(Bloomberg) -- The flurry of insurance mergers andacquisitions that yielded about $150 billion of transactionsglobally in 2015 may endure even after years of “patchy” resultsfor some companies making deals, according to ratings firm Standard& Poor’s.

Track record is not great

“We believe the deal flow for M&A in the insurance industrywill continue in 2016, albeit more slowly,” Standard & Poor’sanalysts led by Dennis Sugrue said Monday in a report. “While asuccessful M&A can benefit the surviving entity, the generalconsensus is that its track record is not great.”

Among last year’s biggest deals were Ace Ltd.’s agreement to purchase ChubbCorp. for more than $28 billion and Exor SpA’s announcement that it wouldacquire reinsurer PartnerRe Ltd. for more than $6billion. Insurers have struggled in recent years to create valueamid the glut of transactions, S&P said.

Conservative view

“Over two-thirds of M&A deals since 2000 failed to improvefinancial strength enough to lead us to upgrade the buyer,” theanalysts said. “We take a conservative view on M&A for ratedinsurers, and we place a heavy emphasis on the risks.”

Different classes of buyers entered the arena, includingcorporate conglomerates and sovereign wealth funds, the ratingsfirm said. Asian insurers sought deals in the U.S. last year asgrowth slowed at home.

Japan’s Sumitomo Life Insurance Co. agreed in August to buySymetra Financial Corp. for about $3.8 billion, while China’sAnbang Insurance Group Co. said in November it would purchase U.S.insurer Fidelity & Guaranty Life.

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