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.