Merger and acquisition (M&A)
activity in the European insurance market is poised for a rebound,
predicts Antonello Aquino, senior credit officer at rating agency
Moody’s Investors Service.

“Moody’s expects the sector to
witness a wave of consolidation, against the background of a
changing regulatory and competitive environment,” Aquino said.

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A recovery would after a period of
comparatively low M&A activity which saw deals totalling €23bn
($29bn) in 2008 and 2009, combined. This combined total was only
half that seen in 2007.

Aquino added that a rebound in
M&A activity in the European insurance sector will be driven by
three factors:

  • The evolving regulatory frameworks
    of Basel II and Solvency II, both set for full implementation in
    2012;
  • The quest for growth opportunities
    to offset the otherwise lacklustre organic growth outlook in many
    European markets; and
  • Restructuring of some financial
    groups in order to meet European Union competition rules.

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