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J.P. Morgan tops insurance sector's debt underwriter list after busy Q3

J.P. Morgan Securities LLC edged out peers as the top underwriter for debt offerings by insurance underwriters and brokers through the third quarter of the year.

As of Sept. 30, the bank has worked on 55 debt offerings in the insurance sector during 2019 that carried a total credit of $7.67 billion, according to S&P Global Market Intelligence. That put J.P. Morgan just ahead of Bank of America Merrill Lynch, which held the top spot through the first two quarters of 2019. Bank of America Merrill Lynch has worked on 54 debt offerings in the insurance industry with total credit reaching $7.25 billion.

Barclays Capital Inc. secured the top spot in the initial public offerings league table with $56 million in deal credit on two deals. Bank of America Merrill Lynch and Goldman Sachs & Co. LLC tied for the second spot with $42.2 million in deal credit each.

The top underwriters for common equity offerings in the space showed little signs of change through the third quarter.

Goldman maintained its position at the top of S&P Global Market Intelligence's league table for underwriters working on common equity offerings in the insurance sector. Goldman leads the rankings with $897.8 million in deal credit from three offerings. J.P. Morgan Securities secured the second spot having acted as a book-running manager on Kinsale Capital Group Inc.'s $68.9 million follow-on offering that closed Aug. 7.

In the preferred equity space, Bank of America Merrill Lynch and Wells Fargo Securities LLC each received $941.9 million in deal credit from seven assignments. In the third quarter, both of them acted as managers on Allstate Corp.'s $1.15 billion preferred equity offering, which closed Aug. 1.

Morgan Stanley also landed a role on Allstate's offerings and ranked third in the preferred equity league table based on deal credit at $855.6 million.

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