b'MERGERS & ACQUISITIONS|PROPERTY-CASUALTY SECTORInterestingly, one of the principal disposals300 million just two years previously. With announced to combat certain antitrust concernsvaluation multiples seemingly on an ever increasing became a standalone deal of a material size in itsupward trajectory, market commentators are now own right with Gallaghers acquisition of Willis Rewondering when this story might end or at least for US$3.2 billion. Willis Towers had of courselevel out. Or perhaps the mantra remains that if you already agreed to dispose of its reinsurance brokingdont buy, youll be bought as consolidation remains arm to Gallagher, but it was originally conditional onthe name of the game and size matters. Howden the Aon/Willis Towers tie up closing. Gallagherwas also busy with some smaller scale acquisitions prevailed regardless in its pursuit of the businessacross continental Europe, as was competitor and one of the lessons highlighted here is that onceArdonagh which bought Portugal-based broker a deal has been struck and key personnel haveMDS Group for 200 million, giving the group an jockeyed for the important management positionsimportant foothold not only in Portugal, but across pending regulatory and other clearances it canLatin America and Portuguese speaking African become hard to untangle, particularly when teamscountries. Ardonagh also managed to secure the were either cementing their positions or moving onadditions of Ed Broking, Besso Insurance Group in anticipation of the outcome. The newlyLimited and Corant Global Limited to its stable rebranded Gallagher Re business becomes a topduring 2021, helped along by a further injection of three global player going into 2022, whilst Willisnew equity from a refinancing deal introducing the Towers focuses on direct business and maintainingAbu Dhabi Investment Authority as a cornerstone its independent London-listed platform for growth. investor alongside Madison Dearborn Partners LLC Elsewhere in the broking segment of the market,and HPS Investment Partners, LLC. As this report 2021 saw a continued trend of private equity ledhas indicated before, the attractiveness to PE deals dominate as the likes of Howden Brokinghouses of the broking sector continues.Group Ltd. (Howden) and The Ardonagh GroupOne trend to note is that the legacy market Limited (Ardonagh) both continued theirremains an attractive investment opportunity as aggressive expansion strategies with bolt on,shown by PE-backed newcomers to the market strategic and large scale acquisitions. Howdencontinuing with the fire power to announce a series followed its major deal of 2020 buying A-Plan Groupof deals in the UK and European markets, which Ltd (A-Plan) with another in the purchase of Astonalso challenge the more established players such Lark Limited (Aston Lark) for a consideration ofas Riverstone Holdings, Catalina Holdings 1.1 billion, topping the 700 million A-Plan deal in(Bermuda) Ltd. and Enstar Group Limited. The likes the prior period. These two deals in quickof Premia and Marco Capital Holdings Limited succession cement Howdens position in the UK(Marco) each now have a multi-platform offering market across a number of retail and SME directto accommodate a variety of structures in the lines of business. Aston Larks sellers, Goldmancompany and Lloyds markets. Both also have their Sachs and Bowmark Capital made a materialown Lloyds managing agency and approvals from investment gain having bought the business forLloyds to take on books of business in the 20|Global Insurance Industry Year in Review 2021'