Creating Value in Insurance Mergers and Acquisitions

1. Front Matter

   Pages I-XXIII

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2. Introduction

   • Andreas Schertzinger

   Pages 1-4

3. Overview of M&A in the European Insurance Industry

   • Andreas Schertzinger

   Pages 5-47

4. Recent Studies on the Success of Insurance Transactions

   • Andreas Schertzinger

   Pages 49-75

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

   • Andreas Schertzinger

   Pages 77-177

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

   • Andreas Schertzinger

   Pages 179-299

7. Back Matter

   Pages 301-343

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This thesis takes up a very acutely relevant topic: „Do M&A transactions in the European insurance sector create value in the short- and long-term?“ After national consolidation of the European banking and insurance markets had p- gressed in the 2nd half of the 1990s, the recent years showed an increasing amount of cross-border M&A especially in the banking sector. This development is surprising in light of the M&A paradox, according to which the rate of successful bank transactions is very low, yet the number of size of completed transactions constantly increases. The current empirical evidence gives reason to devote a comprehensive a- demic analysis to M&A in the European insurance industry. Furthermore, research to this topic area shows a significant industry-specific gap and largely an absence of respective empirical studies. Research concerned with the overall success of European M&A transactions are extremely rare to date, and the state of knowledge on the success of cross-border transactions in the European - surance industry are very limited.

• Diversifikation
• Kapitalmarkt
• M&A
• Transaktionen
• Versicherung

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.

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