This paper investigates the impact of organisational structure and corporate governance on reinsurance decisions in the U.S. property-liability insurance industry. Our evidence shows that mutual insurers, mutual-owned stock insurers and stock insurers whose ultimate parent is publicly traded are likely to purchase more reinsurance from non-affiliated reinsurers than stock insurers closely held by managers. We also find that corporate governance significantly influences reinsurance purchases; specifically, CEO/chairperson duality is associated with lower reinsurance purchases while the percentage of independent directors on the board is positively (negatively) related to reinsurance purchases from non-affiliated (affiliated) reinsurers. Higher audit quality is associated with lower (higher) reinsurance purchases from non-affiliated (affiliated) reinsurers. Moreover, many interaction terms between organisational structure and corporate governance have significant effects on reinsurance decisions. Finally, we provide evidence that the Sarbanes–Oxley Act (SOX) has a substantial effect on the relation between organisational structure (corporate governance) and reinsurance decisions. The overall effect of SOX on reinsurance purchase from non-affiliated reinsurers is negative, implying that better investor protection results in higher risk taking and less risk shifting to outside reinsurers.

本文调查了美国财产责任保险行业中组织结构和公司治理对再保险决策的影响。我们的证据表明，共同保险人，共同所有的股票保险人和其最终母公司是公开交易的股票保险人，与经理人紧密控股的股票保险人相比，可能会从非关联再保险人那里购买更多的再保险。我们还发现，公司治理对再保险购买产生了重大影响。具体来说，首席执行官/董事长的双重性与较低的再保险购买量相关，而董事会中独立董事所占的百分比与从非关联（再保险）再保险公司购买再保险成正（负）相关。较高的审计质量与从非附属（附属）再保险公司购买的较低（较高）再保险有关。此外，组织结构与公司治理之间的许多交互作用对再保险决策具有重大影响。最后，我们提供的证据表明，萨班斯-奥克斯利法案（SOX）对组织结构（企业治理）与再保险决策之间的关系具有重大影响。SOX对从非关联再保险公司购买再保险的总体影响是负面的，这意味着更好的投资者保护会导致更高的风险承担和更少的风险转移给外部再保险公司。我们提供的证据表明，萨班斯-奥克斯利法案（SOX）对组织结构（企业治理）与再保险决策之间的关系具有重大影响。SOX对从非关联再保险公司购买再保险的总体影响是负面的，这意味着更好的投资者保护会导致更高的风险承担和更少的风险转移给外部再保险公司。我们提供的证据表明，萨班斯-奥克斯利法案（SOX）对组织结构（企业治理）与再保险决策之间的关系具有重大影响。SOX对从非关联再保险公司购买再保险的总体影响是负面的，这意味着更好的投资者保护会导致更高的风险承担和更少的风险转移给外部再保险公司。