Goldman Sachs & Co. LLC came in first in the 2019 insurance underwriter M&A league table, according to S&P Global Market Intelligence data.
The investment bank advised on Voya Financial Inc.'s proposed divestment of its individual life and other legacy non-retirement annuities businesses to Resolution Life Group Holdings Ltd. announced Dec. 18, 2019, to take its total for the year to four deals with an aggregate value of $18.30 billion.
Allen & Co. LLC, Barclays Capital Inc., Evercore Inc. and J.P. Morgan Securities LLC tied for second in deal value, as all worked on the still-to-be-completed Centene Corp./WellCare Health Plans Inc. deal, as did Goldman Sachs. J.P. Morgan Securities worked on two other deals with undisclosed values, and Evercore worked on one such transaction.
Meanwhile, Credit Suisse (USA) Inc. jumped to sixth position with $7.35 billion in deal credit, thanks to its advisory role on New York Life Insurance Co.'s pending $6.3 billion acquisition of Cigna Corp.'s group life and disability insurance business, which was announced the same day as the Voya deal. Bank of America Securities is also an adviser on the deal, climbing to seventh place with $7.04 billion in deal credit.
Morgan Stanley finished in eighth spot with $3.10 billion in deal credit for its work as financial adviser and fairness opinion provider for Tokio Marine Holdings Inc.'s proposed buy of high-net-worth specialist Privilege Underwriters Inc. and its subsidiaries, known as Pure Group.
Sica Fletcher LLC topped the insurance broker deal volume league table after advising on 92 transactions in 2019. Marsh Berry & Co. Inc. was second with 86 deals.