FTI Consulting’s 2024 European Insurance M&A Barometer: Record Deal Activity Sets the Stage for Continued Consolidation in 2025
London, 19 March 2025 — Despite macroeconomic challenges, European insurance M&A activity held strong in 2024, hitting a record 694 announced deals — a more than 20% increase from 574 deals in 2023, according to recent analysis by FTI Consulting, Inc. (NYSE: FCN).
The firm’s 2024 European Insurance M&A Barometer reveals market conditions remain favourable for further consolidation despite current geopolitical and economic shifts, particularly within the distribution sector in the continent.
“2024 was another record-breaking year for insurance M&A deals, which underscores the market’s resilience and opportunism,” said André Frazão, Head of the EMEA Insurance M&A practice at FTI Consulting. “Despite some predictions of a slowdown, the UK and Ireland continue to lead deal activity in Europe, as they represent the largest insurance market in the region, with the highest number of broker and MGA consolidation platforms; however the continent is emerging as the new hotspot, driven by the fact that there is so much market fragmentation.”
FTI Consulting’s annual barometer report highlights that private equity (“PE”) interest in asset-light insurance businesses continues to drive larger deal sizes and increased transactional funding. There were 437 PE-backed transactions across Europe in 2024 — a rise of approximately 20% on the previous year.
In addition, the competitive landscape, combined with a limited pool of attractive assets, has intensified competition, leading to escalating asset prices, particularly in sectors like insurance distribution. There was also an increase in non-PE-backed buyers, with 257 transactions in 2024 compared to 208 in 2023.
Broker Consolidation and Geographic Shifts
Broker acquisitions remain a major trend, driven by organic growth and financial arbitrage strategies. In 2024, broking and service providers accounted for 627 transactions — 90% of all European insurance M&A deals during the year.
Once again, deal activity in the UK and Ireland surpassed other regions, with 284 deals (up from 232 in 2023). However the maturity of these markets and a scarcity of high-quality targets have shifted investor focus to continental Europe, where established consolidation platforms and new buy-and-build strategies are emerging. Consolidation was so strong in Iberia that it overtook the DACH region (Germany, Austria, Switzerland), making it the second most-active market, with 117 deals announced.
Emerging Trends
The report also highlights fast-changing trends, such as the growth of Europe’s managing general agents (“MGAs”). More underwriters are creating or joining MGAs with PE backing, and insurers are partnering with specialty MGAs, driving valuations that rival or exceed those of traditional brokers.
Additionally, continuation vehicles (“CVs”), which were developed in the United States, have become popular refinancing vehicles in Europe as they enable PE firms to invest capital while providing liquidity to current partners.
The return of carrier M&A is possible as the market begins to soften, making profitable organic growth difficult to navigate, affecting underwriting performance and likely accelerating M&A activity and in-market consolidation.
Another notable development is a move towards a “consolidator-of-consolidators” strategy by large broker platforms, which will enable them to expand their global footprint.
Mr. Frazão added, “The market remains frothy, and while I can’t predict the future, it is ripe for more consolidation in 2025, fuelled by private equity, particularly in the broking space, even amid tougher economic headwinds. The year has started with a strong pipeline ahead, and a number of M&A processes have already kicked off, suggesting that it will be another very busy year for the insurance sector in Europe.”
For more information and a breakdown of regional activity by country, read the full survey report here.
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Source: FTI Consulting, Inc.