Creating Value in Insurance Mergers and Acquisitions
The fundamental economics of the European insurance industry and specifically the impact of the recent economic crisis on the financial services sector are likely to cause a wave of M&A transactions in the insurance sector. An event study of the previ
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GABLER EDITION WISSENSCHAFT
Andreas Schertzinger
Creating Value in Insurance Mergers and Acquisitions With a foreword by Prof. Dr. Dirk Schiereck
GABLER EDITION WISSENSCHAFT
Bibliographic information published by the Deutsche Nationalbibliothek The Deutsche Nationalbibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data are available in the Internet at http://dnb.d-nb.de.
Dissertation European Business School Oestrich-Winkel, 2008 D 1540
1st Edition 2009 All rights reserved © Gabler | GWV Fachverlage GmbH, Wiesbaden 2009 Editorial Office: Frauke Schindler / Britta Göhrisch-Radmacher Gabler is part of the specialist publishing group Springer Science+Business Media. www.gabler.de No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the copyright holder. Registered and/or industrial names, trade names, trade descriptions etc. cited in this publication are part of the law for trade-mark protection and may not be used free in any form or by any means even if this is not specifically marked. Cover design: Regine Zimmer, Dipl.-Designerin, Frankfurt/Main Printed on acid-free paper Printed in Germany ISBN 978-3-8349-1454-5
Foreword
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 progressed 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 academic 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 insurance industry are very limited. The primary objective of this thesis was therefore to determine the success of European insurance transactions not only on a short-term basis on market data, but also to analyze the success in the mid- and long-term based on marketoriented performance studies. This cross-sectional analysis is deepened by case studies of insurance transactions, which allow for a detailed analysis of value creation and of the underlying success factors. Only this integrated perspective through a combination of methodologies could answer the question of the actual value creation through M&A transactions in the European insurance industry and deriv
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