European Insurance M&A Deal Volumes Slow in H1 2026 as Market Enters More Selective Phase, FTI Consulting Analysis Finds
European Insurance M&A Deal Volume Fell 14% In H1 2026, While Brokerage And MGA Transactions Remained Resilient
London, 21 September 2026 — European insurance M&A activity slowed during the first half of 2026, with 358 transactions announced across the insurance brokerage, Managing General Agent (“MGA”), insurance service provider and carrier sectors, representing a 14% decline compared with 418 deals recorded in H2 2025, according to review by FTI Consulting, Inc. (NYSE: FCN).
The slowdown follows a record year for European insurance M&A, when 789 transactions were recorded during 2025. However, the headline decline masks significant differences across both geographies and subsectors, with activity remaining particularly strong in the insurance brokerage and MGA market.
FTI Consulting’s review of H1 2026 activity reveals that the number of broker and MGA transactions increased compared with H2 2025, while transaction volumes involving insurers and insurance service providers declined, highlighting a marked divergence in activity across subsectors.
Deal activity varied sharply across Europe in the first half of the year. Volumes declined by 33% in Iberia, 32% in the DACH region — Germany, Austria and Switzerland — and 31% in Central and Eastern Europe. Activity also fell by 29% in Italy and 24% in the UK and Ireland. These declines were partly offset by strong growth in France and the Benelux, where activity increased by 104% and 29%, respectively.
“The European insurance M&A market still remains active, but the picture is increasingly differentiated across geographies and subsectors,” said Jeremy Riley, a Senior Advisor in the EMEA Insurance M&A practice at FTI Consulting.
“Soft market conditions are beginning to weigh on underlying performance, while lower valuation multiples for listed insurance brokers have also affected valuation expectations. Against this backdrop, some private equity owners are choosing to hold assets for longer rather than exit at lower valuations, contributing to a decline in direct PE-backed transactions from 40 in H2 2025 to 18 in H1 2026.”
Mr. Riley continued, “The overall decline in European insurance M&A volumes masks a significant divergence between individual markets. Activity has slowed in the UK and some other established consolidation markets, where the pool of larger independent targets has reduced, while France and the Benelux have seen a sharp increase in transaction activity. We are also seeing buyers increasingly look across borders for opportunities to access larger or more strategically attractive assets.”
“We expect European insurance M&A activity to remain healthy through the second half of 2026, with brokerage and MGA consolidation continuing to be an important driver of transaction volumes. Despite the decline in insurer transactions during the first half of the year, we continue to expect greater carrier consolidation going into H2 2026 and beyond. Several years of strong underwriting performance have allowed insurers to build surplus capital, while soft market conditions may increasingly encourage carriers to deploy that capital through M&A.”
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Source: FTI Consulting, Inc.
