NAICS Code 524298-24 - Insurance Mergers & Acquisitions

Marketing Level - NAICS 8-Digit

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Phone Numbers: 10
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NAICS CODE 524298-24
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NAICS Code 524298-24 Description (8-Digit)

Insurance Mergers & Acquisitions is a subdivision of the NAICS Code 524298 that involves the buying, selling, and merging of insurance companies. This industry is responsible for facilitating the transfer of ownership of insurance companies, which can involve a range of complex financial transactions. Insurance Mergers & Acquisitions is a crucial part of the insurance industry, as it allows companies to expand their operations, diversify their product offerings, and increase their market share.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 524298 page

Tools

Tools commonly used in the Insurance Mergers & Acquisitions industry for day-to-day tasks and operations.

  • Due diligence software
  • Financial modeling software
  • Valuation software
  • Risk management software
  • Data analytics tools
  • Legal document management software
  • Project management software
  • Communication and collaboration tools
  • Investment banking databases
  • Market research tools

Industry Examples of Insurance Mergers & Acquisitions

Common products and services typical of NAICS Code 524298-24, illustrating the main business activities and contributions to the market.

  • Insurance company acquisition
  • Insurance company merger
  • Insurance company sale
  • Insurance company consolidation
  • Insurance company restructuring
  • Insurance company spin-off
  • Insurance company joint venture
  • Insurance company divestiture
  • Insurance company privatization
  • Insurance company recapitalization

History

A concise historical narrative of NAICS Code 524298-24 covering global milestones and recent developments within the United States.

  • The "Insurance Mergers & Acquisitions" industry has a long history dating back to the early 20th century when the first insurance companies began to merge. One of the earliest examples of a merger in the industry was the 1911 merger of the Equitable Life Assurance Society and the Mutual Life Insurance Company of New York. This merger created the largest life insurance company in the world at the time. In the 1980s and 1990s, the industry saw a wave of mergers and acquisitions, with many large insurance companies acquiring smaller ones to expand their market share. Notable examples include the 1998 merger of Travelers Group and Citicorp to form Citigroup, and the 1999 merger of American International Group (AIG) and SunAmerica. In recent years, the industry has continued to see mergers and acquisitions, with AIG acquiring Validus Holdings in 2018 and Marsh & McLennan Companies acquiring Jardine Lloyd Thompson Group in 2019. In the United States, the "Insurance Mergers & Acquisitions" industry has seen significant activity in recent years. In 2015, the industry saw a record number of mergers and acquisitions, with 481 deals worth a total of $69.5 billion. Notable deals in the United States include the 2016 merger of ACE Limited and Chubb Corporation, which created the world's largest publicly traded property and casualty insurance company, and the 2018 acquisition of XL Group by AXA. The industry has also seen increased activity in insurtech, with many startups being acquired by larger insurance companies. For example, in 2019, Allstate acquired iCracked, a provider of smartphone repair services, and Nationwide acquired Vetsure, a pet insurance provider.