Insurers’ Investments and Insurance Prices

The authors are grateful to Lasse Heje Pedersen for his guidance and advice, and to Bo Becker (the Editor), an anonymous associate editor, and two anonymous referees for their valuable feedback. The authors are also grateful for helpful comments from Christoph Carnehl, Ricardo Correa, Max Croce (discussant), Jens Dick-Nielsen, Cameron Ellis (discussant), Peter Feldhütter, Robin Greenwood, Sam Hanson, Sven Klingler, Ralph Koijen, Christian Kubitza (discussant), David Lando, Nicola Limodio, Florian Nagler, Greg Niehaus, Stefano Rossi, Julien Sauvagnat, Andrés Schneider, Andrei Shleifer, David Sraer, Daniel Streitz, Tuomas Tomunen (discussant), and Annette Vissing-Jorgensen as well as seminar participants at Berkeley Haas, BI Oslo, Bocconi University, Boston University, Carlos III de Madrid, ESSEC Business School, ESCP Business School, the Federal Reserve Board, HEC Paris, Harvard Business School, London School of Economics, Queen Mary University of London, Stockholm School of Economics, Tilburg University, the University of South Carolina, and Warwick Business School and conference participants at the American Risk and Insurance Association, the EIOPA-ECB Research Workshop on Insurance and Pension Funds, and the Nordic Finance Network. This paper was previously circulated under the title “Asset-driven insurance pricing.”