The UK insurance industry saw a drop of 20% in overall deal activity during Q2 2019, when compared with the last four-quarter average, according to GlobalData’s deals database.

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A total of 28 deals worth $1.22bn were announced in Q2 2019, compared to the last four-quarter average of 35 deals.

M&A was the leading category in the quarter with 17 deals which accounted for 60.7% of all deals.

In second place was private equity with seven deals, followed by venture financing with four transactions, respectively accounting for 25% and 14.3% of overall deal activity in the country’s insurance industry during the quarter.

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In terms of value of deals, M&A was the leading deal category in the UK insurance industry with total deals worth $1.04bn, while private equity and venture financing deals totalled $118.09m and $58.67m, respectively.

The UK insurance industry deals in Q2 2019: Top deals

The top five insurance deals accounted for 97.8% of the overall value during Q2 2019.

The combined value of the top five insurance industry deals stood at $1.19bn, against the overall value of $1.22bn recorded for the quarter. The top announced UK insurance industry deal tracked by GlobalData in Q2 2019 was Allianz (UK)’s $729.42m acquisition of Liverpool Victoria General Insurance Group.

In second place was the $305.4m asset transaction with Legal & General Group by Allianz and in third place was Madison Dearborn Partners’ $104.41m private equity deal with The Ardonagh Group.

The $42m venture financing of Extracover by Latitude Balderton Capital, Taavet Hinrikus, Target Global and Tom Stafford and HPS Investment Partners’s private equity deal with The Ardonagh Group for $12.73m 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.