b'Mergers & Acquisitions | Property-Casualty Sector | North America and BermudaM&A Outlook in US/Bermudafor 2021We expect market momentum to continue into 2021 as the impacts of the global crisis accelerate the trend towards greater carrier consolidation that has been evident for the past few years. While new deals will continue to reflect the factors that have driven consolidation over the past few years, they will also be driven by the changes wrought by the ongoing COVID-19 pandemic and the rise of mature insurtechs. In this latter respect, we envisage legacy insurance carriers to increasingly acquire and partner with maturing insurtechs as they seek to both respond quickly to pandemic-driven digital demands and harness innovations for strategic growth. Conversely, insurtech program managers are likely to increasingly look to acquire carriers. For example, Hippo Insurance Services announced it was acquir-ing its principal fronting carrier, Spinnaker, in June 2020, and Pie Insurance has publicly announced that it has earmarked significant capital to either buy or build an insurance carrier in 2021. gMAYER BROWN 9'