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    題名: An Analysis of Post-Demutualisation in the Property–Liability Insurance Industry
    作者: Jin, Licheng;Lai, Gene;Ho, Chia-Ling
    關鍵詞: Demutualisation;Access to capital;Organisational flexibility;Managerial incentive alignment
    日期: 2021-05-18
    上傳時間: 2021-11-03 12:12:04 (UTC+8)
    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.
    關聯: The Geneva Papers on Risk and Insurance-Issues and Practice
    DOI: 10.1057/s41288-021-00231-9
    顯示於類別:[風險管理與保險學系] 期刊論文

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