Mutual life insurers: Origins and performance in pre-1900 Britain

Christopher O'Brien and Paul Fenn

Business History, 2012, vol. 54, issue 3, 325-345

Abstract: This article considers the evolution of mutual life insurance companies in Britain. It investigates how they obtained their financing in the absence of share capital: the need to provide security for policyholders was typically met by guarantees that directors gave or by borrowing. Mutuals were, to some degree, kept in check by policyholders, who would, in the absence of effective regulation, raise vigorous challenge to directors if a firm under-performed, which would be apparent if it declared low bonuses on its policies. Mutuals tended to have lower costs than proprietary life insurers, which may also reflect the role of policyholders in corporate governance.

Date: 2012
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DOI: 10.1080/00076791.2011.638483

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