Large P&C insurers continue to shy away from making merger and acquisition deals, according to data from SNL Financial. During the quarter that ended September 30, insurance underwriters announced or completed 20 deals, vs. 18 in the second quarter and 35 in the year-ago quarter. The aggregate deal value in the recent quarter was $2.28 billion, with no single transaction exceeding $1 billion, down from $4.20 billion in the second quarter and $14.36 billion a year ago.

While M&A won’t increase in quantity, it will continue to increase in complexity as insurers adapt their business models to a new environment that includes persistently low investment yields, tightening regulation and overcapacity, according to PwC’s “Insurance 2020: A quiet revolution – The future of insurance M&A.”

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