M&A BY THE NUMBERS China

Most Targeted Countries China Hong Kong 8 United States Global Singapore Most Active Companies Fosun International Anbang Insurance Group Co. Hubei Biocause Pharmaceutical Co. M&A China Huadian Capital Holdings Co. A -year look at where the industry is most active

BY ANDREA DE BONO

Over the past decade, global Canada economies have experienced a full Most Targeted Countries Canada recovery, to a long expansion, and United States United Kingdom back to the pandemic-induced United Kingdom Japan recession. Within this period, M&As Bermuda Most Targeted Countries were at the heart of the insurance United Kingdom Most Active Companies Most Targeted Countries industry, as companies worked to United States Western Financial Group Ireland Japan grow, scale and digitally transform Fairfax Financial Holdings Germany United States their business. This map shows the Co-operators General Insurance Indonesia People Corp. Most Active Companies India Howden Broking Group selected country, who the most Most Active Companies PIB Group Mitsui Sumitomo Insurance Co. locations of their top targets. The Davies Group Insurance Co. data collected for this map and the Insurance Co. United States The Dai-ichi Life Insurance Co. charts that follow represent global M&A transactions from to Most Targeted Countries (based on announced transactions) United States , involving insurers, brokers, and Canada 8 related service providers. United Kingdom Bermuda Number of Acquirers Most Active Companies Arthur J. Gallagher & Co. Australia Hub International + AssuredPartners Most Targeted Countries Most Targeted Countries Confie Seguros 8 - France Australia Italy 9 United Kingdom - Luxembourg New Zealand United Kingdom India - Most Active Companies Most Active Companies < AXA PSC Insurance Group BNP Paribas Cardif Steadfast Group CNP Assurances Insurance Australia Group Covea SGAM QBE Insurance Group