By Robert Shapiro and Scott Shine, August 5, 2014
In the past few years, private equity firms have been some of the most active participants in M & A activity in the insurance sector. For private equity firms, investing in this decidedly staid industry is quite a change from the halcyon days of the early 2000s, when they were known for a high risk, high-reward strategy of using huge amounts of debt to acquire companies, streamline management, eliminate unprofitable operations and cash out through an initial public offering. Now private equity firms, once known as home-run hitters, more and more are seeking singles and doubles.