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Bankruptcy in the Core and Periphery of Financial Groups: The Case of the Property-Casualty Insurance Industry

This paper studies the survival outcomes experienced over a 14-year period by a comprehensive sample of group-affiliated U.S. property-casualty insurance companies from 1994. While it is generally assumed that affiliate support enhances the financial strength of a subsidiary within a group, this paper finds that claimants on non-core affiliates (i.e., those with less reinsurance support from and with looser ties to the flagship company) fared better, on average, than claimants on core and flagship subsidiaries.