The US insurance industry saw a drop of 8% in overall deal activity during February 2020, when compared with the last 12-month average, according to GlobalData’s deals database.

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A total of 46 deals worth $3.27bn were announced in February 2020, compared to the 12-month average of 50 deals.

M&A was the leading category in the month in terms of volume with 34 deals which accounted for 73.9% of all deals.

In second place was venture financing with 12 deals, accounting for 26.1% of overall deal activity in the country’s insurance industry during the month.

In terms of value of deals, M&A was the leading deal category in the US insurance industry with total deals worth $3.15bn, followed by venture financing deals totalled $115.5m.

US insurance industry deals in February 2020: Top deals

The top five insurance industry deals accounted for 98% of the overall value during February 2020.

The combined value of the top five insurance deals stood at $3.2bn, against the overall value of $3.27bn recorded for the month.

The top five insurance industry deals of February 2020 tracked by GlobalData were:

1) Fidelity National Financial’s $2.7bn acquisition of FGL Holdings

2) The $450m acquisition of NORCAL Mutual Insurance by ProAssurance

3) Acrew Capital, HSB fund, Khosla Ventures, Lightspeed Management Company and Shlomo Kramer’s $34m venture financing of At-Bay

4) The $14m venture financing of Boost Insurance USA by Coatue Management, Conversion Capital, Glenn Hubbard, Greycroft Partners, IA Capital Group, Norwest Venture Partners and Tusk Ventures

5) BoxGroup, Fuel Capital, Liquid two Ventures, Transatlantic Reinsurance and Y Combinator Management’s venture financing of Goodcover for $2m.

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.