b'Technology | Insurtech Number of deals at each stage vs. the average deal size in 2020*90 18080 77 160 160NUMBER OF DEALS US$ MILLION70 14060 59 121 12050 10040 42 8030 29 57 6020 22 16 18 15 4010 2 10 26 5 2 7 7 200 0Seed/Angel Series A Series B Series C Series D Series E+This graph above omits other as a round type.Number of L&H and P&C Insurtech deals vs. the average deal size, 2012-2020*450 140400 400 120 120NUMBER OF DEALS US$ MILLION350300 97 100250 80200 230 24360150 55145 143 4010050 11 89 202 25 33 53 17 22 24 380 0Seed/Angel Series A Series B Series C Series D Series E+This graph does not include the round characterized as other in its calculations. L&H NUMBER OF DEALSP&C NUMBER OF DEALSAVERAGE DEAL SIZESource: CB Insightsincumbent insurance players to buy time to build outfew strategic insurtech M&A transactions in 2020, their technology infrastructure either throughthere were numerous examples of collaborations internal growth or M&A while giving insurtechs aand strategic partnerships that we saw in 2020, lifeline to continue to develop and customize theirsome of which are listed on the next page: insurance industry solutions. While there were only a MAYER BROWN 93'