Global insurance M&A volume falls with 95 H1 2025 deals

Asia-Pacific was the third highest in terms of deals closed.

Global insurance carrier mergers and acquisitions (M&A) activity dropped to its lowest level since the 2008 financial crisis, with just 95 deals completed in the first half of 2025 (H1 2025), according to Clyde & Co.’s recent report.

This was down from 106 in the same period last year and well below the 10-year H1 average of 192. Carriers remained cautious amid ongoing geopolitical tensions, inflation concerns, and high valuations. 

Activity was mostly limited to smaller bolt-on acquisitions, share buybacks, and organic investments. Private equity interest also declined.

North America led with 35 deals, followed by EMEA (29), Asia-Pacific (25), and Latin America (4).  

Only 21 cross-border deals were recorded, as most carriers focused on domestic markets.

Notable transactions included Sentry Insurance’s $1.7b acquisition of The General from American Family, and Zurich’s $600m purchase of AIG’s Global Personal Travel Insurance business, expected to close in H2 2025.

Peter Hodgins, Global head of Corporate Insurance, said M&A deals are taking longer to complete, but pent-up demand and interest in emerging markets and MGAs could drive a pickup in activity in the second half.