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Journal of financial service professionals, 1999-03, Vol.53 (2), p.52
Ort / Verlag
Bryn Mawr: Society of Financial Service Professionals
Erscheinungsjahr
1999
Link zum Volltext
Beschreibungen/Notizen
Changes in insurer ownership form give rise to various legal, financial, fiduciary, and other related issues. In the insurer ownership form debate, greater access to capital is an oft-cited reason for demutualization. A study examines a sample of insurers and find that, prior to conversion, demutualizing insurers had higher ratios of surplus to assets than other mutuals that did not convert to the stock form. Findings also indicate that the level of free cash flow was positively related to the likelihood of demutualization, suggesting the possibility that wealth transfer may play an important role in some changes in ownership form.