Total deal value in the insurance sector decreased significantly during 2019 as a result of a reduction in mega deals. Meanwhile, InsurTech investments reached record levels, while consolidation of the broker subsector, bolt-on acquisitions to complement existing service offerings, and acquisitions of digital technology capabilities all featured prominently in 2019.  

Low interest rates, outbound investment from China and Japan, excess capacity in the reinsurance industry, and changes in corporate strategies continued to drive dealmaking in the sector.

Our Insurance sector group hosted a number of client events, including a European life insurance event with ABN AMRO and Deloitte and a webinar co-hosted with KPMG, both of which focused on M&A. These events also covered topics such as InsurTech, sanctions, reinsurance and derivatives, tools for restructuring insurance businesses, and insurance business transfers. 

We also produced the 2019 edition of our Hogan Lovells lnsurance Horizons publication, covering hot topics, key global and regional trends, and regulatory developments around the world.

230+

Insurance lawyers

Tier 1

Insurance: Corporate and Regulatory
Legal 500 UK, 2019

In 2019, Hogan Lovells advised on the following
Insurance transactions, among others:

Enstar

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Enstar

We advised Enstar, a global insurance group, on its acquisition of BorgWarner Morse TEC, which holds US$800m of BorgWarner liabilities associated with personal injury asbestos claims and environmental claims. This is Enstar's second acquisition of a non-insurance company, demonstrating its ability to provide market-leading legacy solutions for large corporates and their historic liabilities. A team of lawyers in our Philadelphia office led this transaction, with support from our tax practice.

Monument Re

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Monument Re

We advised Monument Re, a reinsurer and acquirer of European asset intensive portfolios, on its €140m acquisition of a portfolio of Irish annuities from Rothesay Life. The acquisition, part of Monument Re's Ireland consolidation strategy, was structured as reinsurance to Monument Re followed by a Part VII transfer. A team of lawyers in our London office led this transaction, with support from our employment, intellectual property, and tax practices.

Royal London

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Royal London

We advised Royal London, the largest mutual insurer in the United Kingdom with group funds under management of £100bn, on its offer to its policyholders to exchange their guaranteed annuity rates for increases to their pension savings. The offer provides policyholders with more flexibility to take their retirement savings in a way that suits them under the UK's “pension freedoms.” The offer included a number of innovations, for example to deliver a fair vote and to simplify the communication process. A team of lawyers in our London office led this transaction, with support from our pensions and restructuring practices.

SCOR

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SCOR

We advised SCOR on the merger of its three SE Legal entities, through which SCOR Global Life SE and SCOR Global P&C SE merged into SCOR SE. This major reorganization, which is part of SCOR’s three-year strategic plan, enables the company to optimize its operational and legal structure and level of regulatory capital, thereby creating additional value for its shareholders, customers, and partners. Lawyers in our Paris office led a global, cross-practice team across more than 30 offices on this transaction.

“Stellar practice with an outstanding reputation for advice to insurers and reinsurers on all aspects of insurance law.”

Chambers Europe, 2019

Insurance market statistics as published in Hogan Lovells Deal Dynamics

2%

2%

Decrease in global deal volume
(2019 vs. 2018)

52%

52%

Decrease in global deal value
(2019 vs. 2018)

22%

22%

Increase in Japanese global deal volume
(2019 vs. 2018)

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M&A Year in Review | 2019

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