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class="vector-toc-numb">2</span> <span>Securities underwriting</span> </div> </a> <button aria-controls="toc-Securities_underwriting-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Securities underwriting subsection</span> </button> <ul id="toc-Securities_underwriting-sublist" class="vector-toc-list"> <li id="toc-Risk,_exclusivity,_and_reward" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Risk,_exclusivity,_and_reward"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Risk, exclusivity, and reward</span> </div> </a> <ul id="toc-Risk,_exclusivity,_and_reward-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Bank_underwriting" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Bank_underwriting"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Bank underwriting</span> </div> </a> <ul id="toc-Bank_underwriting-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Insurance_underwriting" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Insurance_underwriting"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Insurance underwriting</span> </div> </a> <ul id="toc-Insurance_underwriting-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Other_forms" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Other_forms"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Other forms</span> </div> </a> <button aria-controls="toc-Other_forms-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Other forms subsection</span> </button> <ul id="toc-Other_forms-sublist" class="vector-toc-list"> <li id="toc-Continuous_underwriting" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Continuous_underwriting"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Continuous underwriting</span> </div> </a> <ul id="toc-Continuous_underwriting-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Real_estate_underwriting" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Real_estate_underwriting"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.2</span> <span>Real estate underwriting</span> </div> </a> <ul id="toc-Real_estate_underwriting-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Forensic_underwriting" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Forensic_underwriting"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.3</span> <span>Forensic underwriting</span> </div> </a> <ul id="toc-Forensic_underwriting-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Sponsorship_underwriting" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Sponsorship_underwriting"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.4</span> <span>Sponsorship underwriting</span> </div> </a> <ul id="toc-Sponsorship_underwriting-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Thomson_Financial_league_tables" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Thomson_Financial_league_tables"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.5</span> <span>Thomson Financial league tables</span> </div> </a> <ul id="toc-Thomson_Financial_league_tables-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>References</span> </div> </a> <button aria-controls="toc-References-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle References subsection</span> </button> <ul id="toc-References-sublist" class="vector-toc-list"> <li id="toc-Bibliography" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Bibliography"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.1</span> <span>Bibliography</span> </div> </a> <ul id="toc-Bibliography-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" title="Table of Contents" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" 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Available in 21 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-21" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">21 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%B6%D9%85%D8%A7%D9%86_%D8%B3%D9%86%D8%AF%D8%A7%D8%AA" title="ضمان سندات – Arabic" lang="ar" hreflang="ar" data-title="ضمان سندات" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%85%E0%A6%AC%E0%A6%B2%E0%A6%BF%E0%A6%96%E0%A6%A8" title="অবলিখন – Bangla" lang="bn" hreflang="bn" data-title="অবলিখন" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Underwriting" title="Underwriting – Spanish" lang="es" hreflang="es" data-title="Underwriting" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%85%D8%AA%D8%B9%D9%87%D8%AF_%D8%AE%D8%B1%DB%8C%D8%AF_%D8%A7%D9%88%D8%B1%D8%A7%D9%82_%D8%A8%D9%87%D8%A7%D8%AF%D8%A7%D8%B1" title="متعهد خرید اوراق بهادار – Persian" lang="fa" hreflang="fa" data-title="متعهد خرید اوراق بهادار" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Penjaminan_emisi" title="Penjaminan emisi – Indonesian" lang="id" hreflang="id" data-title="Penjaminan emisi" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%97%D7%99%D7%AA%D7%95%D7%9D" title="חיתום – Hebrew" lang="he" hreflang="he" data-title="חיתום" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%90%D0%BD%D0%B4%D0%B5%D1%80%D0%B0%D0%B9%D1%82%D0%B8%D0%BD%D0%B3" title="Андерайтинг – Kazakh" lang="kk" hreflang="kk" data-title="Андерайтинг" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-ky mw-list-item"><a href="https://ky.wikipedia.org/wiki/%D0%90%D0%BD%D0%B4%D0%B5%D1%80%D1%80%D0%B0%D0%B9%D1%82%D0%B8%D0%BD%D0%B3" title="Андеррайтинг – Kyrgyz" lang="ky" hreflang="ky" data-title="Андеррайтинг" data-language-autonym="Кыргызча" data-language-local-name="Kyrgyz" class="interlanguage-link-target"><span>Кыргызча</span></a></li><li class="interlanguage-link interwiki-ml mw-list-item"><a href="https://ml.wikipedia.org/wiki/%E0%B4%85%E0%B4%A3%E0%B5%8D%E0%B4%9F%E0%B5%BC%E0%B4%B1%E0%B5%88%E0%B4%B1%E0%B5%8D%E0%B4%B1%E0%B4%BF%E0%B4%82%E0%B4%97%E0%B5%8D" title="അണ്ടർറൈറ്റിംഗ് – Malayalam" lang="ml" hreflang="ml" data-title="അണ്ടർറൈറ്റിംഗ്" data-language-autonym="മലയാളം" data-language-local-name="Malayalam" class="interlanguage-link-target"><span>മലയാളം</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Pengunderaitan" title="Pengunderaitan – Malay" lang="ms" hreflang="ms" data-title="Pengunderaitan" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-mn mw-list-item"><a href="https://mn.wikipedia.org/wiki/%D0%90%D0%BD%D0%B4%D0%B5%D1%80%D1%80%D0%B0%D0%B9%D1%82%D0%B5%D1%80" title="Андеррайтер – Mongolian" lang="mn" hreflang="mn" data-title="Андеррайтер" data-language-autonym="Монгол" data-language-local-name="Mongolian" class="interlanguage-link-target"><span>Монгол</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Acceptant" title="Acceptant – Dutch" lang="nl" hreflang="nl" data-title="Acceptant" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E5%BC%95%E5%8F%97" title="引受 – Japanese" lang="ja" hreflang="ja" data-title="引受" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Anderrayter" title="Anderrayter – Uzbek" lang="uz" hreflang="uz" data-title="Anderrayter" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Gwarantowanie_emisji" title="Gwarantowanie emisji – Polish" lang="pl" hreflang="pl" data-title="Gwarantowanie emisji" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Underwriting" title="Underwriting – Portuguese" lang="pt" hreflang="pt" data-title="Underwriting" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%90%D0%BD%D0%B4%D0%B5%D1%80%D1%80%D0%B0%D0%B9%D1%82%D0%B8%D0%BD%D0%B3" title="Андеррайтинг – Russian" lang="ru" hreflang="ru" data-title="Андеррайтинг" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%8E%E0%AE%B4%E0%AF%81%E0%AE%A4%E0%AF%8D%E0%AE%A4%E0%AF%81%E0%AE%B1%E0%AF%81%E0%AE%A4%E0%AE%BF_%E0%AE%B5%E0%AE%B4%E0%AE%99%E0%AF%8D%E0%AE%95%E0%AE%B2%E0%AF%8D" title="எழுத்துறுதி வழங்கல் – Tamil" lang="ta" hreflang="ta" data-title="எழுத்துறுதி வழங்கல்" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%81%E0%B8%B2%E0%B8%A3%E0%B8%A3%E0%B8%B1%E0%B8%9A%E0%B8%9B%E0%B8%A3%E0%B8%B0%E0%B8%81%E0%B8%B1%E0%B8%99%E0%B8%A0%E0%B8%B1%E0%B8%A2" title="การรับประกันภัย – Thai" lang="th" hreflang="th" data-title="การรับประกันภัย" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%90%D0%BD%D0%B4%D0%B5%D1%80%D0%B0%D0%B9%D1%82%D0%B5%D1%80" title="Андерайтер – Ukrainian" lang="uk" hreflang="uk" data-title="Андерайтер" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E6%89%BF%E9%94%80%E5%95%86" title="承销商 – Chinese" lang="zh" hreflang="zh" data-title="承销商" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q1898080#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-associated-pages" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li 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For the United States Navy ships, see <a href="/wiki/USS_Underwriter" title="USS Underwriter">USS Underwriter</a>. 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Unsourced material may be challenged and removed.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Underwriting%22">"Underwriting"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Underwriting%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Underwriting%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Underwriting%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Underwriting%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Underwriting%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">November 2009</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p><b>Underwriting</b> (<b>UW</b>)<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> services are provided by some large <a href="/wiki/Financial_institution" title="Financial institution">financial institutions</a>, such as banks, insurance companies and investment houses, whereby they guarantee payment in case of damage or financial loss and accept the <a href="/wiki/Financial_risk" title="Financial risk">financial risk</a> for liability arising from such guarantee. An underwriting arrangement may be created in a number of situations including insurance, issues of security in a <a href="/wiki/Public_offering" title="Public offering">public offering</a>, and bank lending, among others. The person or institution that agrees to sell a minimum number of securities of the company for commission is called the underwriter. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Underwriting&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The term "underwriting" derives from the <a href="/wiki/Lloyd%27s_of_London" title="Lloyd's of London">Lloyd's of London</a> <a href="/wiki/Insurance" title="Insurance">insurance</a> market. Financial backers (or risk takers), who would accept some of the risk on a given venture (historically a sea voyage with associated risks of shipwreck) in exchange for a <a href="/wiki/Insurance_premium" class="mw-redirect" title="Insurance premium">premium</a>, would literally write their names under the risk information that was written on a Lloyd's slip created for this purpose.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Securities_underwriting">Securities underwriting</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Underwriting&action=edit&section=2" title="Edit section: Securities underwriting"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the financial <a href="/wiki/Primary_market" title="Primary market">primary market</a>, <a href="/wiki/Security_(finance)" title="Security (finance)">securities</a> underwriting is the process by which <a href="/wiki/Investment_banking" title="Investment banking">investment banks</a> raise investment capital from buyers on behalf of corporations and governments by issuing securities (such as <a href="/wiki/Share_capital" title="Share capital">stocks</a> or <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a>). As an underwriter, the investment bank guarantees a price for these securities, facilitates the issuance of the securities, and then sells them to the public (or retains them for their own proprietary account).<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> This process is often seen in <a href="/wiki/Initial_public_offering" title="Initial public offering">initial public offerings</a> (IPOs), where investment banks help a corporation raise funds from the public. The underwriter is obligated to purchase the entire issue at a predetermined price before reselling the securities in the market.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> Should they not be able to find buyers, they will have to hold some securities themselves. To reduce the risk, they may form a <a href="/wiki/Syndicate" title="Syndicate">syndicate</a> with other investment banks. Each bank will buy a portion of the security issue, and typically resell securities from that portion to the public.<sup id="cite_ref-Mishkin_p._547_6-0" class="reference"><a href="#cite_note-Mishkin_p._547-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Underwriters make their profit from the price difference (called "<a href="/wiki/Underwriting_spread" title="Underwriting spread">underwriting spread</a>") between the price they pay the issuer and what they collect from buyers or from <a href="/wiki/Broker-dealer" title="Broker-dealer">broker-dealers</a> who buy portions of the offering. </p><p>The services provided in the process of underwriting include: </p> <ol><li>Giving advice on whether to issue stocks or bonds, the timing of issuance (ideally, corporations should sell securities when they will obtain the highest possible price). Underwriters also have to determine at what price the security should be sold.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup></li> <li>Filing documents: assisting companies with making the filings required by financial authorities. Companies issuing new securities to the general public must file a <a href="/wiki/Registration_statement" title="Registration statement">registration statement</a> detailing their financial conditions, management, competition, industry, experience, funding purposes, and securities' risk assessment. A portion of this statement is reproduced in a document called a <a href="/wiki/Prospectus_(finance)" title="Prospectus (finance)">prospectus</a>, which investors can access to obtain information about new securities.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup></li> <li>Underwriting: A company sells the entire issue to the underwriter at an agreed price. The underwriter will then sell it to the public at a higher price to achieve a profit, to the extent that it does not retain part of the issue as a proprietary holding.<sup id="cite_ref-Mishkin_p._547_6-1" class="reference"><a href="#cite_note-Mishkin_p._547-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup></li></ol> <div class="mw-heading mw-heading3"><h3 id="Risk,_exclusivity,_and_reward"><span id="Risk.2C_exclusivity.2C_and_reward"></span>Risk, exclusivity, and reward</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Underwriting&action=edit&section=3" title="Edit section: Risk, exclusivity, and reward"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Once the underwriting agreement is struck, the underwriter bears the risk of being unable to sell the underlying securities, and the cost of holding them on its books until such time in the future that they may be favorably sold. </p><p>If the instrument is desirable, the underwriter and the securities issuer may choose to enter into an exclusivity agreement. In exchange for a higher price paid upfront to the issuer, or other favorable terms, the issuer may agree to make the underwriter the exclusive agent for the initial sale of the securities instrument. That is, even though third-party buyers might approach the issuer directly to buy, the issuer agrees to sell exclusively through the underwriter. </p><p>In summary, the securities issuer gets cash up front, access to the contacts and sales channels of the underwriter, and is insulated from the market risk of being unable to sell the securities at a good price. The underwriter receives a profit from the markup, plus the possibility of an exclusive sales agreement. </p><p>Also, if the securities are priced significantly below market price (as is often the custom), the underwriter also curries favor with powerful customers by granting them an immediate profit (see <a href="/wiki/Flipping" title="Flipping">flipping</a>), perhaps in a <i><a href="/wiki/Quid_pro_quo" title="Quid pro quo">quid pro quo</a></i>. This practice, which is typically justified as the reward for the underwriter for taking on the market risk, is occasionally criticized as unethical, such as the allegations that investment banker <a href="/wiki/Frank_Quattrone" title="Frank Quattrone">Frank Quattrone</a> acted improperly in doling out hot IPO stock during the <a href="/wiki/Dot-com_bubble" title="Dot-com bubble">dot-com bubble</a>. </p><p>In an attempt to capture more of the value of their securities for themselves, issuing companies are increasingly turning to alternative vehicles for going public, such as direct listings and <a href="/wiki/Special-purpose_acquisition_company" title="Special-purpose acquisition company">SPACs</a>.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (June 2023)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="Bank_underwriting">Bank underwriting</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Underwriting&action=edit&section=4" title="Edit section: Bank underwriting"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/Banking" class="mw-redirect" title="Banking">banking</a>, underwriting is the detailed <a href="/wiki/Credit_(finance)" class="mw-redirect" title="Credit (finance)">credit</a> analysis preceding the granting of a <a href="/wiki/Loan" title="Loan">loan</a>, based on credit information furnished by the borrower; such underwriting falls into several areas: </p> <ul><li>Consumer loan underwriting includes the verification of such items as employment history, salary and <a href="/wiki/Financial_statements" class="mw-redirect" title="Financial statements">financial statements</a>; publicly available information, such as the borrower's credit history, which is detailed in a <a href="/wiki/Credit_report" class="mw-redirect" title="Credit report">credit report</a>; and the lender's evaluation of the borrower's credit needs and ability to pay. Examples include <a href="/wiki/Mortgage_underwriting" title="Mortgage underwriting">mortgage underwriting</a>.</li> <li>Commercial (or business) underwriting consists of the evaluation of financial information provided by small businesses including analysis of the business balance sheet including tangible net worth, the ratio of debt to worth (leverage) and available liquidity (current ratio). Analysis of the income statement typically includes revenue trends, gross margin, profitability, and <a href="/wiki/Debt_Service_Coverage_Ratio" class="mw-redirect" title="Debt Service Coverage Ratio">debt service coverage</a>.</li></ul> <p>Underwriting can also refer to the purchase of <a href="/wiki/Corporate_bond" title="Corporate bond">corporate bonds</a>, <a href="/wiki/Commercial_paper" title="Commercial paper">commercial paper</a>, government securities, municipal general-obligation bonds by a <a href="/wiki/Commercial_bank" title="Commercial bank">commercial bank</a> or dealer bank for its own <a href="/wiki/Deposit_account" title="Deposit account">account</a> or for resale to investors. Bank underwriting of corporate securities is carried out through separate holding-company affiliates, called <a href="/w/index.php?title=Securities_affiliate&action=edit&redlink=1" class="new" title="Securities affiliate (page does not exist)">securities affiliates</a> or Section 20 affiliates.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (June 2023)">citation needed</span></a></i>]</sup> </p><p>Of late, the discourse on underwriting has been dominated by the advent of <a href="/wiki/Machine_learning" title="Machine learning">machine learning</a> in this space. These profound technological innovations are altering the way traditional underwriting scorecards have been built, and are displacing human underwriters with automation. <a href="/wiki/Natural_language_understanding" title="Natural language understanding">Natural language understanding</a> allows the consideration of more sources of information to assess risk than used previously.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> These algorithms typically use modern data sources such as SMS / Email for banking information, location data to verify addresses, and so on. Several firms are trying to build models that can gauge a customer's willingness to pay using social media data by applying natural language understanding algorithms which essentially try to analyse and quantify a person's popularity / likability and so on, with the premise being that people scoring high on these parameters are less likely to default on a loan. However, this area is still vastly subjective.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (June 2023)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="Insurance_underwriting">Insurance underwriting</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Underwriting&action=edit&section=5" title="Edit section: Insurance underwriting"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Insurance" title="Insurance">Insurance</a> underwriters evaluate the risk and exposures of potential clients. They decide how much coverage the client should receive, how much they should pay for it, and whether to accept the risk. Underwriting involves measuring risk exposure and determining the <a href="/wiki/Insurance_premium" class="mw-redirect" title="Insurance premium">premium</a> that needs to be charged to insure that risk. The function of the underwriter is to protect the company's book of business from risks that they feel will make a loss and issue <a href="/wiki/Insurance_contract" class="mw-redirect" title="Insurance contract">insurance policies</a> at a premium that is commensurate with the exposure presented by a risk. </p><p>Each insurance company has its own set of underwriting guidelines to help the underwriter determine whether or not the company should accept the risk. The information used to evaluate the risk of an applicant for insurance will depend on the type of coverage involved. For example, in underwriting automobile coverage, an individual's driving record is critical. However, the type of automobile is actually far more critical.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (February 2023)">citation needed</span></a></i>]</sup> As part of the underwriting process for <a href="/wiki/Life_insurance" title="Life insurance">life</a> or <a href="/wiki/Health_insurance" title="Health insurance">health insurance</a>, <a href="/wiki/Medical_underwriting" title="Medical underwriting">medical underwriting</a> may be used to examine the applicant's health status (other factors may be considered as well, such as occupation and risky pursuits) and decide whether the policy can be issued on the standard terms applicable to the customer's age. The factors that insurers use to classify risks are generally objective, clearly related to the likely cost of providing coverage, practical to administer, consistent with applicable law, and designed to protect the long-term viability of the insurance program.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>Underwriters may choose to decline a risk, provide a quotation with adjusted premiums, or apply policy exclusions. Adjusted premiums typically include a loading factor,<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> which accounts for administrative costs, expected claims, and a margin for profit.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> Policy exclusions, on the other hand, limit the circumstances under which claims can be made. Depending on the type of insurance product (line of business), insurance companies use automated underwriting systems to encode these rules, and reduce the amount of manual work in processing quotations and policy issuance. This is especially the case for certain simpler life or personal lines (auto, homeowners) insurance. Some insurance companies, however, rely on agents to underwrite for them. This arrangement allows an insurer to operate in a market closer to its clients without having to establish a physical presence. </p><p>Two major categories of exclusion in insurance underwriting are <a href="/wiki/Moral_hazard" title="Moral hazard">moral hazard</a> and <a href="/wiki/Correlated" class="mw-redirect" title="Correlated">correlated</a> losses.<sup id="cite_ref-npr_13-0" class="reference"><a href="#cite_note-npr-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> With a moral hazard, the consequences of the customer's actions are insured, making the customer more likely to take costly actions. For example, bedbugs are typically excluded from homeowners' insurance to avoid paying for the consequence of recklessly bringing in a used mattress.<sup id="cite_ref-npr_13-1" class="reference"><a href="#cite_note-npr-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> Insured events are generally those outside the control of the customer, for example in life insurance, death by automobile accident is typically covered, but death by suicide is typically not covered. <sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (March 2021)">citation needed</span></a></i>]</sup> Correlated losses are those that can affect a large number of customers at the same time, thus potentially bankrupting the insurance company. This is why typical homeowner's policies cover damage from fire or falling trees (usually affecting an individual house), but not floods or earthquakes (which affect many houses at the same time).<sup id="cite_ref-npr_13-2" class="reference"><a href="#cite_note-npr-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>For all types of insurance underwriting, advice and assistance is often provided by <a href="/wiki/Reinsurer" class="mw-redirect" title="Reinsurer">reinsurers</a>, who of course have an interest in accepting risks on appropriate terms.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> See <a href="/wiki/Financial_risk_management#Insurance" title="Financial risk management">Financial risk management § Insurance</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Other_forms">Other forms</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Underwriting&action=edit&section=6" title="Edit section: Other forms"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Continuous_underwriting">Continuous underwriting</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Underwriting&action=edit&section=7" title="Edit section: Continuous underwriting"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Continuous underwriting is the process in which the risks involved in insuring people or assets are being evaluated and analyzed on a continuous basis. It evolved from the traditional underwriting, in which the risks only get assessed before the policy is signed or renewed. Continuous underwriting was first used in <a href="/wiki/Workers%E2%80%99_Compensation" class="mw-redirect" title="Workers’ Compensation">workers' compensation</a>, where the premium of the insurance was updated monthly, based on the insured's submitted payroll. It is also used in <a href="/wiki/Life_insurance" title="Life insurance">life insurance</a><sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/Cyber_insurance" title="Cyber insurance">cyber insurance</a>.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Real_estate_underwriting">Real estate underwriting</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Underwriting&action=edit&section=8" title="Edit section: Real estate underwriting"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Real estate underwriting is the evaluation of a <a href="/wiki/Real_estate" title="Real estate">real estate</a> investment, either of equity ownership or of a real estate loan. The underwriting process generally involves a detailed analysis of expected cash flows, the local market, supply and demand, and risks such as the physical state of the property, environmental or geotechnical risks, zoning, taxes, and insurance. In the evaluation of a real estate loan, lenders assess both the risk of lending to a specific borrower as well as the risk of the underlying real estate. Loan underwriters use various metrics including <a href="/wiki/Debt_service_coverage_ratio" title="Debt service coverage ratio">debt service coverage ratio</a>, <a href="/wiki/Loan-to-value_ratio" title="Loan-to-value ratio">loan-to-value ratio</a>, and <a href="/w/index.php?title=Debt_yield_ratio&action=edit&redlink=1" class="new" title="Debt yield ratio (page does not exist)">debt yield ratio</a> to assess out whether the property is capable of making debt service payments. </p> <div class="mw-heading mw-heading3"><h3 id="Forensic_underwriting">Forensic underwriting</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Underwriting&action=edit&section=9" title="Edit section: Forensic underwriting"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Forensic underwriting is the "after-the-fact" process used by lenders to determine what went wrong with a mortgage.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> Forensic underwriting is a borrower's ability to work out a modification scenario with their current lien holder, not to qualify them for a new loan or a refinance. This is typically done by an underwriter staffed with a team of people who are experienced in every aspect of the real estate field. </p> <div class="mw-heading mw-heading3"><h3 id="Sponsorship_underwriting">Sponsorship underwriting</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Underwriting&action=edit&section=10" title="Edit section: Sponsorship underwriting"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951" /><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Underwriting_spot" title="Underwriting spot">Underwriting spot</a></div> <p>Underwriting may also refer to financial <a href="/wiki/Sponsor_(commercial)" title="Sponsor (commercial)">sponsorship</a> of a venture, and is also used as a term within <a href="/wiki/Public_broadcasting" title="Public broadcasting">public broadcasting</a> (both <a href="/wiki/Public_television" class="mw-redirect" title="Public television">public television</a> and <a href="/wiki/Public_radio" class="mw-redirect" title="Public radio">radio</a>) to describe funding given by a company or organization for the operations of the service, in exchange for a mention of their product or service within the station's programming. </p> <div class="mw-heading mw-heading3"><h3 id="Thomson_Financial_league_tables">Thomson Financial league tables</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Underwriting&action=edit&section=11" title="Edit section: Thomson Financial league tables"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Underwriting activity in the <a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">mergers and acquisitions</a>, <a href="/wiki/Equity_(finance)" title="Equity (finance)">equity issuance</a>, <a href="/wiki/Debt" title="Debt">debt</a> issuance, <a href="/wiki/Syndicated_loan" title="Syndicated loan">syndicated loans</a> and U.S. municipal bond markets is reported in the <a href="/wiki/Thomson_Financial_league_tables" class="mw-redirect" title="Thomson Financial league tables">Thomson Financial league tables</a>.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Underwriting&action=edit&section=12" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Bookrunner" title="Bookrunner">Bookrunner</a></li> <li><a href="/wiki/Book_building" title="Book building">Book building</a></li> <li><a href="/wiki/Financial_roadshows" title="Financial roadshows">Financial roadshows</a></li> <li><a href="/wiki/Guidewire_Software" title="Guidewire Software">Guidewire Software</a></li> <li><a href="/wiki/Predictive_analytics" title="Predictive analytics">Predictive analytics</a></li> <li><a href="/wiki/Underwriting_contract" title="Underwriting contract">Underwriting contract</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Underwriting&action=edit&section=13" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://dictionary.cambridge.org/dictionary/english/uw">"UW | meaning in the Cambridge English Dictionary"</a>. <i>dictionary.cambridge.org</i><span class="reference-accessdate">. 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Retrieved <span class="nowrap">6 December</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Business+Insider&rft.atitle=Underwriting%3A+The+risk-assessment+process+used+in+everything+from+IPOs+to+life+insurance&rft.date=2021-11-17&rft.aulast=Probasco&rft.aufirst=Jim&rft_id=https%3A%2F%2Fwww.businessinsider.com%2Fwhat-is-underwriting&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnderwriting" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text">Mishkin p.18, p.545</span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text">Mishkin p. 545</span> </li> <li id="cite_note-Mishkin_p._547-6"><span class="mw-cite-backlink">^ <a href="#cite_ref-Mishkin_p._547_6-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Mishkin_p._547_6-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Mishkin p. 547</span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text">Mishkin p. 545, 546</span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text">Mishkin p. 546</span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFAdam_C._Uzialko2017" class="citation web cs1">Adam C. 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(March 1981). "On the Rate Structure of the American Life Insurance Market". <i>The Journal of Finance</i>. <b>36</b> (1): <span class="nowrap">81–</span>96. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fj.1540-6261.1981.tb03536.x">10.1111/j.1540-6261.1981.tb03536.x</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Journal+of+Finance&rft.atitle=On+the+Rate+Structure+of+the+American+Life+Insurance+Market&rft.volume=36&rft.issue=1&rft.pages=%3Cspan+class%3D%22nowrap%22%3E81-%3C%2Fspan%3E96&rft.date=1981-03&rft_id=info%3Adoi%2F10.1111%2Fj.1540-6261.1981.tb03536.x&rft.aulast=Winter&rft.aufirst=Ralph+A.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnderwriting" class="Z3988"></span></span> </li> <li id="cite_note-npr-13"><span class="mw-cite-backlink">^ <a href="#cite_ref-npr_13-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-npr_13-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-npr_13-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.npr.org/blogs/money/2014/10/03/353030214/bedbugs-lava-and-bowling-balls-inside-my-homeowners-insurance-policy">"Bedbugs, Lava And Bowling Balls: Inside My Homeowners Insurance Policy"</a>. <i>NPR.org</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=NPR.org&rft.atitle=Bedbugs%2C+Lava+And+Bowling+Balls%3A+Inside+My+Homeowners+Insurance+Policy&rft_id=https%3A%2F%2Fwww.npr.org%2Fblogs%2Fmoney%2F2014%2F10%2F03%2F353030214%2Fbedbugs-lava-and-bowling-balls-inside-my-homeowners-insurance-policy&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnderwriting" class="Z3988"></span></span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://fastercapital.com/content/Underwriting--The-Role-of-Underwriting-in-the-Reinsurance-Industry.html">"Underwriting: The Role of Underwriting in the Reinsurance Industry"</a>. <i>FasterCapital</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2024-03-26</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=FasterCapital&rft.atitle=Underwriting%3A+The+Role+of+Underwriting+in+the+Reinsurance+Industry&rft_id=https%3A%2F%2Ffastercapital.com%2Fcontent%2FUnderwriting--The-Role-of-Underwriting-in-the-Reinsurance-Industry.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnderwriting" class="Z3988"></span></span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.sapiens.com/blog/insurers-making-interesting-use-of-continuous-underwriting/">"Insurers Using Continuous Underwriting"</a>. 19 December 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Insurers+Using+Continuous+Underwriting&rft.date=2017-12-19&rft_id=https%3A%2F%2Fwww.sapiens.com%2Fblog%2Finsurers-making-interesting-use-of-continuous-underwriting%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnderwriting" class="Z3988"></span></span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://content.naic.org/cipr_topics/topic_ondemand_insurance.htm">"On-demand Insurance"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=On-demand+Insurance&rft_id=https%3A%2F%2Fcontent.naic.org%2Fcipr_topics%2Ftopic_ondemand_insurance.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnderwriting" class="Z3988"></span></span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFMcKinsey_&_Company2017" class="citation web cs1">McKinsey & Company (March 2017). <a rel="nofollow" class="external text" href="https://www.mckinsey.com/~/media/mckinsey/industries/financial%20services/our%20insights/time%20for%20insurance%20companies%20to%20face%20digital%20reality/digital-disruption-in-insurance.ashx">"Digital disruption in insurance: Cutting through the noise"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Digital+disruption+in+insurance%3A+Cutting+through+the+noise&rft.date=2017-03&rft.au=McKinsey+%26+Company&rft_id=https%3A%2F%2Fwww.mckinsey.com%2F~%2Fmedia%2Fmckinsey%2Findustries%2Ffinancial%2520services%2Four%2520insights%2Ftime%2520for%2520insurance%2520companies%2520to%2520face%2520digital%2520reality%2Fdigital-disruption-in-insurance.ashx&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnderwriting" class="Z3988"></span></span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.heraldtribune.com/article/20071230/REALESTATE/712300739">"Lenders scrutinize borrowers,"</a> <i>Herald Tribune</i> March 12, 2008</span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20081113123731/http://www.thomsonreuters.com/business_units/financial/league_tables/">"Current League Tables"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.thomsonreuters.com/business_units/financial/league_tables/">the original</a> on 2008-11-13.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Current+League+Tables&rft_id=http%3A%2F%2Fwww.thomsonreuters.com%2Fbusiness_units%2Ffinancial%2Fleague_tables%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnderwriting" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading3"><h3 id="Bibliography">Bibliography</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Underwriting&action=edit&section=14" title="Edit section: Bibliography"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFMishkinEakins2012" class="citation book cs1">Mishkin, Frederic S.; Eakins, Stanley (2012). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=CgiycQAACAAJ"><i>Financial Markets & Institutions</i></a> (7th ed.). United States: Pearson Education Inc. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-13-213683-9" title="Special:BookSources/978-0-13-213683-9"><bdi>978-0-13-213683-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Financial+Markets+%26+Institutions&rft.place=United+States&rft.edition=7th&rft.pub=Pearson+Education+Inc.&rft.date=2012&rft.isbn=978-0-13-213683-9&rft.aulast=Mishkin&rft.aufirst=Frederic+S.&rft.au=Eakins%2C+Stanley&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DCgiycQAACAAJ&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnderwriting" class="Z3988"></span></li></ul> <p><br /> </p> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Underwriting&action=edit&section=15" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><style 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src="//upload.wikimedia.org/wikipedia/commons/thumb/9/99/Wiktionary-logo-en-v2.svg/40px-Wiktionary-logo-en-v2.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/99/Wiktionary-logo-en-v2.svg/60px-Wiktionary-logo-en-v2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/99/Wiktionary-logo-en-v2.svg/120px-Wiktionary-logo-en-v2.svg.png 2x" data-file-width="512" data-file-height="512" /></a></span></div> <div class="side-box-text plainlist">Look up <i><b><a href="https://en.wiktionary.org/wiki/Special:Search/underwriting" class="extiw" title="wiktionary:Special:Search/underwriting">underwriting</a></b></i> in Wiktionary, the free dictionary.</div></div> </div> <ul><li><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Wikiquote-logo.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/13px-Wikiquote-logo.svg.png" 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banking</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;"><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Convertible_bond" title="Convertible bond">Convertible debt</a></li> <li><a href="/wiki/Exchangeable_bond" title="Exchangeable bond">Exchangeable debt</a></li> <li><a href="/wiki/Mezzanine_capital" title="Mezzanine capital">Mezzanine debt</a></li> <li><a href="/wiki/Pari_passu#In_lending,_bankruptcy_and_default" title="Pari passu">Pari passu</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred equity</a></li> <li><a href="/wiki/Second_lien_loan" title="Second lien loan">Second lien debt</a></li> <li><a href="/wiki/Senior_debt" title="Senior debt">Senior debt</a></li> <li><a href="/wiki/Secured_loan" title="Secured loan">Senior secured debt</a></li> <li><a href="/wiki/Shareholder_loan" title="Shareholder loan">Shareholder loan</a></li> <li><a href="/wiki/Stock" title="Stock">Stock</a></li> <li><a href="/wiki/Subordinated_debt" title="Subordinated debt">Subordinated debt</a></li> <li><a href="/wiki/Warrant_(finance)" title="Warrant (finance)">Warrant</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;">Transactions<br /><span class="nobold">(terms/conditions)</span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Public_offering" title="Public offering">Equity offerings</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/At-the-market_offering" title="At-the-market offering">At-the-market offering</a></li> <li><a href="/wiki/Book_building" title="Book building">Book building</a></li> <li><a href="/wiki/Bookrunner" title="Bookrunner">Bookrunner</a></li> <li><a href="/wiki/Bought_deal" title="Bought deal">Bought deal</a></li> <li><a href="/wiki/Bought_out_deal" title="Bought out deal">Bought out deal</a></li> <li><a href="/wiki/Corporate_spin-off" title="Corporate spin-off">Corporate spin-off</a></li> <li><a href="/wiki/Direct_public_offering" title="Direct public offering">Direct public offering</a></li> <li><a href="/wiki/Equity_carve-out" title="Equity carve-out">Equity carve-out</a></li> <li><a href="/wiki/Follow-on_offering" title="Follow-on offering">Follow-on offering</a></li> <li><a href="/wiki/Greenshoe" title="Greenshoe">Greenshoe</a> <ul><li><a href="/wiki/Reverse_greenshoe" class="mw-redirect" title="Reverse greenshoe">Reverse</a></li></ul></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">Initial public offering</a></li> <li><a href="/wiki/Pre-IPO" title="Pre-IPO">Pre-IPO</a></li> <li><a href="/wiki/Private_placement" title="Private placement">Private placement</a></li> <li><a href="/wiki/Public_offering" title="Public offering">Public offering</a></li> <li><a href="/wiki/Rights_issue" title="Rights issue">Rights issue</a></li> <li><a href="/wiki/Seasoned_equity_offering" title="Seasoned equity offering">Seasoned equity offering</a></li> <li><a href="/wiki/Secondary_market_offering" title="Secondary market offering">Secondary market offering</a></li> <li><a class="mw-selflink selflink">Underwriting</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">Mergers and<br />acquisitions</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Buy_side" title="Buy side">Buy side</a></li> <li><a href="/wiki/Contingent_value_rights" title="Contingent value rights">Contingent value rights</a></li> <li><a href="/wiki/Control_premium" title="Control premium">Control premium</a></li> <li><a href="/wiki/Demerger" title="Demerger">Demerger</a></li> <li><a href="/wiki/Divestment" title="Divestment">Divestment</a></li> <li><a href="/wiki/Drag-along_right" title="Drag-along right">Drag-along right</a></li> <li><a href="/wiki/Management_due_diligence" title="Management due diligence">Management due diligence</a></li> <li><a href="/wiki/Managerial_entrenchment" class="mw-redirect" title="Managerial entrenchment">Managerial entrenchment</a></li> <li><a href="/wiki/Mandatory_offer" title="Mandatory offer">Mandatory offer</a></li> <li><a href="/wiki/Minority_discount" title="Minority discount">Minority discount</a></li> <li><a href="/wiki/Pitch_book" title="Pitch book">Pitch book</a></li> <li><a href="/wiki/Pre-emption_right" title="Pre-emption right">Pre-emption right</a></li> <li><a href="/wiki/Proxy_fight" title="Proxy fight">Proxy fight</a></li> <li><a href="/wiki/Post-merger_integration" title="Post-merger integration">Post-merger integration</a></li> <li><a href="/wiki/Sell_side" title="Sell side">Sell side</a></li> <li><a href="/wiki/Shareholder_rights_plan" title="Shareholder rights plan">Shareholder rights plan</a></li> <li><a href="/wiki/Special-purpose_entity" title="Special-purpose entity">Special-purpose entity</a></li> <li><a href="/wiki/Special_situation" title="Special situation">Special situation</a></li> <li><a href="/wiki/Squeeze-out" title="Squeeze-out">Squeeze-out</a></li> <li><a href="/wiki/Staggered_board_of_directors" class="mw-redirect" title="Staggered board of directors">Staggered board of directors</a></li> <li><a href="/wiki/Stock_swap" title="Stock swap">Stock swap</a></li> <li><a href="/wiki/Super-majority_amendment" class="mw-redirect" title="Super-majority amendment">Super-majority amendment</a></li> <li><a href="/wiki/Corporate_synergy" title="Corporate synergy">Synergy</a></li> <li><a href="/wiki/Tag-along_right" title="Tag-along right">Tag-along right</a></li> <li><a href="/wiki/Takeover" title="Takeover">Takeover</a> <ul><li><a href="/wiki/Reverse_takeover" title="Reverse takeover">Reverse</a></li></ul></li> <li><a href="/wiki/Tender_offer" title="Tender offer">Tender offer</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Leverage_(finance)" title="Leverage (finance)">Leverage</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Debt_restructuring" title="Debt restructuring">Debt restructuring</a></li> <li><a href="/wiki/Debtor-in-possession_financing" title="Debtor-in-possession financing">Debtor-in-possession financing</a></li> <li><a href="/wiki/Dividend_recapitalization" title="Dividend recapitalization">Dividend recapitalization</a></li> <li><a href="/wiki/Financial_sponsor" title="Financial sponsor">Financial sponsor</a></li> <li><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged buyout</a></li> <li><a href="/wiki/Leveraged_recapitalization" title="Leveraged recapitalization">Leveraged recapitalization</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Private_equity" title="Private equity">Private equity</a></li> <li><a href="/wiki/Project_finance" title="Project finance">Project finance</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;"><a href="/wiki/Valuation_(finance)" title="Valuation (finance)">Valuation</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Accretion/dilution_analysis" title="Accretion/dilution analysis">Accretion/dilution analysis</a></li> <li><a href="/wiki/Adjusted_present_value" title="Adjusted present value">Adjusted present value</a></li> <li><a href="/wiki/Associate_company" title="Associate company">Associate company</a></li> <li><a href="/wiki/Business_valuation" title="Business valuation">Business valuation</a></li> <li><a href="/wiki/Conglomerate_discount" title="Conglomerate discount">Conglomerate discount</a></li> <li><a href="/wiki/Cost_of_capital" title="Cost of capital">Cost of capital</a> <ul><li><a href="/wiki/Weighted_average_cost_of_capital" title="Weighted average cost of capital">Weighted average</a></li></ul></li> <li><a href="/wiki/Discounted_cash_flow" title="Discounted cash flow">Discounted cash flow</a></li> <li><a href="/wiki/Economic_value_added" title="Economic value added">Economic value added</a></li> <li><a href="/wiki/Enterprise_value" title="Enterprise value">Enterprise value</a></li> <li><a href="/wiki/Fairness_opinion" title="Fairness opinion">Fairness opinion</a></li> <li><a href="/wiki/Financial_modeling" title="Financial modeling">Financial modeling</a></li> <li><a href="/wiki/Free_cash_flow" title="Free cash flow">Free cash flow</a> <ul><li><a href="/wiki/Free_cash_flow_to_equity" title="Free cash flow to equity">Free cash flow to equity</a></li></ul></li> <li><a href="/wiki/Market_value_added" title="Market value added">Market value added</a></li> <li><a href="/wiki/Minority_interest" title="Minority interest">Minority interest</a></li> <li><a href="/wiki/Mismarking" title="Mismarking">Mismarking</a></li> <li><a href="/wiki/Modigliani%E2%80%93Miller_theorem" title="Modigliani–Miller theorem">Modigliani–Miller theorem</a></li> <li><a href="/wiki/Net_present_value" title="Net present value">Net present value</a></li> <li><a href="/wiki/Pure_play#Pure_play_method" title="Pure play">Pure play</a></li> <li><a href="/wiki/Real_options_valuation" title="Real options valuation">Real options</a></li> <li><a href="/wiki/Residual_income_valuation" title="Residual income valuation">Residual income</a></li> <li><a href="/wiki/Stock_valuation" title="Stock valuation">Stock valuation</a></li> <li><a href="/wiki/Sum-of-the-parts_analysis" title="Sum-of-the-parts analysis">Sum-of-the-parts analysis</a></li> <li><a href="/wiki/Tax_shield" title="Tax shield">Tax shield</a></li> <li><a href="/wiki/Terminal_value_(finance)" title="Terminal value (finance)">Terminal value</a></li> <li><a href="/wiki/Valuation_using_multiples" title="Valuation using multiples">Valuation using multiples</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_investment_banks" title="List of investment banks">List of investment banks</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Outline_of_finance" title="Outline of finance">Outline of finance</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235" /></div><div role="navigation" class="navbox" aria-labelledby="Insurance256" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231" /><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Insurance" title="Template:Insurance"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Insurance" title="Template talk:Insurance"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Insurance" title="Special:EditPage/Template:Insurance"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Insurance256" style="font-size:114%;margin:0 4em"><a href="/wiki/Insurance" title="Insurance">Insurance</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of <br />insurance</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Health_insurance" title="Health insurance">Health</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Accident_insurance" title="Accident insurance">Accident</a></li> <li><a href="/wiki/Accidental_death_and_dismemberment_insurance" title="Accidental death and dismemberment insurance">Accidental death and dismemberment</a></li> <li><a href="/wiki/Dental_insurance" title="Dental insurance">Dental</a></li> <li><a href="/wiki/Disability_insurance" title="Disability insurance">Disability</a> <ul><li><a href="/wiki/Total_permanent_disability_insurance" title="Total permanent disability insurance">Total permanent disability</a></li> <li><a href="/wiki/Business_overhead_expense_disability_insurance" title="Business overhead expense disability insurance">Business overhead expense</a></li></ul></li> <li><a href="/wiki/Income_protection_insurance" title="Income protection insurance">Income protection</a></li> <li><a href="/wiki/Long-term_care_insurance" title="Long-term care insurance">Long-term care</a></li> <li><a href="/wiki/National_health_insurance" title="National health insurance">National health</a></li> <li><a href="/wiki/Payment_protection_insurance" title="Payment protection insurance">Payment protection</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Life_insurance" title="Life insurance">Life</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Longevity_insurance" title="Longevity insurance">Longevity insurance</a></li> <li><a href="/wiki/Mortgage_life_insurance" title="Mortgage life insurance">Mortgage life</a></li> <li><a href="/wiki/Term_life_insurance" title="Term life insurance">Term life</a></li> <li><a href="/wiki/Unitised_insurance_fund" title="Unitised insurance fund">Unitised fund</a></li> <li><a href="/wiki/Universal_life_insurance" title="Universal life insurance">Universal life</a></li> <li><a href="/wiki/Variable_universal_life_insurance" title="Variable universal life insurance">Variable universal life</a></li> <li><a href="/wiki/Whole_life_insurance" title="Whole life insurance">Whole life</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Business</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bond_insurance" title="Bond insurance">Bond</a></li> <li><a href="/wiki/Business_interruption_insurance" title="Business interruption insurance">Business interruption</a></li> <li><a href="/wiki/Business_owner%27s_policy" title="Business owner's policy">Business owner</a></li> <li><a href="/wiki/Collateral_protection_insurance" title="Collateral protection insurance">Collateral protection</a></li> <li><a href="/wiki/Directors_and_officers_liability_insurance" title="Directors and officers liability insurance">Directors and officers liability</a></li> <li><a href="/wiki/Fidelity_bond" title="Fidelity bond">Fidelity</a></li> <li><a href="/wiki/Over-redemption_insurance" title="Over-redemption insurance">Over-redemption</a></li> <li><a href="/wiki/Payment_protection_insurance" title="Payment protection insurance">Payment protection</a></li> <li><a href="/wiki/Pollution_insurance" title="Pollution insurance">Pollution</a></li> <li><a href="/wiki/Professional_liability_insurance" title="Professional liability insurance">Professional liability</a></li> <li><a href="/wiki/Protection_and_indemnity_insurance" title="Protection and indemnity insurance">Protection and indemnity</a></li> <li><a href="/wiki/Surety" title="Surety">Surety</a></li> <li><a href="/wiki/Trade_credit_insurance" title="Trade credit insurance">Trade credit</a></li> <li><a href="/wiki/Umbrella_insurance" title="Umbrella insurance">Umbrella</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Residential</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Boiler_insurance" class="mw-redirect" title="Boiler insurance">Boiler</a></li> <li><a href="/wiki/Builder%27s_risk_insurance" title="Builder's risk insurance">Builder's risk</a></li> <li><a href="/wiki/Contents_insurance" title="Contents insurance">Contents</a></li> <li><a href="/wiki/Earthquake_insurance" title="Earthquake insurance">Earthquake</a></li> <li><a href="/wiki/Flood_insurance" title="Flood insurance">Flood</a></li> <li><a href="/wiki/Home_insurance" title="Home insurance">Home</a></li> <li><a href="/wiki/Landlords%27_insurance" title="Landlords' insurance">Landlords'</a></li> <li><a href="/wiki/Lenders_mortgage_insurance" title="Lenders mortgage insurance">Lenders mortgage</a></li> <li><a href="/wiki/Mortgage_insurance" title="Mortgage insurance">Mortgage</a></li> <li><a href="/wiki/Property_insurance" title="Property insurance">Property</a></li> <li><a href="/wiki/Renters%27_insurance" title="Renters' insurance">Renters'</a></li> <li><a href="/wiki/Title_insurance" title="Title insurance">Title</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Transport/<br />Communication</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Aviation_insurance" title="Aviation insurance">Aviation</a></li> <li><a href="/wiki/GAP_insurance" title="GAP insurance">GAP insurance</a></li> <li><a href="/wiki/Inland_marine_insurance" title="Inland marine insurance">Inland marine</a></li> <li><a href="/wiki/Public_auto_insurance" title="Public auto insurance">Public auto</a></li> <li><a href="/wiki/Marine_insurance" title="Marine insurance">Marine</a></li> <li><a href="/wiki/Satellite_insurance" title="Satellite insurance">Satellite</a></li> <li><a href="/wiki/Shipping_insurance" title="Shipping insurance">Shipping</a></li> <li><a href="/wiki/Travel_insurance" title="Travel insurance">Travel</a></li> <li><a href="/wiki/Vehicle_insurance" title="Vehicle insurance">Vehicle</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Reinsurance" title="Reinsurance">Reinsurance</a> <ul><li><a href="/wiki/Catastrophe_bond" title="Catastrophe bond">Catastrophe bond</a></li> <li><a href="/wiki/Insurance-linked_security" title="Insurance-linked security">Insurance-linked securities</a></li></ul></li> <li><a href="/wiki/Casualty_insurance" title="Casualty insurance">Casualty</a></li> <li><a href="/wiki/Climate_risk_insurance" title="Climate risk insurance">Climate risk</a></li> <li><a href="/wiki/Insurance#Casualty_insurance" title="Insurance">Crime</a></li> <li><a href="/wiki/Crop_insurance" title="Crop insurance">Crop</a> <ul><li><a href="/wiki/Catastrophic_crop_insurance" title="Catastrophic crop insurance">Catastrophic</a></li> <li><a href="/wiki/Multi-peril_crop_insurance" title="Multi-peril crop insurance">Multi-peril</a></li></ul></li> <li><a href="/wiki/Cyber_insurance" title="Cyber insurance">Cyber</a></li> <li><a href="/wiki/Deposit_insurance" title="Deposit insurance">Deposit</a></li> <li><a href="/wiki/Expatriate_insurance" title="Expatriate insurance">Expatriate</a></li> <li><a href="/wiki/Extended_warranty" title="Extended warranty">Extended warranty</a></li> <li><a href="/wiki/Group_insurance" title="Group insurance">Group</a></li> <li><a href="/wiki/Index-based_insurance" title="Index-based insurance">Index-based</a> <ul><li><a href="/wiki/Parametric_insurance" title="Parametric insurance">Parametric</a></li></ul></li> <li><a href="/wiki/Interest_rate_insurance" title="Interest rate insurance">Interest rate</a></li> <li><a href="/wiki/Kidnap_and_ransom_insurance" title="Kidnap and ransom insurance">Kidnap and ransom</a></li> <li><a href="/wiki/Legal_expenses_insurance" title="Legal expenses insurance">Legal expenses</a></li> <li><a href="/wiki/Liability_insurance" title="Liability insurance">Liability</a></li> <li><a href="/wiki/No-fault_insurance" title="No-fault insurance">No-fault</a></li> <li><a href="/wiki/Pet_insurance" title="Pet insurance">Pet</a></li> <li><a href="/wiki/Political_risk_insurance" title="Political risk insurance">Political risk</a></li> <li><a href="/wiki/Prize_indemnity_insurance" title="Prize indemnity insurance">Prize indemnity</a></li> <li><a href="/wiki/Takaful" title="Takaful">Takaful</a></li> <li><a href="/wiki/Terrorism_insurance" title="Terrorism insurance">Terrorism</a></li> <li><a href="/wiki/Tuition_insurance" title="Tuition insurance">Tuition</a></li> <li><a href="/wiki/War_risk_insurance" title="War risk insurance">War risk</a></li> <li><a href="/wiki/Weather_insurance" title="Weather insurance">Weather</a></li> <li><a href="/wiki/Workers%27_compensation" title="Workers' compensation">Workers' compensation</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Insurance_policy" title="Insurance policy">Insurance <br />policy</a> <br />and <a href="/wiki/Insurance_law" title="Insurance law">law</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Act_of_God" title="Act of God">Act of God</a></li> <li><a href="/wiki/Actuarial_science" title="Actuarial science">Actuarial science</a> <ul><li><a href="/wiki/Actuary" title="Actuary">Actuary</a></li> <li><a href="/wiki/Adverse_selection" title="Adverse selection">Adverse selection</a></li> <li><a href="/wiki/Risk" title="Risk">Risk</a></li> <li><a href="/wiki/Risk_assessment" title="Risk assessment">Risk assessment</a></li> <li><a href="/wiki/Risk_management" title="Risk management">Risk management</a></li> <li><a href="/wiki/Uncertainty" title="Uncertainty">Uncertainty</a>/<a href="/wiki/Knightian_uncertainty" title="Knightian uncertainty">Knightian</a></li> <li><a href="/wiki/Value_of_life" title="Value of life">Value of life</a></li></ul></li> <li><a href="/wiki/Actual_cash_value" title="Actual cash value">Actual cash value</a></li> <li><a href="/wiki/Cash_value" title="Cash value">Cash value</a></li> <li><a href="/wiki/Insurance_broker" title="Insurance broker">Broker</a></li> <li><a href="/wiki/Cancellation_(insurance)" title="Cancellation (insurance)">Cancellation</a> <ul><li><i><a href="/wiki/Pro_rata" title="Pro rata">Pro rata</a></i></li> <li>Short rate table</li></ul></li> <li><a href="/wiki/Cause_of_action" title="Cause of action">Claim</a> <ul><li><a href="/wiki/Claims_adjuster" class="mw-redirect" title="Claims adjuster">Claims adjuster</a></li></ul></li> <li><a href="/wiki/Deductible" title="Deductible">Deductible</a> <ul><li><a href="/wiki/Co-insurance" title="Co-insurance">Co-insurance</a></li> <li><a href="/wiki/Copayment" title="Copayment">Copayment</a></li> <li><a href="/wiki/Out-of-pocket_expense" title="Out-of-pocket expense">Out-of-pocket expense</a></li></ul></li> <li><a href="/wiki/Explanation_of_benefits" title="Explanation of benefits">Explanation of benefits</a></li> <li><i><a href="/wiki/Force_majeure" title="Force majeure">Force majeure</a></i></li> <li><a href="/wiki/General_average" title="General average">General average</a></li> <li><a href="/wiki/Indemnity" title="Indemnity">Indemnity</a></li> <li><a href="/wiki/Insurability" title="Insurability">Insurability</a></li> <li><a href="/wiki/Insurable_interest" title="Insurable interest">Insurable interest</a></li> <li><a href="/wiki/Insurance_fraud" title="Insurance fraud">Insurance fraud</a></li> <li><a href="/wiki/Proximate_cause" title="Proximate cause">Proximate cause</a></li> <li><a href="/wiki/Replacement_value" title="Replacement value">Replacement value</a></li> <li><a href="/wiki/Risk_pool" title="Risk pool">Risk pool</a></li> <li><a href="/wiki/Self-insurance" title="Self-insurance">Self-insurance</a></li> <li><a href="/wiki/Total_loss" title="Total loss">Total loss</a></li> <li><a href="/wiki/Underinsured" title="Underinsured">Underinsurance</a></li> <li><a class="mw-selflink selflink">Underwriting</a> <ul><li><a href="/wiki/Underwriting_profit" title="Underwriting profit">Profit</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Insurance <br />by country</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Insurance_in_Australia" title="Insurance in Australia">Australia</a></li> <li><a href="/wiki/Insurance_industry_in_China" title="Insurance industry in China">China</a></li> <li><a href="/wiki/Insurance_in_India" title="Insurance in India">India</a></li> <li><a href="/wiki/Insurance_in_Pakistan" title="Insurance in Pakistan">Pakistan</a></li> <li><a href="/wiki/Insurance_in_Serbia" title="Insurance in Serbia">Serbia</a></li> <li><a href="/wiki/Insurance_in_the_United_Kingdom" title="Insurance in the United Kingdom">United Kingdom</a></li> <li><a href="/wiki/Insurance_in_the_United_States" title="Insurance in the United States">United States</a> <ul><li><a href="/wiki/Climate_change_and_insurance_in_the_United_States" title="Climate change and insurance in the United States">Climate change</a></li> <li><a href="/wiki/Health_insurance_in_the_United_States" title="Health insurance in the United States">Health insurance</a></li> <li><a href="/wiki/Health_insurance_costs_in_the_United_States" title="Health insurance costs in the United States">Health insurance costs</a></li> <li><a href="/wiki/Health_insurance_coverage_in_the_United_States" title="Health insurance coverage in the United States">Health insurance coverage</a></li> <li><a href="/wiki/Vehicle_insurance_in_the_United_States" title="Vehicle insurance in the United States">Vehicle insurance</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/History_of_insurance" title="History of insurance">History</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Banker_(ancient)" title="Banker (ancient)">Mesopotamian banker</a></li> <li><a href="/wiki/Code_of_Hammurabi" title="Code of Hammurabi">Code of Hammurabi</a> <ul><li><a href="/wiki/Marine_insurance" title="Marine insurance">§100–105; §126</a>; <a href="/wiki/Labour_law" title="Labour law">§234</a>; <a href="/wiki/Marine_insurance" title="Marine insurance">§235–238; §240</a>; <a href="/wiki/Labour_law" title="Labour law">§275–277</a></li></ul></li> <li><i><a href="/wiki/Collegium_(ancient_Rome)" title="Collegium (ancient Rome)">Collegium</a></i> <ul><li><a href="/wiki/Burial_society" title="Burial society">Burial society</a></li> <li><a href="/wiki/Guild" title="Guild">Guild</a></li></ul></li> <li><i><a href="/wiki/Corpus_Juris_Civilis" title="Corpus Juris Civilis">Corpus Juris Civilis</a></i> <ul><li><i><a href="/wiki/Digest_(Roman_law)" title="Digest (Roman law)">Digesta</a></i></li></ul></li> <li><a href="/wiki/Syndicate" title="Syndicate">Syndicate</a></li> <li><a href="/wiki/Benefit_society" title="Benefit society">Benefit</a>/<a href="/wiki/Friendly_society" title="Friendly society">Friendly society</a> <ul><li><a href="/wiki/Cooperative" title="Cooperative">Cooperative</a></li> <li><a href="/wiki/Cooperative_banking" title="Cooperative banking">Cooperative banking</a></li> <li><a href="/wiki/Credit_union" title="Credit union">Credit union</a></li> 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