Current Table

Top 10 Global Insurance-Related Mergers And Acquisitions Announced, 2018

($ millions)

Rank Buyer (country) Target (country) Sector Transaction value
1 Cigna Corp. (U.S.) Express Scripts Holding Co. (U.S.) Services $54,000
2 AXA SA (France) XL Group Ltd. (Bermuda) Property/casualty 15,300
3 The Carlyle Group (U.S.) Sedgwick Claims Management (U.S.) Services 6,700
4 Marsh & McLennan (U.S.) Jardine Lloyd Thompson Group (U.K.) Distribution 5,700
5 Invesco (U.S.) Oppenheimer Funds (MassMutual) (U.S.) Life 5,700
6 American International Group (U.S.) Validis Holdings Ltd. (Bermuda) Property/casualty 5,560
7 SS&C Technologies (U.S.) DST Systems (U.S.) Services 5,400
8 Phoenix Group Holdings (U.K.) Standard Life Assurance Ltd. (U.K.) Life 4,530
9 Lincoln National Corp. (U.S.) Liberty Life Assurance Co. of Boston (U.S.) Life 3,300
10 Evergreen Parent LP (U.S.) AmTrust Financial Services Inc. (U.S.) Property/casualty 2,950

Source: ©2019 Conning, Inc., 2019: Global Insurer Mergers & Acquisitions in 2018 - Focusing on the Core; ©2019 Conning, Inc., 2019: Global Insurance Distribution & Services Sector Mergers & Acquisitions in 2018 - Full Steam Ahead. Used with permission.

 
TOP TEN GLOBAL PROPERTY/CASUALTY MERGERS AND ACQUISITIONS ANNOUNCED, 2008

($ millions)

Rank Buyer (Country) Target (Country) Transaction value
1 Liberty Mutual Group, Inc. (U.S.) Safeco Corp. (U.S.) $6,225
2 Tokio Marine & Nichido Fire Insurance Co. Ltd. (Japan) Philadelphia Consolidated Holding Corp. (U.S.) 4,700
3 Vienna Insurance Group (Austria) BCR Asigurari S.A. & BCR Asigurari de Viata S.A. (Romania) 2,054
4 Axa Group SA (France) ING Seguros Commercial America SA de CV (Mexico) 1,500
5 Groupama SA (France) OTP Garancia Biztosito Rt (Hungary) 1,030
6 Zurich Financial Services Group (Switzerland) BanSabadell Vida SA de Seguros y Reaseguros, BanSabadell Pensiones EGFP, SA, and BanSabadell Seguros Generales, SA de Seguros y Reaseguros (Spain) 1,020
7 QBE Holdings (AAP) Pty Ltd. (Australia) PMI Mortgage Insurance Australia (Holdings) Pty Ltd. (Australia) 921
8 General Reinsurance Corp. (U.S.) Commercial Casualty Insurance Co. & International American Group (U.S.) 836
9 Munich Reinsurance America, Inc. (Germany) Hartford Steam Boiler Inspection and Insurance Co., unit of AIG (U.S.) 742
10 Assured Guaranty Ltd. (Bermuda) Financial Security Assurance Holdings Ltd. (U.S.) 722

Source: Conning Research & Consulting, Inc. analysis.

 
TOP TEN GLOBAL INSURANCE-RELATED MERGERS AND ACQUISTIONS ANNOUNCED, 2009

($ millions)

Rank Buyer (country) Target (country) Sector Transaction value
1 Assicurazioni Generali S.p.A. (Italy) Alleanza Assicurazioni S.p.A. (Italy) Life/annuity $5,000
2 Express Scripts, Inc. (U.S.) WellPoint NextRX (U.S.) Services 4,675
3 Sompo Japan Himawari Life Ins. Co. Ltd. (Japan) Nipponkoa Life Ins. Co. Ltd. (Japan) Life/annuity 4,651
4 Towers Perrin Forster & Crosby (U.S.) Watson Wyatt Worldwide, Inc. (U.S.) Services 3,500
5 Resolution PLC (U.K.) Friends Provident (U.K.) Life/annuity 3,100
6 Caisse Nationale des Caisses d'Epargne
and Banque Federale des
Banques Populaires (France)
Holassure (France) Life/annuity 2,486
7 Primus Financial Holdings Ltd. and
China Strategic Holdings Ltd. (Taiwan)
Nan Shan Life Ins. Co. Ltd. (Taiwan) Life/annuity 2,150
8 Zurich Financial Services (Switzerland) 21st Century Ins. Group (U.S.) Property/casualty 1,900
9 Banque Nationale de Paris Paribas Assurance S.A. (France) Fortis Insurance Belgium (Belgium) Property/casualty 1,861
10 Criteria CaixaCorp, S.A. (Spain) Cia de Seguros Adeslas S.A. (Spain) Health/managed care 1,762

Source: Conning Research & Consulting, Inc.

 
TOP TEN GLOBAL INSURANCE-RELATED MERGERS AND ACQUISTIONS ANNOUNCED, 2010

($ millions)

Rank Buyer (country) Target (country) Sector Transaction value
1 MetLife, Inc. (U.S.) American Life Insurance Co. (U.S.) Life/annuity $16,200
2 AMP Ltd. (Australia) AXA Asia Pacific Holdings Ltd. (Australia) Life/annuity 12,830
3 Aon Corp. (U.S.) Hewitt Associates, Inc. (U.S.) Services 4,900
4 Prudential Financial, Inc. (U.S.) AIG Star Life Insurance Co. Ltd. and AIG
Edison Life Insurance Co. (Japan)
Life/annuity 4,800
5 Resolution plc (U.K.) U.K. life operation of AXA SA (U.K.) Life/annuity 4,130
6 BC Partners and Silver Lake Partner (U.S.) MultiPlan, Inc. (U.S.) Services 3,100
7 Max Capital Group Ltd. (Bermuda) Harbor Point Ltd. (Bermuda) Property/casualty 1,521
8 Fairfax Financial Holdings Ltd. (Canada) Zenith National Insurance Corp. (U.S.) Property/casualty 1,439
9 Apollo Management VII L.P. and funds advised
by CVC Capital Partners Ltd. (Luxembourg)
Brit Insurance Holdings N.V. (U.K.) Property/casualty 1,400
10 TPG Capital (U.S.) Vertafore, Inc. (U.S.) Services 1,400

Source: Conning Research & Consulting, Inc. analysis.

 
TOP TEN GLOBAL INSURANCE-RELATED MERGERS AND ACQUISITIONS ANNOUNCED, 2011

($ millions)

Rank Buyer (country) Target (country) Sector Transaction value
1 Express Scripts, Inc. (U.S.) MedcoHealth Solutions, Inc. (U.S.) Services $28,500
2 CIGNA Corp. (U.S.) HealthSpring, Inc. (U.S.) Health 3,825
3 Grupo de Inversiones Suramericana SA (Colombia) ING Insurance International BV (Colombia) Life 3,614
4 Alleghany Corp. (Shoreline Merger
Sub, Inc. - acquirer SPAC) (U.S.)
Transatlantic Holdings, Inc. (U.S.) Property/casualty 3,427
5 Skandia Insurance Co. Ltd. (Sweden) Skandia Insurance Company Ltd. (Skandia Link,
Skandiabanken and Skandia Lifeline) (Sweden)
Life 3,300
6 Intact Financial Corp. (Canada) AXA Canada (Property/casualty and life and savings insurance) (Canada) Property/casualty 2,684
7 Tokio Marine Holdings, Inc. (Japan) Delphi Financial Group, Inc. (U.S.) Property/casualty 2,476
8 Zurich Financial Services AG (Switzerland) Santander Seguros SA (Latin American insurance operations) (Brazil) Property/casualty 1,670
9 Carlyle Group LP (U.S.) RAC Ltd. (U.K.) Services 1,550
10 Mutua Madrilena Automovilista S.L. (Spain) VidaCaixa-Adeslas Seguros Generales SA (Spain) Distribution 1,435

Source: Conning Research & Consulting, Inc. analysis.

 
TOP TEN GLOBAL INSURANCE-RELATED MERGERS AND ACQUISITIONS ANNOUNCED, 2013

($ millions)

Rank Buyer (country) Target (country) Sector Transaction value
1 Hellman & Friedman LLC (U.S.) Hub International Ltd. (U.S.) Distribution $4,400
2 Assicurazioni Generali SpA. (Italy) Generali PPF Holding B.V. (Czech Republic) Property/casualty 3,300
3 Hellman & Friedman LLC and JMI Equity (U.S.) Applied Systems, Inc. (U.S.) Services 1,800
4 Great-West Lifeco, Inc. (Canada) Irish Life Group Ltd. (Ireland) Life/annuity 1,736
5 Insurance Australia Group Ltd. (Australia) Insurance underwriting operations in Australia and New Zealand from Wesfarmers Ltd. (Australia) Property/casualty 1,660
6 MBK Partners Ltd. (South Korea) ING Life Insurance Korea Ltd. (South Korea) Life/annuity 1,611
7 Madison Dearborn Partners LLC (U.S.) National Financial Partners Corp. (U.S.) Distribution 1,300
8 CVC Capital Partners Ltd. (Luxembourg) Domestic & General Group Ltd. (U.K.) Property/casualty 1,200
9 Goldman Sachs Group, Inc. (U.S.) Hastings Insurance Services Ltd. (U.K.) Property/casualty 1,125
10 The Travelers Cos., Inc. (U.S.) Dominion of Canada General Insurance Co. (Canada) Property/casualty 1,100

Source: Conning Research & Consulting, Inc. analysis.

 
TOP 10 GLOBAL INSURANCE-RELATED MERGERS AND ACQUISITIONS ANNOUNCED, 2014

($ millions)

Rank Buyer (country) Target (country) Sector Transaction value
1 Aviva plc (U.K.) Friends Life Group Ltd. (U.K.) Life/annuity $8,519
2 Dai-Ichi Life Insurance
Co. Ltd. (Japan)
Protective Life Corp. (U.S.) Life/annuity 5,700
3 Starr Investment Holdings
LLC and Partners Group (U.S.)
BC Partners and Silver
Lake's MultiPlan, Inc. (U.S.)
Insurance services 4,400
4 Manulife Financial
Corp. (Canada)
Standard Life plc's (U.K.) Standard
Life Financial, Inc. and Standard
Life Investments, Inc. (Canada)
Life/annuity 3,700
5 Kohlberg Kravis
Roberts & Co. LLP (U.S.)
Stone Point Capital LLC and HelIman
& Friedman LLC's Sedgwick Claims
Management Services, Inc. (U.S.)
Insurance services 2,400
6 RenaissanceRe Holdings
Ltd. (Bermuda)
Platinum Underwriters
Holdings Ltd. (Bermuda)
Property/casualty 1,900
7 The Canada Pension Plan
Investment Board (Canada)
Stone Point Capital, Kelso & Co.,
Vestar Capital Partners, and
FFL's Wilton Re Holdings Ltd. (Bermuda)
Life/annuity 1,800
8 Helvetia Group (Switzerland) Nationale Suisse (Switzerland) Life/annuity 1,600
9 Desjardins Financial
Corp. (Canada)
State Farm Mutual Automobile
Insurance Co.'s Canadian
insurance operations (U.S.)
Property/casualty 1,500
10 TPG Capital LP (U.S.) Onex Corp.'s The Warranty
Group, Inc. (Canada)
Property/casualty 1,500

Source: Conning Research & Consulting, Inc. analysis.

 
Top 10 Global Insurance-Related Mergers And Acquisitions Announced, 2015

($ millions)

Rank Buyer (country) Target (country) Sector Transaction value
1 Anthem, Inc. (U.S.) (1) Cigna Corp. (U.S.) Health $54,200
2 Aetna, Inc. (U.S.) (1) Humana Inc. (U.S.) Health 37,000
3 Ace Ltd. (U.S.) Chubb Corp. (U.S.) Property/casualty 28,300
4 Willis Group (U.K.) Towers Watson (U.S.) Distribution 18,000
5 OptumRx (U.S.) Catamaran Corp. (U.S.) Insurance services 12,800
6 Tokio Marine Holdings, Inc. (Japan) HCC Insurance Holdings, Inc. (U.S.) Property/casualty 7,500
7 EXOR S.p.A. (Italy) PartnerRe Ltd. (Bermuda) Property/casualty 6,900
8 Centene Corp. (U.S.) Health Net, Inc. (U.S.) Health 6,800
9 Vista Equity Partners (U.S.) Solera Holdings (U.S.) Insurance services 6,500
10 Mitsui Sumitomo Insurance Co. Ltd. (Japan) Amlin plc (U.K.) Property/casualty 5,330

(1) These deals are currently under review by the U.S. Department of Justice.

Source: Conning Research & Consulting Inc. analysis.

 
Top 10 Global Insurance-Related Mergers And Acquisitions Announced, 2016

($ millions)

Rank Buyer (country) Target (country) Sector Transaction value
1 Sompo Holdings (Japan) Endurance Specialty (Bermuda) Property/casualty $6,304
2 Fairfax Financial (Canada) Allied World Assurance (Switzerland) Property/casualty 4,900
3 Standard Life plc (U.K.) Aberdeen Asset Management (U.K.) Services 4,700
4 Blackstone (U.S.) Aon's benefit administration and
human resources business (U.K.)
Services 4,300
5 Arch Capital (Bermuda) United Guaranty (U.S.) Property/casualty 3,400
6 Liberty Mutual (U.S.) Ironshore (Bermuda) Property/casualty  3,000
7 Management (U.S.) Acrisure (U.S.) Distribution 2,900
8 China Ocean Worldwide
Holdings (China)
Genworth Financial, Inc. (U.S.) Life/annuity 2,700
9 NN Group (Netherlands) Delta Lloyd (Netherlands) Property/casualty 2,609
10 United Healthcare (U.S.) Surgical Care Affiliates, Inc. (U.S.) Health/managed care 2,300

Source: Conning Research & Consulting Inc. analysis.

 
Top 10 Global Insurance-Related Mergers And Acquisitions Announced, 2017

($ millions)

Rank Buyer (country) Target (country) Sector Transaction value
1 CVS Health (U.S.) Aetna, Inc. (U.S.) Health/managed care $68,712
2 Blackstone (U.S.) Aon's benefit administration and
human resources business (U.S.)
Services 4,800
3 Standard Life plc (U.K.) Aberdeen Asset Management (U.K.) Services 4,700
4 KKR/CDPQ (U.S./Canada) USI/Onex Corp. (U.S./Canada) Distribution 4,300
5 Centene Corp. (U.S.) Fidelis Care (U.S.) Health/managed care 3,750
6 Express Scripts (U.S.) eviCore healthcare (U.S.) Services 3,600
7 AIA Group Ltd. (Hong Kong) Comminsure (Australia) Life 3,100
8 United Healthcare, Inc. (U.S.) Banmedica SA (Chile) Health/managed care 2,800
9 Assurant, Inc. (U.S.) The Warranty Group (U.S.) Property/casualty 2,500
10 Zurich Insurance Group
(Switzerland)
OnePath (Australia) Life 2,100

Source: Conning Research & Consulting Inc. analysis.