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Corporate finance theory predicts that firms’ characteristics affect agency costs,and hence their efficiency. Cummins ,et  al ,(2006)  have  proposed ,a  cost ,function  specification  that  measures  separately insurer  efficiency  in  handling  risk  pooling,  risk  management,  and  financial  intermediation,functions.  We  investigate ,the  insurer  characteristics  that  determine ,these  efficiencies. Our  empirical  results  show ,that  mutuals  outperform  stock  insurers  in  handling ,the  three functions.  Independent  agents  and ,high  capitalization  reduce  the  cost  efficiency  of  risk  pooling. Certain  characteristics  such  as  being  a  group  of  affiliated  insurers,  handling  a  higher  volume of  business  in  commercial  lines,  assuming  more  reinsurance,  or  investing  a  higher

Determinants of Insurers' Performance in Risk Pooling, Risk Management, and Financial Intermediation Activities