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Deal values of announced mergers and acquisitions in the insurance sector totaled $4.4 billion in the third quarter of 2019 across 132 deals, according to a report Thursday from PwC.
Deal volume was almost flat compared with 134 deals in the third quarter of 2018 and 129 deals in the second quarter of 2019, data from the report by London-based PwC, also known as PricewaterhouseCoopers, showed.
Early fourth-quarter indicators are bullish: “Deal activity early in the 4th quarter is fueling expectations for a strong end to the year,” the report said.
While announced third-quarter deal value was up 54% over this year’s second quarter, the most recent quarter was off 45% from the $8.1 billion in announced deal value in for 2018’s third quarter, which included three larger deals, the report said.
The vast majority — 87% — of deal volume for the third quarter was in the in the insurance broker subsector, “where continued interest in consolidation is fueling competition among publicly-traded and private equity backed players,” the report said, adding: “As usual, many details of these transactions were kept private, without disclosing terms.”
“Consolidation in the insurance broker sub-sector will likely continue to drive deal volume as insurers and brokers look for opportunities to consolidate and find new distribution channels for their products,” the report said.
Third-quarter deals include Sedgwick Claims Management Services Inc.’s announced acquisition of York Risk Services Group Inc. in July for an undisclosed amount, the report said, adding: “The transaction expands Sedgwick’s claim solutions and services while adding scale and reach.”
Insurance agency and brokerage acquisitions in 2019 started with a bang in January and finished the quarter ending March 31 with the second-most active first quarter on record. That trend continued in the second quarter with 169 announced transactions, the most of any second-quarter period, and puts the first-half total at 328 transactions, second only to 2017’s 333 transactions.