Conning Announces its Newest Strategic Report - Global Mergers & Acquisitions in the Insurance Industry: 2021 Insurer Edition

March 01, 2022


HARTFORD, CT – March 1, 2022 – Insurer mergers and acquisitions moderated in 2021, but while the number of global insurance M&A transactions was down relative to the prior year, the total value of 2021’s M&A transactions increased, according to a new study by Conning.

There were 1,327 global M&A transactions across the insurance underwriting, distribution, and services sectors in 2021. “This was a 1% decrease from 2020,” said Steve Webersen, Head of Insurance Research at Conning. “However, the total number of transactions for 2021 was an increase from 2019. In terms of total value, 2021 was a strong 56% increase over 2020.”

Focusing more closely on the three underwriting sectors:

“In 2021, the volume of M&A activity involving acquisitions of property-casualty insurers was down substantially from the level reached in 2020, but the value increased slightly,” said Alan Dobbins, a Director in Insurance Research at Conning. “In 2021, there were seven billion-dollar-plus property-casualty transactions announced, an increase from 2020.”

“For the life-annuity sector, the increase in transaction value seen in 2021 reflected the increase in the number of large transactions—those valued at $1 billion or more,” said Scott Hawkins, a Director in Insurance Research at Conning. “Driving that increase were three significant transactions involving two U.S.-based companies and one Asian-based company.”

“The number of health insurance M&A transactions (including vertical integration) almost doubled compared to 2020,” stated Daniel Erickson, a Vice President in Insurance Research at Conning. “Excluding 2018’s CVS-Aetna deal, 2021 was the largest total transaction value since 2007.”

The Conning study, “Global Mergers & Acquisitions in the Insurance Industry: 2021 Insurer Edition tracks both U.S. and non-U.S. insurer M&A activity across property-casualty, life-annuity, and health insurance sectors. The report provides industry transaction trend information over the preceding decade, with specific transactions detailed for each of the major sectors.

“Global Mergers & Acquisitions in the Insurance Industry: 2021 Insurer Edition 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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