TOP TEN GLOBAL PROPERTY/CASUALTY MERGERS AND ACQUISITIONS ANNOUNCED, 2008
| 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
| 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
| 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
| 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
| 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
| 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
| 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
| 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
| 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.
Top 10 Global Insurance-Related Mergers And Acquisitions Announced, 2018
| 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 10 Global Insurance-Related Mergers And Acquisitions Announced, 2019
| Rank |
Buyer (country) |
Target (country) |
Sector |
Transaction value |
| 1 |
Centene Corp. (U.S.) |
WellCare Health Plans Inc. (U.S.) |
Health |
$17,300 |
| 2 |
New York Life Insurance Co. (U.S.) |
Cigna Corp. (group life and disability) (U.S.) |
Life |
6,300 |
| 3 |
Phoenix Group Holdings, plc (U.K.) |
ReAssure Group plc (U.K.) |
Life |
4,211 |
| 4 |
Tokio Marine Holdings, plc (Japan) |
PURE Group (U.S.) |
Property/casualty |
3,100 |
| 5 |
Prudential Financial (U.S.) |
Assurance IQ (U.S.) |
Services |
2,350 |
| 6 |
Brookfield Business Partners (Bermuda) |
Genworth MI (Canada) |
Property/casualty |
1,800 |
| 7 |
The Carlyle Group (U.S.) and T&D Holdings (Japan) |
Fortitude Group Holdings (U.S.) |
Property/casualty |
1,800 |
| 8 |
Willis Towers Watson (Ireland) |
TRANZACT (U.S.) |
Distribution |
1,300 |
| 9 |
Hapvida Sistema de Saude (Brazil) |
Grupo Sao Francisco (Brazil) |
Health |
1,260 |
| 10 |
Resolution Life Holdings, Inc. (U.S.) |
Voya Financial, Inc. (in-force individual life) (U.S.) |
Life |
1,250 |
|
Source: ©2020 Conning, Inc., 2020: Global Property Casualty Insurance M&A in 2019 - Distribution Dominates; Global Life & Health Insurance M&A in 2019: The Quest for Growth Continues. Used with permission.
Top 11 Global Insurance-Related Mergers And Acquisitions Announced, 2020 (1)
| Rank |
Buyer (country) |
Target (country) |
Sector |
Transaction value |
| 1 |
Aon (UK) |
Willis Towers Watson (UK) |
Distribution |
$30,000 (2) |
| 2 |
Intact Financial Corp. (Canada) |
RSA Insurance Group plc (U.K.) |
Property/casualty |
9,545 |
| 3 |
Roper Technologies, Inc. (U.S.) |
Vertafore (U.S.) |
Services |
5,350 |
| 4 |
KKR and Co. LLP (U.S.) |
Global Atlantic Financial Group Ltd. (Bermuda) |
Life/Annuity |
4,700 |
| 5 |
Farmers Group Inc. (Switzerland) |
Metropolitan Property and Casualty Ins. Co. (U.S.) |
Property/casualty |
3,940 |
| 6 |
Allstate Corp. (U.S.) |
National General Holdings Corp. (U.S.) |
Property/casualty |
3,727 |
| 7 |
MassMutual (U.S.) |
Great American Life Insurance Company (U.S.) |
Life/Annuity |
3,500 |
| 8 |
Blackstone (U.S.) |
Allstate Life Insurance Company (U.S.) |
Life/Annuity |
2,800 |
| 9 |
Fidelity National Financial Inc. (U.S.) |
FGL Holdings (Cayman Islands) |
Life/Annuity |
2,700 |
| 10 |
Empowerment Retirement (U.S.) |
Massachusetts Mutual (retirement plan business) (U.S.) |
Life/Annuity |
2,350 |
| 11 |
Sixth Street (U.S.) (3) |
Talcott Resolution (U.S.) |
Life/Annuity |
2,000 |
|
(1) As of January 31, 2021.
(2) Deal terminated July 26, 2021.
(3) Announced January 2021.
Source: ©2021 Conning, Inc., 2021: Global Property Casualty Insurance M&A in 2020 -The Show Must Go On; Global Life & Health Insurance M&A in 2020: Rebounding from COVID-19. Used with permission.
Top 10 Global Insurance-Related Mergers And Acquisitions Announced, 2021 (1)
| Rank |
Buyer (country) |
Target (country) |
Sector |
Transaction value |
| 1 |
Apollo Global Management (U.S.) |
Athene Holding (Bermuda) |
Life insurance |
$11,047 |
| 2 |
Hapvida Participacoes e Investimentos S.A. (Brazil) |
Notre Dame Intermedica Participacoes S.A. (Brazil) |
Health insurance |
9,040 |
| 3 |
Covea (France) |
PartnerRe (Bermuda) |
P&C reinsurance |
9,000 |
| 4 |
Optum (U.S.) |
Change Healthcare (U.S.) |
Healthcare vertical |
7,840 |
| 5 |
Stone Point Capital/Insight Partners (U.S.) |
CoreLogic (U.S.) |
Insurance services |
5,890 |
| 6 |
Chubb (Switzerland) |
Cigna (Asia-Pacific business) (U.S.) |
Health & Life insurance |
5,750 |
| 7 |
Humana (U.S.) |
Kindred at Home (U.S.) |
Healthcare vertical |
5,700 |
| 8 |
Brookfield Asset Management (Canada) |
American National (U.S.) |
Multiline insurer |
5,100 |
| 9 |
Reinvent Technologies Partner Z (SPAC) (U.S.) |
Hippo Enterprises (U.S.) |
Insurance distribution |
5,100 |
| 10 |
Arthur J. Gallagher (U.S.) |
Wills Re (U.S.) |
Insurance distribution |
4,000 |
|
Source: ©2022 Conning, Inc., Global Mergers & Acquisitons in the Insurance Industry, 2021 Insurer Edition. Used with permission.