This publication includes the deal activity in the insurance sector such as overall highlights, key announced transactions, and the outlook ahead. Read our full report to learn more.
Detailed analysis of implication of merger between Cooper Industries and Nicholson File Company
The DCF valuation excel can viewed at:
https://drive.google.com/file/d/0B6nSS-YiZgneVEpVWVA2QWpyX28/view?usp=sharing
A Deloitte poll conducted in Oct. 29, 2020 found that cybersecurity risks related to 5G adoption are a concern for many (76.4% of professionals at organizations currently use 5G and 80.7% of professionals at organizations plan to adopt 5G in the year ahead).
Insurers are continuing to face marked changes in what customers expect in terms of products and service, how they obtain and utilize the information that informs business decisions, and their underlying business and operating models. Top Insurance Industry Issues in 2016 describes in detail the internal and external changes insurers face and how they can gain a competitive advantage..
Detailed analysis of implication of merger between Cooper Industries and Nicholson File Company
The DCF valuation excel can viewed at:
https://drive.google.com/file/d/0B6nSS-YiZgneVEpVWVA2QWpyX28/view?usp=sharing
A Deloitte poll conducted in Oct. 29, 2020 found that cybersecurity risks related to 5G adoption are a concern for many (76.4% of professionals at organizations currently use 5G and 80.7% of professionals at organizations plan to adopt 5G in the year ahead).
Insurers are continuing to face marked changes in what customers expect in terms of products and service, how they obtain and utilize the information that informs business decisions, and their underlying business and operating models. Top Insurance Industry Issues in 2016 describes in detail the internal and external changes insurers face and how they can gain a competitive advantage..
On June 21st, PwC’s Health Research Institute (HRI) released its annual Medical Cost Trend: Behind the Numbers 2017 report. PwC’s HRI anticipates a 6.5% growth rate for 2017—the same as was projected for 2016. The report identifies the key inflators and deflators as well as historical context to better understand the medical cost trend for 2017. Increases in the trend due to utilization of convenient care access points and an uptick in behavioral healthcare benefits for employees are being offset by more aggressive strategies by pharmacy benefit
Liquidity for advanced manufacturing and automotive sectors in the face of Co...EY
With a global economy in crisis due to Covid-19 our liquidity and cash management deck for advanced manufacturing and
mobility companies looks at how these companies should best respond.
China Exit or Co-Investment Opportunities for German PE InvestorsL.E.K. Consulting
L.E.K.'s Karin von Kienlin recently presented at BVK on a study conducted by L.E.K. Munich and Shanghai. They wished to:
- Understand developments in Chinese equity investments in both the domestic China / pan-Asian market and cross-border investments between China and Germany / Europe
- Identify trends in likely future investment behavior and its drivers
- Defining success factors both for Chinese and German investors / corporates as to how to benefit from the potential opportunities of cross-border investments and cooperation
Learn more in the presentation here.
The theme for this quarter is momentum meets uncertainty. The upward trend in crude oil, natural gas, LNG and refined product prices that began in Q1 continued into Q2. Crude oil markets began the quarter just below $100/bbl and have closed below that level on only two days since late April. As we begin Q3, there are increasing concerns about the health of the global economy and how that might affect oil and gas demand.
Increased regulatory pressure and operational complexity have created a need for a new approach to compliance.
Accenture is not and will not be deemed to be providing the Client with any legal, regulatory or financial advice as part of Accenture’s performance of the Services, production of the Deliverables and/or content in this presentation and Accenture shall have no liability resulting from such matters.
In 2019, we saw evidence of the impact of economic headwinds on overall mergers and acquisitions (M&A) activity, with global deal value declining 33% from Q4 2018 to US$20.6b. Deal value increased in the renewables and water and wastewater segments quarter on quarter while decreasing in the remaining segments.
This strong appetite for deals perseveres against a backdrop of geopolitical or emerging policy concerns, which are seen as the greatest risk to economic growth for 69% of businesses. Yet according to the Global Capital Confidence Barometer, the disruptive impact of technology on potential deal outcomes and business models remains at the forefront of the minds of the majority of executives.
International Transfer Pricing 2015/16, now in its 15th edition is an easy to use reference guide covering a range of transfer pricing issues in nearly 100 territories worldwide. It explains why it is vital for every company to have a coherent transfer pricing policy which is responsive to the rapidly changing markets in which they operate. The book not only shows why sound transfer pricing policies should be developed, but also why such policies need to be re-evaluated regularly. It offers practical advice on a subject where the right amount of effort can produce huge benefits in the form of a competitive and sustainable tax rate, and leave the company well positioned to defend against aggressive tax audits.
Chain Reaction: How Blockchain Technology Might Transform Wholesale InsurancePwC
With the goal to identify where blockchain technologies have the greatest potential, this research report sponsored by PwC and conducted by Z/Yen, is based on 50+ interviews with brokers, insurers, reinsurers, regulators and trade bodies from across the global wholesale insurance market.
On June 21st, PwC’s Health Research Institute (HRI) released its annual Medical Cost Trend: Behind the Numbers 2017 report. PwC’s HRI anticipates a 6.5% growth rate for 2017—the same as was projected for 2016. The report identifies the key inflators and deflators as well as historical context to better understand the medical cost trend for 2017. Increases in the trend due to utilization of convenient care access points and an uptick in behavioral healthcare benefits for employees are being offset by more aggressive strategies by pharmacy benefit
Liquidity for advanced manufacturing and automotive sectors in the face of Co...EY
With a global economy in crisis due to Covid-19 our liquidity and cash management deck for advanced manufacturing and
mobility companies looks at how these companies should best respond.
China Exit or Co-Investment Opportunities for German PE InvestorsL.E.K. Consulting
L.E.K.'s Karin von Kienlin recently presented at BVK on a study conducted by L.E.K. Munich and Shanghai. They wished to:
- Understand developments in Chinese equity investments in both the domestic China / pan-Asian market and cross-border investments between China and Germany / Europe
- Identify trends in likely future investment behavior and its drivers
- Defining success factors both for Chinese and German investors / corporates as to how to benefit from the potential opportunities of cross-border investments and cooperation
Learn more in the presentation here.
The theme for this quarter is momentum meets uncertainty. The upward trend in crude oil, natural gas, LNG and refined product prices that began in Q1 continued into Q2. Crude oil markets began the quarter just below $100/bbl and have closed below that level on only two days since late April. As we begin Q3, there are increasing concerns about the health of the global economy and how that might affect oil and gas demand.
Increased regulatory pressure and operational complexity have created a need for a new approach to compliance.
Accenture is not and will not be deemed to be providing the Client with any legal, regulatory or financial advice as part of Accenture’s performance of the Services, production of the Deliverables and/or content in this presentation and Accenture shall have no liability resulting from such matters.
In 2019, we saw evidence of the impact of economic headwinds on overall mergers and acquisitions (M&A) activity, with global deal value declining 33% from Q4 2018 to US$20.6b. Deal value increased in the renewables and water and wastewater segments quarter on quarter while decreasing in the remaining segments.
This strong appetite for deals perseveres against a backdrop of geopolitical or emerging policy concerns, which are seen as the greatest risk to economic growth for 69% of businesses. Yet according to the Global Capital Confidence Barometer, the disruptive impact of technology on potential deal outcomes and business models remains at the forefront of the minds of the majority of executives.
International Transfer Pricing 2015/16, now in its 15th edition is an easy to use reference guide covering a range of transfer pricing issues in nearly 100 territories worldwide. It explains why it is vital for every company to have a coherent transfer pricing policy which is responsive to the rapidly changing markets in which they operate. The book not only shows why sound transfer pricing policies should be developed, but also why such policies need to be re-evaluated regularly. It offers practical advice on a subject where the right amount of effort can produce huge benefits in the form of a competitive and sustainable tax rate, and leave the company well positioned to defend against aggressive tax audits.
Chain Reaction: How Blockchain Technology Might Transform Wholesale InsurancePwC
With the goal to identify where blockchain technologies have the greatest potential, this research report sponsored by PwC and conducted by Z/Yen, is based on 50+ interviews with brokers, insurers, reinsurers, regulators and trade bodies from across the global wholesale insurance market.
On February 25, 2016, the FASB issued the new standard, Leases (ASC 842). There are elements of the new standard that could impact almost all entities to some extent, although lessees will likely see the most significant changes. Lessees will need to recognize virtually all of their leases on the balance sheet, by recording a right-of-use asset and lease liability.
The IASB issued its new standard, IFRS 16, Leases, earlier this year. There are significant areas of divergence between guidance applicable under US GAAP and that required by IFRS.
Apache Hadoop Summit 2016: The Future of Apache Hadoop an Enterprise Architec...PwC
Hadoop Summit is an industry-leading Hadoop community event for business leaders and technology experts (such as architects, data scientists and Hadoop developers) to learn about the technologies and business drivers transforming data. PwC is helping organizations unlock their data possibilities to make data-driven decisions.
Insurance M&A activity in the US rose to unprecedented levels in 2015, surpassing what had been a banner year in 2014. There were 476 announced deals in the insurance sector, 79 of which had disclosed deal values with a total announced value of $53.3 billion. This was a significant increase from the 352 announced deals in 2014, of which 73 had disclosed deal values with a total announced value of $13.5 billion. Furthermore, unlike prior years where US insurance deal activity was isolated to specific subsectors, 2015 saw a significant increase in deal activity in all industry subsectors.
Mercer Capital's Value Focus: Insurance Industry | Q2 2015Mercer Capital
Mercer Capital’s Insurance Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to insurance brokers, underwriters, and other industry professionals. Each issue includes a segment focus, market overview, mergers and acquisitions review, and more.
The UK electorate’s 52/48 vote to leave the European Union has caused uncertainty in markets, with property investment one of the sectors generating the most headlines. Aon Hewitt Partner Nick Duff provides our lead story ‘Brexit and the immediate aftermath’ with some practical observations. He suggests despite some pressure on valuations, the UK property market is likely to hold up owing to its attractiveness to long term investors.
Mercer Capital's Value Focus: Insurance Industry | Q3 2015Mercer Capital
Mercer Capital’s Insurance Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to insurance brokers, underwriters, and other industry professionals. Each issue includes a segment focus, market overview, mergers and acquisitions review, and more.
This document brings together a set of latest data points and publicly available information relevant for Insurance Industry. We are very excited to share this content and believe that readers will benefit from this periodic publication immensely.
2014 Life Insurance and Annuity Industry Outlook Transforming for growthDeloitte United States
It’s 2014. Is it the best of times? Is it the worst of times? Or is it both for the financial services industry?
For a view into where and how growth will emerge or solidify in 2014, the Deloitte Center for Financial Services sought insight and first-hand experience from nearly 200 of Deloitte’s financial services practitioners.
Their views yielded insight into how banks and the capital markets are repositioning for growth. How the commercial real estate market is trimming its sails for growth. How the insurance industry is transforming for growth. And, how investment management is faring on its quest for accelerated growth.
http://www.deloitte.com/view/en_US/us/Industries/Private-Equity-Hedge-Funds-Mutual-Funds-Financial-Services/center-for-financial-services/cdfdf026b94fa310VgnVCM2000003356f70aRCRD.htm
Etude PwC 2013 sur les fusions-acquisitions dans le secteur des assurancesPwC France
http://pwc.to/16IfpG5
Ce nouveau rapport de PwC met en évidence la reprise des fusions-acquisitions dans le secteur de l’assurance, dont l’importance stratégique commence à augmenter à travers le monde.
2015 was an interesting year for the UK trade credit insurance market. There have been soft market conditions and premium rates have been at historically low levels, with the size and frequency of claims increasing alongside this. In 2016 we expect market conditions to remain competitive and pricing to stabilise. This is due to the claims environment and global uncertainty from commodity price volatility, the Chinese stock market and a potential housing bubble in the UK.
This document brings together a set
of latest data points and publicly
available information relevant for
Insurance Industry. We are very
excited to share this content and
believe that readers will benefit from
this periodic publication immensely.
IMAP Financial Services sector Leaders: Jonathan Dalton and Khelan Dattani share insights into the global Financial Services sector. They look at how and why the COVID pandemic affected certain geographies and subsectors more than others and the subsequent impact on deal volumes and valuations. They identify the key areas of growth and common trends driving activity across the globe and examine why the sector is becoming increasingly attractive to PE investors, pinpointing opportunities for buyers and sellers.
Life Settlement Industry Report
The dynamic nature of the life settlement market guided the creation of a comprehensive Life Settlement Industry Report. To present the landscape of the life settlement market as a whole, this report relies on growth data over the past four years as well as the increasingly competitive nature of the industry. A thorough discussion of the three types of risk associated with life settlements helps flesh out the portrait of the settlement market, and a summary of trends in the industry casts an eye toward the promising future of the industry.
Among the key findings in the industry report:
The growth of the life settlement industry has surpassed the predictions of forecasters. Whereas a 2016 Conning report projected an annual growth of 1 to 2 percent, the market has actually grown an average of 34 percent over the past few years.
With an aging population and lengthening life spans, retirement costs and the prohibitive price of long-term care necessitate options like the life settlement that can increase a senior’s disposable income.
Many people in their retirement years struggle with monthly expenses but hold wealth in non-liquid assets like a house, land, securities or a life insurance policy. When an insurance policy is no longer serving their needs, it can be converted into cash flow through a cash settlement to ease the retirement burden.
Learn more @: https://www.magnalifesettlements.com/
In depth: New financial instruments impairment modelPwC
On June 16, 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments – Credit Losses (Topic 326) (the “ASU”). The ASU introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. The new model will apply to: (1) loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, (2) loan commitments and certain other off-balance sheet credit exposures, (3) debt securities and other financial assets measured at fair value through other comprehensive income, and (4) beneficial interests in securitized financial assets.
Many internal audit departments are investing in data analytics, but are struggling to fully realize the anticipated benefits. By avoiding common pitfalls and implementing data analytics holistically throughout the department, stalled analytics programs can be restarted, or new programs more successfully implemented.
Stepping into the cockpit- Redefining finance's role in the digital agePwC
Insurance finance functions have been refining their
operating models to better align with business partner
demands, as well as adopting leading practices on how
to best utilize people, process and technology. The
challenge is that the business landscape is continuously
shifting and the pace of change is rapidly accelerating.
In spring 2016, PwC investigated the current state and
future direction of stress testing. We surveyed 55 insurers
operating in the US about their stress testing framework and
the specific stresses that they test. We also engaged in more
detailed dialogue with a number of insurers in the US and
globally, as well as with some North American insurance
regulators.
International Capital Standard (ICS) Background PwC
PwC US risk & capital management leader Henry Essert and PwC global insurance regulatory director Ed Barron
recently sat down to discuss the proposed International Capital Standards (ICS) for insurers. They addressed at
length what the ICS is and what it could mean to insurers. The following pages contain their thoughts on the
standard, as well as some background information on capital management and related issues in the
insurance industry.
Insurers are upgrading their technology to support more complex
products, lower operating costs, and get closer to their customers.
But they can do more harm than good when they make changes
that alienate their independent agents. We’ve identified five steps
that can help insurers engage agents early and create a
transition plan that meets agents’ needs—converting these
important stakeholders into enthusiastic advocates.
On June 21st, PwC’s Health Research Institute (HRI) released its annual Medical Cost Trend: Behind the Numbers 2017 report. PwC’s HRI anticipates a 6.5% growth rate for 2017—the same as was projected for 2016. The report identifies the key inflators and deflators as well as historical context to better understand the medical cost trend for 2017. Increases in the trend due to utilization of convenient care access points and an uptick in behavioral healthcare benefits for employees are being offset by more aggressive strategies by pharmacy benefit
Putting digital technology and data to work for Tech CMO'sPwC
Tech Company CMOs are uniquely positioned to successfully leverage digital technologies and data to significantly impact business performance. At PwC, we're helping to change the goal of digital marketing from clicks and views to customer experiences designed to generate business performance. Explore how.
The insurance industry has remained much the same for more than 100 years, but over the past decade it has seen a number of exciting new innovations and new business models.
This second machine age has seen the rise of artificial intelligence (AI), or “intelligence” that is not the result of
human cogitation. It is now ubiquitous in many commercial products, from search engines to virtual assistants. aI is the result of exponential growth in computing power, memory capacity, cloud computing, distributed and parallel processing, open-source solutions, and global connectivity of both people
and machines. The massive amounts and the speed at which structured and unstructured (e.g., text, audio, video, sensor) data is being generated has made a necessity of speedily processing and generating meaningful, actionable insights from it.
Like the rest of the financial services industry, insurers are subject to increasingly complex and prescriptive regulations and standards. In the year ahead, insurers will need to focus on the new U.S.Department of Labor fiduciary standard, which is likely to have a significant effect on how insurance products are sold. Moreover, global developments, especially those related to the developing International Capital Standard, will require insurers to closely monitor – and ideally contribute to – official discussions about how globally active insurers should manage capital
The group insurance market shows real promise but, as of yet, most carriers are still trying to determine the best path forward. Moving from being in a quiet sector to the front lines of new ways of doing business has shaken the industry and confronted it with challenges –and opportunities – many could not have foreseen even a decade ago.
When it comes to scrutinizing costs, most insurance companies can say “Been there, done that. Got the t-shirt.” Managers are familiar with the refrain from above to trim here and cut there. The typical result is flirtation with the latest management trends like lean, outsourcing and offshoring, and others. However, the results tend to be the same. Budgets reflect last year’s spend plus or minus a couple of percent in the same places.
Beyond the secular forces that we describe in our Future of Insurance series1, more immediate and cyclical issues will be shaping the insurance executive agenda i n 2 016 .2 Commercial insurers (including reinsurers) face tough times ahead with underwriting margins that are being pressured by softening prices and a potentially volatile interest rate environment.
The insurance industry is facing a looming crisis – a rapidly aging workforce. According to the US Bureau of Labor Statistics, the number of insurance professionals aged 55 years and older has increased 74 percent in the last ten years; by 2018, a quarter of insurance industry employees will be within five to ten years of retirement. Moreover, by 2017, one in every three US employees will be a Millennial, and Millennials will comprise 75 percent of the global workforce by 2025
Election-year politics are dominating legislative action this year as both parties lay down
policy agendas for 2017 and beyond. President Obama and the Republican leaders of Congress are offering competing plans on how to reform the US tax system and
to promote other policies intended to increase economic growth and make American companies more competitive. At the same time, both Democratic and Republican candidates seeking their party’s presidential nomination are advancing tax reform plans.
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
This article provides a comprehensive guide on how to
effectively manage the convert Accpac to QuickBooks , with a particular focus on utilizing online accounting services to streamline the process.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
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Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
1. Executive summary
Insurance M&A markets remained active in the first half of
2016 despite the lack of mega deals. The largest transaction
this year was BB&T Corp. acquiring wholesale insurance
broker Swett & Crawford for $500 million in cash from
London-based Cooper Gay Swett & Crawford.
On a relative basis, the announced deal activity and value
declined compared to 2015, where we saw a record number of
transactions in the sector. 2015 was a transformative year in
the insurance sector with several mega deals including ACE
Ltd.'s acquisition of Chubb Corp. for $28 billion, Tokio Marine
acquiring HCC Insurance Holdings for $7.5 billion, and Meiji
Yasuda Life acquiring StanCorp Financial for $5 billion.
• Deal volume remains strong with 232 announced deals
in 1H 2106, 87% of which were comprised of insurance
brokers.
• There was a slight decline in transaction multiples with
the median price to book multiple for insurance deals at
1.8x vs. 1.6x in 2H 2015.
• There were no mega deals (deals more than $1 billion)
announced during 1H 2016. The largest deal announced
was worth $500 million.
Optimize deals
Key trends/Highlights
Appetite for M&A remains strong
driven by interest from foreign
and private equity investors.
Performance and regulatory
concerns will likely spur activity
including divestitures and
acquisitions to enhance revenue.
- John Marra
Partner
Insurance Deals Leader
PwC Deals
US Insurance
Deals insights 1H 2016
Optimize Deals
US Insurance
Deals Insights
1H 2016 update 1
Optimize deals
Source: S&P Global Market Intelligence
Value by the numbers
95%
Decrease in
deal value
versus 2H 2015
76%
Decrease in
deal value
versus 1H 2015
$2.4B
Volume by the numbers
8%
Decrease in
deal volume
versus 2H 2015
13%
Decrease in
deal volume
versus 1H 2015
232
232 Insurance deals were announced for $2.4 billion in
deal value during 1H 2016 (including 204 deals with
undisclosed deal values).
Meaningful upcoming IPOs/carve-outs: 1) Athene filed for
an IPO as it looks to further expand into the retirement
services marketplace, 2) AIG’s United Guaranty also filed
for IPO, reflecting AIG’s attempt to revamp its operational
structure, and 3) MetLife rebranded its U.S. Retail business
as Brighthouse Financial, which is the latest step in the
insurers' plan to split off the business.
Interest in M&A remains high. However, the focus for large
insurers has shifted from consolidation to more technology-
oriented deals, allowing insurers to be responsive to
disruptions that they foresee in the business.
We expect M&A activity to rebound in the second half of
2016 driven by the following:
• Technology focused investments
• Diversifying asset and wealth management capabilities
• Continued interest from foreign and private equity
investors in the sector
• Insurers looking to divest businesses as a result of
regulatory uncertainty (e.g. Department Of Labor
(DOL) Fiduciary Rule, Brexit)
2. Optimize deals
172 214 268 253 232
$9.7 $4.4 $9.9
$44.2
$2.4
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
0
50
100
150
200
250
300
1H 2014 2H 2014 1H 2015 2H 2015 1H 2016
Dealvalue($bn)
Dealvolume
Announced deal volume Announced deal value ($ Bn)
Insurance deal volume and value
Source: S&P Global Market Intelligence
2014 20162015
Trading Multiples
Significant transactions
BB&T Corporation announced its acquisition of Swett &
Crawford Group Inc., growing its wholesale brokerage
business in the U.S.
Massachusetts Mutual announced its acquisition of
MetLife’s U.S. retail advisor force, allowing the expansion of
its U.S. client base. MetLife chose to divest in response to
the looming DOL Fiduciary rule.
Insurance activity remains high
U.S. insurance deal volume had been steadily increasing
since 2013. While volume remains high in 1H 2016, it has
declined compared to the same period in 2015. Announced
deal values in 1H 2016 were nowhere close to the record
levels seen in 2015.
Highlights of 1H 2016 deal activity
Optimize Deals
US Insurance
Deals Insights
1H 2016 update 2
Month
Announced
Target Name Acquirer Name Sector
Value ($
in Mn)
% of
Total
2/24/2016 Swett & Crawford Group Inc. BB&T Corporation P&C Brokerage 500 20.6%
4/13/2016 CIFG Holding, Inc. Assured Guaranty Corp. P&C 451 18.6%
1/25/2016
Century-National Insurance Company / Western
General Agency Inc.
National General Holdings Corporation P&C 318 13.1%
2/29/2016 MetLife Premier Client Group Massachusetts Mutual Life Insurance Co. Life Brokerage 300 12.4%
3/16/2016 Northern Homelands Company Hartford Fire Insurance Company P&C 170 7.0%
Top 5 deal value 1,739 71.8%
Total disclosed deal value 2,422
Top 5 US Insurance Deals Announced 1H 2016 (by value)
Source: S&P Global Market Intelligence, Excludes Managed Care
Property & Casualty Insurance
Price to Tangible Book
Life Insurance
Price to Tangible Book
Insurance Brokers
Enterprise Value to EBITDA
Trading multiples in the three sectors have remained relatively stable from 2H 2015 to 1H 2016. However, for life insurance
companies, multiples decreased in 1H 2016.
Source: Capital IQ, Inc. 1H multiples as of June 30 and 2H multiples as of December 31.
Graphs illustrate the median multiples of the top constituents of each sector (20 companies for P&C insurance, 20 companies for life insurance and 5 companies for
insurance brokers) based on market capitalization as of June 30, 2016.
1.43x
1.55x
1.42x
1.53x
1.49x
1.4x
1.4x
1.5x
1.5x
1.6x
1.6x
1H 2014 2H 2014 1H 2015 2H 2015 1H 2016
2014 20162015
1.80x
1.93x 1.95x
1.83x
1.53x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
1H 2014 2H 2014 1H 2015 2H 2015 1H 2016
2014 20162015
12.04x
11.65x
12.12x
11.61x
12.73x
8.0x
9.0x
10.0x
11.0x
12.0x
13.0x
14.0x
15.0x
1H 2014 2H 2014 1H 2015 2H 2015 1H 2016
2014 20162015
3. Optimize deals
Sub-sectors highlights
• The persistent low interest rate environment has weighed
on life insurers’ investment portfolios. Furthermore, the
unprecedented U.K. vote to break away from the
European Union increased the volatility of both the U.S.
dollar and Euro value relative to the pound, and
decreased the likelihood of near term rate increases by
the Fed. Last year, major deals involved the largest
Chinese and Japanese life insurers venturing out of their
home markets. While Asian investors still have an active
interest in expanding, regulatory uncertainty remains for
Chinese buyers pending the resolution of the announced
Fidelity & Guaranty Life acquisition.
• We expect momentum to pick up from small to medium
size companies as they are focused on building much-
needed scale and the need to comply with enhanced
regulations.
• The insurance broker segment continues to be the most
active in terms of deal volume. This year we have seen
the five most active regional brokers to be Hub
International, AssuredPartners, Inc., Arthur J. Gallagher
& Co., Confie Seguros California, Inc., and Acrisure, LLC.
5%
8%
87%
Life P&C Broker
21%
48%
30%
Source: S&P Global Market Intelligence
Sub-sector deals by volume and value
Conclusion and outlook
We expect activity to intensify for the remaining part of the
year as insurers are focused on the disruption to their
businesses due to technology, adapting to an evolving
regulatory landscape, and an uncertain macroeconomic
environment.
• Technology: According to the 2016 PwC Global FinTech
Survey, 21% of insurance business is at risk of being lost to
standalone InsureTech companies within five years. The
rise of shared mobility, “gig” economy, robotics, and
sensors are disrupting several areas of insurance.
Incumbents have been responding by direct investment in
start-ups or forming joint ventures to stay competitive.
Recent examples include ACE’s investment in CoverHound
and Marsh’s acquisition of Dovetail Insurance.
• Macroeconomic environment: The global market
volatility, persistent low interest rates, and the uncertainty
around Brexit continue to constrain insurers’ revenues and
profitability. Life insurers have used both divestitures and
acquisitions to manage the damaging impacts of the low-
return environment and transform their business models.
Renewed interest in diversifying asset management
capabilities by way of acquisitions.
• Regulatory environment & shareholder activism:
Increased scrutiny and uncertainty have heavily influenced
insurers’ business models and strategies, forcing many to
exit businesses. The recent DOL Fiduciary Rule continues
to be an obstacle for life/annuity insurers as it can cause
insurers that use exclusive agents to evaluate their product
offerings and firm structure. Recent examples include
MetLife shedding its U.S. adviser unit to Massachusetts
Mutual Life Insurance Co. and AIG selling its Advisor
Group to Lightyear Capital and PSP Investments. AIG
continues to simplify their organization, in part due to the
aggressive stance from activist investor Carl Icahn.
• Foreign entrants: Asian insurers, specifically Japanese
insurers looking for growth and Chinese insurers seeking
diversification, have a continued interest in U.S. and
European insurers.
• Private equity/Hedge Funds/Family Offices: Non-
traditional firms have maintained strong interest in runoff
long tail liabilities. They have expanded beyond insurance
brokers and the annuities business to include other sectors
within insurance, including managing general agents.
1H 2016 Volume 1H 2016 Value
232
$2.4 B
Optimize Deals
US Insurance
Deals Insights
1H 2016 update 3
Key trends and insights