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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
28
2.1 Objectives
28
2.2 Overview of M&A
29
2.3 M&A in the European insurance industry
36
2.4 Momentum in the European insurance M&A market
64
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
71
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
98
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
198
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
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