本篇論文主要探討再保險與償債能力之間的關係，並以1985 年至2006 年英國產險公司為研究標的。數據資料是採用Standard & Poor’s 所提供SynThesys Non-Life，而最終樣本為174 間產險公司與3,828 筆年資料。研究方法是採取二階最小平方法(2SLS)。在償債能力相對再保險的部分，我們的驗證結果為負向關係，與「預期破產成本理論」所得之結果相符；在再保險相對償債能力的部分，我們的驗證結果為負向關係，與「信號假說」所得之結果相符。

This study primarily focuses on the relation of reinsurance and solvency and examines the United Kingdom non-life insurance industry from 1985 through 2006. The data for firm-specific variables are computed using the data set of SynThesys Non-Life provided by Standard & Poor’s. The final sample includes 174 insurers and 3,828 insurer-year observations. In methodology part, we examine the interaction among reinsurance and solvency by 2SLS. The empirical result shows the effect of solvency on reinsurance is negative and consistent with expected bankruptcy costs argument. The empirical result shows the effect of reinsurance on solvency is negative and consistent with signal hypothesis.

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