律师事务所Clyde & Co最新发布的保险业增长报告显示，2018年上半年并购业务走势上扬，而欧洲是唯一出现下滑的地区，2017年下半年欧洲进行了65宗并购交易，而2018年上半年只有59宗。
在再保险市场，Clyde & Co.全球企业保险主管Andrew Holderness认为，目前正在发生"巨大的变化"。"承保人希望在各个层面上分散风险，无论是直接的、再保险还是转分保，因此他们需要足够的规模和资产负债表优势。"
作为一家大型单一再保险公司与客户保持联系 "越来越难"，因此公司通过继续挂牌出售或通过收购新的承保资产来实现多元化。 "在世界各地辖区，大型再保险公司都在通过收购或者有组织地拓展初级市场的地盘，努力与客户保持密切联系。"
Clyde & Co.公司保险合伙人Vikram Sidhu指出，潜在买家正在挑战高估值。他认为，这种转变只是为了"延迟交易"，因为各方都在定价方面进行更积极的谈判。
Holderness将增长称之为 "复苏的第一抹绿芽"。 尽管英国脱欧占用了"大量"管理时间，并购活动被延后，但仍然出现了增长。 "尽管英国脱欧的详细机制仍然存在不确定性，但大多数受影响的保险企业已经制定了运营计划，工作重点将重新回到发展这一议程。" "这意味着欧盟和英国的再保险公司将再次开始寻找目标，而自身可能会成为该地区以外收购者的目标。"
报告称，作为"增长动力"，人们对技术也越来越感兴趣。 亚马逊和谷歌等新的市场颠覆者正在挑战现有模式，同时向更多传统保险公司施压。 但是，规模仍然是交易的关键驱动因素。
Mergers and Acquisitions (M&A) for global insurance has peaked again for the second consecutive six month period, with insurtech ‘topping the bill’ despite the challenges of Brexit and Europe falling short
According to a recent Insurance Growth Report mid-year update from global law firm Clyde and Co, M&A has showed ’modest increases’ during the first half (H1) of 2018 with 186 deals worldwide compared to 180 previously, following a ‘low point’ during H1 2017 including two years of ’steady decline.’
Europe was the only region slipping to 59 completed deals in H1 this year, a sharp decrease from 65 during the second half (H2) in 2017. Whilst the Americas and Asia powered ahead, Bermuda securing more deals as reinsurance models shift and Europe still remaining the second busiest region behind America.
Insurtech ‘topped the bill’ with deals this year from Canada’s Mnubo, an IoT analytics company and Dutch mortgage platform, Jungo demonstrating the interest in technology as a ’growth driver.’
Although the insurance market seems to remain ‘uber-competitive’ and Brexit plans take shape, this figure is set to shift as both insurers and reinsurers in the EU and UK may be targeted as acquirers outside the region.
Breakdown of deals per region 2018/17:
Insurance Growth Report 2018 - Mid-year Data Cut Infographic
- Worldwide-186 in H1 2018, 180 in H2 2017
- Europe-59 deals from 65 in H2 2017
- Americas-97 deals, compared to 90 in H2 2017
- Asia-20 from 25 deals
- Middle East/NorthAfrica-4 deals from 3
Insurtech ’topped the bill’ this year, technology was seen as a ‘growth driver,’ and new market ‘disruptors’ Amazon and Google looking to challenge existing models increasing the pressure on traditional insurers.
Andrew Holderness, Clyde and Co’s global head of corporate insurance, said: “Technology is the key to unlocking new customers in new markets vis new distribution channels.”
He said that technology companies are looking to acquire ’dynamic and innovative’ startups to deliver proven solutions whilst others are seeking to invest in-house creating ‘digital garages’ like Aviva in 2016.
He warned that as competition heats up, traditional players will need to evolve legacy business models to keep ahead of the game and protect market share.
But the surge in M&A which Holderness refers to as ’the first green shoots of recovery’ taking hold, notes that the challenge of Brexit taking up ‘huge chunks’ of management time could be to blame for the decrease with deals being pushed lower in priority.
He said: “Despite continuing uncertainty over the detailed mechanics of Brexit, most affected insurance businesses now have their operational plan in place and focus will return to the growth agenda.
“This means re/insurers within the EU and the UK will start looking for targets again while they themselves may be targeted by acquirers from outside the region.”
Holderness stressed that most insurance businesses now have ’operational plans’ in place so focus can return to growth agenda, therefore as Brexit crystalises M&A is set to increase.
However, in the reinsurance market, Holderness believes a ‘seismic shift’ is underway. He explained: “Carriers are looking to write risk at every level, be it from the direct side, reinsurance or retrocession and for that they need sufficient scale and balance sheet strength.”
He said this is due to it being ‘increasingly difficult’ to remain relevant as a large monoline reinsurer and therefore Bermudan businesses continue to be ’put up for sale’ or look to ’diversify’ by gaining new underwriting assets themselves.
There have been a number of Bermudan acquirers in H1 2018 and takeovers of reinsurers such as AXA’s move on the island’s XL Caitlin in March.
He continued: “In jurisdictions around the world large reinsurers are striving to get closer to their customers by increasing their footprint in the primary market either organically or through acquisition.”
Corporate insurance partner at Clyde and Co, Vikram Sidhu, pointed out that potential buyers are now challenging high valuations. But he claims that the shift is only to ‘delay deals’ as parties negotiate more aggressively over pricing.
Overall the forecast for M&A is looking up and business set to pick up in the US, China and the Middle East, the latter two have incurred regulatory changes.