Creating Value in Insurance Mergers and Acquisitions

Foreword

Overview of Contents

Table of Contents

List of Figures

List of Tables

List of Abbreviations

1 Introduction

2 Overview of M&A in the European Insurance Industry

2.1 Objectives

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

3 Recent Studies on the Success of Insurance Transactions

3.1 Objectives

3.2 Overview of recent studies on the success of M&A in the insurance industry

3.3 Event studies on value creation

3.4 Summary

4 Value Creation by M&A in the European Insurance Industry – an Empirical Investigation

4.1 Objectives

4.2 Data sample

4.3 Analysis of short-term value creation

4.4 Analysis of medium- and long-term value creation

4.5 Summary

5 Case Studies on Value Creation by M&A in the European Insurance Industry

5.1 Objectives

5.2 Analysis approach

5.3 Overview of selected cases

5.4 Case study A: Munich Re acquires American Re (1996)

5.5 Case study B: CGU merges with Norwich Union (2000)

5.6 Summary

6 Conclusion

7 Appendix

7.1 Event Study – Additional details on short-term analyses

7.2 Event Study – Additional details on long-term analyses

7.3 Case Study A – Additional details on Munich Re and American Re

8 References