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KBW overtakes JP Morgan in number-of-deals insurance underwriter league table

Editor's note: S&P Global Market Intelligence has reclassified industries according to the Global Industry Classification Standard. The league table Data Dispatch articles are now based on the new industry classification and are not comparable with 2017 and prior league table Data Dispatch articles.

Credit Suisse (USA) Inc. landed just one insurance underwriter deal during the second quarter, but it was large enough to move the investment bank into the top 10 of the deal value M&A league table.

Credit Suisse advised Caidan Enterprises Inc. on its pending $2.50 billion sale of Meridian Health Plan of Illinois Inc., Meridian Health Plan of Michigan Inc. and MeridianRx LLC to WellCare Health Plans Inc. in a deal announced in May. Credit Suisse was the only financial adviser to earn deal credit on the transaction, and the role moved the investment bank into ninth place of the insurance underwriter M&A deal value league table through June 30.

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Only one other investment bank earned deal credit in the space during the second quarter and that was Philo Smith & Co., which advised Grange Life Insurance Co. on its pending $77.2 million sale to Kansas City Life Insurance Co.

J.P. Morgan Securities LLC retained the first position in the deal value league table after advising on three multibillion-dollar transactions that were announced during the first quarter. However, Keefe Bruyette & Woods Inc. moved past J.P. Morgan in the number-of-deals insurance underwriter league table.

During the second quarter, KBW landed two insurance underwriter M&A deals when it advised the sellers in Main Street America Group Inc.'s pending sale to American Family Insurance Group and IFIC Surety Group Inc.'s pending sale to IAT Insurance Group Inc. Through June 30, Keefe Bruyette & Woods tops the 2018 insurance underwriter number-of-deal league table with four transactions.

In the insurance brokerage space, Merger & Acquisition Services Inc. topped the deal value league table thanks to its buy-side role on White Mountains Insurance Group Ltd.'s $368.3 million purchase of NSM Insurance Group Inc. Merger & Acquisition Services also advised Norman-Spencer Agency Inc. on its sale to Specialty Program Group LLC, but the companies did not disclose the value of the transaction.

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