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Mutuality Tested: The Rise and Fall of Mutual Fire Insurance Offices in Eighteenth-Century London

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  • Robin Pearson

Abstract

There is now a considerable body of theoretical literature on the comparative efficiencies of mutual and stock forms of corporate organisation in financial services. However this question has received comparatively little attention from business historians. This article examines the factors behind the dramatic rise and fall of three large mutual fire insurance offices in Georgian London, addressing issues of their financial structure, organisation and governance, in the context of modern theories of mutual formation. It is concluded that changing levels of aggregate uncertainty in the market - rather than internal agency conflicts - provide the best explanation for the early success and subsequent failure of these financial institutions.

Suggested Citation

  • Robin Pearson, 2002. "Mutuality Tested: The Rise and Fall of Mutual Fire Insurance Offices in Eighteenth-Century London," Business History, Taylor & Francis Journals, vol. 44(4), pages 1-28.
    • Handle: RePEc:taf:bushst:v:44:y:2002:i:4:p:1-28
    DOI: 10.1080/713999283
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    Cited by:

    1. repec:zbw:rwirep:0238 is not listed on IDEAS
    2. Jopp, Tobias Alexander, 2011. "Old Times, Better Times? German Miners' Knappschaften, Pay-as-you-go Pensions, and Implicit Rates of Return, 1854–1913," Ruhr Economic Papers 238, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    3. Tobias A. Jopp, 2011. "Old Times, Better Times? German Miners’ Knappschaften, Pay-as-you-go Pensions, and Implicit Rates of Return, 1854–1913," Ruhr Economic Papers 0238, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
    4. Jakša Krišto & Antti Talonen & Hrvoje Pauković, 2021. "Analysis of community‐owned mutual insurers' prospects of development in CEE countries: Outlining research agenda," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 24(3), pages 243-261, September.
    5. Magnus Lindmark & Lars-Fredrik Andersson & Mike Adams, 2006. "The Evolution and Development of the Swedish Insurance Market," Accounting History Review, Taylor & Francis Journals, vol. 16(3), pages 341-370.
    6. Maixe-Altes, J. Carles, 2011. "Governance in Spanish Savings Banks. A Historical Perspective," MPRA Paper 29535, University Library of Munich, Germany.

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