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This paper provides a review of theoretical contributions and empirical studies on the external and internal mechanisms of corporate governance of insurance companies and their effects on performance and/or risk. Thanks to the analysis of the studies published between 1985 and 2019 through bibliometric tools, we are able to illustrate the networks of scientific collaborations (co-authorship) and relationships between the most used terms, also highlighting the most significant groups of scholars and research strands. Additionally, the paper carries out a meta-analysis of around thirty quantitative articles that show a relationship between the quantitative-qualitative characteristics of the Board of Directors and the performance of the insurance company. The empirical studies show a consensus on the positive contribution of board size and the presence of independent directors on performance. Moreover, insurance research networks do not appear to be very interconnected, especially as regards to emerging markets. The paper also provides a useful starting point for future research aimed at defining the specificities of the governance-performance relationship of insurance companies within an evolving regulatory and market framework.

Governance and Performance in Insurance Companies: A Bibliometric Analysis and A Meta-Analysis