North America’s insurance industry saw a drop of 1.3% in overall deal activity during Q2 2019, when compared to the four-quarter average, according to GlobalData’s deals database.

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A total of 155 deals worth $4.59bn were announced for the region during Q2 2019, against the last four-quarter average of 157 deals.

Of all the deal types, M&A saw most activity in Q2 2019 with 123, representing a 79.4% share for the region.

In second place was venture financing with 26 deals, followed by private equity deals with six transactions, respectively capturing a 16.8% and 3.9% share of the overall deal activity for the quarter.

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In terms of value of deals, M&A was the leading category in North America’s insurance industry with $2.31bn, while private equity and venture financing deals totalled $1.8bn and $481.58m, respectively.

North America insurance industry deals in Q2 2019: Top deals

The top five insurance deals accounted for 96% of the overall value during Q2 2019.

The combined value of the top five insurance deals stood at $4.41bn, against the overall value of $4.59bn recorded for the quarter. The top announced insurance deal tracked by GlobalData in Q2 2019 was Onex Partners’s $1.8bn private equity deal with Convex Re.

In second place was the $1.2bn asset transaction with Wells Fargo by Principal Financial Group and in third place was American Family Insurance Group’s $1.05bn asset transaction with Ameriprise Financial.

The $300m venture financing of Lemonade by Allianz Capital Partners, General Catalyst Partners, GV Management Co, OurCrowd, SoftBank Group and Thrive Capital and Morneau Shepell’s asset transaction with Mercer for $57m held fourth and fifth positions, respectively.

Verdict deals analysis methodology

This analysis considers only announced and completed deals from the GlobalData financial deals database and excludes all terminated and rumoured deals. Country and industry are defined according to the headquarters and dominant industry of the target firm. The term ‘acquisition’ refers to both completed deals and those in the bidding stage.

GlobalData tracks real-time data concerning all merger and acquisition, private equity/venture capital and asset transaction activity around the world from thousands of company websites and other reliable sources.

More in-depth reports and analysis on all reported deals are available for subscribers to GlobalData’s deals database.