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
APAC was the standout region for insurance M&A in 2025, with deal activity rebounding strongly and several of the year’s largest transactions taking place in markets such as Japan.
In Australia, the insurance sector is benefiting from the stronger growth in the broader APAC region. We are seeing increased levels of strategic insurance M&A activity as new industry players enter the market in specialty areas and global groups look to restructure for streamlining of their regional operations.
With strong capital positions and a continued push for international expansion, particularly among Japanese insurers, we expect APAC to remain a key driver of global deal activity into 2026 across not only the traditional hubs of Hong Kong, Singapore and China but also emerging markets such as India and Thailand.
Yvonne Lam, Partner at Clyde & Co
