The acquisition allows Progressive to add products for larger fleets and brings expertise in workers comp coverage for the transportation industry, which are new areas of business for Progressive.
The five major deals accounted for 100% of the fourth quarter’s total deal value, with the largest deal being the $3.94 billion acquisition of Metlife Auto & Home Insurance Agency by Zurich Farmer’s Group and Farmer’s Exchanges.
Earlier this week, Allstate announced it closed its $4 billion acquisition of National General, a North Carolina-based property-casualty insurance group. The acquisition, announced in July 2020, sees Allstate expand its personal lines market position.
When the transaction closes in early 2021, Allstate will become the fifth largest independent agency carrier.
Recent tax reform changes directly impact every taxpayer in the U.S., but may also impact agency valuations, agency operating structure, and merger & acquisition activity.
OPTIS Partners recorded 449 mergers and acquisitions in the U.S. and Canada last year—a slight dip from the record of 456 in 2015.
Buyers and sellers reported 451 mergers and acquisitions of insurance agencies in 2015 in U.S. and Canada—more than ever before, according to a recent report from OPTIS Partners.
