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Goldman Sachs finishes atop 2019 insurance common equity league table

Goldman Sachs & Co. LLC held onto the top spot of the S&P Global Market Intelligence's 2019 insurance underwriter and broker common equity league table, finishing the year with $4.04 billion in deal credit from four offerings.

The investment bank acted as a book manager in AXA Equitable Holdings Inc.'s $3.14 billion follow-on offering, which was the only underwritten common equity offering Goldman Sachs worked on in the fourth quarter of 2019. Goldman Sachs ranked seventh in the 2018 common equity league table.

Morgan Stanley ranked second with $793.9 million in deal credit from two offerings, while J.P. Morgan Securities LLC ranked third with $573.6 million in deal credit from six offerings.

Bank of America Securities and Wells Fargo Securities LLC topped the preferred equity offering league table, each with $1.32 billion in deal credit from 10 offerings. Morgan Stanley, which ranked second in the 2018 preferred equity league table, finished third in 2019 with $1.23 billion in deal credit from nine offerings.

The three underwriters all acted as book managers in three preferred equity offerings that closed in November: Allstate Corp.'s $300 million offering, American Equity Investment Life Holding Co.'s $400 million offering and Axa Equitable Holdings' $800 million offering.

Bank of America Securities also topped the initial public offerings league table with $108.2 million in deal credit from two transactions. J.P. Morgan Securities, which topped the 2018 IPO league table, was second with $79.9 million in deal credit from two offerings. Both companies acted as book managers for BRP Group Inc.'s $264 million IPO, which was completed in October. Bank of America Securities also acted as a book manager for ProSight Global Inc.'s $126.5 million IPO, which was completed in July.

J.P. Morgan Securities topped the debt offerings league table in both 2018 and 2019, recording $9.52 billion in deal credit from 62 offerings in 2019. Bank of America Securities similarly held onto second place, with $9.42 billion in deal credit from 63 offerings.

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