The study looked at how diversifying businesses in the U.S. property-liability insurance industry affects their willingness to take risks with their assets. The researchers found that companies that diversify their insurance lines tend to take more risks with their investments compared to those that focus on one type of insurance. This means that when a company expands into different insurance areas, they are more likely to take bigger risks with their money. On the other hand, when a diversified company decides to focus on just one type of insurance, they tend to take fewer risks with their investments.