The number of mergers and takeovers in Bermuda jumped by nearly half in the second quarter of this year.

The 50 per cent spike in the second quarter compared to the first part of the year represented 127 deals.

A report by legal firm Appleby in its Offshore-i update said that the second quarter saw a total of 732 mergers worth $94.4 billion across offshore jurisdictions — an in increase of 25 per cent over the first quarter.

Appleby partner and group head of corporate Timothy Faries said: “The insurance and financial services sector led offshore activity in quarter two, with Bermuda continuing to serve as a popular jurisdiction for this industry.”

Across the offshore sector, the first two quarters saw a total of $225 billion in deals — well ahead of the previous $159 billion record from 2014.

And the average deal size of $129 million has been topped only twice in the last decade, with average deal value for the first half of the year at $176 million.

Appleby partner and global head of corporate Cameron Adderley said: “Globally, deal values are increasing at a much faster rate than volumes as shrewd acquirers learn the lessons of the past and become more selective of their targets and at the same time more willing to invest large sums in the right deals.

“Buyers are willing to pay a premium for acquisitions that help them to achieve long term strategic ambitions.”

There were a total of 21 deals in the global offshore world worth more than $1 billion in the second quarter of this year, six more than the previous record of 15 billion dollar deals in a three-month period.

It was also the sixth quarter in the last seven to record more than ten billion-dollar deals, with only four quarters matching that in the previous decade.

The Cayman Islands dominated deal volumes as the top target, accounting for more than a third of all deals done offshore.

Bermuda, the British Virgin Islands and Hong Kong were level pegging behind the Caymans.