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A mutually exclusive proposition

Europe's mutual insurers are facing up to the challenges of Solvency II and demutualisation. Blake Evans-Pritchard reports

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Europe's mutual insurance sector is on the defensive. By retaining profits and sharing them amongst policyholders, mutual insurers claim to provide customers with a better deal. With historical roots and deeply held social principles, they defend mutuality with almost religious zeal.

To convert from a mutual into a stock company is to take on the status of pariah, shunned by one's former peers who

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