Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/23444 
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dc.contributor.authorLaux, Christianen
dc.contributor.authorMuermann, Alexanderen
dc.date.accessioned2009-01-29T16:05:46Z-
dc.date.available2009-01-29T16:05:46Z-
dc.date.issued2007-
dc.identifier.urihttp://hdl.handle.net/10419/23444-
dc.description.abstractMutual insurance companies and stock insurance companies are different forms of organized risk sharing: policyholders and owners are two distinct groups in a stock insurer, while they are one and the same in a mutual. This distinction is relevant to raising capital, selling policies, and sharing risk in the presence of financial distress. Up-front capital is necessary for a stock insurer to offer insurance at a fair premium, but not for a mutual. In the presence of an owner-manager conflict, holding capital is costly. Free-rider and commitment problems limit the degree of capitalization that a stock insurer can obtain. The mutual form, by tying sales of policies to the provision of capital, can overcome these problems at the potential cost of less diversified owners.en
dc.language.isoengen
dc.publisher|aJohann Wolfgang Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften |cFrankfurt a. M.en
dc.relation.ispartofseries|aWorking Paper Series: Finance & Accounting |x180en
dc.subject.jelG22en
dc.subject.jelG32en
dc.subject.ddc330en
dc.subject.keywordownership structureen
dc.subject.keywordinsuranceen
dc.subject.keywordowner-manager conflicten
dc.subject.keywordcapitalen
dc.subject.keyworddefaulten
dc.subject.stwVersicherung , Privatversicherung , Eigentümerstruktur , Versicherungsprämie , Eigenkapital , Betriebliche Liquidität , Theorieen
dc.titleMutual versus Stock Insurers: Fair Premium, Capital, and Solvency-
dc.typeWorking Paperen
dc.identifier.ppn54353345Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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