Creating Value in Insurance Mergers and Acquisitions
Publisher: Gabler | ISBN: 3834914541 | edition 2009 | PDF | 344 pages | 1,5 mb



The fundamental economics of the European insurance industry andspecifically the impact of the recent economic crisis on the financialservices sector are likely to cause a wave of M&A transactions inthe insurance sector. An event study of the previous M&A cycle inthe European insurance industry shows that M&A transactions onaverage achieve short-term value creation. However, there is asignificant dispersion among individual transactions and, in the longterm, the average M&A transaction destroys value.AndreasSchertzinger identifies determinants of successful transactions, suchas transaction timing and diversifying transaction strategy, through amultivariate statistical analysis. Two case studies illustrate successfactors specifically related to the conduct of transactions in greaterdetail.