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    Reinsurance counterparty analysis in life insurance industry: the impact on firm performance/mergers and acquisitions in global insurance industry

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    Genre
    Thesis/Dissertation
    Date
    2016
    Author
    Zhang, Yanqing
    Advisor
    Weiss, Mary A.
    Committee member
    Cummins, J. David
    Chen, Hua
    Mao, Connie X.
    Department
    Business Administration/Risk Management and Insurance
    Subject
    Finance
    Captive Reinsurance
    Mergers and Acquisitions
    Reinsurance Counterparty Analysis
    Permanent link to this record
    http://hdl.handle.net/20.500.12613/3927
    
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    DOI
    http://dx.doi.org/10.34944/dspace/3909
    Abstract
    The first part of the dissertation aims to determine whether and how variances in reinsurance relationships impact insurers' financial performance during the sample period of 2002-2012. Such impact on insurers' financial performance is measured by accounting measurements of ROA and ROE and by the efficiency scores (cost, revenue, and profit) estimated using data envelopment analysis (DEA). This essay analyzes how the usage of captive reinsurance affects life insurers’ firm performance using multivariate regression model. Results show that firm performance is negatively related to captive reinsurance arrangements. The second essay analyzes the value effects of mergers and acquisitions (M&As) in the global insurance industry by conducting an event study of M&A transactions that occurred during the period of 1990-2014, including two M&A waves before the financial crisis and the M&A activities after it. Our results show that (1) M&As are value-enhancing for both acquirers and targets over the whole sample period; (2) for acquirers, within-border transactions are more likely to be value-enhancing, while for targets, both cross-border and within-border transactions are value-enhancing; and (3) for acquirers, the cross-industry M&As are more likely to be value-enhancing, while for targets both cross- and within- border M&As are value-enhancing.
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