Creating Value in Insurance Mergers and Acquisitions (eBook)

Dr. Andreas Schertzinger promovierte bei Prof. Dr. Dirk Schiereck am Stiftungslehrstuhl Bank- und Finanzmanagement der European Business School Oestrich-Winkel. Er ist heute als Unternehmensberater für McKinsey & Company, Inc., New York, tätig.

Foreword 6
Overview of Contents 8
Table of Contents 10
List of Figures 15
List of Tables 19
List of Abbreviations 23
1 Introduction 24
2 Overview of M& A in the European Insurance Industry
2.1 Objectives 28
2.2 Overview of M& A
2.3 M& A in the European insurance industry
2.4 Momentum in the European insurance M& A market
2.5 Summary 69
3 Recent Studies on the Success of Insurance Transactions 71
3.1 Objectives 71
3.2 Overview of recent studies on the success of M& A in the insurance industry
3.3 Event studies on value creation 74
3.4 Summary 94
4 Value Creation by M& A in the European Insurance Industry – an Empirical Investigation
4.1 Objectives 98
4.2 Data sample 100
4.3 Analysis of short-term value creation 112
4.4 Analysis of medium- and long-term value creation 148
4.5 Summary 181
5 Case Studies on Value Creation by M& A in the European Insurance Industry
5.1 Objectives 198
5.2 Analysis approach 200
5.3 Overview of selected cases 208
5.4 Case study A: Munich Re acquires American Re (1996) 215
5.5 Case study B: CGU merges with Norwich Union (2000) 266
5.6 Summary 315
6 Conclusion 319
7 Appendix 323
7.1 Event Study – Additional details on short-term analyses 323
7.2 Event Study – Additional details on long-term analyses 338
7.3 Case Study A – Additional details on Munich Re and American Re 339
8 References 345