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.