Global Reinsurance runs the numbers in the year of the megamerger

Acquisition 450

Nothing has defined the 2015 (re)insurance year so much as the megamerger phenomenon.

Insurance M&A is at its highest level for many years, driven by factors including regulatory pressures, a tough economic environment, low debt funding costs and favourable foreign exchange rates, according to a November report by Moody’s.

With this in mind, Global Reinsurance has compiled the biggest completed - and mooted - deals of the year so far.

 

TOP TEN NON-LIFE M&A DEALS

1. $28.3bn, Ace and Chubb, announced July 1, cleared antitrust hurdles in October

2. $18bn, Willis and Towers Watson, $18bn merger, announced July, shareholder vote delayed until December

3. $7.5bn, Tokio Marine and HCC for $7.5bn, announced in June, completed in October

4. $6.9bn, Exor and PartnerRe, agreed in July after a bidding war with Axis Capital

5. $5.3bn, MS&AD Insurance Group Holdings and Amlin, announced 7 September

6. $4.2bn, Xl and Catlin, announced on 9 January and completed on 1 May

7. $1.99bn, RenRe and Platinum, announced in late November 2014, closed on 2 March

8. $1.88bn, Fairfax and Brit, announced in February, announced 17 February, closed 8 July

9. $1.84bn, Fosun and Ironshore, announced 3 May, completed November 2015

10. $1.83bn, Endurance and Montpelier Re, announced on 31 March, completed 2 August

 

THE ONE THAT GOT AWAY

$8.6bn – Zurich’s bid for RSA, which was abandoned

 

TOP FIVE LIFE AND HEALTH M&A DEALS

1. $55.2bn, Anthem Inc and Cigna Corporation, announced in July but under fire from anti-trust regulators

2. $37bn, Aetna and Humana, announced 3 July, expected to close mid-2016

3. $12.8bn, United Health and Catamaran, announced 30 March, closed 24 July

4. $8.7bn, Aviva and Friends Life, $8.7bn, announced 2 December 2014, closed 5 June 2015

5. $5.7bn, Dai-ichi Life Insurance Co. and Protective Life Corporation, announced 4 June 2014, completed 1 February 2015