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2021 Insurance Landscape Deep Dive


Published June 2021


Download a copy of the report here.

Report Highlights

In this report we explore key trends within the insurance industry, 1) pandemic-induced acceleration in digital transformation and 2) heightened risk factors related to increased cyber breaches, pandemic, and climate change (see page 11). Both smaller agencies and large incumbents such as Marsh & McLennan and Chubb are adapting to this shifting risk environment not only through rapid adoption of insurance management software and more robust data analytics, but also through a consequent specialization in growing areas such as cybersecurity.

Figure 1: Representative insurance businesses we feature in our 2021 Insurance Landscape Deep Dive

Figure 2: We segment the insurance market into four distinct regions and 13 sub areas, each with a detailed market map, key trends, and market activity update

These sophisticated products and operational changes have created a rush to outsourcing services such as claims settlement and account management in order to focus on their core revenue-generating activities. Private equity-backed ZyWave is leading the trend by building an all-in-one management software and outsourcing platform through the acquisitions of a swathe of insurance software including Modgic, Enquiron, and Advisen.

2021 has so far been a robust year across the industry with strong IPO and M&A activity across nearly every vertical in the insurance value chain. To name a few in the carrier space, Allstate’s life insurance unit was acquired by Blackstone in January for $2.8 billion. Digital distribution and carriers continue to soar to higher valuations as The Zebra raised $150 million in April at a $1 billion valuation, and Pie Insurance raised $118 million in March at an $876mm valuation.

We expect the digitalization of insurance to be a pervasive transformation, as both strategic players and sponsor-backed firms incorporate innovative analytics, back-office management, and distribution solutions into their offerings through acquisitions. The insurance market represents a sizeable 11% of U.S. GDP. and we are committed to continuously sharpening our expertise and understanding of this specific domain.

Evolve’s Expanding Insurance Expertise

Evolve successfully advised in two insurance transactions in 2020 (see page 9), the sale of Aegis Corporation to Charles Taylor, and Davies Group’s acquisition of Wakely Actuarial. These transactions highlight Evolve’s rising role as a rapidly rising leader in the insurance space, one of our key areas of focus alongside Capital Markets and Lending.

The report is part of our research coverage which helps our clients take pulse of trends and transaction activity relevant to their space within the insurance ecosystem. For entrepreneurs or sponsor-backed firms, we hope this report may help you better understand the strategic options available to you (such as a sale vs. a raise).

If you’d like to discuss the report in further detail or dive deeper into a specific sub-sector, feel free to reach out to the Evolve research team at research@evolve-capital.co.

Evolve’s Leading Research

We also produce monthly transaction and market updates across our coverage areas. In June, we covered InsuranceSpecialty Finance and Payments. Our upcoming July issue will cover Capital Markets, Business Process Outsourcing, and BankTech.