European insurance M&A deal volume falls 14% in H1 2026
XLF•European insurance M&A deal volume fell 14% in H1 2026, with 358 announced deals versus 418 in H2 2025. FTI Consulting’s analysis pointed to healthy activity in H2, led by brokerage and MGA consolidation.
1. Deal volume declines
FTI Consulting’s analysis showed 358 announced European insurance M&A deals in H1 2026, down 14% from 418 in H2 2025. Brokerage and MGA transactions increased, while insurer and insurance services deal volumes declined.
2. Regional and deal trends
Direct private equity-backed transactions fell to 18 from 40. Volumes declined 24% in the UK and Ireland, 32% in DACH and 33% in Iberia, while France rose 104%. The analysis cited softer markets and lower listed broker multiples as pressure on valuation expectations.
3. H2 outlook
The outlook pointed to healthy H2 activity, with continued brokerage and MGA consolidation, followed by rising carrier consolidation beyond H2.
