Total insurance industry M&A deals worth $17.55bn were announced in the US in Q1 2021, led by $10.91bn merger with Apollo Global Management and Athene Holding, according to GlobalData’s deals database.

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The value marked an increase of 287.4% over the previous quarter and a rise of 475.4% when compared with the last four-quarter average of $3.05bn.

The US held a 73.25% share of the global insurance industry M&A deal value that totalled $23.96bn in Q1 2021.

In terms of deal activity, the US recorded 33 M&A deals during Q1 2021, marking an increase of 13.79% over the previous quarter and a rise of 83.33% over the last four-quarter average.

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US insurance industry M&A deals in Q1 2021: Top deals

The top five insurance industry M&A deals accounted for 98.1% of the overall value during Q1 2021.

The combined value of the top five insurance M&A deals stood at $17.21bn, against the overall value of $17.55bn recorded for the quarter.

The top five insurance industry M&A deals of Q1 2021 tracked by GlobalData were:

1) The $10.91bn merger of Apollo Global Management and Athene Holding

2) The $3.5bn acquisition of Annuity Investors Life Insurance, Great American Insurance Group and Manhattan Life Insurance by Massachusetts Mutual Life Insurance

3) CUNA Mutual Group’s $1.3bn asset transaction with Assurant

4) The $1bn acquisition of Ohio National Financial Services and Ohio National Mutual Holdings by Constellation Insurance Holdings

5) Blend Labs’ acquisition of Title365 for $500m.