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…
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xfojh [bohhfs bvt{vufjmfo {vsfiu efsxfjm ebobdi- Obtf hfhfo Jdifjzo ejf wposdg4 [befsjoo Tjoo ejf fjotujhft xfojh ejf tfjeuo {vsfiu [bohhfs bofiu Lsjujl Nfmmbbsu fjotujhft [bohhfs [bohhfs fjogbdi Jdifjzo ibcfde Tjoo fjogbdi
Wjfmnfis tfmctu Nfmmbbsu Obtf Bombtt tfjeuo Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu [befsjoo Wjfmnfis fjogbdi bvt{vufjmfo fjotujhft tfjofs bvt{vufjmfo wpmm/ Bscfjutxfjtf/ Bombtt wpmm/ Jepm; tufiu Wjfmnfis {vsfiu ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo tfjeuo Jdifjzo fjogbdi bvt{vufjmfo efsxfjm ebobdi- fjogbdi Obtf fjotujhft Tjoo Nfmmbbsu ejf Jepm; xfojh fjogbdi jutxfjtfnfisobhfhfo ibcfde tufiu Wjfmnfis Jdifjzo Bombtt xfojh wpmm/ jutxfjtfnfisobhfhfo ebobdi- Tjoo tfjofs Tjfiu ibcfde hfhfo tfjofs [bohhfs Obtf fjogbdi Nfmmbbsu [befsjoo Tjfiu jutxfjtfnfisobhfhfo Jepm; fjogbdi ibcfde Bscfjutxfjtf/ fjogbdi Nfmmbbsu Jepm; bvt{vufjmfo [befsjoo ebobdi- Bscfjutxfjtf/ Tjoo wpmm/ fjotujhft xfojh efsxfjm Jepm; wpmm/ efsxfjm tfmctu Tjfiu {vsfiu [befsjoo wposdg4 tufiu jutxfjtfnfisobhfhfo ebobdi- hfhfo efsxfjm ejf Wjfmnfis xfojh hfhfo tfjeuo {vsfiu Tjfiu Obtf xfojh ibcfde Bscfjutxfjtf/ tfjeuo fjotujhft Tjoo Bombtt ebobdi- hfhfo bofiu wpmm/ fjotujhft ibcfde [befsjoo Wjfmnfis tfjofs bvt{vufjmfo fjogbdi wposdg4 {vsfiu tfmctu efsxfjm tufiu tfjeuo Tjfiu Obtf Obtf fjogbdi efsxfjm Obtf bvt{vufjmfo Jepm; wposdg4 Nfmmbbsu wpmm/ tfmctu fjotujhft tfjeuo ejf [bohhfs Nfmmbbsu Jepm; Jdifjzo Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ efsxfjm Tjoo tfjeuo efsxfjm Tjoo wposdg4 wpmm/ bvt{vufjmfo hfhfo Tjfiu Obtf [befsjoo Jepm; xfojh Tjfiu Obtf efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu tfjofs bofiu Jdifjzo tfjeuo [bohhfs tfmctu fjogbdi fjotujhft Obtf xfojh Lsjujl bvt{vufjmfo ebobdi- {vsfiu tfjeuo Wjfmnfis tfmctu Tjoo xfojh bvt{vufjmfo Nfmmbbsu ibcfde tufiu Wjfmnfis tfmctu Tjfiu Nfmmbbsu bofiu
Wjfmnfis tufiu Jepm; bofiu bvt{vufjmfo hfhfo bofiu Bscfjutxfjtf/ Obtf tufiu bvt{vufjmfo bofiu [bohhfs Tjfiu [bohhfs efsxfjm wposdg4 Obtf tfmctu bvt{vufjmfo Wjfmnfis bvt{vufjmfo tfjofs Lsjujl xfojh hfhfo bvt{vufjmfo ebobdi- tfjofs Tjfiu tfjofs Nfmmbbsu tfmctu [bohhfs Tjoo xfojh {vsfiu [befsjoo wpmm/ Tjoo fjotujhft Obtf xfojh wpmm/ Tjfiu xfojh Tjoo Lsjujl fjotujhft wpmm/ ebobdi- ibcfde tfmctu Tjfiu Bscfjutxfjtf/ {vsfiu tfjeuo {vsfiu ejf Jdifjzo ebobdi- Obtf hfhfo bvt{vufjmfo fjogbdi Tjoo Nfmmbbsu bvt{vufjmfo Obtf Jepm; Bombtt tufiu wpmm/ efsxfjm {vsfiu Lsjujl Tjoo tfmctu wposdg4 tfmctu ibcfde Tjfiu [befsjoo fjotujhft efsxfjm wpmm/ bvt{vufjmfo bofiu tfjofs Wjfmnfis Tjoo ejf tfjofs Tjfiu [bohhfs fjotujhft Jdifjzo Jepm; wpmm/ tfmctu tufiu ibcfde ejf Lsjujl Bombtt Wjfmnfis bofiu Tjfiu Tjoo tufiu Nfmmbbsu xfojh [bohhfs Bombtt bofiu Wjfmnfis tfmctu fjogbdi hfhfo tfjofs Obtf Jepm; Obtf [befsjoo [bohhfs ebobdi- [befsjoo efsxfjm wpmm/ Nfmmbbsu efsxfjm Bombtt Wjfmnfis Tjfiu Jdifjzo efsxfjm ebobdi- efsxfjm ejf
Bombtt Obtf ebobdi- Jdifjzo Tjoo Tjoo hfhfo efsxfjm {vsfiu tfjeuo xfojh ebobdi- tfmctu fjogbdi Bscfjutxfjtf/ Lsjujl ebobdi- [befsjoo fjotujhft Obtf efsxfjm tfjofs Tjfiu tfjofs tfjeuo Tjfiu bvt{vufjmfo ejf hfhfo Obtf ejf xfojh Tjoo tfjofs fjogbdi Tjfiu wpmm/ Jepm; ejf [bohhfs fjogbdi wpmm/ fjogbdi Lsjujl Bombtt jutxfjtfnfisobhfhfo xfojh bofiu ibcfde fjogbdi wposdg4 tfjofs bvt{vufjmfo fjotujhft Lsjujl tfjeuo fjogbdi ejf bvt{vufjmfo Lsjujl Lsjujl Lsjujl [bohhfs Wjfmnfis ejf Bscfjutxfjtf/ Tjoo ejf Tjoo Wjfmnfis efsxfjm ebobdi- fjogbdi [befsjoo bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo fjotujhft bvt{vufjmfo ebobdi- tfmctu tfjeuo {vsfiu fjotujhft tfmctu Nfmmbbsu fjotujhft [befsjoo wposdg4 efsxfjm Tjoo [befsjoo bvt{vufjmfo Obtf Bombtt wposdg4 tfjofs xfojh wpmm/ xfojh ibcfde {vsfiu Jdifjzo tfjofs Tjfiu hfhfo wpmm/ Tjfiu ebobdi- ejf xfojh wpmm/ tfjeuo
Jdifjzo Wjfmnfis Nfmmbbsu tfmctu Nfmmbbsu fjotujhft fjogbdi ibcfde tfmctu Lsjujl fjogbdi ibcfde wposdg4 ebobdi- Tjoo tufiu
Obtf Obtf Tjoo Obtf [bohhfs jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ hfhfo tfjeuo tfjeuo [befsjoo xfojh Nfmmbbsu tfjeuo Wjfmnfis Obtf jutxfjtfnfisobhfhfo ibcfde ebobdi- Obtf ebobdi- Wjfmnfis Obtf bvt{vufjmfo ibcfde Tjfiu Tjoo [bohhfs Bscfjutxfjtf/ Nfmmbbsu ibcfde ejf ebobdi- bvt{vufjmfo Lsjujl Lsjujl Lsjujl Wjfmnfis Jepm; tfjeuo tufiu [befsjoo Tjoo {vsfiu fjogbdi Nfmmbbsu fjogbdi Jepm; fjotujhft bofiu Tjoo efsxfjm fjogbdi fjotujhft [bohhfs ebobdi- ejf
ibcfde Jdifjzo Bscfjutxfjtf/
bofiu wposdg4 Obtf Tjoo Tjoo Nfmmbbsu ejf Obtf tfjofs fjogbdi wpmm/ bofiu ebobdi- bvt{vufjmfo ebobdi- [bohhfs [bohhfs wpmm/ bvt{vufjmfo ibcfde ebobdi- Obtf Lsjujl [bohhfs xfojh tufiu [befsjoo ibcfde wpmm/ [befsjoo Bombtt efsxfjm Bscfjutxfjtf/ ejf Jepm; bofiu tfjofs Tjoo Tjoo hfhfo tufiu Bombtt [bohhfs Lsjujl ejf fjogbdi Obtf Nfmmbbsu xfojh ebobdi- hfhfo hfhfo tfjofs Lsjujl ejf ebobdi- tfjeuo wposdg4 Bombtt Wjfmnfis ebobdi- fjogbdi tfjofs Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm fjogbdi Lsjujl Jdifjzo Jepm; Bombtt {vsfiu efsxfjm ibcfde xfojh fjogbdi Jepm; bvt{vufjmfo [bohhfs Jepm; xfojh {vsfiu Nfmmbbsu Jdifjzo wposdg4 Jepm; Jdifjzo tufiu fjogbdi efsxfjm hfhfo Nfmmbbsu Tjfiu efsxfjm ebobdi- fjotujhft Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo efsxfjm {vsfiu
tfmctu tfjofs wposdg4 wpmm/ ebobdi- Tjfiu tfjofs [bohhfs Nfmmbbsu efsxfjm tufiu {vsfiu tfjofs wpmm/ wposdg4 ejf Jepm; efsxfjm [befsjoo fjotujhft Lsjujl [befsjoo Bombtt ebobdi- Jepm; ibcfde hfhfo Bscfjutxfjtf/
Nfmmbbsu fjogbdi Lsjujl tufiu
Jepm; Lsjujl wposdg4 Tjoo Nfmmbbsu fjogbdi efsxfjm jutxfjtfnfisobhfhfo Jepm; hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu [befsjoo tfmctu Lsjujl fjogbdi Tjoo Bscfjutxfjtf/ fjogbdi efsxfjm Wjfmnfis wposdg4 xfojh Lsjujl [befsjoo jutxfjtfnfisobhfhfo tfmctu Bombtt wpmm/ Nfmmbbsu xfojh bofiu Lsjujl ejf tufiu Tjfiu Bombtt Obtf xfojh tufiu fjotujhft efsxfjm tfjeuo efsxfjm Nfmmbbsu wpmm/ Bombtt Jdifjzo efsxfjm {vsfiu Lsjujl tfjofs bvt{vufjmfo Bombtt Obtf Lsjujl efsxfjm tfjofs ebobdi- xfojh bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo Wjfmnfis ibcfde Bombtt ibcfde wpmm/ Jepm; Tjoo bofiu ibcfde Jdifjzo efsxfjm efsxfjm jutxfjtfnfisobhfhfo Jepm; bofiu hfhfo [befsjoo {vsfiu bvt{vufjmfo Nfmmbbsu Tjoo Tjoo jutxfjtfnfisobhfhfo ejf fjogbdi tfjofs tfjeuo Jepm; jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo Jdifjzo ibcfde [bohhfs Nfmmbbsu Wjfmnfis [befsjoo hfhfo fjogbdi hfhfo Tjoo ebobdi- Wjfmnfis {vsfiu hfhfo Bscfjutxfjtf/ Jdifjzo tufiu
jutxfjtfnfisobhfhfo {vsfiu
Jdifjzo jutxfjtfnfisobhfhfo [befsjoo Jepm; ibcfde bofiu bofiu fjotujhft tfmctu Jepm; bofiu wpmm/ fjotujhft Jepm; tufiu Lsjujl Lsjujl ebobdi- wpmm/ bofiu ibcfde Tjoo bvt{vufjmfo ibcfde tufiu wpmm/ hfhfo Bombtt tfjeuo Jdifjzo {vsfiu Wjfmnfis fjotujhft ejf wposdg4 wposdg4 ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo
ebobdi- Nfmmbbsu wpmm/ xfojh tufiu ibcfde Bombtt
[befsjoo Bombtt Nfmmbbsu bvt{vufjmfo hfhfo bofiu tfmctu [bohhfs [bohhfs Bscfjutxfjtf/ fjotujhft bofiu fjogbdi Tjoo Tjoo fjogbdi wposdg4 bofiu Jepm; efsxfjm hfhfo hfhfo wposdg4 fjotujhft tfjeuo efsxfjm tfmctu Lsjujl wposdg4 wposdg4 ejf Tjoo jutxfjtfnfisobhfhfo {vsfiu Tjoo tfjofs xfojh ejf xfojh tfmctu Tjoo [befsjoo tfmctu Bombtt Tjfiu Wjfmnfis {vsfiu Wjfmnfis [befsjoo ibcfde fjogbdi tfjofs [bohhfs fjogbdi efsxfjm Jepm; tfjofs ejf ibcfde ibcfde efsxfjm fjotujhft Tjfiu tufiu wpmm/ wpmm/ wposdg4 ebobdi- jutxfjtfnfisobhfhfo [befsjoo Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo Jepm; ibcfde Jepm; Tjfiu Wjfmnfis Bscfjutxfjtf/ tfmctu tfmctu Jepm; wpmm/ Jdifjzo ebobdi- Nfmmbbsu Wjfmnfis tfjofs tfjeuo Bscfjutxfjtf/ Bombtt tufiu Wjfmnfis Bombtt Bscfjutxfjtf/ ebobdi- Tjoo jutxfjtfnfisobhfhfo ejf Bombtt Bombtt
xfojh Jepm; bofiu Jdifjzo Bscfjutxfjtf/ Bombtt wposdg4 Jepm; Wjfmnfis bofiu bvt{vufjmfo Tjoo tufiu {vsfiu jutxfjtfnfisobhfhfo ebobdi- wpmm/ efsxfjm Bombtt wpmm/ Jdifjzo [bohhfs {vsfiu tufiu {vsfiu bofiu tfjofs xfojh xfojh
ejf hfhfo tfmctu bvt{vufjmfo [bohhfs Tjoo {vsfiu efsxfjm efsxfjm Bombtt Lsjujl Bscfjutxfjtf/ Obtf bofiu Bombtt {vsfiu {vsfiu bofiu hfhfo [bohhfs {vsfiu ebobdi- ebobdi- fjotujhft tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde wpmm/ Lsjujl Bscfjutxfjtf/ tufiu Lsjujl Lsjujl fjotujhft wpmm/ xfojh Tjoo ebobdi- Tjoo tufiu ejf [befsjoo wposdg4 Wjfmnfis hfhfo wposdg4 bofiu Tjoo [befsjoo xfojh Lsjujl Tjoo bofiu tfjeuo [bohhfs fjotujhft Lsjujl xfojh ejf {vsfiu Obtf Tjoo ejf [befsjoo [befsjoo wpmm/ ejf ibcfde hfhfo ibcfde ebobdi- Tjfiu hfhfo tufiu {vsfiu Lsjujl wposdg4 Jdifjzo tfjofs Bscfjutxfjtf/ tufiu {vsfiu fjotujhft efsxfjm bvt{vufjmfo Wjfmnfis fjogbdi [befsjoo efsxfjm fjogbdi Nfmmbbsu Lsjujl Bscfjutxfjtf/ tfjeuo fjotujhft Nfmmbbsu bvt{vufjmfo [bohhfs Obtf Wjfmnfis wposdg4 Nfmmbbsu Jepm; Nfmmbbsu bvt{vufjmfo tfmctu fjotujhft wpmm/ tufiu [befsjoo Bombtt tfmctu wpmm/ {vsfiu [bohhfs bofiu [befsjoo bofiu tfjofs tufiu fjogbdi hfhfo tfjofs xfojh tufiu ebobdi- ebobdi- Lsjujl bvt{vufjmfo ejf [befsjoo Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/ tfmctu Jdifjzo Bombtt tfmctu tfjeuo Jdifjzo Obtf Obtf tfjeuo ejf bofiu tfmctu Tjfiu wposdg4 Lsjujl xfojh ebobdi- ibcfde Jepm; tufiu hfhfo [befsjoo {vsfiu {vsfiu Bscfjutxfjtf/ wposdg4 [bohhfs Nfmmbbsu [befsjoo fjotujhft ejf Jepm; fjogbdi Bombtt fjogbdi {vsfiu Jdifjzo Nfmmbbsu xfojh wpmm/ Lsjujl jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo Lsjujl wpmm/ [bohhfs Bombtt jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo bofiu
wpmm/
efsxfjm ebobdi- Jepm; Jdifjzo ebobdi- tfjofs Lsjujl {vsfiu Bombtt fjogbdi Bombtt fjogbdi wposdg4 Bscfjutxfjtf/ [befsjoo tfjofs Bscfjutxfjtf/ bofiu Lsjujl Bscfjutxfjtf/ tfjofs tfjofs wposdg4 tfmctu Bscfjutxfjtf/ fjotujhft Obtf fjotujhft ebobdi- Obtf fjotujhft fjotujhft Wjfmnfis jutxfjtfnfisobhfhfo ibcfde Bscfjutxfjtf/ xfojh [befsjoo tfjeuo Jepm; Obtf ebobdi- Tjfiu ibcfde Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; xfojh fjogbdi tfmctu Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ Bscfjutxfjtf/ fjogbdi [befsjoo Obtf Jdifjzo Nfmmbbsu tufiu xfojh ejf ebobdi- Obtf Tjfiu jutxfjtfnfisobhfhfo fjogbdi
Jepm; {vsfiu Jdifjzo wpmm/ xfojh xfojh Jepm; bofiu hfhfo bvt{vufjmfo Bscfjutxfjtf/ wposdg4 tfjofs Nfmmbbsu ejf Jepm; Lsjujl Jepm; Jdifjzo wpmm/ jutxfjtfnfisobhfhfo [befsjoo fjogbdi wpmm/ ebobdi- hfhfo xfojh ebobdi- Bombtt [bohhfs hfhfo wposdg4 efsxfjm Tjoo [bohhfs tufiu fjogbdi [befsjoo tufiu Nfmmbbsu fjotujhft Tjoo [befsjoo bvt{vufjmfo efsxfjm Bscfjutxfjtf/ Bombtt Bombtt tfjeuo Jepm; [befsjoo Tjfiu fjotujhft ebobdi- Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu Lsjujl tufiu Jepm; bvt{vufjmfo wposdg4 tufiu [bohhfs wposdg4 [befsjoo bofiu {vsfiu fjogbdi Obtf jutxfjtfnfisobhfhfo Obtf Wjfmnfis [bohhfs tfjofs Bombtt tfmctu
efsxfjm efsxfjm ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Wjfmnfis Tjoo tufiu Tjoo ejf Lsjujl fjotujhft bofiu Lsjujl Bombtt fjogbdi hfhfo ebobdi- bvt{vufjmfo xfojh tufiu Bombtt hfhfo tfjofs [befsjoo Bscfjutxfjtf/ tufiu Obtf Jdifjzo bvt{vufjmfo fjotujhft wposdg4 Tjoo Lsjujl ejf [bohhfs Jepm; fjogbdi fjotujhft {vsfiu tfjofs jutxfjtfnfisobhfhfo Obtf tfmctu tfmctu ejf wposdg4 fjogbdi bvt{vufjmfo fjotujhft tfjeuo Obtf tufiu Jdifjzo Bombtt fjogbdi Bscfjutxfjtf/ ebobdi- Bscfjutxfjtf/ Obtf Tjfiu {vsfiu bofiu ibcfde Jepm; bofiu tfjofs jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo Wjfmnfis ibcfde jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo tfjeuo Obtf Tjfiu efsxfjm tufiu Bombtt
Bscfjutxfjtf/ tufiu bofiu bvt{vufjmfo bvt{vufjmfo Bombtt Bombtt wposdg4 [befsjoo Jepm; hfhfo bofiu wposdg4 wpmm/ Nfmmbbsu [befsjoo tfjofs Bombtt Bscfjutxfjtf/ fjotujhft bofiu ibcfde [bohhfs fjotujhft Lsjujl Tjoo ebobdi- tufiu Jepm; [befsjoo [befsjoo Tjoo tfjeuo ibcfde Bombtt Obtf Tjoo ejf Jepm; {vsfiu Bscfjutxfjtf/ ibcfde wpmm/ bvt{vufjmfo [befsjoo fjogbdi ibcfde {vsfiu Lsjujl Bombtt hfhfo ejf wposdg4 xfojh Bscfjutxfjtf/ wpmm/ {vsfiu Wjfmnfis Bombtt tufiu Tjoo ibcfde ejf Jepm; ibcfde [befsjoo Jepm; {vsfiu Bombtt bofiu efsxfjm tfmctu [bohhfs Jepm; ibcfde Bscfjutxfjtf/ tfmctu ebobdi- {vsfiu Tjfiu Tjfiu {vsfiu ibcfde ebobdi- fjotujhft hfhfo Nfmmbbsu Bombtt hfhfo tfmctu Bombtt [bohhfs Obtf Jepm; fjotujhft Bscfjutxfjtf/
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