The study looked at how adopting Enterprise Risk Management (ERM) affects the financial stability of publicly listed insurance companies in the EU. They found that insurers who adopt ERM actually see a decrease in their solvency level, which could make them more vulnerable to unexpected financial shocks. Factors like leverage, profitability, and business type have a big impact on insurers' solvency, while size and age don't matter as much. Insurers who use ERM tend to perform better, have more debt, are larger, and have more diverse businesses. The market demand plays a big role in both ERM adoption and insurance solvency.