Insurance Industry ‘Megadeals’ Dominate 2025, Says PwC
“Megadeals” are ruling insurance industry mergers and acquisitions as action remained consistent throughout 2025, with the prospect that the need for growth with drive more deals in 2026.
According to a new report from PwC, 93% of deal value during the second half of 2025 was drive by what it calls “megadeals.”
PwC noted seven announced megadeals of $1 billion announced in the last six months: Brown & Brown’s acquisition of Accession Risk ($9.8 billion); Sompo’s Endurance Specialty acquisition of Aspen Insurance ($3.5 billion); Randian’s buy of Indigo ($1.7 billion); DB Insurance agreed to acquire Fortegra ($1.7 billion); AIG’s joint acquisition of Convex Group with Onex Corp. ($7 billion); CVC Capital Partners bought a majority stage in White Mountains’ Bamboo ($1.8 billion); and an Acquarian-Brighthouse Financial deal in the life and annuity market ($4.1 billion).
Looking ahead, PWC said carriers will probably “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.”
Insurance M&A is holding remarkably steady as megadeals dominate activity and buyers stay aggressive across distribution, P&C, and L&A. PwC’s new , which went live this morning, breaks down why deal value remains high, what’s behind the seven recent $1B+ transactions, and how carriers and distributors are leaning on creative financing heading into 2026.
“In coming months, expect interest rate developments and an industry-wide search for growth to strongly influence insurance deals activity,” said Mark Friedman, PwC U.S. insurance deal leaders.