Mergers and acquisitions for banks, insurance, and securities and investment companies in the second quarter were not more numerous, but the deals were worth much more, according to SNL Financial.
In insurance, there were 69 deals last quarter, down slightly from 70 in the second quarter of 2003, and down significantly from 90 deals in the first quarter. However, despite the decrease in volume, value went up 63% from the previous quarter, from $3.3 billion to $53.5 billion, and up 15% from $4.6 billion in the same quarter last year. Much of this growth was driven by a single transaction, the purchase of Oxford Health Plans by UnitedHealth Group.
There were 42 securities and investments deals, up slightly from 40 in the second quarter of 2003 and more significantly from 26 in the first quarter of 2004. Deal values year over year were up 56%, from $1.7 billion to $2.6 billion this year.
Goldman Sachs & Co. served as financial adviser for both the most and the highest total value insurance company sales, with four deals worth $1.9 billion.
SNL also tracks the financial and legal advisers for M&A transactions. For non-bank financial services company sales, Citigroup Global Markets topped the list as financial adviser with the greatest total deal value with a single transaction worth $1.8 billion. J.P. Morgan Securities advised the most such transactions, 3.
Among all financial services companies, Lazard Freres & Co. advised the largest dollar volume of sales with a single transaction worth $58.7 billion. Keefe Bruyette & Woods served as financial adviser to the greatest number of sales, 21.