Global insurers on M&A prowl
Globally, the year 2017 has seen spurt of mergers and acquisitions in the insurance industry because of ongoing pressures of tepid growth in premiums, low interest rates and the burden of regulatory requirements. A research done by Willis Tower Watson and Mergermarket says total deal value increased by 170% between the first half of 2016 and first half of 2017. The jump in megadeals has come amid a stronger global economy as well as defensive plays as big firms look to ensure they stay ahead of competition. The United States is the top national destination for acquisition, followed by China. The US insurance sector announced deal value of $10 billion in the first half of 2017, compared to $3 billion during the same period last year. Another survey by KPMG shows that Western Europe is seen as the region with the most assets up for sale, led by the United Kingdom, Italy and Spain, 48% of respondents selecting it as a divestiture opportunity for their companies. The report found tha...