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Insurers greet 2016 with lackluster M&A activity

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Insurers greet 2016 with lackluster M&A activity

The paceof M&A activity in the insurance underwriter space was slower during the firstquarter of 2016 than it was during any quarter in 2015, according to SNL Financialdata.

The firstquarter of 2016 saw 13 insurance underwriter M&A deals with a total value of$1.07 billion. In 2015, the lowest quarterly total for number of deals came in thefirst quarter with 16, and the lowest quarterly total for deal value came in thefourth quarter at $3.52 billion.

The largestinsurance underwriter deal announced during the first quarter of 2016 was 's pending of for about . Barclays Capital Inc. and RBC Capital Markets LLC served as financial advisers on thetransaction, helping them tie for the top spot in SNL's insurance underwriter financialadviser league table ranking based on deal value.

BarclaysCapital, RBC Capital Markets, EvercorePartners Inc., DowlingHales and Griffin FinancialGroup LLC shared the No. 1 spot in the financial adviser league tableranking based on number of deals, working on one deal each during the quarter.

In theinsurance broker space, the first quarter of 2016 saw a total deal value of $520.6million, with 100 deals. Each of those totals represented a decline compared withthe lowest 2015 quarterly totals of $774.4 million total deal value in the firstquarter and 112 deals in the third quarter.

For thefirst quarter of 2016, Deutsche BankSecurities Inc. and PerellaWeinberg Partners LP tied to top the insurance broker financial adviserleague table ranking based on deal value because of their involvement in 's acquisition of CGSC North America Holdings Corp.from Cooper Gay Swett & Crawford Ltd. for $500 million in cash.

rankedfirst in the insurance broker financial adviser league table ranking based on numberof deals with 12 deals. The financial adviser did not have announced deal valuesfor the deals it was involved in.

SNL Financial is an offering ofS&P Global Market Intelligence.