Brookfield Business Partners’ $1.2bn private equity with Genworth MI Canada was the insurance industry’s biggest cross border deal of Q4 2020 as cross border deals worth $5.27bn were announced globally in the quarter, according to GlobalData’s deals database.

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The value marked a decrease of 42.2% over the previous quarter and a rise of 47.2% when compared with the last four-quarter average of $3.58bn.

In terms of number of cross border deals, the sector saw a rise of 47.06% over the last four-quarter average with 25 deals against the average of 17 deals.

In value terms, North America led the activity with cross border deals worth $2bn.

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insurance industry cross border deals in Q4 2020: Top deals

The top five insurance industry cross border deals accounted for 82.9% of the overall value during Q4 2020.

The combined value of the top five cross border deals stood at $4.37bn, against the overall value of $3.58bn recorded for the quarter.

The top five insurance industry cross border deals of Q4 2020 tracked by GlobalData were:

1) Brookfield Business Partners’ $1.2bn private equity with Genworth MI Canada

2) The $1bn acquisition of Group Ark Insurance by White Mountains Insurance Group

3) GIC, Onex and Onex Partners V’s $1bn private equity deal with Convex Group

4) The $694.58m private equity deal with LV= by Bain Capital

5) Gulf Insurance Group KSCP’s acquisition of AXA Cooperative Insurance, AXA Green Crescent Insurance Co and AXA Insurance (Gulf)(c) for $474.75m.