Morgan Stanley passes Goldman, tops insurance common equity league table in '20

Morgan Stanley took the No. 1 spot on S&P Global Market Intelligence's insurance common equity league table in the fourth quarter of 2020, finishing the year with $1.26 billion in deal credit from seven offerings.

The investment bank acted as a book manager in Root Inc.'s $724.4 million IPO in October 2020 and BRP Group Inc.'s $258.1 million follow-on offering in December 2020.

Goldman Sachs & Co. LLC, which was the league table's leader heading into the final quarter of the year, dropped to the second spot by the close of 2020. It earned $1.21 billion in deal credit from eight offerings over the course of the year. The underwriter also served as a book manager in Root's IPO in October 2020.

BofA Securities Inc. topped the debt offerings league table with $11.39 billion in deal credit from 74 offerings, including $2.08 billion in deal credit from nine offerings in the fourth quarter of 2020. The investment bank acted as a book manager in Berkshire Hathaway Finance Corp.'s $1.75 billion and $750 million senior debt offerings in October 2020. J.P. Morgan Securities LLC fell to the second spot with $10.51 billion in deal credit from 60 offerings, switching spots with BofA Securities after leading the debt offerings league table in 2019.

Wells Fargo Securities LLC landed in the top spot in the preferred equity league table with $1.36 billion in deal credit from 11 offerings. The underwriter worked on three offerings that had a cumulative deal credit of $325.4 million in the fourth quarter, including Athene Holding Ltd.'s $575 million preferred share offering in December 2020.

Evercore Inc. finished 2020 atop the initial public offerings league table with $225.7 million in deal credit from three offerings. Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse (USA) Inc. and Morgan Stanley all ranked second, each collecting $166.1 million in deal credit from two offerings.

The five underwriters acted as book managers in SelectQuote Inc.'s $655.5 million IPO in May 2020 and Root's $724.4 million IPO.