Total M&A Transactions U.S. Sellers ( ) 12000
|
|
- Philip Bradford
- 8 years ago
- Views:
Transcription
1 ANTITRUST ISSUES IN INSURANCE MERGERS Recent Developments in Insurance Antitrust ABA SECTION OF ANTITRUST LAW May 17, 2006 New York, NY Keith D. Shugarman, Chair J. Todd Hahn, Senior Counsel Domestic & Foreign Competition Group $1.8 Total M&A Transactions U.S. Sellers ( ) $1.6 $ $ $1.0 $ $ $0.4 $ $ Value in $Trillions # of deals Total H-S-R H R Transactions Reported ( ) $ $ $ $ $1.5 $ $ $ Value in $Trillions # of deals
2 Total Insurance M&A ( ) $ $ $ $ $ $ $ $ $ Value in $Billions # of Deals 2005 Insurance Deals By Segment 129 Insurance Deals Surety 2% Hospital and Medical Service 32% Life 47% Fire/Marine Casualty 15% Accident/Health 4% Life Accident/Health Fire/Marine Casualty Hospital and Medical Service Surety 2005 Insurance Deals By Segment 2005 Deal Value in $Billions Life Accident/Health Surety Fire/Marine Casualty Hospital/Medical Service
3 Recent Mega-Deals Key M&A Advisory Questions Are there any exemptions (e.g., McCarren or state action)? Are there any foreign, federal, or state filings? How long will it take? What issues will be analyzed? If there is a problem, can we fix it? H-S-R R Filings with FTC/DOJ Jurisdictional Elements: Size-of-Transaction Threshold: $56.7M Size-of-Person Test: Exemptions $113.4M/$11.3M persons for deals valued at less than $226.8M; No Size-of-Person requirement for deals valued at greater than $226.8M. Item 4(c) documents
4 Timing: FTC/DOJ Merger Review Process 30 DAYS 30 DAYS + Voluntary Extensions Preliminary DOJ Review Early Termination No Suit No Suit H-S-R Filing FTC or DOJ Obtains Clearance Second Request Company Responds to Second Request FTC or DOJ Staff Recommendation FTC: BC/BE DOJ: Front Office Commissioners or AAG FTC Merger Screening Meetings/ Presentations To Avoid Second Request Oral and Written Presentations To Avoid Challenge No Suit Seek P.I. What Issues Will FTC/DOJ Analyze? Nature and extent of competition between the merging parties Market definition Geographic Product Market participants and concentration Ease of expansion/entry (including state regulatory requirements) Market conditions which increase/decrease the potential for anticompetitive effects
5 Examples in Specific Insurance Industries Healthcare Title Disability Life Health Insurance Mergers Investigated By FTC/DOJ United HealthCare Corp. / GenCare Health Systems, Inc. (1994) First second request: DOJ investigated but didn t challenge merger creating 39-47% of HMO, 45% of PPO, and 41% of HMO-PPO enrollees in St. Louis. United HealthCare Corp. / MetraHealth Cos. Inc. (1995) First divestiture: United resolved Federal & State antitrust concerns by agreeing to sell MetraHealth s HMO serving greater St. Louis. Wellpoint Health Networks Inc. / Health Systems Intl. Inc. (1995) No second request for proposed creation of second largest HMO in U.S. Health Insurance Mergers Investigated By FTC/DOJ (cont d.) Aetna Inc. / The Prudential Insurance Co. of Am. (1998) Seven-month investigation by DOJ & TX: Count I: reduction in competition in the sale of HMO and HMO-POS plans in Houston ( = 63%) and Dallas ( = 42%); Count II: reduction in competition to purchase physician services in Houston and Dallas; Consent decree required Aetna to divest NYLCare HMO operations in Houston and Dallas.
6 Health Insurance Mergers Investigated By FTC/DOJ (cont d.) Anthem/Wellpoint Health Networks (2004) In October 2003, Anthem announced its intention to acquire Wellpoint Health Networks for $16 billion in cash and stock. Physician and hospital groups oppose the merger on grounds it would lead to further industry consolidation; Congressional members call for FTC investigation of deal. DOJ conducts a 4 month investigation, which it closed on March 9, Health Insurance Mergers Investigated By FTC/DOJ (cont d.) Anthem/Wellpoint Health Networks (cont d) In announcing its decision, DOJ explained that it had examined the following issues: 1. The competition for sale between Anthem and Wellpoint for the sale of health insurance products; 2. The possibility that a combined Anthem/Wellpoint would have buyer-side market (monopsony) power; 3. Despite the lack of direct competition, whether the combination of complementary Blues plans might increase their incentives or ability to exercise monopsony power; 4. The possible effects of this deal on competition for the acquisition of Blues plans to the detriment of the plans shareholders. Health Insurance Mergers Investigated By FTC/DOJ (cont d.) Anthem/Wellpoint Health Networks (cont d) Even as it was announcing the close of its investigation, DOJ stated: Although this particular transaction should not threaten to harm competition or consumers, we will continue to be vigilant in our enforcement of the antitrust laws in this area. UnitedHealth Group/Mid Atlantic Medical Services (2004) UnitedHealth s acquisition of Mid Atlantic Medical Services in February 2004 created the second largest US health insurer.
7 Health Insurance Mergers Investigated By FTC/DOJ (cont d.) UnitedHealth Group/Oxford Health Plans (2004) After a three-month review, DOJ closed its investigation of UnitedHealth's acquisition of Oxford, a large regional health insurer in CT, NJ and NY. DOJ found that the merger would not (1) lessen competition in any market for fully-insured health insurance products sold to employers located largely in the tri-state area or (2) create or enhance merged entity buying-side market power over health care providers such as physicians and hospitals in the relevant MSAs. UnitedHealth Group/PacifiCare Health Systems (2005) UnitedHealth Group Inc. and PacifiCare Health Systems agreed to divest portions of PacifiCare's commercial health insurance business in Tucson, AZ and Boulder, CO. UnitedHealth was also required to modify and, after one year, terminate its network access agreement with Blue Shield of California. Title Insurance Mergers Investigated By FTC/DOJ Lawyers Title Corp. / Reliance Group Holdings, Inc. (1997) FTC required divestiture of the plans and related agreements in seven counties in FL, three in MI, St. Louis and D.C. Commonwealth Land Title Insurance Co. / First American Title Insurance Co. (1997) FTC required dissolution of JV and refunds to customers in D.C. area. Fidelity National Financial, Inc. / Chicago Title Corp. (1999) FTC required divestiture of title plant interests in six CA counties. Life/Home Service Insurance Mergers Investigated By FTC/DOJ AEGON N.V./Transamerica Corp. (1999) FTC terminated its 30-day review of $9.7 billion transaction creating the 3rd largest US Life insurer. Manulife Financial/John Hancock Financial Services (2003) In November 2003, FTC granted early termination of the 30-day waiting period on Manulife s $10.4 billion acquisition of John Hancock.
8 Life/Home Service Insurance (cont d) Bank One/Zurich Life (2003) In July 2003, FTC closed its investigation of Bank One s $500 million acquisition of the U.S. life insurance business of Zurich Life. St. Paul/Travelers (2003) FTC granted announced early termination in December 2003 of the HSR waiting period. St. Paul/Travelers announced completion of the merger on April 1, creating the second largest US commercial insurer. Disability Insurance Mergers Investigated By FTC/DOJ Provident Cos., Inc. / The Paul Revere Corp. (1996) FTC granted early termination. Provident Cos., Inc. / UNUM Corp. (1998) Consent decree resolved concerns regarding the sale of disability insurance sold to individuals in the U.S. Restructuring to Alleviate FTC/DOJ Concerns FTC divestiture study and growth of big foot print mergers have changed the restructuring rules. Consent decree terms and conditions are much stricter (e.g., fix-it-first, clean sweep, monitor trustees, technical assistance). Licensing is disfavored.
9 Representative Transactions Recently Restructured by EC Talanx/Gerling (2006) An extensive market investigation led the EC to conclude that the proposed acquisition of Gerling Versicherungsgruppe by Talanx Aktiengesellschaft, would significantly reduce competition in liability insurance for pharmaceutical companies in Germany. Both HDI Industrieversicherung AG, a Talanx subsidiary, and Gerling had a strong position in providing workers compensation and in acting as leading insurer in liability programs of German pharmaceutical companies. To address the Commission s concerns, Talanx agreed to divest HDI s liability insurance for pharmaceutical companies in Germany. Representative Transactions Recently Restructured by EC (Cont d) Generali / INA (2000) EC approved acquisition by Europe s third largest insurance company, subject to divestitures to reduce its share of certain life insurance products in Italy to less than 30%. Representative Transactions Recently Approved by EC Aviva/RAC (2005) The EC s examination of Aviva s acquisition of The RAC showed that the horizontal overlaps between the parties activities in the non-life insurance sector were limited. In the roadside assistance services market, the RAC is the second largest operator in the UK. The market investigation confirmed, however, that the market is competitive and is currently expanding with the recent entry of new competitors. Therefore, the EC concluded that the proposed operation would not significantly impede effective competition. The EC also examined the vertical relationship between Aviva and the RAC since Aviva sells roadside assistance products bundled with its motor insurance products. The EC concluded that the proposed acquisition would not give rise to any risk that competition would be reduced given the strong competition faced by Aviva in the insurance sector and by the RAC in the roadside assistance services market.
10 Representative Transactions Recently Approved by EC (Cont d) CGU/Norwich Union (2000) EC approved the merger of CGU and Norwich Union into one of Europe's biggest general insurers, with a focus on the UK and Irish markets. The transaction created the fourth-largest European-based insurer by worldwide written premiums and the fifth-largest European-based life insurer. Later in 2000, the merged CGUN acquired a 50 percent stake in Aseval from Caja de Ahorros de Valencia. The overlaps in the activities of CGNU and Aseval in insurance products were confined to Spain, outside of which Aseval was not active.
Defining relevant market(s) product (parties overlapping products and close substitutes) and geographic (local, regional, national or global?
Overview of the Merger Review Process Scott P. Perlman Mayer Brown LLP The Conference Board Post Merger Integration Conference June 25, 2008 U.S. Merger Review Process Purpose of U.S. Federal Merger Review:
More informationMergers: Antitrust Issues for Hospitals and Health Plans ---- Health Plan Mergers. Arthur N. Lerner Crowell & Moring LLP Washington, D.C.
Mergers: Antitrust Issues for Hospitals and Health Plans ---- Health Plan Mergers Arthur N. Lerner Crowell & Moring LLP Washington, D.C. American Health Lawyers Association Annual Meeting San Francisco,
More informationCase No COMP/M.1886 - CGU / NORWICH UNION. REGULATION (EEC) No 4064/89 MERGER PROCEDURE. Article 6(1)(b) NON-OPPOSITION Date: 13/04/2000
EN Case No COMP/M.1886 - CGU / NORWICH UNION Only the English text is available and authentic. REGULATION (EEC) No 4064/89 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 13/04/2000 Also available
More informationFederal Health Plan Merger Enforcement Is Consistent and Robust
Federal Health Plan Merger Enforcement Is Consistent and Robust Cory S. Capps, PhD 1 November 2009 1 Cory Capps is a Partner in the Antitrust and Healthcare Practices at Bates White, LLC in Washington,
More informationCase No COMP/M.5031 - ACE / CICA. REGULATION (EC) No 139/2004 MERGER PROCEDURE. Article 6(1)(b) NON-OPPOSITION Date: 11/03/2008
EN Case No COMP/M.5031 - ACE / CICA Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 11/03/2008 In electronic form on
More informationRanking of the Largest European Insurance Groups 2012. Total, Life and Non-Life
Ranking of the Largest European Insurance Groups 2012 Total, Life and Non-Life November 2013 Total Ranking In an environment marked by economic problems and low interest rates, the ten largest European
More informationSTATEMENT J. BRUCE MCDONALD DEPUTY ASSISTANT ATTORNEY GENERAL ANTITRUST DIVISION BEFORE THE COMMITTEE ON THE JUDICIARY UNITED STATES SENATE CONCERNING
STATEMENT OF J. BRUCE MCDONALD DEPUTY ASSISTANT ATTORNEY GENERAL ANTITRUST DIVISION BEFORE THE COMMITTEE ON THE JUDICIARY UNITED STATES SENATE CONCERNING EXAMINING COMPETITION IN GROUP HEALTH CARE PRESENTED
More informationCase No COMP/M.7478 - AVIVA/ FRIENDS LIFE/ TENET. REGULATION (EC) No 139/2004 MERGER PROCEDURE. Article 6(1)(b) NON-OPPOSITION Date: 13/03/2015
EN Case No COMP/M.7478 - AVIVA/ FRIENDS LIFE/ TENET Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 13/03/2015 In electronic
More informationThe Next Chapter in Antitrust and Health Care: Health Insurance Mergers An ABA Program Summary
The Next Chapter in Antitrust and Health Care: Health Insurance Mergers An ABA Program Summary By Larissa C. Bergin 1 Jones Day As health insurance companies prepare for implementation of the Patient Protection
More information2015 Annual Election Period (AEP) Results. Gorman Health Group Sales Marketing and Strategy Division
2015 Annual Election Period (AEP) Results Gorman Health Group Sales Marketing and Strategy Division Issued: March 2015 TABLE OF CONTENTS 2015 ANNUAL ELECTION PERIOD RESULTS... 3 NATIONAL ENROLLMENT TREND...
More information2013 Insurance Commissioner s Annual Report. Appendix F
2013 Insurance Commissioner s Annual Report Appendix F Top 10 Insurance by Line of Business in Washington 2013 Top 10 Authorized or Groups of Zero Premium Excluded 2013 Washington and Ratio Line of Business:
More informationCase No COMP/M.6883 - CANADA LIFE/ IRISH LIFE
EN Case No COMP/M.6883 - CANADA LIFE/ IRISH LIFE Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 31/05/2013 In electronic
More informationCase No COMP/M.4808 - CVC / CHARTERHOUSE / PHL / AA / SAGA. REGULATION (EC) No 139/2004 MERGER PROCEDURE
EN Case No COMP/M.4808 - CVC / CHARTERHOUSE / PHL / AA / SAGA Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 07/09/2007
More informationALI-ABA Course of Study Corporate Mergers and Acquisitions. October 4-5, 2007 Boston, Massachusetts. Antitrust Issues in Mergers and Acquisitions
467 ALI-ABA Course of Study Corporate Mergers and Acquisitions October 4-5, 2007 Boston, Massachusetts Antitrust Issues in Mergers and Acquisitions By Hanno F. Kaiser Latham & Watkins LLP New York, New
More informationMike Biggs Group Finance Director. Catching the wave of bancassurance
Mike Biggs Group Finance Director Catching the wave of bancassurance European financials and the search for growth Goldman Sachs Banking and Insurance Conference Venice June 2002 Disclaimer This presentation
More informationHealth Care Mergers and Acquisitions
AMGA Annual Meeting March 24, 2015 Health Care Mergers and Acquisitions The Legal Perspective Presented by Joseph N. Wolfe, Esq. Hall, Render, Killian, Heath & Lyman, P.C. 1 Today s Agenda Introductory
More informationBEFORE THE INSURANCE COMMISSIONER OF THE COMMONWEALTH OF PENNSYLVANIA
BEFORE THE INSURANCE COMMISSIONER OF THE COMMONWEALTH OF PENNSYLVANIA In Re: Application of MGIC Investment Corporation in Support of the Request for Approval to Acquire Control of Radian Guaranty Inc.
More informationFast Facts. December 2015. Florida Office of Insurance Regulation
Fast Facts December 2015 Florida Office of Insurance Regulation About the Office of Insurance Regulation The Florida Office of Insurance Regulation (Office) has primary responsibility for regulation, compliance
More informationAllianz Roadshow USA November 2000
Investor Relations Allianz Roadshow USA November 2000 AV Medienzentrale 10.00 I. Introduction Who are we? Henning Schulte-Noelle Chairman and CEO Paul Achleitner Finance Joachim Faber Asset Management
More informationHART-SCOTT-RODINO ANTITRUST IMPROVEMENTS ACT OF 1976, AS AMENDED ( HSR ACT ) (AND COMPETITION FILINGS IN CERTAIN OTHER JURISDICTIONS) SUMMARY OUTLINE
January 2014 HART-SCOTT-RODINO ANTITRUST IMPROVEMENTS ACT OF 1976, AS AMENDED ( HSR ACT ) (AND COMPETITION FILINGS IN CERTAIN OTHER JURISDICTIONS) SUMMARY OUTLINE I. Purpose and Effects of HSR Act and
More informationInsurance and Social Protection Area May 2014
EUROPEAN NON-LIFE INSURANCE GROUPS' RANKING 2013 Insurance and Social Protection Area May 2014 Table of Contents: 1. Presentation 2. Comments about the ranking 3. Methodological aspects The information
More informationHow To Choose The Right Form Of Joint Venture
Portfolio Media. Inc. 860 Broadway, 6th Floor New York, NY 10003 www.law360.com Phone: +1 646 783 7100 Fax: +1 646 783 7161 customerservice@law360.com How To Choose The Right Form Of Joint Venture Law360,
More informationConvergence Merger of Electric and Natural Gas Utilities
Case Study From 1 In January 2000, Dominion Resources, Inc., owner of an integrated electric utility company in Virginia, acquired Consolidated Natural Gas Company (CNG), owner of a regional natural gas
More informationBy Email and Courier. April 18, 2016
By Email and Courier April 18, 2016 The Honorable William Baer (Acting) Associate Attorney General United States Department of Justice 950 Pennsylvania Avenue, N.W. Washington, DC 20530 Dear Associate
More informationDefining Merger Transactions for Purposes of Merger Review
Defining Merger Transactions for Purposes of Merger Review I. Introduction The ICN s Recommended Practices for Merger Notification and Review Procedures ( RPs ) provide considerable guidance on jurisdictional
More informationRe: Agreement to Commence the Process for the Acquisition of Amlin, a UK Insurance Holding Company by Mitsui Sumitomo Insurance
September 8, 2015 MS&AD Insurance Group Holdings, Inc. Re: Agreement to Commence the Process for the Acquisition of Amlin, a UK Insurance Holding Company by Mitsui Sumitomo Insurance Mitsui Sumitomo Insurance
More informationLESSONS LEARNED FROM FTC INVESTIGATIONS AND CHALLENGES OF HEALTHCARE PROVIDER TRANSACTIONS
LESSONS LEARNED FROM FTC INVESTIGATIONS AND CHALLENGES OF HEALTHCARE PROVIDER TRANSACTIONS February 26, 2014 Gregory L. Baker, Pamela Jones Harbour, Jonathan L. Lewis, Lee H. Simowitz. Agenda Introductions
More informationGREG ST. JOHN Partner
GREG ST. JOHN Partner 700 South Federal Highway, Suite 200 Boca Raton, FL 33432 Main: 561-910-3070 Direct: 561-910-3072 Fax: 561-910-7931 Email: stjohn@kolawyers.com Mr. St. John is a Partner and member
More informationThe 80/20 Rule: How Insurers Spend Your Health Insurance Premiums
SUMMARY The 80/20 Rule: How Insurers Spend Your Health Insurance Premiums The Affordable Care Act holds health insurers accountable to consumers and ensures that American families receive value for their
More informationClinical Integration Defined
Antitrust and Accountable Care Organizations Arthur N. Lerner American Health Lawyers Association The Nuts and Bolts of Accountable Care: ACOs and Beyond March 29, 2011 Clinical Integration Defined Clinical
More informationLiechtenstein. Heinz Frommelt. Sele Frommelt & Partners Attorneys at Law Ltd
Sele Frommelt & Partners Attorneys at Law Ltd Heinz Frommelt Sele Frommelt & Partners Attorneys at Law Ltd Legislation and jurisdiction 1 What is the relevant legislation and who enforces it? is a member
More informationSample Antitrust Risk-Shifting Provisions in M&A Transactions
February 2011 Sample Antitrust Risk-Shifting Provisions in M&A Transactions This note collects a sample of antitrust risk-shifting provisions that have been used in some deals. Of course, every deal stands
More informationBlowing the Whistle: SEC Style
Blowing the Whistle: SEC Style Presented to: The Institute of Internal Auditors Houston Chapter David Taylor Partner, Locke Lord LLP March 5, 2012 Overview How did we get here? Dodd-Frank Whistleblower
More informationRichard Harvey Group Chief Executive Aviva plc
Richard Harvey Group Chief Executive Aviva plc Capturing value in a challenging environment UBS Warburg Conference New York 29 April 2003 Disclaimer 2 This presentation may contain certain forward-looking
More informationDETERMINATION OF MERGER NOTIFICATION M/12/025
DETERMINATION OF MERGER NOTIFICATION M/12/025 AIB / ARK LIFE Section 21 of the Competition Act 2002 Proposed acquisition of Ark Life Assurance Company Limited by Allied Irish Banks plc Dated 19 December
More information2014 Health, Disability and Long Term Care Insurance Complaint Comparison
2014 Health, Disability and Long Term Care Insurance Comparison Prepared by the Maine Bureau of Insurance April 2015 Paul R. LePage Governor Anne L. Head Commissioner Eric A. Cioppa Superintendent Background
More informationAbout me Broker Sell off blocks, shells, companies.. 2 Decision Buy/Sell Why? Identify Broker 3 Partner Type of Buyer Financial Ability Philosophical Position Ability to Assimilate Distribution Methods
More informationRecent Developments and Emerging Trends: Antitrust, Accountable Care Organizations, and Prompt Pay Litigation
Recent Developments and Emerging Trends: Antitrust, Accountable Care Organizations, and Prompt Pay Litigation William M. Katz, Jr. and William L. Banowsky Hospital Mergers More frequent since enactment
More informationSTERIS Corporation to Contest U.S. Federal Trade Commission's Attempt to Block Synergy Health Acquisition
STERIS Corporation to Contest U.S. Federal Trade Commission's Attempt to Block Synergy Health Acquisition MENTOR, OHIO AND SWINDON, U.K. - May 29, 2015 - STERIS Corporation (NYSE: STE) ("STERIS") and Synergy
More informationReorganization of Financial Services and Life Insurance Demutualization The View from Abroad
Reorganization of Financial Services and Life Insurance Demutualization The View from Abroad by Hironobu Murakami Life Management Research Dept. 1. Introduction The implementation of financial reforms
More informationUK OFT Investigation into Health Markets
MARCH 23, 2011 EU LIFE SCIENCES UPDATE UK OFT Investigation into Health Markets Executive Summary On 10 March 2011, the Office of Fair Trading (OFT) formally launched a market study into private healthcare.
More informationInformation. Canada s Life and Health Insurers. Canada s Financial Services Sector. Overview
Information Canada s Life and Health Insurers Canada s Financial Services Sector September 2002 Overview Canada s life and health insurance industry comprises 120 firms, down from 163 companies in 1990,
More informationCompany(ies) Newly Licensed
Company(ies) Newly Licensed (806) 4730333 DATE OF INCORPORATION: 5/21/1948 LICENSE ISSUE DATE: 3/14/2006 STATE OF DOMICILE: TX 12548 741556924 Stock American AgriBusiness Insurance Company 5102 29TH DR
More informationInformation Disclosure on the Securities Market
3 Legal Update Banking & Finance Construction & Engineering Corporate & Securities Vietnam 06 July 2012 Information Disclosure on the Securities Market Summary On 5 April 2012, the Ministry of Finance
More informationDEPARTMENT OF JUSTICE
DEPARTMENT OF JUSTICE Statement of JOEL I. KLEIN Assistant Attorney General Antitrust Division U.S. Department of Justice Before the House Committee on the Judiciary Concerning Consolidation in the Telecommunications
More information2013 Insurer Supplier Diversity (ISD) Data Call TABLE: Companies by Procurement Information (Form A1 and A2)
2013 Insurer Supplier Diversity (ISD) Data Call TABLE: Companies by Procurement Information (Form A1 and A2) Note: The tables below reference which company reports include procurement information. Form
More informationIFLR. Merger Control Survey 2015. Lead contributors Ian Giles and Marc Waha. Merger Control Survey 2015 www.iflr.com
Merger Control Survey 2015 www.iflr.com Merger Control Survey 2015 Lead contributors Ian Giles and Marc Waha IFLR international financial law review SURVEY PARTICIPANTS AUSTRALIA BRAZIL CANADA CHINA EUROPEAN
More informationUpdate on Developments in Competition Law/Policy
2010/SOM1/CPLG/037 Agenda Item: 7 Update on Developments in Competition Law/Policy Purpose: Information Submitted by: United States Competition Policy and Law Group Meeting Hiroshima, Japan 28 February-1
More informationBEFORE THE DEPUTY INSURANCE COMMISSIONER OF THE COMMONWEALTH OF PENNSYLVANIA
BEFORE THE DEPUTY INSURANCE COMMISSIONER OF THE COMMONWEALTH OF PENNSYLVANIA In Re: Application of Aetna Inc. Requesting Exemption from the Requirements of 40 P.S. 991.1402 for the Merger of Aetna Health
More informationtop issues An annual report
top issues An annual report Volume 6 2014 Strategy: The insurance deals market Still waiting for lift-off The insurance industry in 2014 FPO The insurance deals market Still waiting for lift-off The market
More informationMergers and Acquisitions. Overview
Mergers and Acquisitions Overview 1 How do companies grow? 74,000 acquisitions between 1996 and 2001 45,151 acquisitions between 2005 and 2008 In 2003 alone there were 8,385 acquisitions 2 Most acquisitions
More informationHealth Reform s Value for Your Dollar Rule: Early Impact in Missouri
HEALTH DATA REPORT MAY 2012 Health Reform s Value for Your Dollar Rule: Early Impact in Missouri SUMMARY Beginning in 2011, the Affordable Care Act required insurers covering small businesses and individuals
More informationANTITRUST GUIDELINES FOR COLLABORATIONS AMONG COMPETITORS HAVE IMPACT ON E-COMMERCE VENTURES. By: Edward C. LaRose and Vincent B. Lynch 1 INTRODUCTION
ANTITRUST GUIDELINES FOR COLLABORATIONS AMONG COMPETITORS HAVE IMPACT ON E-COMMERCE VENTURES By: Edward C. LaRose and Vincent B. Lynch 1 INTRODUCTION To compete in global markets, U.S. companies that may
More informationLife Bancassurance in the Asia-Pacific Region: Investment-Related Life Insurance and Retirement Savings
Life Bancassurance in the Asia-Pacific Region: Investment-Related Life Insurance and Retirement Savings Report Prospectus March 2013 Finaccord, 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 1
More informationEU MERGER CONTROL 4 NOVEMBRE 2005 NOËLLE LENOIR PRESIDENTE DE L'INSTITUT DE L'EUROPE DAN ROSKIS
EU MERGER CONTROL 4 NOVEMBRE 2005 NOËLLE LENOIR PRESIDENTE DE L'INSTITUT DE L'EUROPE DAN ROSKIS EU MERGER CONTROL Preliminary remarks : Background and Purposes 1 - EU Jurisdiction - Caught Transactions
More informationGlobal Insurance CONTENTS. Report Synopsis. Industry Surveys. March 2006. 1. Executive Summary 10. 2. Highlights 12
Industry Surveys Global Insurance www.reportsure.com March 2006 Report Synopsis In 2004 insurance premiums accounted for nearly 8% of global GDP, with a value of USD 3,244 billion. The industry grew by
More informationA number of explanations have been proposed to explain why merger and acquisition
Chapter 2 Background 2.1 Merger and Acquisition Motivation A number of explanations have been proposed to explain why merger and acquisition occur. Berkovitch and Narayanan (1993) suggest that motivations
More informationHow To Approve A Merger Of A Title Insurance Company With A Title Company
BEFORE THE DEPUTY INSURANCE COMMISSIONER OF THE COMMONWEALTH OF PENNSYLVANIA In Re Application of LandAmerica Financial Group, Inc. in Support of the Request for Approval to Merge Transnation Title Insurance
More informationReynolds Group Holdings Limited (Translation of registrant s name into English)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 November 24,
More informationAviva s Financial Stability Recognized
d l e Fi te a d p U July 22, 2011 Number: 0323 Aviva s Financial Stability Recognized Aviva s reputation as a strong, financially stable company has drawn praise from leading agencies specialized in rating
More informationJUSTICE DEPARTMENT REQUIRES BELL ATLANTIC AND GTE TO DIVEST WIRELESS BUSINESSES IN ORDER TO PROCEED WITH MERGER
FOR IMMEDIATE RELEASE AT FRIDAY, MAY 7, 1999 (202) 514-2007 WWW.USDOJ.GOV TDD (202) 514-1888 JUSTICE DEPARTMENT REQUIRES BELL ATLANTIC AND GTE TO DIVEST WIRELESS BUSINESSES IN ORDER TO PROCEED WITH MERGER
More informationPrivate Equity Newsletter
Private Equity Newsletter July 2006 What Every Investor Should Know Before Acquiring a Large Stake in a Public Company Private equity funds, hedge funds and other investors should consider a variety of
More informationFOR IMMEDIATE RELEASE TOKIO MARINE HOLDINGS TO ACQUIRE HCC INSURANCE HOLDINGS IN $7.5 BILLION TRANSACTION
FOR IMMEDIATE RELEASE TOKIO MARINE HOLDINGS TO ACQUIRE HCC INSURANCE HOLDINGS IN $7.5 BILLION TRANSACTION Significant expansion of International business by Tokio Marine Opportunity to combine HCC s specialty
More informationCase No COMP/M.5568 - VOLKSWAGEN/ FLEET INVESTMENTS/ LEASEPLAN CORPORATION JV. REGULATION (EC) No 139/2004 MERGER PROCEDURE
EN Case No COMP/M.5568 - VOLKSWAGEN/ FLEET INVESTMENTS/ LEASEPLAN CORPORATION JV Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION
More informationGOVERNMENT OF NEWFOUNDLAND AND LABRADOR DEPARTMENT OF GOVERNMENT SERVICES AND LANDS
GOVERNMENT OF NEWFOUNDLAND AND LABRADOR DEPARTMENT OF GOVERNMENT SERVICES AND LANDS 2000 REPORT OF THE SUPERINTENDENT OF INSURANCE INSURANCE STATISTICS FOR NEWFOUNDLAND AND LABRADOR NOTICE THE FINANCIAL
More informationMutual Fund Governance Independent Directors Rule
Association of Corporate Counsel Corporate Governance Seminar Mutual Fund Governance Independent Directors Rule 5:00 PM 5:50 PM Baruch Performing Arts Center Engelman Recital Hall 55 Lexington Ave New
More informationCanadian Insurance Industry - Global Strategic Business Report
Brochure More information from http://www.researchandmarkets.com/reports/604648/ Canadian Insurance Industry - Global Strategic Business Report Description: The Canadian Insurance Industry Report provides
More informationNew HSR Rules Create Filing Requirement for Most Non-Corporate Entities
New HSR Rules Create Filing Requirement for Most Non-Corporate Entities By Neal R. Stoll and Rita Sinkfield Belin Companies, investment bankers, lawyers, and other parties who structure mergers and acquisitions
More informationCase No COMP/M.5010 - BERKSHIRE HATHAWAY / MUNICH RE / GAUM. REGULATION (EC) No 139/2004 MERGER PROCEDURE
EN Case No COMP/M.5010 - BERKSHIRE HATHAWAY / MUNICH RE / GAUM Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 14/07/2008
More informationMichigan Life & Health Insurance Guaranty Association
Michigan Life & Health Insurance Guaranty Association 1640 Haslett Road, Suite 160 Haslett, MI 48840-8683 telephone 517-339-1755 fax 517-339-5500 email jcolpean@milifega.org To: Member Company Michigan
More informationComplementary platforms will be combined in a way that uniquely benefits customers while also driving meaningful shareholder value.
Anthem-Cigna Combination FAQs 1. What is the strategic rationale for this combination? This transaction combines two companies with complementary consumer solutions and a differentiated mix of products
More informationThe Role of Risk Management in Health Care Provider Mergers and Acquisitions
The Role of Risk Management in Health Care Provider Mergers and Acquisitions Beecher Carlson - Risk Roundtable Dennis S. Diaz, Esq. Davis Wright Tremaine LLP November 9, 2012 MERGERS AND ACQUISITIONS OVERVIEW
More informationCase No COMP/M.4814 - AIB / FDC / JV. REGULATION (EC) No 139/2004 MERGER PROCEDURE. Article 6(1)(b) NON-OPPOSITION Date: 11/01/2008
EN Case No COMP/M.4814 - AIB / FDC / JV Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 11/01/2008 In electronic form
More informationNegotiating the Optimal Outsourcing Contract: Business & Legal Issues
Negotiating the Optimal Outsourcing Contract: Business & Legal Issues HR Society for Human Resource Management April 19, 2005 Daniel R. Mummery, Partner, Latham & Watkins LLP Latham & Watkins operates
More informationSecond Quarter Highlights
Kalamazoo, Michigan - July 23, 2015 - Stryker Corporation (NYSE:SYK) reported operating results for the second quarter of 2015: Second Quarter Highlights Raises full year organic sales growth guidance
More informationFair Competition Commission. THE FAIR COMPETITION COMMISSION PROCEDURE RULES, 2013 Rule 33(2) MERGER NOTIFICATION (Application for Merger Clearance)
FCC.8 Fair Competition Commission THE FAIR COMPETITION COMMISSION PROCEDURE RULES, 2013 Rule 33(2) To: The Fair Competition Commission MERGER NOTIFICATION (Application for Merger Clearance) Application
More information= This information has been updated by the state department of insurance.
STATUTORY MINIMUM CAPITAL AND SURPLUS REQUIREMENTS The chart below identifies the minimum capital and surplus requirement for each Uniform State. A link to the Application instructions for Primary Application,
More informationBy Email and Courier. August 5, 2015
By Email and Courier The Honorable William Baer Assistant Attorney General United States Department of Justice Antitrust Division 950 Pennsylvania Avenue, N.W. Washington, D.C., 20530 Dear Assistant Attorney
More informationKey performance indicators
The information included in the following sheets of this Excel file forms an integral part of the Aegon press release on the Q2 results 2013 as published on August 8, 2013. Cautionary note regarding non-ifrs
More informationYour Target Market. Taking Your Company Global. International Tax & Accounting Services
Your Target Market Taking Your Company Global & Company www.rowbotham.com (415) 433-1177 consulting@rowbotham.com San Francisco Silicon Valley Associated Firms Worldwide International Tax & Accounting
More informationAssicurazioni Generali Group. Sal Oppenheim 2006 3 rd European Financials Conference
Assicurazioni Generali Group Sal Oppenheim 2006 3 rd European Financials Conference Mel Carvill - Deputy General Manager, Head of Enterprise Risk Management, Strategic Planning and Corporate Finance March
More informationIssues in insurance company mergers & acquisitions
Issues in insurance company mergers & acquisitions By Perry J. Shwachman, Anthony J. Ribaudo and R. Bradley Drake, Sidley Austin LLP The completion of a successful merger or acquisition involving insurance
More informationAgreement to Acquire 100% Ownership of Protective Life Corporation
[Unofficial Translation] June 4, 2014 Koichiro Watanabe President and Representative Director The Dai-ichi Life Insurance Company, Limited Code: 8750 (TSE First section) Agreement to Acquire 100% Ownership
More informationHealth Companies. Life Companies
Group A&H Written in Georgia 2009 by Various Insurer Types ( listed in descending order by premium written within company type) Health Companies Group Code Georgia 2009 Direct Premiums Written, Group Health
More informationNon-Life Bancassurance in Europe: Motor and Household Insurance
Non-Life Bancassurance in Europe: Motor and Household Insurance Report Prospectus November 2011 Finaccord, 2011 Web: www.finaccord.com. E-mail: info@finaccord.com 1 Prospectus contents Page What is the
More informationPAPER IIA UNITED KINGDOM OPTION
THE ADVANCED DIPLOMA IN INTERNATIONAL TAXATION June 2008 PAPER IIA UNITED KINGDOM OPTION ADVANCED INTERNATIONAL TAXATION TIME ALLOWED 3¼ HOURS You should answer FOUR out of the seven questions. Each question
More informationLargest Life Insurers, by Total Assets, 2010 (thousands)
11INDUSTRY RANKINGS The U.S. life insurance industry is made up of more than nine hundred companies with sales and operations across the country. Many of these companies are standalone entities, with no
More informationHow To Buy Chubb For $28.3 Billion In Cash And Stock
ACE TO ACQUIRE CHUBB FOR $28.3 BILLION IN CASH AND STOCK Complementary Businesses and Skills Will Create Global P&C Industry Leader with Superior Product, Customer and Distribution Channel Capabilities
More informationAntitrust-approval risks:
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare Antitrust-approval risks: Issues and pitfalls in international M&A
More informationDecember 2013 Medigap Enrollment & Market Share
Prepared for UnitedHealthcare Ins Co & UnitedHealthcare Ins Co of NY UnitedHealthcare Medicare & Retirement Insurance Solutions By Mark Farrah Associates April 2014 Introduction Medicare Supplement Insurance,
More informationBarriers to transformation
Barriers to transformation Organizational complexity For companies planning to engage in business model change, organizational complexity is considered the biggest barrier to success (cited by 43% of our
More informationSubrogees With Whom AHP Has Entered Into a Separate Agreement as of December 6, 2002
Aetna, Inc.; Aetna US Healthcare American Chambers Life Insurance Company, In Liquidation AmeriHealth Anthem Blue Cross Blue Shield of Colorado; Blue Cross Blue Shield of Colorado (Anthem) Anthem Blue
More informationCalif. Blue Cross And Blue Shield May Pay Insurance Taxes
Portfolio Media. Inc. 860 Broadway, 6th Floor New York, NY 10003 www.law360.com Phone: +1 646 783 7100 Fax: +1 646 783 7161 customerservice@law360.com Calif. Blue Cross And Blue Shield May Pay Insurance
More informationCPI Antitrust Chronicle May 2011 (1)
CPI Antitrust Chronicle May 2011 (1) ACOs And Antitrust Enforcement: Familiar Rules Raise New Concerns Jane E. Willis, Mark S. Popofsky & Daniel J. Bachner Ropes & Gray LLP www.competitionpolicyinternational.com
More informationDelivering U.S. International Tax Advice to U.S. Clients Doing Business Abroad
Delivering U.S. International Tax Advice to U.S. Clients Doing Business Abroad OGLE INTERNATIONAL TAX ADVISORS www.ogleintltax.com OUR INTERNATIONAL TAX PRACTICE INCLUDES BOTH CPAS AND ATTORNEYS WITH BIG
More informationTop Insurers Ranked By Assets, Net Premiums
Top Insurers Ranked By Assets, Net Premiums Aegon N.V. Chairman and Chief Executive: Alex Wynaendts Aegon is a public company specializing in life insurance, pensions and asset management. It has 25,000
More informationIssuers Owing Refunds for 2013
Issuers Owing Refunds for 2013 Based on MLR reports filed through June 30, 2014 State AK Premera Blue Cross $2,626,786 $0 $0 The MEGA Life and Health Insurance Company $39,115 $0 $0 Time Insurance Company
More informationDissenting Statement of Commissioner Joshua D. Wright In the Matter of Fidelity National Financial, Inc. and Lender Processing Services, Inc.
Dissenting Statement of Commissioner Joshua D. Wright In the Matter of Fidelity National Financial, Inc. and Lender Processing Services, Inc. FTC File No. 131-0159 December 23, 2013 The Commission has
More informationAbout the Office of Insurance Regulation. About the Insurance Commissioner
About the Office of Insurance Regulation The Florida Office of Insurance Regulation (Office) has primary responsibility for regulation, compliance and enforcement of statutes relating to the business of
More informationDISCLOSEABLE TRANSACTION ACQUISITION OF MEADOWBROOK INSURANCE GROUP, INC. BY WAY OF MERGER
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More information