How is the M&A insurance market developing in Germany? Do you expect growth and, if so, what are the implications for deal making?

We will see it more often in the future. M&A insurance is already very well developed in the US, and they have certain standards that we don’t in Europe. If you work with an insurance company, you have to follow their rules in the due diligence process, so it will raise the standards of mid-market deals and will help the whole transaction process in Germany.

The price will also be more compatible, and there will be more insurance solutions in the future. It is also easier to claim damages from an insurance company than from a counterparty. The insurance companies give you certain standards, which you have to follow to get insurance coverage.