, as we all know, tend to be more concerned about solvency and creating comfortable cushions of capital to the benefit of the policyholders.
It held that Belgian mutual companies
practice economic activities when they provide supplementary sickness insurance: the principle of solidarity cannot be invoked and mutual companies
compete on this market with commercial insurers, such as banks and insurance companies.
According to the group the number of mutual companies
has fallen sharply during the past five years, with building societies alone dropping to just 65 from 339.
Despite the decline in the number of mutuals, six in ten people still have financial products with mutual companies
Nigel Snell, head of external affairs at Liverpool Victoria, said: ``People appear to recognise the importance of retaining a thriving base of mutual companies
driven by the needs of the customers who own them, rather than the demands of a small number of City shareholders.
The Wall Street community doesn't look at mutual companies
have been converting to stock ownership as a way to access capital for acquisitions and to provide management incentives.
The company is the third-largest general insurer with a market share of approximately 18% and is part of a group of mutual companies
active in general insurance, life insurance, pension and financial services.
Leonard said mutual companies
that don't attempt to get licensed outside of their home state are making a mistake.
has affirmed the financial strength rating (FSR) of B- (Fair) and the issuer credit ratings (ICR) of "bb-"of the Atlantic Mutual Companies
(Atlantic) and its property/casualty members.
As a result, these mutual companies
can effectively serve their policyholders without full-time associates.
The three principal mutual companies
of the group, Liberty Mutual Insurance Company, Liberty Mutual Fire Insurance Company and Employers Insurance Company of Wausau, each became separate stock insurance companies under the ownership of Liberty Mutual Holding Company, Inc.