American Risk and Insurance Association — Founded in 1932

Mehr Awards

The American Risk and Insurance Association presents the Robert I. Mehr Award each year for the paper published ten years ago in The Journal of Risk and Insurance that has best stood the test of time. The evaluation of the articles is made by the editorial board of JRI.

2021 Robert I. Mehr Award:

portrait of Rob Hoyt
Robert Hoyt
portrait of Andre Liebenberg
Andre Liebenberg


The recipient of the 2021 Mehr Award is Robert Hoyt and Andre Liebenberg for “The Value of Enterprise Risk Management.”



Enterprise risk management (ERM) has been the topic of increased media attention in recent years. The objective of this study is to measure the extent to which specific firms have implemented ERM programs and, then, to assess the value implications of these programs. We focus our attention in this study on U.S. insurers in order to control for differences that might arise from regulatory and market differences across industries. We simultaneously model the determinants of ERM and the effect of ERM on firm value. We estimate the effect of ERM on Tobin’s Q, a standard proxy for firm value. We find a positive relation between firm value and the use of ERM. The ERM premium of roughly 20 percent is statistically and economically significant.

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Archive of Mehr Award Winners

  • 2020 Robert I. Mehr Award

    Alma Cohen and Peter Siegelman for Testing for Adverse Selection in Insurance Markets.

  • 2019 Robert I. Mehr Award

    Scott Harrington for The Financial Crisis, Systemic Risk, and the Future of Insurance Regulation.

  • 2018 Robert I. Mehr Award

    Okmyung Bin, Jamie Brown Kruse, and Craig E. Landry for Flood Hazards, Insurance Rates, and Amenities:  Evidence From the Coastal Housing Market.

  • 2017 Robert I. Mehr Award

    Kenneth A. Froot for Risk Management, Capital Budgeting, and Capital Structure Policy for Insurers and Reinsurers.

  • 2016 Robert I. Mehr Award

    Andrew J. G. Cairns, David Blake, and Kevin Dowd for A Two-Factor Model for Stochastic Mortality with Parameter Uncertainty: Theory and Calibration.

  • 2015 Robert I. Mehr Award

    Yijia Lin and Samuel H. Cox for Securitization of Mortality Risks in Life Annuities.

  • 2014 Robert I. Mehr Award

    Michael Braun and Alexander Muermann for The Impact of Regret on the Demand for Insurance.

  • 2013 Robert I. Mehr Award

    Jeffrey R. Brown for Redistribution and Insurance: Mandatory Annuitization with Mortality Heterogeneity.

  • 2012 Robert I. Mehr Award

    Anders Grosen and Peter Lochte Jorgensen for Life Insurance Liabilities at Market Value: An Analysis of Insolvency Risk.

  • 2011 Robert I. Mehr Award

    David Blake and William Burrows for Survivor Bonds: Helping to Hedge Mortality Risk.

  • 2010 Robert I. Mehr Award

    Shaun S. Wang for A Class of Distortion Operators for Pricing Financial and Insurance Risks.

  • 2009 Robert I. Mehr Award

    J. David Cummins, Martin F. Grace, and Richard D. Phillips for Regulatory Solvency Prediction in Property-Liability Insurance: Risk-Based Capital, Audit Ratios, and Cash Flow Simulation.

  • 2008 Robert I. Mehr Award

    Richard Phillips, J. David Cummins, and Franklin Allen for Financial Pricing of Insurance in the Multiple-Line Insurance Company.

  • 2007 Robert I. Mehr Award

    Dwight Jaffee and Thomas Russell for Catastrophe Insurance, Capital Markets, and Uninsurable Risks.

  • 2006 Robert I. Mehr Award

    David W. Sommer for The Impact of Firm Risk on Property-Liability Insurance Prices.

  • 2005 Robert I. Mehr Award

    Richard A. Derrig and Kryzysztof M. Ostaszewski for Fuzzy Techniques of Pattern Recognition in Risk and Claim Classification.

  • 2004 Robert I. Mehr Award

    Patrick L. Brockett, William W. Cooper, Linda L. Golden, and Utai Pitaktong for A Neural Network Method for Obtaining an Early Warning of Insurer Insolvency.

  • 2003 Robert I. Mehr Award

    There was a tie for the award in 2003: J. David Cummins and Mary A. Weiss for The Stochastic Dominance of No-Fault Automobile Insurance, and James R. Garven and Richard D. MacMinn for The Underinvestment Problem, Bond Covenants, and Insurance.

  • 2002 Robert I. Mehr Award

    Ran BarNiv and James B. McDonald for Identifying Financial Distress in the Insurance Industry: A Synthesis of Methodological and Empirical Issues.

  • 2001 Robert I. Mehr Award

    Richard J. Butler and John D. Worrall for Claims Reporting and Risk Bearing Moral Hazard in Workers’ Compensation.

  • 2000 Robert I. Mehr Award

    Richard D. MacMinn and Li-Ming Han for Limited Liability, Corporate Value, and the Demand for Liability Insurance.