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[[Definition:Deloitte]]
**Transaction types and structures**
[[Definition:Acquisition]]
[[Definition:PricewaterhouseCoopers (PwC)]]
[[Definition:Bancassurance acquisition]]
[[Definition:Ernst & Young (EY)]]
[[Definition:Business combination]]
[[Definition:KPMG]]
[[Definition:Carve-out]]
[[Definition:External audit]]
[[Definition:Consolidation]]
[[Definition:Internal audit]]
[[Definition:Corporate reorganization]]
[[Definition:Actuarial consulting]]
[[Definition:Cross-border merger]]
[[Definition:Risk advisory]]
[[Definition:Demerger]]
[[Definition:Tax advisory]]
[[Definition:Divestiture]]
[[Definition:Regulatory compliance consulting]]
[[Definition:Equity purchase]]
[[Definition:IFRS 17 implementation]]
[[Definition:Horizontal merger]]
[[Definition:Solvency II consulting]]
[[Definition:Hostile takeover]]
[[Definition:Insurance business transfer (IBT)]]
[[Definition:Insurance portfolio transfer (IPT)]]
[[Definition:Joint venture (JV)]]
[[Definition:Leveraged buyout (LBO)]]
[[Definition:Loss portfolio transfer (LPT)]]
[[Definition:Management buyout (MBO)]]
[[Definition:Merger]]
[[Definition:Minority stake acquisition]]
[[Definition:Part VII transfer]]
[[Definition:Platform acquisition]]
[[Definition:Reverse merger]]
[[Definition:Reverse takeover]]
[[Definition:Scheme of arrangement]]
[[Definition:Share swap]]
[[Definition:Special purpose acquisition company (SPAC)]]
[[Definition:Spin-off]]
[[Definition:Strategic partnership]]
[[Definition:Takeover]]
[[Definition:Takeover bid]]
[[Definition:Tender offer]]
[[Definition:Transfer of engagements]]
[[Definition:Tuck-in acquisition]]
[[Definition:Vertical merger]]

**Deal participants and roles**
[[Definition:Bidder]]
[[Definition:Lead adviser]]
[[Definition:Private equity sponsor]]
[[Definition:Strategic buyer]]
[[Definition:Target company]]
[[Definition:Transaction advisory]]

**Valuation and pricing**
[[Definition:Base purchase price]]
[[Definition:Control premium]]
[[Definition:Deal structure]]
[[Definition:Embedded value (EV)]]
[[Definition:Enterprise value (EV)]]
[[Definition:Equity value]]
[[Definition:Purchase consideration]]
[[Definition:Purchase price allocation (PPA)]]
[[Definition:Valuation date]]
[[Definition:Value creation plan]]
[[Definition:Value of in-force business (VIF)]]

**Price adjustment mechanisms**
[[Definition:Adjustment mechanism]]
[[Definition:Closing adjustment]]
[[Definition:Closing payment]]
[[Definition:Collar mechanism]]
[[Definition:Collar (price collar)]]
[[Definition:Completion account]]
[[Definition:Completion account mechanism]]
[[Definition:Completion mechanism]]
[[Definition:Contingent consideration]]
[[Definition:Contractual price adjustment]]
[[Definition:Debt-free cash-free adjustment]]
[[Definition:Debt-like item]]
[[Definition:Deemed completion mechanism]]
[[Definition:Deferred consideration]]
[[Definition:Deferred payment mechanism]]
[[Definition:Dollar-for-dollar adjustment]]
[[Definition:Earn-out]]
[[Definition:Earn-out adjustment]]
[[Definition:Earn-out milestone]]
[[Definition:Earn-out period]]
[[Definition:Effective economic date]]
[[Definition:Enterprise value to equity value bridge (EV-to-equity bridge)]]
[[Definition:Equity ticker mechanism]]
[[Definition:Excess cash adjustment]]
[[Definition:Leakage]]
[[Definition:Leakage covenant]]
[[Definition:Locked-box account]]
[[Definition:Locked-box date]]
[[Definition:Locked-box interest (ticker)]]
[[Definition:Locked-box mechanism]]
[[Definition:Locked-box permitted leakage]]
[[Definition:Loss reserve true-up]]
[[Definition:Milestone payment]]
[[Definition:Net cash adjustment]]
[[Definition:Net debt adjustment]]
[[Definition:Net working capital target]]
[[Definition:Permitted leakage]]
[[Definition:Post-closing adjustment]]
[[Definition:Post-closing earn-out adjustment]]
[[Definition:Post-closing true-up]]
[[Definition:Pre-closing leakage]]
[[Definition:Pre-closing price adjustment]]
[[Definition:Price adjustment mechanism]]
[[Definition:Price chip]]
[[Definition:Price retention]]
[[Definition:Purchase price reduction]]
[[Definition:Reserve adjustment clause]]
[[Definition:Reserve true-up mechanism]]
[[Definition:Step-up adjustment]]
[[Definition:Ticker mechanism]]
[[Definition:True-up mechanism]]
[[Definition:Unearned premium reserve adjustment]]
[[Definition:Unearned premium reserve transfer]]
[[Definition:Value adjustment]]
[[Definition:Working capital adjustment]]
[[Definition:Working capital collar]]
[[Definition:Working capital peg]]
[[Definition:Working capital shortfall adjustment]]
[[Definition:Working capital surplus adjustment]]
[[Definition:Working capital target]]
[[Definition:Working capital true-up]]

**Warranties, representations, and indemnities**
[[Definition:Bring-down condition]]
[[Definition:Bring-down warranty]]
[[Definition:Catch-all warranty]]
[[Definition:Compliance warranty]]
[[Definition:Double materiality scrape]]
[[Definition:Fundamental warranty]]
[[Definition:General warranty]]
[[Definition:Insurance warranty]]
[[Definition:Knowledge qualifier]]
[[Definition:Knowledge scrape]]
[[Definition:Management warranty]]
[[Definition:Materiality qualifier]]
[[Definition:Materiality scrape]]
[[Definition:No-leakage warranty]]
[[Definition:Regulatory warranty]]
[[Definition:Repetition of warranty]]
[[Definition:Representations and warranties (R&W)]]
[[Definition:Representations and warranties insurance (R&W insurance)]]
[[Definition:Seller warranty]]
[[Definition:Solvency warranty]]
[[Definition:Tax warranty]]
[[Definition:Title and capacity warranty]]
[[Definition:Title warranty]]
[[Definition:Warranty]]
[[Definition:Warranty and indemnity insurance (W&I insurance)]]
[[Definition:Warranty breach]]
[[Definition:Warranty qualifier]]
[[Definition:Warranty repeater clause]]
[[Definition:Warranty survival period]]

**Indemnification and liability**
[[Definition:Basket (deductible basket)]]
[[Definition:Basket threshold]]
[[Definition:Cap on indemnification]]
[[Definition:Claw-back clause]]
[[Definition:De minimis threshold]]
[[Definition:Environmental indemnity clause]]
[[Definition:Escrow account]]
[[Definition:Escrow release condition]]
[[Definition:Holdback]]
[[Definition:Indemnification clause]]
[[Definition:Indemnity cap]]
[[Definition:Indemnity escrow]]
[[Definition:Indemnity holdback]]
[[Definition:Liability cap]]
[[Definition:Mini basket]]
[[Definition:No-claim declaration]]
[[Definition:Retention amount]]
[[Definition:Seller protection clause]]
[[Definition:Specific indemnity]]
[[Definition:Specific tax indemnity]]
[[Definition:Survival clause]]
[[Definition:Survival period]]
[[Definition:Tax covenant]]
[[Definition:Tax indemnity]]
[[Definition:Third-party claim procedure]]
[[Definition:Threshold amount (de minimis)]]
[[Definition:Time limitation clause]]
[[Definition:Tipping basket]]
[[Definition:Tipping basket mechanism]]
[[Definition:Transaction liability insurance]]

**Key clauses and covenants**
[[Definition:Acceleration clause]]
[[Definition:Anti-embarrassment clause]]
[[Definition:Anti-sandbagging clause]]
[[Definition:Anti-tilting provision]]
[[Definition:Anti-trust approval]]
[[Definition:Break fee]]
[[Definition:Breakup fee]]
[[Definition:Change of control clause]]
[[Definition:Change of control notification]]
[[Definition:Condition precedent (CP)]]
[[Definition:Condition precedent to completion (CPC)]]
[[Definition:Condition subsequent]]
[[Definition:Closing condition]]
[[Definition:Covenant not to compete]]
[[Definition:Drag-along right]]
[[Definition:Exclusivity agreement]]
[[Definition:Exclusivity period]]
[[Definition:Good leaver clause]]
[[Definition:Hell-or-high-water clause]]
[[Definition:Interim breach clause]]
[[Definition:Interim operating covenant]]
[[Definition:Interim period]]
[[Definition:Key person clause]]
[[Definition:Long-stop date]]
[[Definition:Material adverse change clause (MAC clause)]]
[[Definition:Material adverse effect (MAE)]]
[[Definition:Merger clause (entire agreement clause)]]
[[Definition:No-shop clause]]
[[Definition:Non-compete agreement]]
[[Definition:Non-solicitation clause]]
[[Definition:Ordinary course covenant]]
[[Definition:Outward reinsurance clause]]
[[Definition:Post-completion covenant]]
[[Definition:Pre-closing covenant]]
[[Definition:Pro-sandbagging clause]]
[[Definition:Regulatory change of control approval]]
[[Definition:Reverse breakup fee]]
[[Definition:Sandbagging clause]]
[[Definition:Tag-along right]]
[[Definition:Vesting acceleration]]

**Due diligence**
[[Definition:Actuarial due diligence]]
[[Definition:Buy-side due diligence]]
[[Definition:Data room]]
[[Definition:Due diligence]]
[[Definition:Financial due diligence]]
[[Definition:Financial due diligence]]
[[Definition:Incurred but not reported reserve review (IBNR reserve review)]]
[[Definition:Mergers and acquisitions advisory (M&A)]]
[[Definition:Independent actuarial opinion]]
[[Definition:Claims consulting]]
[[Definition:Legal due diligence]]
[[Definition:Underwriting transformation]]
[[Definition:Merger control filing]]
[[Definition:Digital transformation consulting]]
[[Definition:Operational due diligence]]
[[Definition:Cybersecurity advisory]]
[[Definition:Regulatory due diligence]]
[[Definition:Anti-money laundering consulting (AML)]]
[[Definition:Sell-side due diligence]]
[[Definition:Fraud investigation service]]
[[Definition:Tax due diligence]]
[[Definition:Statutory audit]]
[[Definition:Underwriting due diligence]]
[[Definition:Reserve review]]
[[Definition:Embedded value analysis (EV)]]

[[Definition:Capital modeling]]
**Integration and separation**
[[Definition:Acquisition integration plan]]
[[Definition:Insurance accounting advisory]]
[[Definition:Day-one readiness]]
[[Definition:Operational risk consulting]]
[[Definition:Expense synergy]]
[[Definition:Outsourced actuarial service]]
[[Definition:Integration planning]]
[[Definition:Forensic accounting]]
[[Definition:Integration risk]]
[[Definition:Strategy and management consulting]]
[[Definition:Post-merger integration (PMI)]]
[[Definition:Data analytics and insurtech advisory]]
[[Definition:Pre-completion reorganization]]
[[Definition:Separation agreement]]
[[Definition:Stranded cost]]
[[Definition:Synergy]]
[[Definition:Transitional service agreement (TSA)]]
[[Definition:Transitional trademark license]]

**Insurance-specific M&A terms**
[[Definition:Carve-out financial statement]]
[[Definition:Economic loss approach]]
[[Definition:Insurance license transfer]]
[[Definition:License novation]]
[[Definition:Standalone financial statement]]

**Transaction process and closing**
[[Definition:Closing date]]
[[Definition:Co-investment]]
[[Definition:Finder's fee]]
[[Definition:Investment banking fee]]
[[Definition:Initial public offering (IPO)]]
[[Definition:Sell-side process]]
[[Definition:Signing date]]

**Agreements and principal documents**
[[Definition:Asset purchase agreement (APA)]]
[[Definition:Break fee agreement]]
[[Definition:Business transfer agreement (BTA)]]
[[Definition:Confidentiality agreement (CA)]]
[[Definition:Definitive agreement]]
[[Definition:Employee transfer agreement]]
[[Definition:Equity commitment letter]]
[[Definition:Escrow agreement]]
[[Definition:Exclusivity letter]]
[[Definition:Expert determination agreement]]
[[Definition:Heads of agreement]]
[[Definition:Heads of terms (HoT)]]
[[Definition:Holdback agreement]]
[[Definition:Letter of intent (LOI)]]
[[Definition:Memorandum of understanding (MOU)]]
[[Definition:Non-disclosure agreement (NDA)]]
[[Definition:Retention agreement]]
[[Definition:Share purchase agreement (SPA)]]
[[Definition:Shareholder agreement]]
[[Definition:Side letter]]
[[Definition:Term sheet]]
[[Definition:Transfer agreement]]

**Deeds**
[[Definition:Deed of adherence]]
[[Definition:Deed of covenant]]
[[Definition:Deed of indemnity]]
[[Definition:Deed of novation]]
[[Definition:Deed of release]]
[[Definition:Deed of termination]]
[[Definition:Deed of transfer]]
[[Definition:Deed of undertaking]]
[[Definition:Management warranty deed]]

**Process documents**
[[Definition:Bid letter]]
[[Definition:Binding offer (BO)]]
[[Definition:Board approval resolution]]
[[Definition:Board information memorandum]]
[[Definition:Buyer's closing certificate]]
[[Definition:Capitalization table (cap table)]]
[[Definition:Closing agenda]]
[[Definition:Closing bible]]
[[Definition:Closing checklist]]
[[Definition:Closing memorandum]]
[[Definition:Comfort letter]]
[[Definition:Commitment letter]]
[[Definition:Company disclosure letter]]
[[Definition:Completion board minute]]
[[Definition:Completion statement]]
[[Definition:Confidential information memorandum (CIM)]]
[[Definition:Conflict clearance letter]]
[[Definition:Consent solicitation document]]
[[Definition:Corporate authority document]]
[[Definition:Corporate structure chart]]
[[Definition:Data room index]]
[[Definition:Data room rules letter]]
[[Definition:Disclosure bundle]]
[[Definition:Disclosure letter]]
[[Definition:Disclosure schedule]]
[[Definition:Draft share purchase agreement (draft SPA)]]
[[Definition:Due diligence checklist]]
[[Definition:Due diligence questionnaire (DDQ)]]
[[Definition:Due diligence report]]
[[Definition:Embedded value report (EV report)]]
[[Definition:Estimated completion statement]]
[[Definition:Expression of interest (EOI)]]
[[Definition:Fairness opinion]]
[[Definition:Fee arrangement letter]]
[[Definition:Final bid letter]]
[[Definition:Final offer letter]]
[[Definition:Financial due diligence report]]
[[Definition:Financial model]]
[[Definition:Funds flow statement]]
[[Definition:Gap analysis]]
[[Definition:General disclosure]]
[[Definition:Incurred but not reported analysis (IBNR analysis)]]
[[Definition:Independent actuarial review]]
[[Definition:Independent expert report]]
[[Definition:Indicative offer letter]]
[[Definition:Information memorandum (IM)]]
[[Definition:Information request list (IRL)]]
[[Definition:Insurance license schedule]]
[[Definition:Insurance portfolio summary]]
[[Definition:Investment committee memorandum (IC memo)]]
[[Definition:Investor presentation]]
[[Definition:IT due diligence report]]
[[Definition:Key person term sheet]]
[[Definition:Legal due diligence report]]
[[Definition:List of material contracts]]
[[Definition:Litigation schedule]]
[[Definition:Locked-box completion statement]]
[[Definition:Loss reserve analysis]]
[[Definition:Management due diligence report]]
[[Definition:Management equity plan]]
[[Definition:Management presentation]]
[[Definition:Management representation letter]]
[[Definition:Markup (contract markup)]]
[[Definition:Material contract summary]]
[[Definition:Merger filing document]]
[[Definition:Merger notification form]]
[[Definition:Non-binding offer (NBO)]]
[[Definition:Non-binding offer letter]]
[[Definition:Non-reliance letter]]
[[Definition:Notification letter to policyholders]]
[[Definition:Notification letter to regulators]]
[[Definition:Offer letter]]
[[Definition:Operational due diligence report]]
[[Definition:Outstanding claims schedule]]
[[Definition:Pension due diligence report]]
[[Definition:Permitted leakage schedule]]
[[Definition:Policy register extract]]
[[Definition:Post-closing adjustment statement]]
[[Definition:Pre-completion reorganization plan]]
[[Definition:Process letter]]
[[Definition:Proof of funds letter]]
[[Definition:Purchase price allocation report (PPA report)]]
[[Definition:Q&A log (questions and answers log)]]
[[Definition:Red flag report]]
[[Definition:Register of members]]
[[Definition:Regulatory approval application]]
[[Definition:Regulatory due diligence report]]
[[Definition:Reinsurance contract schedule]]
[[Definition:Reinsurance program summary]]
[[Definition:Reinsurance recoverables schedule]]
[[Definition:Reliance letter]]
[[Definition:Representations and warranties insurance application (R&W insurance application)]]
[[Definition:Reserve adequacy report]]
[[Definition:Run-off cost estimate]]
[[Definition:Run-off plan]]
[[Definition:Schedule of exceptions]]
[[Definition:Scheme document]]
[[Definition:Scheme of arrangement document]]
[[Definition:Seller's closing certificate]]
[[Definition:Seller's disclosure schedule]]
[[Definition:Sensitivity analysis]]
[[Definition:Share transfer form]]
[[Definition:Shareholder resolution]]
[[Definition:Signing protocol]]
[[Definition:Stock transfer form]]
[[Definition:Supplementary disclosure letter]]
[[Definition:Tax clearance application]]
[[Definition:Tax due diligence report]]
[[Definition:Tax structuring memorandum]]
[[Definition:Teaser (blind teaser)]]
[[Definition:Third-party consent letter]]
[[Definition:Transaction structure memorandum]]
[[Definition:Valuation report]]
[[Definition:Vendor assist report]]
[[Definition:Vendor due diligence (VDD)]]
[[Definition:Vendor due diligence report (VDD report)]]
[[Definition:Vendor financial model]]
[[Definition:Warranty and indemnity insurance policy (W&I insurance policy)]]
[[Definition:Working capital analysis]]
[[Definition:Working capital statement]]

Revision as of 00:21, 16 March 2026

Definition:Deloitte Definition:PricewaterhouseCoopers (PwC) Definition:Ernst & Young (EY) Definition:KPMG Definition:External audit Definition:Internal audit Definition:Actuarial consulting Definition:Risk advisory Definition:Tax advisory Definition:Regulatory compliance consulting Definition:IFRS 17 implementation Definition:Solvency II consulting Definition:Financial due diligence Definition:Mergers and acquisitions advisory (M&A) Definition:Claims consulting Definition:Underwriting transformation Definition:Digital transformation consulting Definition:Cybersecurity advisory Definition:Anti-money laundering consulting (AML) Definition:Fraud investigation service Definition:Statutory audit Definition:Reserve review Definition:Embedded value analysis (EV) Definition:Capital modeling Definition:Insurance accounting advisory Definition:Operational risk consulting Definition:Outsourced actuarial service Definition:Forensic accounting Definition:Strategy and management consulting Definition:Data analytics and insurtech advisory

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