Barclays Capital Inc. took the lead among underwriters of insurer common stock offerings by deal value for the year as of Sept. 30, according to SNL Financial data.
The investment bank tied for the top spot with Wells Fargo Securities LLC through the first half of 2017, but Barclays jumped ahead after working as the sole book manager on Essent Group Ltd.'s $199.5 million follow-on offering, which closed Aug. 7.
Wells Fargo Securities and Morgan Stanley did not land an insurance common equity mandate in the third quarter, but they kept their second- and third-place spots, respectively, in the year-to-date ranking.
Underwritten preferred equity offerings from insurance companies slowed in the third quarter, with only two deals coming to market, compared to six in the previous quarter. In the preferred equity league table, Bank of America Merrill Lynch and Morgan Stanley remained tied for the top spot with deal credit of $232.5 million. They each worked on Arch Capital Group Ltd.'s $230 million offering, which was completed Aug. 14. Wells Fargo Securities and J.P. Morgan Securities LLC also served as book managers on the Arch Capital deal and tied for eighth in the preferred equity deal value league table through the third quarter.
Insurers continued to participate heavily in debt offerings. Through the first three quarters of the year, BofA Merrill Lynch topped the deal value league table with $5.74 billion in deal credit, followed by J.P. Morgan Securities with $5.46 billion. Morgan Stanley rounded off the top three with $3.26 billion in deal credit. Eight more underwriters notched more than $1.0 billion in deal credit from working on debt offerings during the year through Sept. 30.
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