European Insurance M&A Barometer: Q2 2022 Update

Executive Summary

Deal volumes remained steady during Q2 2022 despite spiralling inflation and rising interest rates across Europe. Deal announcements totalled 110 in Q2 2022 across Europe: a slightly higher volume than the 106 announced in Q1 2022, and well ahead of Q2 2021’s total of 85. Strategic buyers accounted for around half of the announced transactions across Europe this quarter.

The intermediaries roll-up consolidation play continued to dominate European transaction volumes for both pure strategic acquirers and private equity-backed platforms, with the major broker consolidators announcing 41 transactions compared with 31 in Q2 2021. There was also a notable increase in life insurance carrier acquisition announcements, driven by bancassurance activity and legacy transactions across the continent.

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