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Insurance M&A Activity Strong

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NU Online News Service, July 18, 4:35 p.m. – Mergerstat Holdings L.P., Los Angeles, says insurance industry mergers and acquisitions have bucked the slump in the general U.S. M&A market.

A total of 147 insurance industry deals were announced in the first half of the year, compared with a total of 121 for the first half of 2000. Total insurance deal value increased to $32.3 billion, from $12.3 billion, Mergerstat says.

Top life insurance deals announced in the first six months of 2001 were American International Group Inc.’s proposed purchase of American General Corp. for $22.9 billion; Liberty Mutual Group’s buyback of Liberty Financial Companies for $1.6 billion; General Electric Company’s bid for National Mutual Life Assurance Society, valued at $808.6 million; Old Mutual P.L.C.’s purchase of St. Paul Companies Inc. for $675 million; and Prudential Insurance Company of America’s $403 million acquisition of Japan’s Kyoei Life Insurance Co. Ltd.

For all industries, 4,293 deals were announced in the first six months of the year, down from 5,239 in the first half of 2000, Mergerstat says.