Neil Taverner  curriculum
United Kingdom

Author
 
Date: Thursday, March 21

Session: 69

Life


Paper

   Mergers and Acquisitions in Life Insurance
 


Presentation

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Summary

The first part of the paper will ask (and attempt to answer) two key questions:
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Why do insurance companies do mergers and acquisitions?
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Are mergers and acquisitions an essential part of a successful strategy?
 
The second part will look at the actuarial aspects of a life company merger or acquisition:
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Initial valuation of net assets, in-force portfolio and goodwill
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Due diligence
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Negotiation
 
The final part will examine the recent effect of merger and acquisition activity on three very different European life insurance markets - the United Kingdom, France and Spain, where the different regulatory, product and competitive environments have produced different types of deal in recent years. The paper will also look at the effect of mergers and acquisitions on mutuals, bancassurers, and traditional insurers, as both acquirers and targets. Finally, it will look to the future, as the trend towards low-cost, high volume distribution accelerates in many markets.

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 Neil Taverner

Curriculum

Neil is a member of Watson Wyatt Worldwide's life insurance mergers and acquisition team, and advises on transactions throughout Europe. He also advises on business and strategic planning, and product development.

Prior to joining Watson Wyatt in 1999, he was Actuarial Director of GEO New York Life in Mexico City. He began his career with the AXA Group, where he worked for eleven years. This included three years at the Group Head Office in Paris, where he was responsible for the actuarial aspects of life insurance merger, acquisition and joint venture projects around the world, including Europe, Asia, Australia and Mexico.

Neil is a Fellow of the Institute of Actuaries since 1990, and speaks English, French and Spanish.

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Author