Jefferies ends H1 2025 as top financial adviser for insurance underwriter M&A

Boosted by a large deal in May, Jefferies LLC secured the top spot on S&P Global Market Intelligence's first-half financial adviser league table for insurance underwriter M&A based on deal value.

Jefferies advised on Canada-based Definity Financial Corp.'s planned acquisition of The Travelers Cos. Inc.'s personal insurance business and a majority of its commercial insurance business. The deal, announced May 27 and valued at approximately $2.40 billion, is expected to close during the first quarter of 2026. Jefferies also advised on the $75.0 million purchase of Third Point Investors Ltd. by Third Point LLC unit Malibu Life Reinsurance SPC through a reverse merger transaction announced in May.

RBC Capital Markets LLC took second position thanks to its work on the Travelers deal. MUFG Securities Americas Inc. rounded out the top three.

– Download a template to review M&A and IPO transactions for a selected sector. – Review Transaction League Tables on S&P Capital IQ Pro.

In terms of deal volume, Goldman Sachs & Co. LLC and Citigroup Global Markets Inc. tied for first, each advising on three deals.

Legal advisers

Willkie Farr & Gallagher LLP was the top legal adviser on the deal value table, primarily due to its work on two large deals, including the $1.31 billion acquisition of ProAssurance Corp. by The Doctors Co., an Interinsurance Exchange.

Blake Cassels & Graydon LLP, Skadden Arps Slate Meagher & Flom LLP and Stikeman Elliott LLP jointly held second place, all having worked on Definity's acquisition of Travelers' personal insurance business and majority of its commercial insurance business.

By deal volume, Willkie Farr & Gallagher and Debevoise & Plimpton LLP shared the top spot, each advising on seven deals in the first six months of 2025.

Broker deals

J.P. Morgan Securities LLC was the top financial adviser for insurance broker M&A by deal value, thanks to its work on three deals valued at $10.35 billion, including Brown & Brown Inc.'s acquisition of RSC Topco Inc. from Kelso & Co. LP for $9.83 billion.

BofA Securities Inc. and Evercore Inc. shared second place, having participated in the Brown & Brown deal for RSC Topco as well.

Sica Fletcher LLC, which worked on 36 deals, topped the financial advisers list for insurance broker M&A based on deal volume. It was followed by Marsh Berry & Co. Inc., which worked on 30 deals.

Debevoise & Plimpton was the top legal adviser for insurance broker deal value, having advised on the deal between Brown & Brown and Kelso & Co.

By deal volume, Debevoise & Plimpton was also a top legal adviser, sharing the first position with Sidley Austin LLP and Giordano Halleran & Ciesla PC, all of which worked on four deals.

Insurance technology

Raymond James & Associates Inc.'s work on Moody's Corp.'s acquisition of Cape Analytics Inc. made it the top financial adviser for insurance technology deals based on deal volume.

Gunderson Dettmer Stough and Paul Hastings LLP were the top legal advisers for insurance technology deals, logging one transaction each in the first half of the year.