淡江大學機構典藏:Item 987654321/121573

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    Please use this identifier to cite or link to this item: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/121573


    Title: An Analysis of Post-Demutualisation in the Property–Liability Insurance Industry
    Authors: Licheng Jin;Gene Lai;Chia-Ling Ho
    Keywords: Demutualisation;Access to capital;Organisational flexibility;Managerial incentive alignment
    Date: 2021-05-18
    Issue Date: 2021-11-03 12:12:04 (UTC+8)
    Abstract: 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.
    Relation: The Geneva Papers on Risk and Insurance-Issues and Practice 47, p.279–320
    DOI: 10.1057/s41288-021-00231-9
    Appears in Collections:[Graduate Institute & Department of Insurance Insurance] Journal Article

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