Mutual insurance companies are facing significant challenges, particularly in raising equity capital. As a result, many are seeking to transition to the legal form of a stock corporation. In this context, alongside the insurance law institution of portfolio transfer according to Section 14 of the Insurance Supervision Act (VAG), the various options provided by the Transformation Act (UmwG) are available. This study outlines the different pathways and highlights essential considerations that insurance companies must take into account. The focus is on the issue of compensation for members of the association affected by the transformation. The advantages and disadvantages of the various restructuring measures are weighed against each other to find an answer to the question of the optimal solution in each individual case.