Global insurance and insurtech companies raised about $5.39 billion from IPOs in the first nine months of 2021, the largest amount it has raised through three quarters in at least five years, according to an S&P Global Market Intelligence analysis.

The insurance industry also recorded the highest IPO count in that time period since at least 2015, with 19 IPOs through September.

The third quarter alone saw insurance and insurtech companies raise $1.60 billion from six IPOs. That was the second-largest for any third quarter since 2015. The largest sum was raised just a year ago when the industry pulled in about $1.86 billion from seven IPOs in the third quarter of 2020.

Ryan Specialty Group Holdings Inc.'s $1.54 billion IPO was the largest offering in the third quarter. Australia's NobleOak Life Ltd. had the second-largest offering at $47.2 million, while Nepal-based Union Life Insurance Co. Ltd.'s $5.4 million IPO rounded out the top three flotations during the period.

Four offerings in the third quarter came from the Asia-Pacific region, with NobleOak's IPO in July being the largest offering recorded in the area.