Overview of M&A in the European Insurance Industry

M&A activity in the European insurance sector increased sharply in the early 1990s. Dealogic reports 49 completed insurance M&A transactions with European acquirers for the year 1995, with a total disclosed deal volume of USD 7.4 bn.¹⁴ For the next four years, the number and disclosed volume of transactions rose by 20% and 50%, respectively. Regulatory harmonization, particularly the introduction of the Third Generation Insurance Directives for life and non-life insurance in 1992¹⁵ was the major driver¹⁶ behind this pickup in M&A momentum.