Deal activity in the insurance brokerage space rose modestly year over year in 2020, while underwriters saw a moderate decline, according to an S&P Global Market Intelligence analysis.

There were a total of 754 insurance broker deals announced in 2020, compared to 744 in 2019, the analysis found.

In the underwriting industry, there were 151 M&A transactions announced in 2020, down from 165 in 2019. Underwriter deal activity slowed in the last three months of the year; total of 40 underwriter deals were announced in the final quarter of 2020, compared to 46 in the third quarter and 47 in the fourth quarter of 2019.

The largest insurance deal overall of 2020 was KKR & Co. Inc.'s pending acquisition of retirement and life insurance company Global Atlantic Financial Group Ltd. The transaction, valued at $4.04 billion, is expected to close in early 2021, subject to regulatory approvals and certain other customary closing conditions.

M&A activity in the property and casualty sector was up year over year in the fourth quarter of 2020, rising to 22 deals from 19 in the prior-year period.

The life and health space recorded nine deals in the final three-month period of 2020, compared with 14 in the fourth quarter of 2019. Managed care transaction activity also edged down, with three deals in the quarter versus four a year earlier.