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TOP 10 GLOBAL INSURANCE-RELATED MERGERS AND ACQUISITIONS ANNOUNCED, 2014

($ millions)

Rank Buyer (country) Target (country) Sector Transaction value
1 Aviva plc (U.K.) Friends Life Group Ltd. (U.K.) Life/annuity $8,519
2 Dai-Ichi Life Insurance Co. Ltd. (Japan) Protective Life Corp. (U.S.) Life/annuity 5,700
3 Starr Investment Holdings LLC and Partners Group (U.S.) BC Partners and Silver Lake's MultiPlan, Inc. (U.S.) Insurance services 4,400
4 Manulife Financial Corp. (Canada) Standard Life plc's (U.K.) Standard Life Financial, Inc. and Standard Life Investments, Inc. (Canada) Life/annuity 3,700
5 Kohlberg Kravis Roberts & Co. LLP (U.S.) Stone Point Capital LLC and HelIman & Friedman LLC's Sedgwick Claims Management Services, Inc. (U.S.) Insurance services 2,400
6 RenaissanceRe Holdings Ltd. (Bermuda) Platinum Underwriters Holdings Ltd. (Bermuda) Property/casualty 1,900
7 The Canada Pension Plan Investment Board (Canada) Stone Point Capital, Kelso & Co., Vestar Capital Partners, and FFL's Wilton Re Holdings Ltd. (Bermuda) Life/annuity 1,800
8 Helvetia Group (Switzerland) Nationale Suisse (Switzerland) Life/annuity 1,600
9 Desjardins Financial Corp. (Canada) State Farm Mutual Automobile Insurance Co.'s Canadian insurance operations (U.S.) Property/casualty 1,500
10 TPG Capital LP (U.S.) Onex Corp.'s The Warranty Group, Inc. (Canada) Property/casualty 1,500
Source: Conning Research & Consulting, Inc. analysis.