出版日期：2022-05-18 00:00:00

著者：Licheng Jin; Gene Lai; Chia-Ling Ho

著錄名稱、卷期、頁數：The Geneva Papers on Risk and Insurance-Issues and Practice 47(2): 279–320

摘要：Using a quasi-natural experiment, we examine how demutualisation affects demutualised insurers’ capital, organisational flexibility and alignment of managerial incentives post-demutualisation. First, our results show demutualised insurers have faster surplus growth than matching insurers post-demutualisation. However, the surplus growth differs between demutualised insurers with and without surplus notes. Specifically, the evidence shows that demutualised insurers with surplus notes experience long-term surplus growth, while demutualised insurers without surplus notes experience short-term surplus increases. Second, we find that increased organisational flexibility facilitates merger and acquisition activities for demutualised insurers and helps them to pursue growth and diversification. We find that 51% of demutualised stock insurers become targets in the conversion year. Finally, we find that demutualised insurers have lower underwriting expenses and underwrite more in commercial lines post-demutualisation. Overall, our evidence shows that demutualisation has a positive impact on surplus growth, organisational flexibility and the alignment between managerial incentives and owners' interests.

關鍵字：Demutualisation;Access to capital;Organisational flexibility;Managerial incentive alignment

語言：en

ISSN：1468-0440

期刊性質：國外

收錄於：SSCI Scopus

審稿制度：是

國別：GBR

出版型式：電子版