Mergers and acquisitions activity in the insurance industry was lower than expected in 2013, as buyers and sellers remained at odds on values, regulatory uncertainty continued and economic recovery remained tepid, according to Deloitte.
U.S. activity—which accounts for more than 40% of global-insurance M&A activity—fell by 60% in 2013, says Deloitte. And beyond the decrease in the number of deals, the firm says there was a “significant decline in the reported aggregate deal value and average deal value, due in part to fewer “large, transformative deals in the marketplace.”
Property and casualty fared better than life and health in this regard though. P&C transactions actually saw an increase in 2013 with respect to aggregate deal volume and average deal size. Deloitte says there were four transactions in excess of $500 million in 2013 versus one in 2012. Still, even in P&C, the “majority of the transactions were…of the smaller, bolt-on type,” Deloitte says.
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