This paper identifies combinations of premiums, equity capital contributions, default probabilities, and pool sizes, under which a risk-averse policyholder is indifferent between purchasing insurance coverage with a mutual or a shareholder insurance company. We analyze in a first step the combinations of premiums and equity contributions within a fixed pool size, such that a policyholder is indifferent to either of the two legal forms. In a second step, we include the restriction of a fixed default probability in both the mutual and shareholder insurance companies. In addition, we show that for a given default probability, a determined pool size and fair premiums (i.e., the premium equals the expected indemnity payments), a policyholder in the shareholder company experiences higher utility levels than a policyholder in a mutual insurance company. Hence, a risk-averse policyholder accepts an unfair premium in the shareholder company to obtain the same utility level provided by the mutual company.

本文确定了保费，权益性资本出资，违约概率和资产池规模的组合，在这种组合下，规避风险的保单持有人对共同保险公司或股东保险公司购买保险的范围是无所谓的。我们首先分析固定池大小内的保费和股权贡献的组合，以使保单持有人对两种法律形式中的任何一种都无动于衷。第二步，我们在共同保险公司和股东保险公司中都包括对固定违约概率的限制。此外，我们表明，对于给定的违约概率，确定的总资产规模和合理的保费（即，保费等于预期的赔偿金），股东公司中的保单持有人比共同保险公司中的保单持有人具有更高的效用水平。