Totally not surprising
This is very interesting but totally not surprising. We are seeing a similar trend in banking and capital markets. And we've seen it in deals such as Allstate acquiring Esurance. It makes a lot of sense -- acquisition is a much faster way to get up to speed in emerging, digital areas than developing those capabilities internally (although it should still be a priority for financial services companies to do this concurrently). This trend also underscores that the emergence of tech-enabled non-traditional competition, which an issue that FIs must confront, is not necessarily all "bad", as insurers can learn from these new businesses -- and of course, the new competitors are the prime targets for acquisition.