---

The book describes a valuation approach tailored to brokers and analyses insurance intermediary M&A revealing positive abnormal returns for acquirers. It provides a comprehensive analysis of insurance intermediaries including an up-to-date market perspective, pointing out performance drivers for tied agents.

---

The book offers a comprehensive analysis of insurance intermediaries from a capital markets perspective. It presents an up-to-date market perspective, drawing the attention to the important trends and developments in the industry and recommends strategies to secure future growth. Further, it offers a detailed description of a valuation approach specifically tailored to small and mid-sized brokers. Research on insurance intermediary M&A reveals that positive abnormal returns are achieved for acquirers. The author points out which factors lead to value creation and investigates performance drivers in the tied agent channel.

---

Contents: Agents and brokers in the insurance industry - Valuation of small and medium-sized insurance brokers - Value creation in insurance intermediary mergers and acquisitions - Performance transformation in the tied agent channel.

---

Claudia Max studied business administration at the University of Mannheim and Law and Accounting at the London School of Economics. She earned her PhD at the University of Darmstadt.

---