The Global insurance industry is set to see the latest “mega deal” as Ace has announced it’s purchase of US-listed Chubb for over $28bn.
The takeover will be the largest on record in the sector. Newton Perkins’ active monitor of Underwriting Mergers and Acquisitions has recorded the upswing with the likes of the $7.5bn tokio Marine takeover of HCC Insurance; and XL combining forces with Catlin in a £2.7bn transaction amongst 9 deals we’ve recorded in the first 6 months of 2015.
The Government estimate that London’s insurance sector contributed £12bn to the UK economy in 2013. Activity and consolidation on this hugely significant sector may also predicate requirements for some of the City’s large scale office developments planned for the insurance heartland within the EC3 postcode.