Download or read book The Impact of Insurance Mergers and Acquisitions on Shareholder Returns written by Jeannie Effendy Kusnadi and published by . This book was released on 1998 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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 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 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 Impact of Mergers and Acquisitions on European Insurers written by Petr Jakubik and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The current macro-economic and financial conditions remain extremely challenging for the European insurance sector. Under the ongoing low yield environment insurers are changing their business models and looking for new investment and business opportunities to improve their profitability and the overall solvency positions. This is also reflected in an increasing interest in mergers and acquisitions to achieve sufficient returns. However, there is no clear answer in the literature whether this strategy brings the expected positive results. This study empirically tests the effects of mergers and acquisitions (M & A) on share prices of European insurers via an event study. Our results do not confirm the positive impact of such strategies on acquirers' share prices delivering abnormal returns for shareholders.

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 Mergers and Shareholders Wealth in the Insurance Industry written by Alberto Floreani and published by . This book was released on 2001 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the stock market valuation of mergers in the insurance industry between 1996 and 2000 in Europe and in the US. We form a sample of 56 deals in which the acquiring company is listed. Our data reveal that insurance companies mergers enhance value for bidder shareholders. Over the event window (-20,+2) their abnormal return is 3.65%. The abnormal returns for acquiring firms are larger the greater the relative size of deal value. We also find that mergers occurring between insurance companies located in the same European country are not valued positively by the market, while cross-border deals appear to increase shareholder's wealth. The analysis of a sub-sample of simultaneously listed bidders and targets reveals that the combined insurance companies experience significantly positive abnormal returns - over the event window (-20,+2) shareholders gain 5.27% - and consistent with previous findings, target shareholders substantially increase their wealth.

Download or read book Bank Insurance Mergers and Acquisitions M A and Shareholders Value written by Richard Mochoge Ondimu and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Effect of International Mergers and Acquisitions on Shareholder Returns of Participating U S Firms written by Asrat Tessema and published by . This book was released on 1985 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Effect of Mergers and Acquisitions on Shareholder Returns written by Agus Sugiarto and published by . This book was released on 2000 with total page 372 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 The Shortrun Impact of Acquisitions on Shareholder Value During the Economic Downturn for Acquiring JSE Listed Companies written by Percy Gumede and published by . This book was released on 2009 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Stocks Bonds Bills and Inflation written by Roger G. Ibbotson and published by . This book was released on 1989 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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.

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 Standard and Poor s Stock and Bond Guide written by Standard and Poor's Corporation and published by McGraw-Hill Companies. This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides data on stocks, bonds, mutual funds, and annuities, including year-end closing prices, earnings estimates, rankings, and debt ratings.

Download or read book Bank Mergers Acquisitions written by Yakov Amihud and published by Springer Science & Business Media. This book was released on 1998-02-28 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the financial services industry becomes increasingly international, the more narrowly defined and historically protected national financial markets become less significant. Consequently, financial institutions must achieve a critical size in order to compete. Bank Mergers & Acquisitions analyses the major issues associated with the large wave of bank mergers and acquisitions in the 1990's. While the effects of these changes have been most pronounced in the commercial banking industry, they also have a profound impact on other financial institutions: insurance firms, investment banks, and institutional investors. Bank Mergers & Acquisitions is divided into three major sections: A general and theoretical background to the topic of bank mergers and acquisitions; the effect of bank mergers on efficiency and shareholders' wealth; and regulatory and legal issues associated with mergers of financial institutions. It brings together contributions from leading scholars and high-level practitioners in economics, finance and law.