Analysis by FTI Consulting shows that activity levels in the European insurance M&A market remain strong, with 789 transactions announced by insurance brokers, managing general agents, insurance service providers and carriers in 2025, a 14% increase from 694 transactions in 2024.
However, FTI Consulting’s latest European Insurance M&A Barometer shows that a geographical shift is taking place. Deal volumes in the UK and Ireland fell 23% year-on-year, making it one of the quietest periods for the market in the past five years, although the region remained the most active with 219 deals.
Continental European markets, including the DACH region (Germany, Austria and Switzerland), Benelux, Italy, France, the Iberian Peninsula, Central and Eastern Europe and the Nordic region, saw active trading activity. Fierce competition for premium platforms has pushed valuations in these markets to 18 times EBITDA.
The report found that the DACH region was the second most active market in 2025, with 143 transactions, a 35% increase from 2024. Iberia followed with 141 transactions, an increase of 21%.
Strategic buyers and private equity-backed platforms and private equity firms are increasingly moving away from traditional aggregate-and-buy-and-build acquisition strategies. Instead, pursue inorganic growth through a more targeted focus on specialty brokers and MGAs that offer scalable, full-portfolio advantages and diversification across product lines and geographies.
“The insurance M&A market in the UK and Ireland has entered a new phase,” said Jeremy Riley, senior consultant in EMEA insurance M&A at FTI Consulting. “Activity levels remain strong, but fewer large deals are attracting investor attention. We have seen several years of rate-driven revenue growth, but carriers, MGAs and distribution businesses are currently operating in soft market conditions and performance needs to come from real, underlying growth and operational efficiencies.”
“The DACH region continues to lead the pace of insurance M&A in Europe, and we are seeing rising levels of activity in regions such as Italy and across Central and Eastern Europe.
“The next chapter in European M&A will be defined by buyers that are more selective, more strategic and increasingly looking to operate across borders.”
Insurance brokers and service providers continue to dominate the market, accounting for more than 87% of all transactions in 2025, with 596 broker transactions and 94 service provider transactions completed.
The number of deals completed by private equity firms remains active, increasing from 61 deals in 2024 to 69 deals in 2025. Consolidation activity among private equity-backed portfolio companies also increased, from 376 to 402 transactions, with the group once again becoming the leading acquirer in the European market.
Non-private equity-backed strategic buyers gained further market share, completing 318 transactions, up from 257. This reflects the continued interest of global aggregators and regional operators in using M&A to gain scale, fill product gaps and expand geographically.
Riley continued: “The insurance distribution industry is now defined by unprecedented PE ownership, however, many of these funds are approaching the end of their investment cycles, which will lead to a wave of exits and strategic repositioning in 2026.
“We are also in a period where refinancing needs will create selective buyer opportunities. All of this points to an active market in 2026, but one that will favor well-capitalized, strategically focused buyers who can move quickly and optimize performance under new ownership.”
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