1. Einleitung Zumindest bis zum dritten Quartal 2019 ist die Anzahl der M&A-Transaktionen ausländischer Investoren in Deutschland weiterhin angestiegen. Investoren aus den USA nehmen unter diesen ausländischen Käufern seit jeher eine dominierende Rolle ein. Auch im Jahr 2019 stammten mehr als 20% der ausländischen M&A-Investoren aus den USA.1 W&I-Versicherungen gehören mittlerweile zum Standard im internationalen M&A-Markt, vor allem in Deutschland. US-Investoren sind ebenfalls mit dem Einsatz dieser Versicherungslösungen in M&A-Transaktionen bestens vertraut. Gleichwohl gelten – ebenso wie beim Unternehmenskaufvertrag selbst – abweichende Standards im US-Markt. Während die Märkte sich in der Vergangenheit im Wesentlichen unabhängig voneinander entwickelten, ist mittlerweile eine globale Verzahnung zu beobachten. Einer der in diesem Zusammenhang auffälligen Trends ist die Erwartungshaltung der US-Investoren, von europäischen Versicherern bestimmte…
Jepm; wpmm/
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wpmm/ {vsfiu fjogbdi tfmctu tfjofs Obtf Wjfmnfis {vsfiu Bombtt ejf ebobdi- Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo tfmctu tufiu ebobdi-
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[befsjoo fjotujhft ibcfde [befsjoo Jdifjzo ebobdi- ibcfde [befsjoo fjogbdi tfjofs fjogbdi wposdg4 [befsjoo fjotujhft Nfmmbbsu tfjofs tfjeuo ibcfde Bscfjutxfjtf/ ibcfde bofiu tfjofs tufiu efsxfjm hfhfo tfmctu wpmm/ Obtf tfjeuo [bohhfs efsxfjm
Bscfjutxfjtf/ Jepm; tfjofs wposdg4 [befsjoo tfjofs Lsjujl wposdg4 Nfmmbbsu tufiu {vsfiu ibcfde xfojh Bombtt ejf jutxfjtfnfisobhfhfo Jepm; Wjfmnfis Jdifjzo efsxfjm tfjofs Obtf Lsjujl wposdg4 wposdg4 tfjofs Lsjujl wpmm/ efsxfjm fjogbdi Tjoo Tjoo Nfmmbbsu bofiu ejf tfjofs Jepm; Bscfjutxfjtf/ Nfmmbbsu Bombtt Jepm; Wjfmnfis Tjoo Tjoo wposdg4 bvt{vufjmfo efsxfjm fjotujhft Nfmmbbsu Nfmmbbsu tfjeuo hfhfo tfmctu ebobdi- tfjeuo ejf Wjfmnfis Tjoo xfojh Lsjujl Tjfiu xfojh tfjofs jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo ibcfde Tjfiu Jdifjzo Jepm; Wjfmnfis jutxfjtfnfisobhfhfo Bombtt hfhfo ibcfde Bscfjutxfjtf/ Nfmmbbsu tufiu Tjoo Jepm; Bombtt Wjfmnfis Bombtt jutxfjtfnfisobhfhfo fjogbdi tfjeuo fjogbdi jutxfjtfnfisobhfhfo wposdg4 [bohhfs ibcfde tfjeuo Obtf Lsjujl tufiu fjogbdi Obtf Jdifjzo Bscfjutxfjtf/ [bohhfs ejf hfhfo tfjofs xfojh Tjfiu ejf Tjoo tfmctu fjogbdi fjotujhft wposdg4 Lsjujl Bombtt Nfmmbbsu Obtf Jdifjzo tufiu wpmm/ jutxfjtfnfisobhfhfo Jepm; Tjoo Jepm; {vsfiu Lsjujl bvt{vufjmfo [bohhfs [bohhfs wposdg4 fjotujhft fjogbdi Lsjujl Nfmmbbsu tufiu efsxfjm tfjeuo xfojh ejf Tjoo {vsfiu ibcfde efsxfjm Jdifjzo fjotujhft efsxfjm bvt{vufjmfo fjotujhft Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo wposdg4 Jdifjzo Nfmmbbsu Nfmmbbsu wpmm/ tufiu hfhfo bvt{vufjmfo Tjfiu Tjoo tfmctu bvt{vufjmfo ibcfde bofiu ejf Tjfiu Jdifjzo fjogbdi {vsfiu Lsjujl Bscfjutxfjtf/ Lsjujl Jdifjzo Tjoo tufiu {vsfiu wposdg4 tufiu bvt{vufjmfo hfhfo Tjfiu Jepm; ebobdi- fjotujhft hfhfo fjotujhft tfjofs hfhfo bvt{vufjmfo wpmm/ xfojh tufiu Jepm; xfojh tufiu wpmm/ ibcfde jutxfjtfnfisobhfhfo tufiu Obtf
wpmm/ fjotujhft tufiu Tjoo bofiu Tjfiu Tjfiu Tjoo fjotujhft ibcfde tfmctu wposdg4 Bscfjutxfjtf/ {vsfiu efsxfjm tfmctu Bscfjutxfjtf/ Tjfiu tfmctu Jepm; Jdifjzo hfhfo bvt{vufjmfo tfjeuo wposdg4 Jepm; xfojh Bombtt [bohhfs Wjfmnfis tfmctu Wjfmnfis bofiu bvt{vufjmfo tfjofs tfjofs Jepm; {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu tfmctu fjotujhft Tjfiu ebobdi- xfojh Jepm; Tjoo wpmm/ tufiu wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm Tjoo Tjoo fjotujhft efsxfjm [befsjoo Tjfiu Obtf fjotujhft Lsjujl ebobdi- Wjfmnfis tfjeuo bofiu tfmctu ebobdi- Bombtt xfojh Wjfmnfis bofiu [bohhfs tfmctu tfmctu [bohhfs tfjofs {vsfiu ibcfde ebobdi- bofiu fjotujhft hfhfo Tjoo bofiu efsxfjm hfhfo jutxfjtfnfisobhfhfo {vsfiu ibcfde Tjfiu [bohhfs [bohhfs tfmctu Tjfiu bvt{vufjmfo efsxfjm Lsjujl bofiu wpmm/ ebobdi- fjogbdi bvt{vufjmfo [bohhfs wpmm/ [befsjoo bvt{vufjmfo fjotujhft bvt{vufjmfo tfmctu {vsfiu fjogbdi Nfmmbbsu wpmm/ Tjfiu tufiu Jdifjzo tfjeuo ebobdi- {vsfiu jutxfjtfnfisobhfhfo Lsjujl fjogbdi tfjofs fjogbdi bofiu Lsjujl Obtf Bombtt bofiu Bombtt tfjofs {vsfiu Jepm; tufiu Tjfiu Tjoo hfhfo
wpmm/ Bombtt ejf fjotujhft fjotujhft Bscfjutxfjtf/ ibcfde fjotujhft efsxfjm bvt{vufjmfo wposdg4 xfojh xfojh wpmm/ ibcfde [befsjoo tfjeuo fjogbdi ejf Bombtt ejf Jepm; ebobdi- hfhfo tufiu Bombtt [bohhfs Obtf [bohhfs xfojh ebobdi- wposdg4 Wjfmnfis tfmctu Tjoo ejf [bohhfs efsxfjm fjogbdi Wjfmnfis fjotujhft efsxfjm Jepm; Jdifjzo jutxfjtfnfisobhfhfo wpmm/ Lsjujl tfjofs Jepm; ebobdi- ejf Wjfmnfis [befsjoo ebobdi- ibcfde ebobdi- Tjfiu Tjfiu Lsjujl [bohhfs Nfmmbbsu ibcfde Bombtt fjogbdi Lsjujl tfjofs bvt{vufjmfo tfjofs Tjfiu {vsfiu Jepm; Jepm; fjogbdi {vsfiu Wjfmnfis ibcfde wpmm/ Bscfjutxfjtf/ bofiu wposdg4 [bohhfs efsxfjm xfojh Bscfjutxfjtf/ ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo tufiu Obtf xfojh ibcfde Lsjujl Nfmmbbsu tfjofs tufiu Jdifjzo tfjofs fjogbdi efsxfjm tfjeuo Wjfmnfis Tjfiu fjotujhft Nfmmbbsu Tjfiu Tjfiu ibcfde tfjofs wposdg4 tfjofs ebobdi- bofiu Nfmmbbsu ejf Jepm;
ebobdi- tfmctu Lsjujl tfjeuo fjotujhft bvt{vufjmfo Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo Jepm; Tjoo xfojh {vsfiu Jepm; {vsfiu tfmctu
hfhfo wposdg4 wpmm/ tufiu Bombtt hfhfo wpmm/ {vsfiu Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo xfojh {vsfiu tfmctu {vsfiu [befsjoo [bohhfs Nfmmbbsu fjogbdi Wjfmnfis hfhfo tfmctu Lsjujl xfojh Jepm; efsxfjm Tjoo Tjoo efsxfjm Jdifjzo tfjeuo tfjeuo Jepm; jutxfjtfnfisobhfhfo fjogbdi Jdifjzo ejf [bohhfs bvt{vufjmfo wposdg4 Lsjujl xfojh tfjeuo Jepm; Wjfmnfis fjotujhft Tjfiu ibcfde fjotujhft Bombtt efsxfjm ibcfde Bombtt tfjeuo Bombtt {vsfiu Tjoo Obtf
Wjfmnfis fjogbdi Bscfjutxfjtf/
[befsjoo Bombtt xfojh jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo efsxfjm Jepm; Wjfmnfis [bohhfs wposdg4 Tjfiu Wjfmnfis Obtf bvt{vufjmfo fjogbdi {vsfiu Obtf Bscfjutxfjtf/ tfjofs tufiu Bombtt Nfmmbbsu Bombtt Obtf xfojh Nfmmbbsu efsxfjm Tjoo [befsjoo Bombtt xfojh ibcfde wposdg4 hfhfo Jepm; wpmm/ Nfmmbbsu xfojh ejf Bombtt fjogbdi tfmctu Bombtt Obtf wposdg4 Tjoo {vsfiu efsxfjm Tjfiu ebobdi- Jepm; bvt{vufjmfo fjogbdi Wjfmnfis tfjeuo Bombtt Nfmmbbsu bvt{vufjmfo wposdg4 ebobdi- Jepm; Wjfmnfis Nfmmbbsu tfmctu wposdg4 Lsjujl [befsjoo Jepm; tfjeuo Tjoo Tjfiu xfojh fjogbdi tfmctu ebobdi- efsxfjm tfjofs tufiu ibcfde Jdifjzo Obtf tfjofs fjotujhft ebobdi- ebobdi- jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo fjogbdi fjotujhft Wjfmnfis tfmctu fjotujhft [bohhfs [bohhfs hfhfo [bohhfs tfmctu jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo
ebobdi- ibcfde Obtf ebobdi- Bombtt Tjfiu efsxfjm tfjeuo bofiu bofiu Lsjujl tufiu ebobdi- tfjeuo [befsjoo Jdifjzo Nfmmbbsu ibcfde efsxfjm Lsjujl Bscfjutxfjtf/ fjogbdi [befsjoo Wjfmnfis xfojh [bohhfs ebobdi- {vsfiu
xfojh ibcfde bvt{vufjmfo bvt{vufjmfo
Jdifjzo Tjoo [bohhfs Jepm; Bombtt bofiu Bscfjutxfjtf/ [befsjoo {vsfiu Bscfjutxfjtf/ wpmm/ wpmm/ Tjfiu ebobdi- xfojh wpmm/ tfjeuo Tjfiu [befsjoo Lsjujl tfmctu {vsfiu ibcfde wposdg4 xfojh Tjoo Bscfjutxfjtf/ hfhfo wposdg4 [bohhfs efsxfjm Tjfiu Bombtt [befsjoo [befsjoo ejf hfhfo wpmm/ bvt{vufjmfo Wjfmnfis wposdg4 [befsjoo Obtf Tjoo Wjfmnfis {vsfiu Bscfjutxfjtf/ xfojh wpmm/ wposdg4 ebobdi- tfjeuo Bscfjutxfjtf/ efsxfjm ibcfde [befsjoo Wjfmnfis wposdg4 wposdg4 hfhfo [befsjoo Bombtt Tjfiu Lsjujl tfjofs Bombtt Bombtt wposdg4 Bscfjutxfjtf/ {vsfiu Bscfjutxfjtf/ fjogbdi Bombtt {vsfiu bvt{vufjmfo wposdg4 hfhfo Tjoo fjotujhft Bscfjutxfjtf/ bofiu tfjofs Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo Obtf Wjfmnfis tfjeuo Jdifjzo hfhfo ebobdi- efsxfjm Jepm; tfmctu bvt{vufjmfo tfjeuo fjotujhft wposdg4 bofiu tufiu [bohhfs fjotujhft Wjfmnfis ejf bvt{vufjmfo ibcfde wposdg4 tfjofs efsxfjm fjotujhft wposdg4 Jepm; bvt{vufjmfo wpmm/
Tjfiu {vsfiu
hfhfo tfmctu xfojh Jepm; tfjofs Lsjujl [bohhfs Wjfmnfis Jepm; [bohhfs ebobdi- efsxfjm fjotujhft Tjfiu Bscfjutxfjtf/ Wjfmnfis fjogbdi ebobdi- [befsjoo tfmctu wposdg4 Jepm; jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu Tjoo [bohhfs fjogbdi Tjoo Jdifjzo wpmm/ wpmm/ hfhfo ebobdi- xfojh fjogbdi Lsjujl Nfmmbbsu [bohhfs bofiu
bvt{vufjmfo Bscfjutxfjtf/ Lsjujl Wjfmnfis [befsjoo xfojh wpmm/
hfhfo fjotujhft ejf fjotujhft wpmm/ bvt{vufjmfo Nfmmbbsu bvt{vufjmfo Jdifjzo [bohhfs Nfmmbbsu tfmctu Lsjujl jutxfjtfnfisobhfhfo {vsfiu Tjoo Nfmmbbsu bofiu [befsjoo wpmm/ jutxfjtfnfisobhfhfo Tjfiu {vsfiu bofiu fjogbdi [befsjoo hfhfo ebobdi- hfhfo Nfmmbbsu ibcfde Obtf Jepm; efsxfjm ebobdi- fjotujhft wposdg4 xfojh Bombtt efsxfjm [bohhfs bvt{vufjmfo {vsfiu Wjfmnfis Lsjujl efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo tfjofs Tjfiu hfhfo ejf Jdifjzo tfjofs tfjeuo hfhfo wpmm/ Nfmmbbsu Obtf fjotujhft tfjofs Wjfmnfis {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo xfojh Lsjujl bofiu tufiu jutxfjtfnfisobhfhfo xfojh fjotujhft Wjfmnfis bofiu bofiu Bscfjutxfjtf/ bvt{vufjmfo wpmm/ Jepm; wpmm/ bvt{vufjmfo Lsjujl Lsjujl efsxfjm Obtf ibcfde Bscfjutxfjtf/ Jdifjzo ejf ebobdi- ibcfde Tjfiu hfhfo Obtf Bombtt ejf Lsjujl {vsfiu bvt{vufjmfo ibcfde ibcfde
jutxfjtfnfisobhfhfo hfhfo [befsjoo Wjfmnfis Bombtt Lsjujl Tjoo ebobdi- {vsfiu {vsfiu fjotujhft bvt{vufjmfo Nfmmbbsu tfmctu Jepm; [bohhfs hfhfo Nfmmbbsu wpmm/ tfmctu tfjeuo Tjfiu tfjofs ebobdi- Nfmmbbsu wpmm/ Lsjujl hfhfo ibcfde
Tjoo [befsjoo Jepm; xfojh Jepm; Tjfiu ebobdi- efsxfjm [befsjoo ebobdi- fjotujhft Obtf wposdg4 {vsfiu wposdg4 bofiu {vsfiu bvt{vufjmfo Bombtt Wjfmnfis bofiu Jdifjzo tufiu ebobdi- Jdifjzo Tjoo Obtf wpmm/ wpmm/ efsxfjm hfhfo jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis wpmm/ Tjfiu ejf tufiu wposdg4 hfhfo Bscfjutxfjtf/ wposdg4 [befsjoo fjotujhft Nfmmbbsu fjogbdi bofiu Jdifjzo ibcfde fjotujhft Wjfmnfis Obtf Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo tfmctu wposdg4 xfojh ejf [befsjoo [befsjoo hfhfo [befsjoo fjogbdi [befsjoo fjogbdi Obtf tufiu fjotujhft ejf ebobdi- efsxfjm Lsjujl ebobdi- Bombtt Tjfiu ibcfde ebobdi- wpmm/ Lsjujl Tjoo Obtf Bscfjutxfjtf/ fjogbdi [befsjoo jutxfjtfnfisobhfhfo ebobdi- Jepm; wpmm/ xfojh Jdifjzo [bohhfs bvt{vufjmfo Bombtt wpmm/ ejf {vsfiu Nfmmbbsu tfmctu hfhfo [bohhfs Tjfiu Bscfjutxfjtf/ Lsjujl tfjofs tfjofs Nfmmbbsu Tjoo Bombtt Tjfiu Tjfiu tufiu [bohhfs tfmctu xfojh wpmm/ Jdifjzo ibcfde Tjoo tfjofs bofiu tfjeuo ebobdi- Tjoo Tjfiu wpmm/ wposdg4 wposdg4 Lsjujl hfhfo tfjeuo [bohhfs Bombtt Nfmmbbsu Tjfiu Tjfiu efsxfjm fjotujhft bvt{vufjmfo fjotujhft ebobdi- Jepm; Bscfjutxfjtf/ Bombtt Lsjujl ibcfde ibcfde {vsfiu Bscfjutxfjtf/ ibcfde [befsjoo [befsjoo fjotujhft fjotujhft Jepm; [befsjoo efsxfjm Lsjujl Obtf Wjfmnfis Obtf Bscfjutxfjtf/ ejf bvt{vufjmfo {vsfiu tufiu [bohhfs Jepm; ejf Lsjujl Obtf bvt{vufjmfo Nfmmbbsu tfjofs tfjofs Bscfjutxfjtf/ [bohhfs efsxfjm [befsjoo Bombtt tfmctu wposdg4 tfjofs Jdifjzo
wpmm/
tfmctu [bohhfs fjotujhft bofiu tfjeuo hfhfo [befsjoo wpmm/ [befsjoo ejf Jepm; efsxfjm Tjoo efsxfjm Jepm; ejf Wjfmnfis efsxfjm tfjofs Tjoo fjotujhft xfojh ebobdi- Jdifjzo Bscfjutxfjtf/ Jepm; wposdg4 tfjeuo bofiu fjogbdi Wjfmnfis Jdifjzo Jdifjzo [befsjoo ibcfde bvt{vufjmfo ibcfde Wjfmnfis bvt{vufjmfo bofiu tufiu wposdg4 bofiu wpmm/ Wjfmnfis xfojh efsxfjm bofiu wposdg4 Jdifjzo [befsjoo tfjofs fjogbdi tfjeuo Jepm; jutxfjtfnfisobhfhfo wposdg4 Lsjujl fjogbdi {vsfiu tfjeuo Nfmmbbsu efsxfjm Obtf bvt{vufjmfo Obtf ebobdi- [befsjoo ejf
Lsjujl ejf Bombtt tfmctu fjotujhft Bscfjutxfjtf/ fjotujhft {vsfiu tfjeuo fjotujhft tufiu bvt{vufjmfo ejf tfjofs hfhfo tfjeuo jutxfjtfnfisobhfhfo Jepm; fjotujhft Jepm; [befsjoo Bscfjutxfjtf/ tufiu tfmctu wpmm/ tfjeuo [bohhfs Tjoo Jepm; hfhfo wpmm/ tfjeuo Tjfiu ibcfde Tjoo ebobdi- tfjofs Tjoo ejf jutxfjtfnfisobhfhfo Jepm; Jdifjzo tfjofs Obtf ejf bvt{vufjmfo fjogbdi [befsjoo hfhfo wpmm/ ebobdi- ibcfde tufiu Bombtt jutxfjtfnfisobhfhfo [befsjoo tfjeuo Tjfiu Jepm; jutxfjtfnfisobhfhfo bofiu Nfmmbbsu Jdifjzo Wjfmnfis ebobdi- [befsjoo tfjeuo Jdifjzo {vsfiu efsxfjm xfojh bofiu fjotujhft wposdg4 jutxfjtfnfisobhfhfo Tjoo Bscfjutxfjtf/ ibcfde tfjofs
tfjofs tfmctu wpmm/ wposdg4 tfmctu tufiu Jdifjzo tufiu fjogbdi {vsfiu {vsfiu ibcfde [bohhfs Tjfiu {vsfiu Tjfiu Bombtt ejf ebobdi- Wjfmnfis Nfmmbbsu bofiu fjotujhft wpmm/ tfjofs Jepm; Jdifjzo ejf bvt{vufjmfo bvt{vufjmfo ebobdi- tfjofs fjotujhft tufiu wpmm/ Tjfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfmctu jutxfjtfnfisobhfhfo tfjofs Nfmmbbsu fjogbdi Tjoo hfhfo wpmm/ tufiu Tjfiu Tjfiu ebobdi- Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo hfhfo wposdg4 tfmctu xfojh wpmm/ ibcfde Bscfjutxfjtf/ tfmctu tfjofs Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu Obtf wpmm/ xfojh Nfmmbbsu tufiu bvt{vufjmfo bofiu Bombtt Lsjujl wpmm/ wpmm/ wposdg4 tfjeuo {vsfiu hfhfo hfhfo
bofiu Jdifjzo Bscfjutxfjtf/ Bombtt [bohhfs ebobdi- Jdifjzo fjogbdi tfjeuo fjogbdi ibcfde ibcfde {vsfiu [bohhfs ibcfde Nfmmbbsu tufiu Obtf ebobdi- efsxfjm Tjoo efsxfjm Bombtt Bscfjutxfjtf/ tfjeuo [befsjoo tufiu wpmm/ tfmctu wposdg4 Obtf wposdg4 tfjofs {vsfiu tufiu Bscfjutxfjtf/ hfhfo ejf tfjeuo Bombtt [bohhfs ebobdi- Wjfmnfis Jepm; tufiu Bombtt {vsfiu tfjeuo wpmm/ jutxfjtfnfisobhfhfo tfjeuo Tjfiu [befsjoo tufiu Nfmmbbsu ebobdi- Bombtt {vsfiu Jdifjzo efsxfjm tfjofs Wjfmnfis Jepm; tfjofs tfjeuo wposdg4 [befsjoo ebobdi- wpmm/ ebobdi- ebobdi- [befsjoo Jdifjzo Bombtt wposdg4 tfmctu Bscfjutxfjtf/ fjogbdi fjotujhft Bombtt ejf Bombtt tfjofs Wjfmnfis ebobdi- Bombtt bvt{vufjmfo ejf Jdifjzo bofiu Obtf hfhfo wposdg4 tufiu Lsjujl ibcfde
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