How U.S. Insurance Industry Deals Fared in February

April 7, 2020

Financial deals in the U.S. insurance industry dropped off 8% during February 2020 compared with the last 12-month average.

According to GlobalData’s deals database, a total of 46 deals worth $3.27 billion were announced in February 2020, compared to the 12-month average of 50 deals.

Mergers and acquisitions was the leading category in the month in terms of volume with 34 deals accounting for 73.9% of all deals.

In second place was venture financing with 12 deals, accounting for 26.1% of overall deal activity in the country’s insurance industry during the month.

In terms of value of deals, M&A was the leading deal category with total deals worth $3.15 billion, followed by venture financing deals totaled $115.5 million.

The top U.S. insurance industry deals in February 2020 tracked by GlobalData accounted for 98% of the overall value during February 2020 and their combined value stood at $3.2 billon, against the overall value of $3.27 billion recorded for the month.

The top five insurance industry deals of February 2020 tracked by GlobalData were:

  • Title insurer Fidelity National Financial’s $2.7 billion acquisition of FGL Holdings
  • The $450 million acquisition of NORCAL Mutual Insurance by ProAssurance
  • Acrew Capital, HSB fund, Khosla Ventures, Lightspeed Management Co. and Shlomo Kramer’s $34 million venture financing of At-Bay
  • The $14 million venture financing of Boost Insurance USA by Coatue Management, Conversion Capital, Glenn Hubbard, Greycroft Partners, IA Capital Group, Norwest Venture Partners and Tusk Ventures
  • BoxGroup, Fuel Capital, Liquid two Ventures, Transatlantic Reinsurance and Y Combinator Management’s venture financing of Goodcover for $2 million.

This analysis considers only announced and completed deals from the GlobalData financial deals database and excludes all terminated and rumored deals.

Source: GlobalData

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