US financial services industry saw a rise of 21.49% in overall 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 147 deals worth $10.04bn were announced in January 2021, compared with the 12-month average of 121 deals.

M&A was the leading category in the month in terms of volume with 110 deals, which accounted for 74.8% of all deals.

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In second place was venture financing with 23 deals, followed by private equity with 14 transactions, respectively accounting for 15.7% and 9.5% of overall deal activity in the US technology industry during the month.

In terms of value of deals, M&A was the leading deal category in the US financial services industry with total deals worth $4.78bn, while private equity and venture financing deals totalled $4bn and $1.26bn respectively.

US financial services industry deals in January 2021: Top deals

The top five financial services industry deals accounted for 87.5% 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 $10.04bn 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 deal with Boston Private Financial by SVB Financial Group

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