Mergers and acquisitions in the insurance industry are up, both in number and size of deals. A.M. Best, Conning, Reagan Consulting, the Independent Insurance Agents & Brokers of America, Mercer and other industry observers recently have commented on the trends. Carriers, reinsurers, agents, brokers and business partners all up and down insurance manufacturing, delivery and service chains are taking part in the fun.
Executive Summary
Two often overlooked factors to creating a successful merger—brand and culture—are actually more critical than the business synergies that often drive deals, Chromium principals say, offering steps that deal partners can take to get their firms on a brand and culture continuum.Of course, the financials always get top billing in deals. Witness comments on the total size of the deal (the Chubb deal was a staggering number) and the combined premium, expanding the geographic footprint, capital efficiencies, diversifying product lines, synergies realized in bringing operations together, etc. Someone should invent a game for this; we would call it “Corporate Buzzword Bingo.”
