This past year has almost been a “tale of two cities”, as activity has been selective and steady on the carrier side, but in the intermediary space, particularly with MGA’s and brokers, we’re seeing continued momentum and a real depth of interest in the sector. Insurers have sharpened their focus on specialty lines resulting in a clear emergence of strategic opportunities across energy transition-related risks, cyber and AI exposures, and contingency business tied to large multinational events. We expect this to continue into 2026 resulting in steady deal flow and targets thoughtful M&A.
Eva-Maria Barbosa, Partner at Clyde & Co
In 2026, we expect a cautious but clear uptick in insurance M&A, driven by pent-up demand and abundant private capital targeting strategic bolt-ons. Activity should stay US-led, but we’ll see more cross-border moves into higher-growth emerging markets, for example, in the Middle East, where access to licences, talent and local partnerships is commanding a premium.
Peter Hodgins, Partner at Clyde & Co
