How did an insurer cut through the complications of one of the biggest carve-outs in recent history to emerge stronger and better equipped for the future?
Operational separations are tricky. For a major multinational insurer, the challenges were heightened by the need to split a centuries-old enterprise into three legally independent entities. The two buyers each took a division and joint ownership of the third.
The success of the deal not only depended on the divested divisions’ ability to operate as standalone businesses, but also modernise their capabilities to compete in an increasingly digitised insurance sector.
Our client chose us to help make it happen, as they believed we were the right partner to manage both the operational and transactional challenges. Reporting to the CEO, CIO and COO of each entity, our team brought together specialists in insurance, deals and digital transformation.
Balancing different interests
The technical intricacies were compounded by the need to balance the different and potentially conflicting interests of multiple parties. As a business that puts people first, our ultimate priority was safeguarding customers.
While we had the specialists to overcome complex technical hurdles, the difference came from bringing EQ to the project. We took the time to listen to all parties, develop a clear understanding of their perspectives and create mutually beneficial solutions. All the different stakeholders trusted us to work for the common good, deliver hard truths when we had to, and bring a sense of purpose and hands-on commitment to get this difficult job done.
While this was one of the most complex and ambitious deals of recent times, separation has gone to plan and the acquiring groups have reported significant synergy benefits and boosts in return . Ultimately, we’re most proud of the support we’ve been able to provide for customers during this time of uncertainty and change.
"From the outset, the Baringa team understood the human as well as operational dimensions of the acquisition and demerger. They also recognised the opportunities to strengthen the businesses and gear them up for the future. The result is the win-win of effective carve-out and operational transformation in one."
Chief Information Officer, Global Insurer
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