Companies announced 121 U.S. insurance mergers and acquisitions in the third quarter, and those deals had a total value of $4.2 billion, according to GlobalData PLC.
The deals had an average value of about $35 million.
GlobalData did not provide comparable data for the third quarter of 2018.
The London-based firm said companies averaged 116 U.S. insurance deals per quarter in 2018, with an average deal value of about $27 million.
The biggest deal in the GlobalData database was Prudential Financial Inc.’s acquisition of Assurance IQ.
Prudential is paying $2.35 billion in cash up front for Assurance IQ, which has a system for providing personalized financial advice online. If the Assurance IQ business continues to perform well after the deal is complete, extra performance-linked payments could increase the total deal value to $3.5 billion.
The second biggest deal on the list had a value of just $384 million.
— Read SNL Says M&A Activity Soars In Third Quarter, on ThinkAdvisor.