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.

通过一个准自然实验，我们研究了股份制改造如何影响股份制改造后的保险公司的资本，组织灵活性和管理激励措施的组合。首先，我们的结果表明，股份制股份制改造后的保险公司盈余增长快于配套保险公司。但是，在有和没有盈余票据的股份制保险公司之间，盈余增长是不同的。具体而言，有证据表明，有盈余票据的股份制保险公司经历了长期盈余增长，而没有盈余票据的股份制保险公司经历了短期盈余增长。其次，我们发现，组织灵活性的提高促进了股份多元化的保险公司的并购活动，并帮助他们追求增长和多元化。我们发现，转换后的股份制保险公司中有51％成为目标。最后，我们发现股份制股份制保险公司的股份制费用较低，而股份制股份制化后的商业保险业务承销较多。总体而言，我们的证据表明，股份制化对盈余增长，组织灵活性以及管理激励与所有者利益之间的一致性产生积极影响。