Intro
In this edition of the Survey, we explore where we are in the legacy sector in relation to market developments, the challenges we’re seeing, as well as the opportunities. We have worked with our colleagues from across different disciplines and internationally to give a wider view on the market. We’ve taken a closer look at the role of private equity, capital appetite and the increasing role of technology.
The legacy insurance market is evolving and further positioning itself as a strategic component within the global insurance ecosystem, supported by effective claims management and diverse liability portfolios.
Despite varying perceptions of market equilibrium, there's a strong appetite for deals with a disciplined approach to pricing and returns, influenced by evolving market and regulatory landscapes.
Introduction to the sixteenth Global Insurance Run-off
Global Insurance Run-Off Survey 2025
Market size
We continue to estimate that global non-life run-off reserves are greater than US$1trillion, standing this year at US$1.1trillion, representing an increase of 11% (US$115billion) since our last survey. General Liability and Motor make up the majority of the liability types, although within the rest of the world the non-motor business is increasing as the markets develop rapidly. This presents significant growth potential whilst reserves remain on live insurers' balance sheets.
Global deal activity
In 2024, a total of 33 publicly disclosed non-life run-off transactions were announced, with an estimated US$6.6billion in estimated gross liabilities transferred to legacy market participants. From January to August 2025, 25 deals have been publicly announced, involving the transfer of an estimated US$1.1billion in gross reserves.
We have seen more deals being accounted at the mid-sized or smaller end of the market despite our survey respondents identifying US$250million to US$1billion as the greatest opportunity for a deal to be transacted in the next 18 months.
PwC UK's sixteenth Global Insurance Run-off Survey
This year’s Survey reflects a legacy market that is fundamentally stable and increasingly defined by segmentation and selectivity. The outlook remains positive. Capital, opportunity and innovation continue to characterise the market. But we are also entering a phase where value creation, post-deal execution, and claims delivery will determine success as much as pricing and deal origination. What is certain is that legacy has now firmly established itself not just as a transactional solution, but as a long-term strategic partner to the live market. Its role in capital optimisation, risk clarity and value unlocking is here to stay.
Global Insurance Run-Off Survey 2025
Contact us
Rebecca Wilkinson
Corporate Liability Restructuring, PwC United Kingdom
Tel: +44 (0)7808 030283
