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European Insurance M&A Barometer Report 2024
Surfing the New European Wave of Consolidation
Welcome to FTI Consulting’s 2024 European Insurance M&A Barometer annual report, “Surfing the New European Wave of Consolidation”, highlighting insurance deal activity across the region. Our report shines a light on the key trends for the insurance mergers and acquisitions (“M&A”) market, its most notable transactions, and the players to watch.
FTI Consulting’s European Insurance M&A Barometer
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694
European insurance M&A activity continued to increase in 2024, and record volumes were reached again, with 694 deals announced (compared with 574 in 2023 and 435 in 2022), an increase of more than 20%.
Increased activity across the sector
2024 DEAL HIGHLIGHTS
106
The DACH region saw 106 transactions deal announcements compared with 81 in 2023. In total, over 95% of deals were acquisitions of distribution and service providers, with PE-owned broker consolidators continuing to exploit market fragmentation (particularly in Germany) in pursuit of their growth strategies.
Strong continuation of deal announcements across Germany, Austria, Switzerland (“DACH”) region
69
The Benelux region experienced a significant increase in deal activity with 69 announced transactions compared with 48 deals in 2023, despite being a mature market with low organic growth.
Benelux deals continued at pace 69 deals announced:
284
There were 284 announced transactions in 2024, compared with 232 in 2023, an increase of approximately 20%, suggesting that the runway is larger than anticipated, despite the market’s maturity and level of consolidation.
UK & Ireland (Including Bermuda) continue to lead in the EU market
90%
Broking and service providers continued to attract most capital, predominantly from private equity (“PE”), with 627 announced transactions compared with 502 in 2023. These transactions accounted for 90% of Europe’s insurance deal volume in 2024.
Broking and Service Providers 627 deals announced:
67
In the carrier’s sector, deal volumes for property and casualty (“P&C”) insurance remained stable, with 44 announced transactions, the same as in 2023.
Carriers sector 67 DEALS ANNOUNCED:
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Despite global geopolitical turmoil, the economy has proven to be robust, avoiding a hard landing so far. The resultant decline in interest rates has fuelled European insurance M&A, making 2024 another very busy year.
Increased Activity Across the Sector
2024 IN REVIEW
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European insurance M&A activity continued to increase in 2024 and record volumes were reached again, with 694 deals announced (compared with 574 in 2023 and 435 in 2022), an increase of more than 20%. There were several notably large transactions although most deals were small.
Broking and service providers continued to attract most capital, predominantly from private equity, with 627 announced transactions compared with 502 in 2023. These transactions accounted for 90% of Europe’s insurance deal volume in 2024.
Total European Insurance M&A Deals
2020
2021
2022
2023
285
379
435
574
Total European Insurance M&A Deals by Business Type
Carriers
Brokers and Service Providers
66
74
58
72
219
305
377
502
2024 saw an increase of around 20% in private equity activity — directly and through portfolio companies — with 437 announced transactions compared to 366 in the previous year. For broker consolidation platforms, add-ons and bolt-on acquisitions have remained the primary strategy for value creation.
In the carrier’s sector, deal volumes for property and casualty (“P&C”) insurance remained stable, with 44 announced transactions, the same as in 2023, as market conditions remained favourable, driven by another year of positive top-line growth and underwriting profitability.
In the life sector, transaction volumes declined significantly, with 14 announced transactions compared with 25 in 2023. The decline was probably due to the sector having gone through a period of consolidation over the past few years, leaving fewer companies to target.
However, the UK bulk purchase annuity (“BPA”) market continues to be strong, having completed more than £45 billion of transactions with pension schemes in 2024, including transactions between Rothesay and NatWest’s pension scheme totalling £11 billion.
Total European Insurance M&A Deals by Acquirer Type
Private Equity (Direct)
Private Equity Portfolio Company
48
38
41
44
Strategic Buyer
145
200
222
322
92
141
172
208
Total European Insurance Carriers M&A Deals by Segment
Composite
Life
Non-Life
16
11
7
3
9
24
25
25
41
39
26
44
Regional Activity Levels
The UK and Ireland (including Bermuda) continue to lead the European market for insurance industry M&A. There were 284 announced transactions in 2024, compared with 232 in 2023, an increase of approximately 20%. This suggests that the runway is larger than anticipated, despite the market’s maturity and level of consolidation. Most of these were broker consolidation deals. The carriers sector saw a decline in volumes as we were likely at the peak of the hard market, and a large portion of the deals occurred in the London, Lloyd’s, and Bermudian markets.
Iberia was the second most active market in Europe, with insurance M&A activity fuelled by broker consolidation. In 2024 the upward trend has continued, with 117 deals announced in 2024 – more than double 2023’s total of 53.
The Germany, Austria, Switzerland (“DACH”) region, still one of the most fragmented markets in Europe, saw a strong continuation of deal announcements, with 106 transactions compared with 81 in 2023.
The Benelux region saw a significant increase in deal activity with 69 announced transactions compared with 48 deals in 2023, despite being a mature market with low organic growth.
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UK & Ireland Deals*
2020
2021
2022
2023
141
197
177
232
Total European Insurance M&A Deals by Market
Benelux
2020
2021
2022
2023
18
38
46
48
CEE***
***Includes Greece and excludes Russia
2021
2022
2023
18
24
15
27
2020
Nordics
2020
2021
2022
2023
32
26
41
56
DACH**
2020
2021
2022
2023
21
39
53
81
** Includes Lichtenstein
Iberia
2020
2021
2022
2023
11
13
43
53
Italy
2020
2021
2022
2023
15
20
29
32
France
2020
2021
2022
2023
29
22
31
45
*Includes Bermuda insurance market
Transaction Services
Organisations considering strategic transactions need extensive support prior to and throughout the deal life cycle to guarantee the best possible outcomes.
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Key Contacts
Rory O’Brien Co-Leader of Global Insurance Services Global Insurance Services rory.obrien@fticonsulting.com
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Page 15
United Kingdom & Ireland
Page 25
Germany, Austria & Switzerland (“DACH”)
Page 28
Benelux
Page 41
Central & Eastern Europe (“CEE”)
Page 31
France
Page 34
Italy
Page 36
Iberia
Page 39
Nordics
Our experts consider European M&A activity by sub-region:
TRENDS AND PERSPECTIVES
Services
Related Insights
European Insurance M&A Barometer Report 2023
More
European Insurance M&A Barometer Report 2021
More
Andre Frazao Head of Insurance M&A EMEA Global Insurance Services andre.frazao@fticonsulting.com
Jeremy Riley Managing Director Global Insurance Services jeremy.riley@fticonsulting.com
Conclusion: Insurance M&A Activity Across Europe Remains Optimistic
2024 was another busy year for insurance M&A across Europe, with activity showing no signs of slowing down.
For 2025, concerns have been expressed about disruption from new economic policies such as tariffs, and about the effects of possible overheating in the market. However, FTI Consulting believes the pipeline is so strong that deal volumes are likely to continue increasing and valuations to hold up. Management’s ability to deliver effective integrations and achieve meaningful operational leverage will increasingly define the winners of the broker consolidator model.
This report reviews insurance deal activity across Europe, leveraging the results of our recent research.
To learn more about these results or to find out how FTI Consulting can help your company acquire, merge or dispose of insurance businesses across Europe, please speak to one of our experts.
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2024
694
627
67
257
376
61
44
14
9
2024
284
2024
69
2024
117
2024
106
European Insurance M&A Barometer Report 2022
More
20%
2024 saw an increase of approximately 20% in PE activity – directly and through portfolio companies – with 437 announced transactions compared with 366 in 2023.
Private equity deals 437 transactions
2020
2021
2022
2023
2024
2020
2021
2022
2023
2024
2020
2021
2022
2023
2024
2024
31
2024
40
2024
26
2024
21
Total European Insurance M&A Deals
2020
2021
2022
2023
285
379
435
574
Total European Insurance M&A Deals by Business Type
Carriers
Brokers and Service Providers
66
74
58
72
219
305
377
502
Total European Insurance M&A Deals by Acquirer Type
Private Equity (Direct)
Private Equity Portfolio Company
Strategic Buyer
48
38
41
44
145
200
222
322
92
141
172
208
Total European Insurance Carriers M&A Deals by Segment
Composite
Life
Non-Life
16
11
7
3
9
24
25
25
41
39
26
44
UK & Ireland Deals*
2020
2021
2022
2023
141
197
177
232
*Includes Bermuda insurance market
232
Benelux
2020
2021
2022
2023
18
38
46
48
France
2020
2021
2022
2023
29
22
31
45
Italy
2020
2021
2022
2023
15
20
29
32
Iberia
2020
2021
2022
2023
11
13
43
53
** Includes Lichtenstein
DACH**
2020
2021
2022
2023
21
39
53
81
Nordics
2020
2021
2022
2023
32
26
41
56
CEE***
***Includes Greece and excludes Russia
2020
2021
2022
2023
18
24
15
27