First-quarter mergers and acquisitions involving U.S. and Bermuda-based insurance industry companies produced an aggregate deal value of $21.16 billion, according to a report Monday from S&P Global Market Intelligence.
This year’s first-quarter tally tops full-year deal totals for 2019 and 2020.
“Insurance carrier M&A activity seems poised to at least double in 2021 and could mark one of the strongest years in the last quarter-century,” S&P said.
The report also noted Chubb Ltd.’s $23 billion offer for Hartford Financial Services Group Inc., which Hartford spurned as inadequate, as well as American International Group Inc.’s planned separation of its life and retirement business.
