North America’s financial services industry saw a rise of 16.91% in deal activity during January 2021, when compared with the last 12-month average, led by Massachusetts Mutual Life Insurance’s $3.5bn acquisition of Annuity Investors Life Insurance, Great American Insurance Group and Manhattan Life Insurance, according to GlobalData’s deals database.

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A total of 159 financial services industry deals worth $10.05bn were announced for the region in January 2021, against the 12-month average of 136 deals.

Of all the deal types, M&A saw most activity in January 2021 with 119 transactions, representing a 74.8% share for the region.

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In second place was venture financing with 24 deals, followed by private equity deals with 16 transactions, respectively capturing a 15.1% and 10.1% share of the overall deal activity for the month.

In terms of value of deals, M&A was the leading category in North America’s financial services industry with $4.78bn, while private equity and venture financing deals totalled $4bn and $1.27bn, respectively.

North America financial services industry deals in January 2021: Top deals

The top five financial services deals accounted for 87.4% of the overall value during January 2021.

The combined value of the top five financial services deals stood at $8.79bn, against the overall value of $10.05bn recorded for the month.

The top five financial services industry deals of January 2021 tracked by GlobalData were:

1) Massachusetts Mutual Life Insurance’s $3.5bn acquisition of Annuity Investors Life Insurance, Great American Insurance Group and Manhattan Life Insurance

2) The $2.8bn private equity deal with Allstate Life Insurance by The Blackstone Group

3) Ribbit Capital and Sequoia Capital Operations’ $1bn venture financing of Robinhood Financial

4) The $900m acquisition of Boston Private Financial by SVB Financial Group

5) Further Global Capital Management and TowerBrook Capital Partners’ private equity deal with ProSight Specialty Insurance Group for $586m.