Acquisitions: Share Purchase Or Asset Purchase?

The appetite for mergers and acquisitions, both in the (re)insurance and capital markets spaces, continues to grow with little sign that the pace will let up any time soon.

Such growth and pace has been attributed to a desire on the part of companies to expand product lines and geographical footprints, become more effective, reduce overall costs, and compete with larger players.

Notable deals, particularly in the (re)insurance space and valued in U.S. dollars, include:

• Partner Re's $2bn acquisition of Paris Re in July 2009;
• The merger of CNA Financial Corporation with Hardy Underwriting Bermuda for $230m in July 2012;
• The takeover of Flagstone Reinsurance Holdings by Validus Holdings for $623m in November 2012;