Disclosed deal for the insurance sector fell to $ 53.5 million from $ 29.5 billion during the first quarter of 2019 during the same period in 2018, according to report released Thursday by PwC.
Deal volume, however, jumped 35% During the first quarter compared to last year, 165 announced deals across the sector, with PwC, also known as PricewaterhouseCoopers, saying that the relatively low dollar amount "is the vibration of the market" and that the deal volume is a forward indicator. 19659002] "The surge of our expectation that the insurance deals market will probably strengthen in the second quarter," the report said.
PwC also noted that the year-ago period "saw a surge in the number of transformative transactions among property and casualty firms. ”
The largest deal during the first quarter was FedNat Holding Co.'s acquisition of homeowners insurance operations from 1
Insurance companies did not announce any megadeals, defined by PwC as being valued at $ 1 billion and over, during the first quarter of 2019. In contrast, six megadeals exceeding $ 1 trillion each were recorded during the first quarter of 2018, with reported deal value totaling $ 27.9 billion, PwC said.
Looking forward, PwC expects deals to continue as property / casualty insurers focus on scale
"The decline in deal value and intense interest in the sector among both private equity firms and publicly traded companies," the report said.