Uncertainty and risk aversion trumped other, more favorable mergers and acquisitions factors present in 2013 to drive U.S. property and casualty M&A activity to its lowest level since 2008-09.
Conning's recent "Global Insurance Mergers & Acquisitions in 2013: A Tale of Two Markets" reveals U.S. insurance M&A activity declined in volume and value from 2012 to 2013, with activity particularly weak among underwriters. The insurance-distribution and insurance-services sectors saw more robust activity, Conning says.
The report notes, "Many of the ingredients for a robust U.S. insurance M&A market were present in 2013," pointing to signs of life in the job market, recovering consumer confidence, publicly traded insurers achieving stock prices above book value for the first time in several years, attractive lending conditions and active purchasing among sophisticated private-equity investors.
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