Insurer mergers and acquisitions are heating up: Aetna recently announced planned acquisitions of Prodigy Health Group and Genworth’s Medicare supplement business; Allstate Corp. purchased Esurance and Answer Financial from White Mountains Insurance Group Ltd.; UnitedHealth Group Inc. struck several deals in the past year. And, according to a new Towers Watson survey, insurers feel confident in their M&A activity. U.S. insurers believe that they are more successful at accomplishing consolidation and strengthening competitive position compared to their non-insurance counterparts, the report, “M&A Role of the Manager,” indicates.
While 66% of non-insurers and 60% of insurers cited strengthening competitive position as an objective for their most recent M&A, 62% of insurer respondents said the transaction was highly successful in this regard, while only 31% of non-insurers responded in kind in this survey of more than 203 managers in U.S. organizations, 100 of whom are from the insurance industry.
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