2026 Insurance M&A Outlook (Deloitte)
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- Aggregate insurance M&A deal value fell from $49.9B in 2024 to $42.7B in 2025, down 14%.p.4
- Life and annuity deal volume was up 64% year over year and aggregate deal value increased 49%, supported by six $500-million-plus transactions versus two in 2024.p.5
- P&C deal count fell about 19% while aggregate deal value rose 64%, driven by five transactions exceeding $500 million each versus one in 2024.p.6
- Brokerage deal count was down roughly 14% and aggregate deal value declined 53%, skewed by the absence of a mega-deal comparable to Arthur J. Gallagher's $13.5 billion AssuredPartners acquisition.p.7
- Sompo's $3.5 billion acquisition of Aspen Insurance Holdings and Brown & Brown's $9.8 billion acquisition of Accession Risk Management were highlights of 2025.p.8
Key insights
- Life and annuity deals rose from 11 to 18, while average deal value fell 17% from $2.2B to $1.8B.p.4
- P&C average deal value rose 113% from $0.5B to $1.1B.p.4
- Observed price-to-book multiples for life and annuity deals averaged 1.67x in 2025, with a median of 1.47x.p.5
- Observed price-to-book multiples for P&C deals averaged 1.78x in 2025, with a median of 1.55x.p.6
- Excluding the AssuredPartners transaction, the decline in broker aggregate deal value would have been closer to 19%.p.7
- Private equity participation in broker transactions remained stable at roughly 50%.p.7
- CCC Intelligent Solutions' acquisition of EvolutionIQ, which closed at the beginning of 2025, shows insurers acquiring applied AI to enhance claims decisioning.p.9
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