(Bloomberg) -- Insurance dealmaking is heating up as companies embrace a bigger-is-better philosophy.

Axis Capital Holdings Ltd.’s plan to merge with PartnerRe Ltd., creating a firm with a combined market value of $11 billion, marks the third sizeable deal for a Bermuda-based insurer since November.Insurance companies are turning to acquisitions amid increased competition and declining policy rates. Those pressures are likely to drive even more deals in 2015, according to Nomura Holdings Inc.

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