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Megadeals remain key insurance M&A value driver
The insurance sector reported $31.8 billion in announced deals from 207 transactions for the six-month period from June 1, 2025, to November 30, 2025. This compares to $30 billion and 209 disclosed deals for the prior six months. Deal flow remained consistent over the last 12 months as buyer appetite remained strong due to consistent inorganic growth strategies and sellers consistently came to market to meet buyer demand.
Over the last six months, there have been seven announced $1 billion-plus insurance megadeals:
In June 2025, Brown & Brown acquired Accession Risk Management Group for $9.8 billion, expanding its US specialty wholesale and program businesses.
In August 2025, Sompo Holdings' subsidiary Endurance Specialty Insurance agreed to acquire Aspen Insurance Holdings Limited from Apollo Global Management for $3.5 billion, supporting Sompo’s global expansion in the specialty property and casualty (P&C) market.
In September 2025, Radian agreed to acquire Inigo for $1.7 billion, transforming Radian from a US mortgage insurer into a global, multi-line specialty carrier through Inigo Lloyd’s specialty platform.
In September 2025, DB Insurance agreed to acquire The Fortegra Group for $1.7 billion. This transaction marks the largest US acquisition by a Korean non-life insurer, advancing DB Insurance Co’s global insurance ambitions.
In October 2025, AIG and Onex Corporation jointly acquired Convex Group Limited in a transaction valued at $7 billion, with Onex obtaining an approximately 63% ownership interest and AIG acquiring approximately 35%. This acquisition enables AIG to gain exposure to the rapidly expanding specialty insurance business, while Onex strengthens its insurance platform and assets under management.
In October 2025, White Mountains agreed to sell a majority stake in Bamboo, a tech-enabled homeowners’ insurance distribution platform, to CVC Capital Partners for $1.8 billion. The transaction provides CVC with a majority stake in a scalable, fee-based distribution platform, while White Mountains maintains exposure to Bamboo’s upside by retaining a 15% stake.
In November 2025, Acquarian announced its acquisition of Brighthouse Financial for $4.1 billion, positioning Acquarian to deepen its presence in the US life and annuity market.
There are several persistent themes in the insurance market:
Insurance distribution M&A activity remains robust, with corporate buyers at the forefront. Considering recent pressure on P&C premium rates, brokers have relied on inorganic growth strategies to offset stagnant or declining top-line revenues and attract new talent. Although elevated interest rates have somewhat constrained consolidation among smaller brokerages, major players such as AJG, Brown & Brown, Aon, and Marsh continue to lead in dealmaking.
Despite recent declines in transaction volumes, private equity remains active. With expectations that the Federal Reserve Board's interest rate policy shift will continue into 2026, private equity activity in the brokerage space is regaining momentum, as seen in Stone Point’s acquisition of OneDigital and Onex’s purchase of Integrated Specialty Coverages from KKR & Co. Beyond improving financial conditions, private equity firms remain motivated by the sector’s recurring revenue, steady cash flows and opportunities to scale through consolidation.
Life and annuity platforms continue to consolidate as investors eye international expansion. Life and annuity platforms continue to attract strong investor interest, particularly from alternative asset managers seeking long-duration assets and expansion into international markets. Recent cross-border activity has included Nippon Life Insurance Company’s acquisition of Resolution Life Group Holdings, a Blackstone subsidiary, and Meiji Yasuda’s announced acquisition of Legal & General’s U.S. Life Assurance business.
Underwriters are unlocking value through divestitures of fee-based businesses. Many underwriters are considering divesting their brokerage operations, either in full or in part, to unlock off-balance sheet capital and realize embedded value for shareholders, while maintaining capacity relationships. For example, AmTrust and Blackstone recently agreed to spin off certain AmTrust MGA and fee-based businesses in the US, UK and Europe into an independent entity. Under this arrangement, AmTrust will continue underwriting existing business through the new company, while simultaneously providing new capital to support growth opportunities. Similarly, SiriusPoint has entered into an agreement to sell its supplemental health insurance program manager to Ambac Financial Group, which also includes an ongoing capacity partnership.
The insurance IPO market is reviving, although recent performance has been volatile. After several quiet years, there’s a growing pipeline of insurance distribution and underwriting IPO candidates. Companies are increasingly considering public offerings as equity market conditions become more supportive. Additionally, some major consolidators facing challenges in achieving full exits through private M&A may pursue the IPO track. Nonetheless, the equity performance of insurance IPOs remains mixed, with recent listings reflecting selective investor interest.
Key M&A trends set to influence insurance carriers
Over the next six months, carriers are likely to continue focusing on capital optimization and portfolio reshaping through M&A transactions. P&C M&A activity is picking up, as many carriers have reported improved loss ratios and record underwriting profitability, making the sector more attractive to investors and strategic buyers. At the same time, there is pressure on P&C premium rates, which may lead to additional deal activity as carriers seek to maintain top-line growth through acquisitions. Life and annuity (L&A) platforms continue to remain attractive to both private equity and other investors looking to capture spread earnings and expand capital under management. In addition, we expect ongoing international interest in US L&A and P&C carriers. Reinsurance capacity is also expected to remain active, with carriers increasingly turning to sidecars and structured reinsurance solutions to manage volatility and optimize capital outside of traditional M&A.
Key M&A trends set to influence insurance distribution
In the coming six months, we expect the US interest rate environment and heightened competition for growth to shape insurance distribution deals activity. While corporate acquirers have recently led distribution M&A activity, private equity investors are expected to pursue distribution opportunities more aggressively as financing conditions improve. Given that organic revenue growth has started to slow recently due to declining premium rates in a softer market, major brokers will likely continue to seek acquisitions that bolster top-line performance. Furthermore, strategic hiring and retention efforts will remain a priority for firms seeking to enhance specialty expertise and expand regional presence in an increasingly competitive market.
Given the recent level of megadeal M&A activity among the top publicly traded brokers, we're interested in seeing if their collective appetite remains strong or if they shift to integration and unlocking deal value.
“In coming months, expect interest rate developments and an industry-wide search for growth to strongly influence insurance deals activity. ”
Mark Friedman,PwC US Insurance Deals LeaderThe bottom line: What insurance sector dealmakers should watch in 2026
Insurance distributors remain attractive to corporate buyers looking for top-line revenues and new talent, and life and annuity providers continue to draw interest from private equity and other investors seeking long-duration assets and expansion into international markets. Moreover, companies in the insurance sector looking to generate top-line growth, optimize capital, and reshape portfolios remain motivated sellers. As a result, we expect the insurance deals market to remain active in the first half of 2026.
We predict M&A activity in 2026 will be on par with 2025. While overall markets face potential economic headwinds, the insurance sector will benefit from lower interest rates and products that can withstand declining consumer performance and confidence.
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