There are many reasonable and compelling factors driving the ongoing consolidation of the property/casualty insurance industry, from a sheer overabundance of capital to an overwhelming need to reduce expenses. Another factor is human nature.

As more insurers and reinsurers become buyers or sellers, carriers on the sidelines are pressured to enter the fray. While the same financial, economic and market reasons to engage in M&A activities remain in play, a new reason also rears: the fear of missing the party. No one wants leftovers when the feast is over.