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January 11, 2002 at 07:00 PM
NU Online News Service, Jan. 11, 3:15 p.m. – Despite a drop in M&A activity among financial services last year, 2001 yielded the most expensive insurance deal in insurance industry history, a multi-billion-dollar milestone that was passed not once but twice, notes SNL Securities, Charlottesville, Va. British insurer Prudential Plc offered $24.6 billion for Houston-based American General Corp. But then New York heavyweight American International Group Inc. weighed in with a $23.4 billion offer–and won.
In the insurance sector overall, 2001 was similar to 2000, with both deal volume and deal value down for the third consecutive year. With the AIG-American General megadeal subtracted, total insurance industry deal value for dipped 28% to $16.4 billion, and the number of deals slipped 17% to 258, reports SNL.
