PwC reported that traditional market momentum continued in the first three months of 2026, with five acquirers announcing nine publicly disclosed non-life insurance runoff transactions, with cumulative total liabilities of approximately $730 million for the five transactions that disclosed transaction value.
PwC said there were three debt deals announced in the first quarter of 2026 with amounts below $50 million, including two worth more than $250 million.
“We expect more deals of this size to be announced in 2026,” PwC said in its Non-Life Transaction Review Q1 2026.
Of the nine publicly announced deals, four are from Swiss Re, two from traditional majors RiverStone International, one from traditional group Compre, one from Fara Recovery Affiliate and one from Quest Group.
Four of the transactions occurred in North America, with a total disclosed liability of $67 million; three transactions occurred in Europe, with a disclosed liability of $383 million; and two transactions occurred in other parts of the world, with a total disclosed liability of $280 million.
According to the PwC report, a number of traditional acquirers also launched activities outside traditional traditional areas in the first quarter of this year, including Enstar’s acquisition of AF Group, while Compre increased its focus on addressable markets by participating in QBE Re’s first casualty reinsurance sidecar.
Another notable development in the first quarter was RiverStone International’s entry into the Australian market through local acquisitions and a legacy portfolio transaction with global insurance company Zurich.
“This marks an important step in the evolution of the Australian runoff market, with the emergence of another major global acquirer expected to support future deal flow,” the report said.
PwC said: “Overall, the quarter represents a strong start to 2026, with continued participation from market participants and further evidence of evolving deal structures. Additionally, collaboration between ILS solution providers and traditional runoff players continues to be a consistent theme. The partnership between Enstar and Artex Capital Solutions for ILS Investors offer exit solutions that combine forward-looking and retrospective capabilities, highlighting the growing convergence between traditional and alternative capital markets, with the potential to broaden the investor base and support future deal activity.”
The partnership between Enstar and Artex, announced last month, will see the former provide investors in Artex’s ILS transformation vehicle with a streamlined exit solution.
For a list of recent and historical legacy transactions, see our Legacy and Runoff Reinsurance Transactions page.