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Big deal puts Citigroup, Allen on top of insurance underwriter M&A league table

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Big deal puts Citigroup, Allen on top of insurance underwriter M&A league table

One deal helped propel Citigroup Global Markets Inc. and Allen & Co. LLC to the top two spots in the insurance underwriter M&A deal value league table for the first three quarters of 2017.

Citigroup advised New York State Catholic Health Plan Inc. on its pending $3.75 billion sale to Centene Corp., which was advised by Allen, in a deal that was announced Sept. 12.

Citigroup, which ranked first in the deal value league table as of Sept. 30, landed one other deal in the third quarter, advising Heritage Insurance Holdings Inc. on it pending $250.0 million acquisition of NBIC Holdings Inc.

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On the Heritage/NBIC deal, Evercore Inc. advised the seller, and the investment bank also landed a sell-side role on State National Cos. Inc.'s pending $922.6 million sale to Markel Corp., announced on July 26.

In the insurance brokerage space, J.P. Morgan Securities LLC, Waller Helms Advisors LLC and Triple Tree LLC remained on top of the year-to-date deal value league table as of Sept. 30 but none of them advised on an M&A transaction in the space during the third quarter.

Sica Fletcher LLC and Marsh Berry & Co. Inc. stayed on top of the number-of-deals insurance brokerage league table. Through the third quarter, Sica Fletcher received credit for 45 insurance brokerage deals, while Marsh Berry received credit for 36 deals.

The SNL platform is owned by S&P Global Market Intelligence.

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