homologs encoded by herpesvirus saimiri, Epstein-Barr virus, and BHV4 were not cleaved by apoptotic cell extracts and did not possess latent proapoptotic activities. Thus, herpesvirus Bcl-2 homologs escape negative regulation by retaining their antiapoptotic activities and/or failing to be converted into proapoptotic proteins by caspases during programmed cell death
The Clover Root Weevil Invasion: Impact and Response of the New Zealand Pastoral Industry 1996-2012
Clover root weevil, Sitona lepidus Gyllenhall (Curculionidae: Coleoptera), was first reported in New Zealand in 1996. With few natural enemies or competitors, it rapidly became a major pest of white clover. Its strong flight capability, tendency to be transported in agricultural machinery and vehicles, and wide climatic tolerance enabled it to spread the length of the country (1,600 km) by 2010. The most damaging stage is the larva, which attacks the roots, root nodules and stolons of clovers, reducing herbage production (particularly in spring), pasture clover content, and nitrogen fixation. From the time of the initial invasion, the pastoral industry supported research into management as insecticides were not a viable option. Nitrogen fertiliser applications after grazing were recommended to maintain production. Field evaluations showed that white clovers with good general agronomic adaptation survived better under weevil pressure than less-adapted clovers. In 2006, a parasitic wasp, Microctonus aethiopoides Loan (Braconidae: Hymenoptera), was introduced from Ireland for biological control of S. lepidus. It has also established and dispersed very rapidly, and often suppresses weevil populations within 2 â 3 years of its establishment in a new locality. Involvement of industry field consultants was an essential aspect of the biological control release programme in the North Island where the weevil was already widespread before M. aethiopoides was introduced
An introduction to Elinor Glyn : her life and legacy
This special issue of Women: A Cultural Review re-evaluates an author who was once a household name, beloved by readers of romance, and whose films were distributed widely in Europe and the Americas. Elinor Glyn (1864â1943) was a British author of romantic fiction who went to Hollywood and became famous for her movies. She was a celebrity figure of the 1920s, and wrote constantly in Hearst's press. She wrote racy stories which were turned into filmsâmost famously, Three Weeks (1924) and It (1927). These were viewed by the judiciary as scandalous, but by othersâHollywood and the Spanish Catholic Churchâas acceptably conservative. Glyn has become a peripheral figure in histories of this period, marginalized in accounts of the youth-centred âflapper eraâ. Decades on, the idea of the âIt Girlâ continues to have great pertinence in the post-feminist discourses of the twenty-first century. The 1910s and 1920s saw the development of intermodal networks between print, sound and screen cultures. This introduction to Glyn's life and legacy reviews the cross-disciplinary debate sparked by renewed interest in Glyn by film scholars and literary and feminist historians, and offers a range of views of Glyn's cultural and historical significance and areas for future research
A comprehensive assessment of the applicability of available and proposed offshore mooring and foundation technologies and design tools for array applications
PublishedThe function and type of mooring and/or foundation system are determined by a number of factors including: cost, site characteristics, expected environmental loading and environmental or legislative constraints. The design of the device and its mode of operation will also influence the decision making process. It is the role of DTOcean Work Package 4 to produce a decision making tool which has the capability to assess a range of technologies for the design and selection of mooring and foundation systems for marine renewable energy (MRE) device arrays. In this first deliverable report, criteria are introduced which can be used to appraise technologies and approaches relevant to MRE devices. Existing mooring and foundation technologies used in the offshore industry are summarised with examples given of MRE device deployments. A general overview of the design tools which are currently used for mooring and foundation design in the offshore and MRE industries is provided, along with a list of the capabilities of several commercially available software packages.European Commissionâs 7th Framework; Grant agreement number: 60859
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