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Insurance broker deal volume holds steady sequentially, slides YOY in Q3

The pace of M&A activity in the insurance brokerage space during the third quarter was essentially the same as what the industry saw a quarter earlier.

There were 163 deals announced in the quarter, compared to 164 in the second quarter and 176 in the third quarter of 2018, according to an S&P Global Market Intelligence analysis. With the modest decline, the third quarter marked the weakest period for insurance broker deal activity since the first quarter of 2018.

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The largest insurance transaction announced in any segment during the third quarter was Brookfield Asset Management Inc.'s deal for Genworth MI Canada Inc. Per terms of the deal, Brookfield will acquire 48,944,645 shares, or roughly a 57% controlling interest, in what is the largest private sector mortgage insurer in Canada. The deal is valued at $1.81 billion; it is expected to close before the end of the year.

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M&A activity in the property and casualty sector edged up in the third quarter, but aggregate deal value dropped. There were 92 P&C deals in the third quarter, worth a combined $459.3 million, compared to 91 deals with a collective value of $1.28 billion a quarter earlier.

The life and health space saw volume rebound from a quarter earlier to levels comparable with a year ago, though aggregate deal value was down year over year. Managed care transaction activity remained stable versus the second quarter and was down slightly from the prior-year period.

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In this analysis, S&P Global Market Intelligence examined whole-company, minority and asset deals where the buyer, target or seller was based in the U.S., Canada or Bermuda.