European Insurance M&A Barometer Report 2025
Navigating the Changing Shape of European M&A
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Welcome to FTI Consulting’s 2025 European Insurance M&A Barometer annual report, “Navigating the Changing Shape of European M&A”, 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.
Deal Highlights
789
European Insurance M&A reaches new heights – 789 deals announced
European insurance M&A deal activity reached another record in 2025, with 789 announced transactions compared with 694 in 2024 and 574 in 2023, although true volumes are likely higher given the limited disclosure of smaller deals.
219
UK & Ireland (Including Bermuda) continue to lead in the EU market, but volume declines – 219 deals announced
The UK and Ireland (including Bermuda) remained the most active insurance M&A market in Europe in 2025, although deal volumes moderated from record levels. Total announced transactions declined to 219 from 284 in 2024, reflecting a gradual normalisation following several years of exceptionally high activity.
143
Strong continuation of deal announcements across Germany, Austria, Switzerland (“DACH”) region – 143 deals announced
The DACH region consolidated its position as one of the most dynamic insurance M&A markets in Europe in 2025, with total announced deals increasing from 106 to 143. This underscores the region’s emergence as a core focus for both domestic and international consolidators.
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United Kingdom, Ireland & Bermuda - Page 12
Trends and Perspectives By Market
Increased Activity Across the Sector
2025 in review
European insurance M&A deal activity reached another record in 2025, with 789 announced transactions compared with 694 in 2024 and 574 in 2023, although true volumes are likely higher given the limited disclosure of smaller deals.
Total European Insurance M&A Deals
2020
2021
2022
2023
2024
2025
379
285
574
435
694
789
2020
2021
2022
2023
2024
2025
2020
2021
2022
2023
2024
2025
2020
2021
2022
2023
2024
2025
66
74
58
72
67
99
204
289
321
449
570
596
15
16
56
53
57
94
Carriers
Brokers
Service Providers
Total European Insurance M&A Deals by Business Type
Brokers and insurance service providers accounted for the vast majority of activity, with 596 broker deals and 94 insurance service provider transactions together representing more than 87% of all European insurance M&A volumes in 2025.
2020
2021
2022
2023
2024
2025
2020
2021
2022
2023
2024
2025
2020
2021
2022
2023
2024
2025
48
38
41
44
61
69
222
322
376
402
92
141
172
208
257
318
Private Equity (Direct)
Private Equity Portfolio Company
Strategic Buyer
200
145
Total European Insurance M&A Deals by Acquirer Type
Private equity (“PE”) involvement remained intense, although the mix shifted. Direct PE transactions moderated slightly, with 69 announced deals compared with 61 in 2024, while PE-backed portfolio companies accelerated their roll-up strategies, executing 402 transactions and cementing their position as the primary consolidators of Europe’s insurance M&A landscape.
Carrier M&A activity remained comparatively modest but edged higher, with 23 life, 21 composite, and 55 non-life transactions, compared with 14 life, 9 composite, and 44 non-life transactions in 2024. Activity was supported by largely healthy balance sheets, continued rate adequacy across many P&C and reinsurance lines, and a selectively more active legacy market.
16
11
7
3
9
21
9
39
26
23
14
25
25
24
Composite
2020
2021
2022
2023
2024
2025
2020
2021
2022
2023
2024
2025
2020
2021
2022
2023
2024
2025
Life
Non-Life
55
41
44
44
After several years of relative dormancy, carrier-side M&A is poised for a significant comeback as the industry navigates a transition into a softer market cycle. Following a prolonged “hard market” where carriers built up significant capital reserves through rate adequacy and underwriting discipline, the focus has shifted toward strategic capital deployment. With organic growth opportunities moderating, the industry’s heavyweights are returning to the negotiating table to defend market share and optimise their balance sheets. The year 2025 was marked by landmark “megadeals” that signalled this new era of carrier consolidation, most notably Sompo’s $3.5 billion acquisition of Aspen and AIG’s $2.1 billion investment to acquire a 35% minority stake in Convex. While life and pension assets continue to trade near book value, non-life specialty carriers are commanding significant premiums, with multiples reaching up to 1.5x P/B.
The resurgence in non-life carrier M&A activity has been supported by an active legacy market and a growing need for
“Class of 2020” PE-backed insurers to find exit routes, all of which indicates that carrier M&A will be a primary narrative throughout 2026 and beyond.
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History suggests that insurance M&A does not automatically deliver on its strategic promises. Realising value depends not only on financial logic, but on disciplined execution. As consolidation accelerates, integration capability and leadership execution will become the defining tests of whether today’s deals translate into sustained shareholder value.
Jeremy Riley
Senior Advisor
FTI Consulting
Regional Activity Levels
2025 in review
uk and ireland (including bermuda)
The UK and Ireland (including Bermuda) remained the most active insurance M&A market in Europe in 2025, although deal volumes moderated from record levels. Total announced transactions declined to 219 from 284 in 2024, reflecting a gradual normalisation following several years of exceptionally high activity. Broker deals fell by more than 30%, marking a clear trend change after several years in which broker consolidation consistently reached new highs. This decline reflects growing market saturation, a reduced number of scaled independent targets and more selective capital deployment. Carrier-sector activity increased modestly as insurers began deploying accumulated capital into M&A following several years of hard market conditions.
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The Changing Shape of European M&A
report
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European Insurance M&A at a Turning Point
conclusion
European insurance M&A activity surged to yet another record in 2025, with volumes expanding across all segments and an increasingly important contribution from continental Europe alongside the still-dominant UK market. While consolidation among insurance brokers and service providers continues to underpin overall deal flow, the emergence of MGAs and specialty lines platforms, together with renewed carrier M&A appetite as non-life markets soften, is broadening opportunies and sustaining strong valuation outcomes for high-quality leadership and well-integrated businesses.
In 2026, competition will intensify and capital will remain abundant. Differentiation will be critical in this environment, platforms that can demonstrate scalable operations, robust organic growth, and the ability to deploy capital across both mature and fast-growing European markets are likely to emerge as the long-term winners of the broker and carrier consolidator model.
Insights & Services
report
European Insurance M&A Barometer 2025
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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Transaction Advisory Services
Organizations 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
Jeremy Riley
Senior Advisor
london, uk
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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89
The Benelux region maintains its upward momentum –
89 deals announced
The Benelux region continued its upward trajectory in 2025, with announced insurance M&A transactions rising from 69 to 89, extending a multi-year growth trend in an otherwise mature, low-growth market.
68
Italy market surges forward, with deal volumes more than doubling – 68 deals announced
Italy emerged as one of the most dynamic insurance M&A markets in Europe in 2025, with total announced deals more than doubling from 31 to 68. This surge confirms that the country’s broker consolidation cycle is now fully underway following a late start and that Italy has moved from a “future opportunity” to an active priority for both domestic and international investors.
87%
Brokers and service providers continue to dominate the insurance M&A market – 87% of deals
Brokers and insurance service providers accounted for the vast majority of activity, with 596 broker deals and 94 insurance service provider transactions together representing more than 87% of all European insurance M&A volumes in 2025.
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The Germany, Austria, Switzerland Region - Page 23
The Belgium, Netherlands & Luxembourg Region - Page 29
France - Page 37
Italy - Page 33
Iberia - Page 40
Nordics - Page 47
Central & Eastern Europe - Page 44
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the dach region
The DACH region consolidated its position as one of the most dynamic insurance M&A markets in Europe in 2025, with total announced deals increasing from 106 to 143 . This underscores the region’s emergence as a core focus for both domestic and international consolidators. PE-backed portfolio companies continued to dominate the landscape, while increasingly prioritising the integration of acquired businesses to realise planned synergies. A steady pipeline of emerging and recapitalised German platforms suggests the DACH market is entering a sustained phase of competitive consolidation, offering continued roll-up opportunities, albeit amid intensifying competition for sizeable assets.
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the benelux region
The Benelux region continued its upward trajectory in 2025, with announced insurance M&A transactions rising from 69 to 89, extending a multi-year growth trend in an otherwise mature, low-growth market. Opportunities remain for small-scale add-ons to existing consolidation platforms, as well as selective new platform builds.
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italy
Italy emerged as one of the most dynamic insurance M&A markets in Europe in 2025, with total announced deals more than doubling from 31 to 68. This surge confirms that the country’s broker consolidation cycle is now fully underway following a late start and that Italy has moved from a “future opportunity” to an active priority for both domestic and international investors. The sharp acceleration in 2025 suggests that competitive tension for high-quality assets will intensify further, as sponsors and PE-backed companies seek to secure scale positions before the market begins to resemble more mature consolidation stories elsewhere in Europe.
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france
France returned to growth in 2025, with insurance M&A volumes rising from 40 to 48 announced transactions, recovering ground lost in the previous year. While the market remains less active than some neighbouring jurisdictions, activity has become more consistent, reflecting stronger confidence in the French insurance sector. Despite high barriers to entry for international investors, consolidation continues under local brands and investors.
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iberia
Iberia reinforced its position as one of Europe’s most active insurance M&A markets in 2025, with total deal volume rising from 117 to 141 transactions. Activity continued to be overwhelmingly driven by broker consolidation, reflecting the high degree of fragmentation across Spain and Portugal. Small- and mid-sized independent brokers drove the majority of deal volume, while PE-backed platforms and larger strategic buyers played a secondary but gradually expanding role.
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the nordics
The Nordics saw a modest rebound in insurance M&A activity in 2025, with announced deals increasing from 21 to 28 following the sharp drop in 2024. Volumes remain well below the 2022–2023 peak, highlighting that consolidation has progressed further here than in most other European markets, leaving a comparatively limited pool of sizeable targets.
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central and eastern europe
Central and Eastern Europe delivered a step change in insurance M&A activity in 2025, with announced deals doubling from 26 to 53 and pushing the region firmly back into the spotlight. This surge confirms that both local and international investors are increasingly willing to look through geopolitical uncertainty to access the region’s combination of above-average organic growth, relatively low valuations and underpenetrated insurance markets.
Total European Insurance M&A Deals by Market
Total European Insurance M&A Deals by Market
UK & Ireland Deals
141
2020
197
2021
177
2022
232
2023
284
2024
219
2025
DACH
21
39
53
81
106
143
2020
2021
2022
2023
2024
2025
Benelux
18
38
46
48
69
89
2020
2021
2022
2023
2024
2025
Italy
15
20
29
32
31
68
2020
2021
2022
2023
2024
2025
France
29
22
31
45
40
48
2020
2021
2022
2023
2024
2025
Iberia
11
13
43
53
117
141
2020
2021
2022
2023
2024
2025
Nordics
32
26
41
56
21
28
2020
2021
2022
2023
2024
2025
Central and Eastern Europe
18
24
15
27
26
53
2020
2021
2022
2023
2024
2025
Peter Kelly
Senior Managing Director
london, uk
Nick Triggs
Senior Advisor
london, uk
Andreas Schreiber
Senior Advisor
london, uk
Herman Klein Wassink
Senior Advisor
london, uk