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Risk management is now present in many economic sectors. We investigate the role of risk management and financial intermediation in creating value for financial institutions by analyzing U.S. property-liability insurers. Our main goal is to test how risk management and financial intermediation activities create value for insurers by enhancing economic efficiency through cost reductions. We consider these two activities as intermediate outputs and estimate their shadow prices. Insurer costdoi:10.1007/s11123-009-0131-0 fatcat:dor5rdsl7bcybk7gj4afwvcsfu