GA Investment... Passing the Baton from Private Equity to Insurers
While private equity firms previously dominated as major investors in the GA industry Recently, the landscape of GA (General Agency) M&A and investment has been shifting. While private equity firms previously dominated as major investors in the GA industry, it appears that insurers and financial holding companies are now taking over this role. This article explores the background and future outlook of this transition. In the past, GA M&A and investments were primarily driven by private equity firms outside the insurance industry. Two notable publicly listed GAs are A+ Asset and Incar Financial Services, both of which achieved successful IPOs thanks to external investments. A+ Asset received investment from Skylake Investment in 2017 and went public in 2020, while Incar Financial Services secured funding from Hanwha Investment and Neoplux, leading to its listing. Additionally, Goodrich received investment from JC Partners, and People Life, which was sold to Hanwha Life Financia...