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Insurance sector mergers and acquisitions activity has been brisk this year, with 215 announced transactions worth a combined $24.6 billion in announced deal value through the first five months, consultancy PricewaterhouseCoopers LLP reported Tuesday.
Deals in the insurance brokerage space primarily drove the volume, while acquisitions of life and annuity insurers drove announced deal value, PwC said in its report, Insurance deals insights: 2021 midyear outlook.
Larger deals included Apollo Global Management Inc.’s acquisition of Athene Holding Ltd. for $11 billion; Massachusetts Mutual Life Insurance Co.’s purchase of Great American Life Insurance Co. for $3.5 billion; and Arthur J. Gallagher & Co.’s agreement to buy WillisRe and other Willis Towers Watson PLC assets for $3.7 billion.
The Gallagher deal is dependent on Aon PLC’s closing its planned $30 billion acquisition of Willis Tower Watson. Last week, the U.S. Justice Department sued to block the deal.
Flush funding and ongoing interest in the sector will continue to drive momentum in the second half of 2021, PwC said.
“We expect continued strong M&A activity in the insurance sector as we head into the second half of 2021, driven by record levels of deployable capital and continued interest in insurance carriers and distribution,” the consultancy said.
Challenges to that activity could include potential tax and regulatory changes. “The active insurance deal market may face regulatory headwinds from uncertainty surrounding potential corporate income tax rate increases and other changes,” PwC said.