This paper analyzes the reasons why exchange-traded insurance-linked derivatives like catastrophe insurance futures and options have failed to attract interest from financial market participants. There are various risk components embedded in exchange-traded catastrophe insurance...

The coexistence of mutual and stock organizational form in insurance has been the topic of extensive study. This article provides a review of theoretical and empirical literature from three perspectives: agency problems in each form, efficiency, and the causes of conversion between the two...

This article models a board of directors consisting of either pure directors or shareholder directors. Pure directors only receive a fee for their service to the board, while shareholder directors receive corporate equity in addition to the fee. The analysis shows that: (1)...