Mergers and acquisitions in both insurance distribution and insuranceservices increased 18% in the U.S. and 10% globally in 2015, a study by has found, accordingto a March 29 news release.

Jerry Theodorou, vice president of insurance research at Conning,said in a news release that the distribution sector continues to consolidate, notingthat global M&A increased for the third consecutive year. Theodorou also saidthat aggregate deal volume was a record $20 billion during the year, noting thatit was driven by one significant transaction.

Steve Webersen, head of insurance research at Conning, said inthe release that distribution buyers turned to M&A as they faced a challengingbusiness environment, while acquisitions of claims adjusters and third-party administrators,health services companies, and insurance technology providers drove the more than25% increase in M&A for the services sector.