2026 Insurance M&A Outlook: Europe (Deloitte Switzerland)

Summary

• France's insurance M&A market remained highly active in 2025, with activity broadening across brokerage, digital platforms and savings distribution.p.1
• Carac entered exclusive negotiations to acquire a 70% shareholding in Astoria, a wealth management advisory platform advising more than €14 billion in assets.p.1
• Germany's insurance M&A market remained active, driven by consolidation in the fragmented brokerage sector.p.2
• Vienna Insurance Group's acquisition of Nürnberger Versicherung highlights cross-border footprint adjustments.p.2
• UK insurance M&A remained challenging in 2025, with subdued deal volumes, while Lloyd's specialty underwriting activity was at heightened levels.p.3

Key insights

1. French insurers may favor targeted acquisitions that improve efficiency, strengthen distribution or accelerate digital capabilities.p.1
2. Control of savings and distribution platforms could remain a central strategic priority in France.p.1
3. Brokerage could remain the most active pocket of M&A in France.p.1
4. Private equity activity in Germany largely remained concentrated in broker platforms.p.2
5. Zurich's proposed acquisition of Beazley is an example of continued Lloyd's-focused corporate transactions.p.3
6. Athora's acquisition of Pension Insurance Corporation and Brookfield's acquisition of Just Group suggest strategic buyers continue to pursue transformational deals.p.3