b'CORPORATE FINANCE Equity Capital MarketsNorth America and Bermuda2021 was a very robust year for equity capital markets in the insurance sector, particularly with respect to initial public offerings (IPOs). According to an S&P Global Market Intelligence analysis, global insurance and insurtech companies completed 28 IPOs in 2021, up from 21 in 2020, raising about $6.64 billion, the largest amount in at least five years, with the vast majority of these proceeds being raised by North American companies.Excluding insurance companies going public through the de-SPACing process (e.g., Hippo Holdings Inc. and Hagerty, Inc.) which are discussed above (see Mergers & AcquisitionsSPACs), there were seven IPOs by companies in the insurance sector in North America and Bermuda. The largest IPO was by Ryan Specialty Group Holdings, a specialty wholesale insurance brokerage firm, which completed its IPO in July 2021, raising $1.5 billion in gross proceeds. A close second went to health insurance company Oscar Health raising gross proceeds of over $1.4 billion in its IPO in March 2021.Definity Financial Corp. (Definity), the Canadian property and casualty insurer, formerly known as Economical Mutual Insurance Company, raised approximately C$1.6 billion ($1.2 billion) in November 2021, making it the largest Canadian IPO of the year in any sector. Concurrently with its IPO, Definity also consummated a C$700 million ($560 million) private investment in public equity (PIPE) transaction with Healthcare of Ontario Pension Plan (HOOPP) and Swiss Re Investments Holding Company Ltd (Swiss Re), with HOOPP and Swiss Re acquiring 19.9% and 9.9%, respectively, of Definitys outstanding common shares. Definitys IPO and PIPE transaction were made in connection with the conversion of Economical Mutual Insurance Company from a mutual insurance company to a company with share capital, a process known as demutualization. The net proceeds from both transaction were used to fund the distribution of cash benefits of the demutualization to policy holders.44|Global Insurance Industry Year in Review 2021'