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Valuation and Value Creation of Insurance Intermediaries


Claudia Max

The book offers a comprehensive analysis of insurance intermediaries from a capital markets perspective. It presents an up-to-date market perspective, drawing the attention to the important trends and developments in the industry and recommends strategies to secure future growth. Further, it offers a detailed description of a valuation approach specifically tailored to small and mid-sized brokers. Research on insurance intermediary M&A reveals that positive abnormal returns are achieved for acquirers. The author points out which factors lead to value creation and investigates performance drivers in the tied agent channel.
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Publication Bibliography


A.M. Best Company (Ed.) (2004): Best’s aggregates and averages: property/casualty.

AAIMCo (2011): Standards and guidelines for appraising insurance agencies/brokerages (1.03). Available online at

Achleitner, Ann-Kristin (2002): Handbuch Investment-Banking. 3. ueberarbeitete und erweiterte Auflage. Wiesbaden: Gabler.

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