Major global insurance M&A deals in 2023
| Buyer | Buyer's country | Target company | Country of target company | Transaction amount | Comments |
|---|---|---|---|---|---|
| Aon | United Kingdom | NFP | United States | 13 400 | Ongoing operation |
| Brookfield Reinsurance | Canada | American Equity Investment Life Holding Company | United States | 4 300 | Ongoing operation |
| RenaissanceRe | Bermuda | Validus Re | Americas, Europe and Asia-Pacific | 3 300 | Finalized in November 2023 |
| KKR & Co. Inc. | United States | Global Atlantic | United States | 2 700 | Finalized in February 2024 |
| Generali | Italy | Liberty Seguros | Spain | 2 500 | Finalized in June 2023 |
| Stone Point Capital | United Kingdom | Truist Insurance Holdings, Inc | United States | 1 950 | Ongoing operation |
| S.USA Life Insurance Company | United States | National Western | United States | 1 900 | Ongoing operation |
| Talanx Group | Germany | Liberty Mutual | Brazil, Chile, Colombia and Ecuador | 1 500 | Finalized in March 2024 |
| Brookfield Reinsurance | Canada | Argo Group | Bermuda | 1 100 | Finalized in November 2023 |
| Zurich Insurance | Switzerland | Kotak Mahindra General Insurance (70% of capital) | India | 667 | Ongoing operation |
| Brown & Brown | United States | Kentro Capital | United Kingdom | 617 | Finalized in October 2023 |
| Aviva | United Kingdom | AIG Life | United Kingdom | 562.8 | Currently being finalized |
| Arthur J. Gallagher | United States | Eastern Insurance Group | United States | 510 | Finalized in October 2023 |
| Arthur J. Gallagher | United States | Cadence Insurance | United States | 409 | Finalized in November 2023 |
| AXA Group | France | GACM España | Spain | 340.2 | Finalized in July 2023 |
| Allianz | Germany | Tua Assicurazioni (Generali Group) | Italy | 306.6 | Finalized in March 2024 |
| Kenmare Holdings Ltd. (Enstar) | Bermuda | StarStone Specialty Holdings Limited | Ireland | 182 | Ongoing operation |
| AXA | France | Groupama Sigorta and Groupama Hayat | Turkey | NA | Finalized in January 2023 |
Italian insurer Generali and Germany's Allianz Group have carried out a number of acquisitions in 2023, as part of their expansion strategy, particularly in Asia and Europe.
Broker Arthur J. Gallagher and Canadian reinsurer Brookfield Reinsurance have completed several mergers in the United States in 2023. These two companies’ geographic expansion strategies reflect a desire to strengthen their positions and diversify their activities.
