Download or read book Creating Value in Insurance Mergers and Acquisitions written by Andreas Schertzinger and published by Springer Science & Business Media. This book was released on 2009-06-30 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt: Andreas Schertzinger identifies determinants of successful transactions, such as transaction timing and diversifying transaction strategy, through a multivariate statistical analysis. Two case studies illustrate success factors specifically related to the conduct of transactions in greater detail.

Download or read book Mergers Acquisitions written by Michael A. Hitt and published by Oxford University Press. This book was released on 2001-03-22 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1999, MCI WorldComm and Sprint agreed to merge. Valued at $129 billion, this expected transaction was the largest in history. However, it fell victim to regulators in Europe concerned with the potential monopoly power of the merged firm. This M&A action was merely the latest in a growing trend of "blockbuster" mergers over the past several years. Once a phenomenon seen primarily in the United States, mergers and acquisitions are increasingly being pursued across national boundaries. In short, acquisition strategies are among the most important corporate-level strategies in the new millennium. The need for clear, complete, and up-to-date guide to successful mergers and acquisitions had never been greater. This book more than fills that need. Looking at successful--and unsuccessful--mergers and acquisitions in a number of different industries, Mergers and Acquisitions: A Guide to Creating Value explains how to conduct an acquisition and how to avoid pitfalls that have doomed many such ventures. The authors take the reader step-by-step through the process, starting with the elements of a successful merger, due diligence to ensure that the target firm is sound and fits well with the acquiring firm, and how mergers and acquisitions are financed. They move on to explore how firms find partners/targets for acquisitions that have complementary resources and how to find partners with which integration and synergy can be achieved. Finally, they discuss the potential hazards found in M&A's and how to avoid them, how to conduct successful cross-border acquisitions, and how to ensure that ethical principles aren't breached during the process. Based on 15 years of research, this essential guide goes beyond specific case studies to cover all aspects of these ventures, making it required reading for all managers seeking to build a successful strategy.

Download or read book Success of Mergers and Acquisitions in the Insurance Industry What Can We Learn From Previous Empirical Research written by Sven Bach and published by GRIN Verlag. This book was released on 2014-08-20 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: Doctoral Thesis / Dissertation from the year 2014 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, University of Cologne (Seminar für Allg. BWL, Risikomanagement und Versicherungslehre), language: English, abstract: Since the 20th century, the insurance industry has experienced an unprecedented wave of M&A. However, in spite of the drastic increase in insurance M&A activity, there has been little consistent empirical evidence on the value enhancement of these deals. Hence, many open questions still exist in this research area. The most fundamental questions are whether insurance M&A actually create value and what determinants influence the success of these undertakings. This thesis attempts to find answers to these questions by first examining the status quo of academic literature published in this field of research and bringing together the empirical findings on the success of insurance M&A and its influencing factors. Overall, the literature review outlines that insurance M&A on average tend to create value for shareholders of the target firms as well as for the combined entity of acquirer and target. Moreover, shareholders of acquiring US insurance firms, on average, also benefit from these corporate undertakings. However, negative short-term as well as long-term wealth effects for acquiring insurers’ shareholders are the common finding in capital market studies analyzing the effects of M&A transactions in the European insurance industry. Secondly, the reliability and validity of the findings of previous research are tested in an own empirical analysis which uses a fairly new approach to evaluating the success of M&A by using the idea of stochastic dominance (SD). More precisely, using a sample of 102 transactions conducted by publicly traded Western European insurance firms between the years 1993 and 2009, this work analyzes whether investors in acquiring insurance firms benefit from M&A by comparing return distributions of acquiring firm portfolios with benchmark portfolios using the first two orders of SD. The results show that insurance M&A trigger a negative short-term capital market reaction for acquiring European insurance firms. However, this short-term underperformance diminishes over time, and over a longer period of time of up to three years after M&A announcement, there is no underperformance of acquiring European insurers. In conclusion, based on the accumulated evidence from past empirical studies as well as the empirical investigation of this thesis, it can be concluded that M&A, not only in the US insurance market but also in the European insurance market, seem to be a viable model and are likely to lead to success for all parties involved.

Download or read book Mergers and Acquisitions in the Global Insurance Industry written by J David Cummins and published by . This book was released on 2018 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines whether global insurance mergers and acquisitions (M&As) create value for shareholders by conducting an event study of M&A transactions for the period 1990-2006. Insurance acquirers realized small positive cumulative average abnormal returns (CAARs), whereas targets realized substantial positive CAARs. Both cross-border and within-border transactions led to substantial value-creation. Market value gains for acquirers are centered in the U.S. and Europe; acquirer CAARs for Asian M&As are mostly insignificant. Targets realize significant market value gains in the U.S., Europe, and Asia. Acquirers from the insurance industry realize small market value gains from within-industry transactions, but cross-industry M&As are value-neutral. Targets realize significant market value gains in both cross and within-industry transactions, but the within-industry gains are significantly larger. The results suggest that insurers should concentrate on focusing rather than diversifying transactions.

Download or read book Value Effects from Mergers and Acquisitions in the European Insurance Sector written by Marlon Sandvoss and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: After declining M&A activities in the European insurance sector since the beginning of the global financial crisis, mergers and acquisitions and strategic investments of insurers have again gained momentum in recent years. The existing literature about shareholder value effects from insurance M&A transactions is limited and provides partly inconsistent findings especially for acquiring insurers. Therefore, this thesis reviews the current understanding of European insurance M&A performance and empirically investigates the short-term shareholder value effects, resulting from M&A activities between Western European insurers on the acquirer side and worldwide insurance firms on the target side. Using an event study methodology for a recent European M&A transaction data set, abnormal stock returns of the corresponding insurers in the sample are analysed. The study finds insignificant value gains for acquiring insurers while worldwide target insurance companies achieve significant positive cumulative average abnormal returns around M&A announcements. In addition, a subsample analysis provides further insights into relevant company and transaction characteristics that tend to influence value effects in the context of insurance M&A transactions. Characteristics that tend to have value effect influencing relevance include the public status of targets, the strategic transaction direction, and the transaction value as well as the geographic transaction focus besides the applied payment considerations.

Download or read book Panorama 360 Insurance and Wealth Management Merger and Acquisition Methodology written by Insurance Frameworks Inc. and published by Createspace Independent Publishing Platform. This book was released on 2017-04-06 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Panorama 360 - The Insurance and Wealth Management Merger and Acquisition Methodology is the definitive reference for managing mergers and acquisitions in the financial industry. Panorama 360 is used as an accelerator by insurance and wealth management organizations throughout the world. The financial services industry is consolidating constantly. Each year, several companies enter into merger and acquisition agreements in order to grow and gain infrastructure efficiencies and to acquire new clients. Unfortunately, a number of these mergers and acquisitions do not deliver the expected cost savings or revenue synergies. Many merger initiatives drag on enslessly. There is often insufficient understanding of what is being merged or purchased. The plan to align the two organizations is often superficial. The subsequent steps and accountabilities to ensure that benefits are delivered are not specified. Cultures clash over processes and information technology. These factors can make the difference between success and failure. A structured and focused management approach to planning merger projects contributes to success in building a thriving new business entity. Depending on the vision, the business objectives and the nature of the agreement between the two companies, a number of areas within the acquired organization may need to be adjusted in order to integrate it with the acquiring organization. To achieve a successful merger and acquisition project, it is important to thoroughly scope the project, identifying all the activities that need to happen. Whether you are an insurance company, a consulting organization or an independent consultant, Panorama 360 Merger and Acquisition Methodology is a key resource to create value, reduce costs while increasing quality and speed. Pierre Gagn� is President of Insurance Frameworks Inc. a global company focussed on the Insurance and Wealth Management industry knowledge. He is the creator of Panorama 360, a set of reference material to manage organizations, processes and technology.

Download or read book Structuring Mergers Acquisitions written by Peter A. Hunt and published by Aspen Law & Business. This book was released on 2009 with total page 778 pages. Available in PDF, EPUB and Kindle. Book excerpt: Unlike other M&A references, this one-volume guide establishes a framework for analyzing each transaction from a financial perspective, and evaluating your options in terms of how they create value today or better position the company to build value tomorrow. In this newly updated Fourth Edition of Structuring Mergers & Acquisitions: A Guide to Creating Shareholder Value, you get clear, authoritative discussions of: How shareholder value relates to mergers and acquisitions, and different methodologies for valuing a transaction, such as discounted cash flow, comparable company, comparable transaction, premiums paid, price/volume relationships, and private company valuation. How accounting can influence value creating in mergers and acquisitions , a critical aspect of understanding and structuring the proper transaction for differing business circumstances. Collars, break-up fees, lock-ups, walk-aways, minority squeeze outs, earnouts, and anti-trust considerations, and other special topics you will encounter in deals Transactions you may encounter, from “plain vanilla” deals like mergers, acquisitions, divestitures, joint ventures, and leveraged buyouts, To more complicated restructuring alternatives like spin-offs, split-offs, share repurchases, recapitalizations and restructuring options that can enhance shareholder value. Protecting against takeover threats, including legal and structural defenses, with coverage of the most common form of legal defense, The shareholder rights plan. Making aggressive or hostile offers for a company, The pros and cons of “going it alone” in attempting a hostile acquisition. Performing effective and complete due diligence on a company in the context of a transaction, a critical step that is often overlooked as something “someone else should do.” Handling the human aspects of mergers and acquisitions, including basic transition tips that can avoid massive pre- and post-deal turnover.

Download or read book M A and Value Creation written by Giovanna Mariani and published by G Giappichelli Editore. This book was released on 2017-03-31 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most literature research argues that Merger&Acquisitions is a strategy by which companies gain access to new resources, increase revenues, efficiency and cost reducing to create value. Many multinational companies around the world today are the result of M&A between two or more companies.As strategy, every deal should realize positive results in terms of value. Instead, recent studies have found a high failure rate, regardless of sector, country, or historical phase. The debate in literature about M&A phenomenon is extensive and authoritative: this book fits within this discussion with some peculiarities, by focusing on the Strengths, Opportunities, Weaknesses and Threats of a successful deal, so that it has a real strategic value. In particular, Chapter 1 is dedicated to the introduction of the strategic relevance of M&A and its key factors. In connection with this, in the second chapter, the aim is to deepen the study of the key factors that the acquisition team has to tune together in the complex evaluation process that a successful deal requires. Using the strategic tool, SWOT analysis, we study the different Strengths, Weaknesses, Opportunities and Threats always under the value creation perspective. Between the Strengths, a particular focus is on the evaluation process, with all the implications in terms of synergies evaluation and financial structure management.Chapter 3 opens a window on some “serial acquirers” that consider M&A the strategic base of their wealth creation mission. With the presentation of the case studies, the aim is to draw the attention on the strategic dimension of corporate acquisitions. In the Appendix 1 and 2, the debate moves to the lens of practitioners, with a focus on the normative and tax determinants.Francesco Greggio, as advisor, in Appendix 1 gives a real practitioners vision on the limits and opportunities in Italian low for merger and acquisition strategies. In the Appendix 2, Gino Reolon, Colonel of Guardia di Finanza (fiscal police), highlights that merger and acquisition are operations intrinsically linked to international tax planning. Giovanna Mariani is Associate Professor of Corporate Finance at University of Pisa, in Italy. She has taught financial management for just short of thirty years now over a range of undergraduates, postgraduates. She has written and published several monographs and academic articles on corporate finance, corporate governance, business planning and entrepreneurship. She is in editorial boards of some international journals.

Download or read book Creating Value from Mergers and Acquisitions written by P. S. Sudarsanam and published by . This book was released on 2003 with total page 593 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Creating Value Through Mergers Acquisitions Legal Financial and Business Strategies for Growth written by American Conference Institute and published by . This book was released on 1997 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Creating Value from Mergers and Acquisitions written by Sudi Sudarsanam and published by Pearson Higher Ed. This book was released on 2011-07-21 with total page 818 pages. Available in PDF, EPUB and Kindle. Book excerpt: Creating Value from Mergers and Acquisitions is the first book to provide a comparative analysis of the M&A scene in Europe and the US, the two most active markets in the world. Now in its second edition it continues to develop an international and multidisciplinary perspective of M&A, and considers M&A as a process and not a mere transaction. The author draws upon economics, finance, strategy, law, organisational theories to formulate a five-stage model and emphasises the need to understand the interconnected nature of these stages. The book’s central focus in on the challenges to using M&A as an instrument to create shareholder value, how M&A risks can be mitigated and how odds of success in acquisitions can me increased. Creating Value from Mergers and Acquisitions is suitable for those studying advanced undergraduate and MBA courses in industrial organisations, finance, business strategy, and corporate governance, as well as those preparing for professional exams. The rigorous integration of the conceptual, empirical, and practical aspects of M&A means that researchers and practitioners will also find this book extremely useful.

Download or read book Creating Value from Mergers and Acquisitions written by Sudi Sudarsanam and published by . This book was released on 2004 with total page 593 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Consolidation in the European Insurance Industry written by J David Cummins and published by . This book was released on 2014 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Deregulation of the European financial services market during the 1990s led to an unprecedented wave of mergers and acquisitions (Mamp;As) in the insurance industry. From 1990-2002 there were 2,595 Mamp;As involving European insurers of which 1,669 resulted in a change in control. This paper investigates whether Mamp;As in the European insurance market create value for shareholders by studying the stock price impact of Mamp;A transactions on target and acquiring firms. The analysis shows that European Mamp;As created small negative cumulative average abnormal returns CAARs) for acquirers (generally less than 1%) and substantial positive CAARs for targets (in the range of 12% to 15%). Cross-border transactions were value-neutral for acquirers, whereas within-border transactions led to significant value loss (approximately 2%) for acquirers. For targets, both cross-border and within-border transactions led to substantial value-creation.

Download or read book Acquisitions by Emerging Multinational Corporations written by Johannes Distler and published by Springer. This book was released on 2017-07-27 with total page 451 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis analyzes the motivation and performance of 403 acquisitions made by emerging multinational corporations (EMNCs) in Western Europe and North America between 1994 and 2013. The findings indicate that most EMNCs were motivated to acquire in order to obtain access to the upstream and downstream know-how of their target firms. In addition, the thesis' event study results demonstrate that EMNCs on average generated value for their shareholders with their acquisitions over short periods around acquisition announcement. This result is particularly significant since similar studies on buying firms from developed markets have frequently come to the conclusion that acquirers destroy shareholder value.

Download or read book The Imagination Machine written by Martin Reeves and published by Harvard Business Press. This book was released on 2021-06-08 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: A guide for mining the imagination to find powerful new ways to succeed. We need imagination now more than ever—to find new opportunities, rethink our businesses, and discover paths to growth. Yet too many companies have lost their ability to imagine. What is this mysterious capacity? How does imagination work? And how can organizations keep it alive and harness it in a systematic way? The Imagination Machine answers these questions and more. Drawing on the experience and insights of CEOs across several industries, as well as lessons from neuroscience, computer science, psychology, and philosophy, Martin Reeves of Boston Consulting Group's Henderson Institute and Jack Fuller, an expert in neuroscience, provide a fascinating look into the mechanics of imagination and lay out a process for creating ideas and bringing them to life: The Seduction: How to open yourself up to surprises The Idea: How to generate new ideas The Collision: How to rethink your idea based on real-world feedback The Epidemic: How to spread an evolving idea to others The New Ordinary: How to turn your novel idea into an accepted reality The Encore: How to repeat the process—again and again. Imagination is one of the least understood but most crucial ingredients of success. It's what makes the difference between an incremental change and the kinds of pivots and paradigm shifts that are essential to transformation—especially during a crisis. The Imagination Machine is the guide you need to demystify and operationalize this powerful human capacity, to inject new life into your company, and to head into unknown territory with the right tools at your disposal.

Download or read book Mastering the Merger written by David Harding and published by Harvard Business Press. This book was released on 2004-11-04 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Today's corporate deal makers face a conundrum: Though 70% of major acquisitions fail, it's nearly impossible to build a world-class company without doing deals. In Mastering the Merger, David Harding and Sam Rovit argue that a laserlike focus on just four key imperatives--before executives finalize the deal--can dramatically improve the odds of M&A success. Based on more than 30 years of in-the-trenches work on thousands of deals across a range of industries--and supplemented by extensive Bain & Co. research--Harding and Rovit reveal that the best M&A performers channel their efforts into (1) targeting deals that advance the core business; (2) determining which deals to close and when to walk away; (3) identifying where to integrate--and where not to; and (4) developing contingency plans for when deals inevitably stray. Top deal makers also favor a succession of smaller deals over complex "megamergers"--and essentially institutionalize a success formula over time. Helping executives zero in on what matters most in the complex world of M&A, Mastering the Merger offers a blueprint for the decisions and strategies that will beat the odds.

Download or read book The Synergy Solution written by Mark Sirower and published by Harvard Business Press. This book was released on 2022-03-15 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: The new M&A bible. Few actions can change the value of a company—and its competitive future—as quickly and dramatically as an acquisition. Yet most companies fail to create shareholder value from these deals, and in many cases they destroy it. It doesn't have to be this way. In The Synergy Solution, Deloitte's Mark Sirower and Jeff Weirens show acquirers how to develop and execute an M&A strategy—end to end—that not only avoids the pitfalls that so many companies fall into but also creates real, long-term shareholder value. This strategy includes how to: Become a prepared "always on" acquirer Test the investment thesis and DCF valuation of a deal Plan for a successful Announcement Day, and properly communicate synergy promises to investors and other stakeholders Realize those promised synergies through integration planning and post-close execution Manage change and build a new, combined organization Sirower and Weirens provide invaluable background to those considering M&A, laying out the issues they have to consider, how to analyze them, and how to plan and execute the deal effectively. They also show those who have already started the process of M&A how to maximize their chances of success. There's an art and a science to getting mergers and acquisitions right, and this powerful book provides the insights and strategies acquirers need to find success at every stage of an often complex and perilous process.