Reinsurance mergers & acquisitions (M&A)

This listing of recent major mergers and acquisitions (M&A) deals in the insurance and reinsurance industry is based on core data on recent re/insurance M&A published by rating agency Standard & Poor’s and augmented with our own data on M&A transactions.

This re/insurance mergers and acquisitions (M&A) deal directory provides a simple way to analyse recent M&A transactions involving the world’s top insurance and reinsurance companies.

These insurance and reinsurance M&A deals are listed in order of date. You can sort the table by column headings.

Read all of our insurance and reinsurance merger and acquisitions news.

Announced	Closed	Acquirer	Acquiree	Price (Bil. $)	M&A transaction terms	Price to book multiple
Dec-23	Ongoing	Aon	NFP	13.4	Cash and stock
Dec-23	Dec-23	Swiss Re	Fathom	N/A	N/A
Dec-23	Dec-23	Kenmare Holdings Ltd. (Enstar)	StarStone Specialty Holdings Limited	0.182	Cash and stock
Nov-23	Jan-24	KKR & Co. Inc.	Global Atlantic	2.7
Oct-23	Ongoing	S. USA Life Insurance Company, Inc.	National Western Life Group, Inc.	1.9	All cash
May-23	Ongoing	Talanx Group	Certain LatAm businesses of Liberty Mutual	1.5	N/A
Apr-22	Ongoing	Randall & Quilter Investment Holdings	777 Partners backed Brickell PC Insurance	0.482	All cash
Mar-22	Oct-22	Berkshire Hathaway	Alleghany Corporation	11.6	All cash
Mar-22	Ongoing	Acrisure	Volante Global	N/A	N/A
Nov-21	Jul-22	Lemonade	Metromile	0.5	Stock exchange
Oct-21	Jul-22	Covéa	PartnerRe	9	All cash
Oct-21	Apr-22	Howden	Aston Lark	N/A	N/A
Aug-21	Dec-21	Arthur J. Gallagher & Co.	Willis Re’s treaty reinsurance operations	3.25	Cash and stock
Aug-21	May-22	Brookfield Asset Management Reinsurance Partners	American National Group	5.1	All cash
Aug-21	Sep-21	Moody's	RMS	2	Cash and debt
Jul-21	Mar-22	Liberty Mutual Insurance Group	State Auto Group	2.3	All cash
Apr-21	Jun-21	Stone Point Capital and Insight Partners	CoreLogic	5.9
Mar-21	Dec-21	Allianz	Aviva Poland	3.05	All cash
Mar-21	Jan-22	Apollo Global Management	Athene Holding	11	Stock exchange
Feb-21	Oct-21	Aéma Groupe	Aviva France	3.91	All cash
Dec-20	Apr-21	Farmers Group, Inc., a subsidiary of Zurich Insurance Group	Metropolitan Property and Casualty Insurance Company and certain wholly-owned subsidiaries	3.94
Nov-20	Mar-22	Vienna Insurance Group	Aegon's Hungary business	0.666
Nov-20	Apr-21	Cinven Group and British Columbia Investment Management Corporation	Compre	N/A
Nov-20	Jun-21	Tryg A/S and Intact Financial Corporation	RSA Insurance Group	9.5
Nov-20	Mar-21	Cinven Group Limited and GIC Private Limited	Miller Insurance Services LLP	N/A
Nov-20	Nov-20	Pelican Ventures Group LLC and J.C. Flowers & Co	Ariel Re Bda Limited	0.03
Oct-20	Jul-21	Arch Capital Group Ltd.	Watford Holdings Ltd.	0.7	All cash
Oct-20	Jan-21	White Mountains Insurance Group	Ark Insurance Holdings Ltd	0.8
Aug-20	Feb-21	Third Point Reinsurance Ltd	Sirius Group	0.788	Cash, stock and debt
Jul-20	Jan-21	The Allstate Corporation	National General Holdings Corporation	4.0	Cash and debt	11.9
Dec-19	Jul-20	Phoenix Group Holdings plc	ReAssure Group plc	3.25	Cash and stock	N/A
Nov-19	Jan-20	Arthur J. Gallagher & Co.	Capsicum Reinsurance Brokers LLP	N/A
Oct-19	Mar-20	Tiberius Acquisition Corp.	International General Insurance Holdings Ltd.	0.39	Cash and stock	1.26
Oct-19	Feb-20	Tokio Marine Holdings, Inc	Pure Group	3.1	Cash and debt	33
Sep-19	Jan-20	Tysers Insurance Brokers	Risk Transfer Group Limited	N/A
Jul-19	Dec-19	Arch Capital Group	Barbican Group Holdings Limited	N/A
May-19	Jan-20	Allianz (UK) Ltd.	Liverpool Victoria General Insurance Group Ltd.	0.73	Unclassified	N/A
Apr-19	Oct-19	American Family Insurance Mutual Holding Company	IDS Property Casualty Insurance Company	1.05	All cash	1.25
Dec-18	Nov-19	Earning Star Limited	FTLife Insurance Company Ltd.	2.75	All cash	1.4
Oct-18	Mar-19	RenaissanceRe	Tokio Millennium Re	1.47	Stock & cash	1.02
Oct-18	Jul-20	Life Resolutions Australia Pty Ltd.	Australian and New Zealand wealth protection and mature businesses	2.34	Cash, Common Stock, Unclassified	N/A
Aug-18	Dec-18	Enstar Holdings (US) LLC	Maiden Reinsurance North America, Inc.	0.32	All cash	N/A
Aug-18	Apr-19	China Re	Chaucer	0.95	Cash & dividends	1.66
Aug-18	Nov-18	Markel Corporation	Nephila Capital	0.975	All cash	N/A
Aug-18	Feb-19	Apollo Global Management, LLC	Aspen Insurance Holdings Limited	2.6	All cash	1.1
Aug-18	May-19	The Hartford	The Navigators Group, Inc.	2.2	All cash	1.78
Aug-18	Mar-19	Group of Investors	Star Health and Allied Insurance Company Limited	0.92	All cash	N/A
Aug-18	Dec-18	Group of Investors	esure Group Plc	1.51	All cash	4.07
Jun-18	?	Reliance Life Limited	Equitable Life Assurance Society	2.41	?	N/A
Mar-18	Sep-18	AXA	XL Group	15.35	All cash	1.51
Jan-18	Jul-18	AIG	Validus Holdings	5.56	All cash	1.53
Feb-18	May-18	Enstar Group Ltd.	KaylaRe Ltd.	0.40	Stock exchange
Jul-17	Nov-17	Markel Corporation	State National Companies Inc.	0.92	All cash
Jul-17	Oct-17	AXIS Capital Holdings Ltd.	Novae Group plc	0.6	All cash	1.53
May-17	Sep-17	Intact Financial Corp.	OneBeacon Insurance Group Ltd.	1.7	All cash	1.65
Dec-16	Jul-17	Fairfax Financial Holdings Ltd.	Allied World Assurance Co. Holdings AG	4.9	Stock and cash	1.35
Dec-16	May-17	Liberty Mutual Group Inc.	Ironshore Inc.	2.94	All cash	1.43
Nov-16	Apr-17	AXIS Capital Holdings Ltd.	Aviabel Cie. Belge d’Assurances Aviation S.A.	N/A	N.A.	N.A.
Nov-16	Feb-17	Argo Group US Inc.	Ariel Re Holdings Ltd.	0.24	Cash and debt	1.45
Oct-16	Apr-17	PartnerRe Ltd.	Aurigen Capital Ltd.	0.29	All cash	N.A.
Oct-16	Mar-17	Sompo Holdings Inc.	Endurance Specialty Holdings Ltd.	6.3	All cash	1.36
Sep-16	Dec-16	Canada Pension Plan Investment Board	Ascot Underwriting Ltd.	1.1	All cash	N.M.
Aug-16	Jan-17	Arch Capital Group Ltd.	United Guaranty Corp.	3.4	Cash and stock	1.01
Apr-16	Nov-16	AmTrust Financial Services Inc.	ANV Holdings B.V.	0.2	All cash	N.M.
Sep-15	Feb-16	Mitsui Sumitomo Insurance Co. Ltd.	Amlin plc	5.3	All cash	1.93
Aug-15	Jan-16	Sumitomo Life Insurance Co.	Symetra Financial Corp.	3.8	All cash	1.2
Aug-15	Mar-16	EXOR SpA	PartnerRe Ltd.	6.9	All cash	1.11
Jul-15	Apr-16	China Minsheng Banking Corp. Ltd.	Sirius International Insurance Group	2.6	All cash	1.43
Jul-15	Mar-16	Meiji Yasuda Life Insurance Co.	StanCorp Financial Group Inc.	4.95	All cash	2.21
Jul-15	Jan-16	ACE Ltd.	Chubb Corp.	28.3	Cash, stock and debt	1.7
Jun-15	Oct-15	Tokio Marine & Nichido Fire Insurance Co. Ltd.	HCC Insurance Holdings Inc.	7.53	Cash and debt	1.9
May-15	Nov-15	Fosun International Ltd.	Ironshore Inc.	2.3	All cash	1.12
Mar-15	Jul-15	Endurance Specialty Holdings Ltd.	Montpelier Re Holdings Ltd.	1.83	Cash and stock	1.21
Feb-15	Jul-15	Fairfax Financial Holdings Ltd.	Brit Insurance Holdings PLC	1.88	All cash	1.63
Jan-15	May-15	XL Group Ltd.	Catlin Group Ltd.	4.1	Cash, stock and debt	1.21
Nov-14	Mar-15	RenaissanceRe Holdings Ltd.	Platinum Underwriters Holdings Ltd.	1.9	Cash and stock	1.13
Feb-14	Jun-14	Qatar Insurance Company S.A.Q.	Antares Holdings Ltd.	0.30	N/A
Aug-13	Nov-13	Lancashire Holdings Ltd.	Cathedral Capital Ltd.	0.41	All cash
				Total: $137.31 billion		Median: 1.5

N.A.: Not available.
N.M.: Not meaningful.