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Corporate Forms and Organizational Choice in International Insurance$
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Robin Pearson and Takau Yoneyama

Print publication date: 2015

Print ISBN-13: 9780198739005

Published to Oxford Scholarship Online: December 2015

DOI: 10.1093/acprof:oso/9780198739005.001.0001

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Organizational Choice in UK Marine Insurance

Organizational Choice in UK Marine Insurance

Chapter:
(p.47) 3 Organizational Choice in UK Marine Insurance
Source:
Corporate Forms and Organizational Choice in International Insurance
Author(s):

Robin Pearson

Helen Doe

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198739005.003.0003

From the eighteenth century British marine insurance developed via a wide range of organizational forms, including individual and syndicated underwriters, mutual associations, chartered corporations, unchartered stock companies, and protection and indemnity clubs. At times the issue of what was the best vehicle to deliver marine insurance became a hotly debated topic. This chapter explores why these different organizational forms emerged and what were the relative advantages and disadvantages that explain their subsequent performance. It points to the importance of historical contingency, such as specific financial and political circumstances, to the search to control asymmetric information problems, to the role of specialization, local knowledge, and niche markets, and to the entrepreneurial qualities of individual managers and promoters.

Keywords:   marine insurance, entrepreneurship, adverse selection, protection and indemnity clubs, Lloyd’s of London, mutuality

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