2019: Global Insurer Mergers & Acquisitions in 2018 - Focusing on the Core



Price : $1,750.00



Conning’s annual insurance M&A study examines insurer mergers & acquisitions — both U.S. and non-U.S. — for 2018 and historically. The study includes in-depth analysis of emerging or expected trends across three insurance sectors—property-casualty, life-annuity, and health/managed care. The study also explores the patterns of insurance M&A activity, the motivations behind key individual transactions, and their financial characteristics, yielding valuable insights into the direction of future M&A for market participants and investors. This comprehensive global insurance M&A analysis provides a listing of key transactions announced in 2018 and in early 2019.       

1. Introduction 

2. Executive Summary 

3. Insurance Market Overview 

  • Year in Review
  • Key M&A Drivers in 2018
  • Key M&A Themes in 2018
  • 2019 Outlook

4. Property-Casualty 

  • Overview
  • Key Property-Casualty M&A Drivers in 2018
  • Key Property-Casualty M&A Themes in 2018
  • Year in Review

5. Life-Annuity 

  • Overview
  • Year in Review
  • The Year Ahead

6. Health Insurance/Managed Care 

  • Overview
  • Key Drivers: 2018
  • Key Themes: 2018
  • Key Health and Managed Care Transactions: 2018
  • Year in Review
  • The Year Ahead

Appendix 

 

Introduction

This is Conning’s 29th annual in-depth analysis of global insurance M&A (mergers and acquisitions) in the property-casualty, life-annuity, and health insurance/managed care sectors. These acquisitions include both operating companies and selected reinsurance transactions of blocks of business.

This study reviews the transactions announced in 2018 through February 2019. Our analysis of those transactions identifies common drivers and themes within each sector as well as across sectors. Over time, M&A drivers and themes change and shift in importance. Those changes often reflect broader trends within the industry, its management teams, and stakeholders.

Over the past decade, external sources of capital such as pensions, hedge funds, and private equity have been significant players in insurance M&A. As external capital continues to acquire insurers and closed blocks, understanding the focus of their M&A activity provides insights into what sectors and lines of business are most appealing from an investment return perspective.

Along with the emergence of external capital players, the structure of M&A transactions has evolved and become more complex. Our review of transactions analyzes that structural change and the strategic implications for future M&A.

Our analysis is based on Conning’s database of publicly announced transactions. The study is organized around three main sections.

  • The first section is Chapter 3, which provides a cross-sector overview of M&A activity, drivers, and themes.
  • The second section is Chapters 4, 5, and 6. Each chapter focuses on a specific insurance sector.
  • The third section is a detailed listing of 2018 transactions by sector and a historical summary of prior-year transactions.