efficiency changes around us life insurer demutualizations otgontsetseg erhemjamts a j tyler leverty b bentley college 175 forest street waltham ma 02452 4705 usa henry tippie of business university iowa city ia 52242 1000 this version july 2006 abstract the insurance industry has experienced demutualization wave due to increasing global competition consolidation and changing regulatory environment goal paper is reconcile conflicting evidence on value vs agency theories for motivations demutualize first we examine differences between stock mutual insurers using data envelopment analysis dea conduct cross frontier where each group firms compared reference set consisting other type firm allowing determine whether or organizational form dominant in sample second investigate various context intrinsic structures preliminary results reveal that production technology dominates demutualized achieve levels not achievable under organization addition distance
