European consolidation not that easy. (insurance industry)(Column)

National Underwriter Property & Casualty-Risk & Benefits Management, October, 1997 by Jennings, John

Creating one of the largest..." is a phrase common to most announcements of insurance industry consolidation transactions these days, whether they be mergers, acquisitions or even joint-venture moves. Nor does it matter what segment of the industry is involved. The brokers started the consolidation trend in the early 1980s, when Marsh & McLennan acquired Lloyd's broker C.T.

Bowring. This followed a spate of linkups that are continuing today, the latest being Marsh's merger with Johnson & Higgins. In recent years, the activity has moved into the reinsurance markets led by the big European and American companies. Now there are signs that the primary markets may be getting into the act in a significant way, especially in Europe. Five years ago, the U.K.'s...

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