This paper explores the concepts underlying the valuation of an insurance company in the context of how other (noninsurance) companies are valued. This paper also addresses recent developments in the insurance industry that could affect valuation, including the NAIC’s codification of statutory accounting principles, fair value accounting, and the Gramm-Leach-Bliley Act of 1999.

This was originally published in the Casualty Actuarial Society publication Proceedings.