Global Property-Casualty Insurance M&A in 2020: The Show Must Go On

May 04, 2021


HARTFORD, CT – May 4, 2021 – Measured by both value of announced transactions and by number of transactions, 2020 M&A activity in the property-casualty underwriting, distribution, and insurance services sectors exceeded levels from 2019. This is even more noteworthy because, for much of the year, many parts of the economy were shut down and confidence in the economy was evaporating.

“The pandemic put a chill on deal making in the second quarter. Shelter-in-place and social distancing guidelines dampened M&A activity as parties were prevented from conducting ordinary face-to-face due diligence and pre-pandemic projections and valuations were called into question,” said Alan Dobbins, a Director, Insurance Research at Conning. “The second quarter slowdown, however, was followed by an increase in each of the following quarters, with the property-casualty sector growing from 20 transactions in the second quarter to 39 transactions in fourth quarter.”

The Conning study, “Global Property & Casualty Insurance M&A in 2020:  The Show Must Go On” tracks and analyzes U.S. and non-U.S. property-casualty mergers and acquisitions activity for insurers, distributors, and service-related firms. Specific transactions are detailed, and trends are analyzed across all segments.

“Private equity investors were a key driver of activity again in 2020, investing in and acquiring insurers, insurance brokers, and insurance service providers,” said Steve Webersen, Head of Insurance Research at Conning. “While historically private equity investors have focused on the non-risk-bearing distribution and insurance services sectors, in 2020 there were PE transactions involving balance sheet companies.”

Global Property & Casualty Insurance M&A in 2020: The Show Must Go On” is available for purchase from Conning by calling (888) 707-1177 or by clicking here.


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Conning ( is a leading investment management firm with a long history of serving the insurance industry. Conning supports institutional investors, including insurers and pension plans, with investment solutions, risk modeling software, and industry research. Founded in 1912, Conning has investment centers in Asia, Europe and North America.

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