Description: One-page overview of monograph contents. From Actuarial Considerations in Insurance Mergers and Acquisitions, M-FI03-1.

Description: The purpose of this paper is to help practitioners and regulators more accurately quantify the potential impact of market risk on insurance products with equity-linked guarantees. To this end, this paper examines time series model selection and assessment based on residuals, with a focus on regime switching models. Also it discusses the difficulties in defining residuals for such processes and propose several possible alternatives. We determine that a stochastic approach to defining the residuals is the only way to generate residuals that are normally distributed under the model hypothesis.

Description: Actuarial appraisals are performed using discounted cash-flow models. Using local market insurance accounting standards, an appraisal model typically assumes annual after-tax distributable earnings that are repatriated to the investor. The various lines of business are modeled and validated individually and presented in separate sections of the appraisal report before being aggregated into a total company model. From Actuarial Considerations in Insurance Mergers and Acquisitions, M-FI03-1.

Description: The sale process is a team effort. On the sell side, the team usually consists of the seller, their investment banker, the external actuaries and a legal team. On the buy side, the team consists of accounting and tax experts in addition to the previous disciplines. For a sale to be successful, the team on each side must be able to communicate the story of the company in a consistent, focused manner to their publics. From Actuarial Considerations in Insurance Mergers and Acquisitions, M-FI03-1.

Description: This paper gives two explicit formulae that estimate the yield of a portfolio of fixed income securities that are not interest-sensitive. The yield is explicitly estimated in terms of the discounting interest rates of the securities that comprise the portfolio. From 2006 Enterprise Risk Management Symposium, M-AS06-1.

Description: Complete monograph: Actuarial Consideration in Insurance Mergers and Acquisitions, M-FI03-1. This paper presents a broad overview of the actuarial considerations of insurance company transactions in developing countries, identifying both theoretical and practical issues that need to be addressed when trying to assess the potential value of a multi-national insurance transaction.

Description: The external actuary must balance the goals of the company with a realistic assessment of the chances of achieving them, uncovering hidden value while scaling back on aggressive targets to achieve a balanced, defensible end product with buy-in from the seller's team. From Actuarial Considerations in Insurance Mergers and Acquisitions, M-FI03-1.

Description: One of the primary goals of the actuarial appraisal is to provide enough information for potential investors to make informed judgments as to the potential value of a property. From Actuarial Considerations in Insurance Mergers and Acquisitions, M-FI03-1.

Description: This paper was intended to give a broad overview of the international M&A process and the role of the actuary in it. There is, however, no cookbook approach, as the dynamics of each transaction are unique. It is important for buyers and sellers alike to get the best advice possible to conclude a successful transaction. From Actuarial Considerations in Insurance Mergers and Acquisitions, M-FI03-1.

Description: Bibliography. From Actuarial Considerations in Insurance Mergers and Acquisitions, M-FI03-01.