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The Determinants of Private Debt Holdings: Evidence From the Life Insurance Industry

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  • Steven W. Pottier

Abstract

Life insurers hold the majority of private debt. Lenders in the private debt market must have the ability to evaluate the credit quality of borrowers and to perform ongoing risk monitoring. The purpose of this study is to examine the determinants of private debt holdings in the life insurance industry. The results suggest that larger insurers, insurers with higher financial quality, mutual insurers, publicly traded insurers, insurers facing stringent regulation, and insurers with greater cash holdings are more prevalent lenders in the private debt market.

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  • Steven W. Pottier, 2007. "The Determinants of Private Debt Holdings: Evidence From the Life Insurance Industry," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 74(3), pages 591-612, September.
    • Handle: RePEc:bla:jrinsu:v:74:y:2007:i:3:p:591-612
    DOI: 10.1111/j.1539-6975.2007.00226.x
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    Cited by:

    1. Milidonis, Andreas, 2013. "Compensation incentives of credit rating agencies and predictability of changes in bond ratings and financial strength ratings," Journal of Banking & Finance, Elsevier, vol. 37(9), pages 3716-3732.
    2. Kozmenko, Olha & Roienko, Victoria, 2013. "Evaluation and use of indicators of insurance companies’ investment activities," MPRA Paper 50850, University Library of Munich, Germany.
    3. Che, Xin & Liebenberg, Andre P., 2017. "Effects of business diversification on asset risk-taking: Evidence from the U.S. property-liability insurance industry," Journal of Banking & Finance, Elsevier, vol. 77(C), pages 122-136.
    4. Thomas R. Berry-Stölzle & Jianren Xu, 2022. "Local religious beliefs and insurance companies’ risk-taking behaviour," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 47(2), pages 242-278, April.

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