Merger and acquisition activity among insurance brokerages in 2009 dropped 40 percent over the previous year due to a generally tough economic environment and other factors, an investment banker reported.
Hales & Company said the overall number of announced transactions fell to 185 in 2009 compared to last year's record 307 transactions.
It was the first year that the number of merger and acquisition transactions fell below 200 since 2003, the firm said, adding that it was one of the least active of the decade.
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