This paper examines the relationship between physical distance, organizational form and M&A performance in the U.S. property-liability insurance industry from 1993 to 2013. There are three main findings. First, M&A that occurs within shorter distances between the acquirer and its target, performs better on ROE, indicating the relevance of distance and information advantage and synergy. Second, mutual acquirers have negative post-acquisition ROE, suggesting that mutuals are less efficient than stock companies. However, the interaction effect between distance and organizational form is not significant. Finally, this paper finds a positive relationship between insurer size and post-M&A performance, while the level of leverage and whether an insurer is affiliated with a group share negative relationship with post-M&A performance.