b'TABLE OF CONTENTSCORPORATE FINANCEIn March 2021, health insurance provider Alignmentoffering of common stock by health insurance Healthcare consummated its IPO raising grossprovider Clover Health Investments in November proceeds of $490 million, including a primary2021; (ii) $281 million secondary offering of common component ($390 million) and a secondarystock by shareholders of insurtech company component ($100 million) with selling shareholdersSelectQuote in March 2021; (iii) $244 million primary General Atlantic and Warburg Pincus sellingoffering of common stock by insurance distribution approximately 9% and 3% of their ownershipfirm BRP Group Inc. in September 2021; and (iv) $175 interest respectively. Alignment Healthcares stockmillion is a primary offering of common shares by continued to perform well and General Atlantic andBermuda-based insurance company James River Warburg Pincus came back to the market inGroup Holdings, Ltd in May 2021.November for another secondary offering raising approximately $168 million in the aggregate. UK and EuropeMortgage insurance company Enact Holdings Inc.2021 was a record year for IPOs. In defiance of the completed its $290 million IPO in September 2021,shaky market conditions felt in 2020, 2021 marked a which was a secondary offering by sellingremarkable bounce back, with the London Stock shareholder Genworth Financial. Similar to DefinitysExchange (the LSE) describing 2021 as the year IPO, Enacts IPO was accompanied by a concurrentof opportunity. For the first time, over 120 $278 million secondary PIPE transaction also bycompanies were listed on the LSE in 2021, raising Genworth Financial resulting in Genworth Financial16.8 billion, which marked the strongest IPO selling a combined 18% stake in the Companycapital raising since 2007 and the highest number through both transactions. Lastly, insurtechof IPOs since 2014. Technology companies in company Marpai, Inc. completed its $29 million IPOparticular enjoyed a bumper year, raising 6.6 in October 2021. billion on the LSE in 2021, which is double the 3.1 Follow-on primary and secondary offerings forbillion figure from 2020.insurance and insurtech companies were also veryThe recovery was felt across Europe too, with a active in 2021. One of the largest offerings was bymarked increase in IPOs on the Euronext exchange insurance brokerage firm Arthur J. Gallagher & Co.resulting in the highest amount raised for a which raised $1.470 billion in a common stockdecade. Whilst 2020 had marked the year that the offering in May. The proceeds from the offeringUK finally left the EU and uncertainty ensued, 2021 were intended to be used to finance its acquisitionmarked a sea change, as a confident, thriving of the reinsurance, specialty and retail brokeragemarketplace emerged in UK and EU markets. operations of Willis Towers Watson plc as part of aHowever, the trends in insurance veered towards proposed regulatory remedy for the failed Aon plcconsolidation and private equity backing, rather and Willis Towers Watson plc combination. Otherthan IPO launches, in 2021.prominent follow-on offerings in the equity capital markets by North American insurance companiesWhilst last year saw a flurry of fundraises and included the following: (i) $300 million primaryinsurers taking advantage of changing UK MAYER BROWN |45'