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The Determinants of Credit Ratings in the United Kingdom Insurance Industry

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  • Mike Adams
  • Bruce Burton
  • Philip Hardwick
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    Abstract

    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. Copyright Blackwell Publishers Ltd, 2002.

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Journal of Business Finance & Accounting.

    Volume (Year): 30 (2003-04)
    Issue (Month): 3-4 ()
    Pages: 539-572

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    Handle: RePEc:bla:jbfnac:v:30:y:2003-04:i:3-4:p:539-572

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0306-686X

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    Web: http://www.blackwellpublishing.com/subs.asp?ref=0306-686X

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    Cited by:
    1. Pasiouras, Fotios & Gaganis, Chrysovalantis, 2013. "Regulations and soundness of insurance firms: International evidence," Journal of Business Research, Elsevier, vol. 66(5), pages 632-642.
    2. Fotios Pasiouras & Chrysovalantis Gaganis & Constantin Zopounidis, 2006. "The impact of bank regulations, supervision, market structure, and bank characteristics on individual bank ratings: A cross-country analysis," Review of Quantitative Finance and Accounting, Springer, vol. 27(4), pages 403-438, December.
    3. Ayuso, Mercedes & Santolino, Miguel, 2007. "Predicting automobile claims bodily injury severity with sequential ordered logit models," Insurance: Mathematics and Economics, Elsevier, vol. 41(1), pages 71-83, July.

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