In the past three years, most large American insurance companies have demutualised, among them Metropolitan Life, Prudential and John Hancock.
ECONOMIST: At least one insurance company in the world is thriving
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They watched with growing frustration as the shares of recently-demutualised exchanges, such as the Chicago Mercantile Exchange, soared (see chart), while the value of their own seats dwindled.
ECONOMIST: Buttonwood
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In particular, the successful example of Swiss Life, which has seen its shares more than double since it fully demutualised last July, is giving some German mutual insurers food for thought.