For more than a century, mutual insurers have dominated the Swedish insurance market. Independent of the historical roots and traditions, companies that sell life and other (non-life) forms of insurance have chosen the mutual organizational form. We focus on two different mutual insurers—Folksam and Länsförsäkringar—in decoding their historical roots, governance and management structure. Our focus is on the differences and similarities with special attention to customer’s participation in governance. The chapter shows that it is indeed possible to organize successful hybrid organizations with longevity and that the state’s role in the process is vital but not always a precondition for successful development of hybrid firms. In addition, the chapter also shows that it is difficult to include customers/owners in the governance of these firms and that there exist many different options for creating such systems.