Note: This table shows the variables that will be included as dependent and independent variables. The first column specifies the category of the variables. The second column indicates the name of each variable. The third column is the description of how I obtain each variable from the NAIC data and the A.M. Best data. The fourth column describes how each variable relates to the argument from previous studies. The last column specifies the relationship between each variable and the hedging level (HEDGE).