PwC’s Q3 2026 review has revealed that 10 non-life run-off transactions were publicly disclosed during the quarter, involving six different acquirers and representing approximately $2.6 billion in gross liabilities, marking a significant increase in transaction value following a quieter first half of the year, when 15 deals involving approximately $849 million in liabilities were announced.
According to the firm, the increase in activity reflects the strong pipeline reported by market participants in recent months, with a number of transactions that had previously been progressing through the market being announced during the recent quarter.
“Q3 alone accounts for 75% of the liabilities disclosed this calendar year, driven principally by RiverStone International’s $1.6 billion loss portfolio transfer (LPT) with QBE Insurance Group, the largest legacy transaction announced in 2026 to date and the second LPT between the two parties,” PwC explained.
Beyond the QBE transaction, which covers North America middle-market and workers’ compensation portfolios together with European liability books, RiverStone International also agreed a further LPT with repeat counterparty Pacific Valley Insurance Company, a Lyft subsidiary, covering its commercial auto liability portfolio.
Compre announced two Q3 transactions: an adverse development cover (ADC) for a Lloyd’s syndicate covering multi-line North American P&C business, and an LPT covering UK and French motor and property liabilities. Enstar also completed a North American LPT covering property catastrophe liabilities.
Three further LPTs were completed: DARAG’s LPT with Domus Forsikring A/S covering property liabilities; Marco’s LPT of predominantly construction liabilities from R&Q Syndicate 1110; and Xitus’s LPT with an undisclosed Bermudian re/insurer. The quarter also saw a captive novation with a backend LPT and a corporate liability deal covering mid-market asbestos liabilities in North America.
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As per PwC, North America remained the most active territory by deal count, with six deals and $866 million of disclosed liabilities transacted in Q3.
Continental Europe also remained active, with two further transactions disclosed, in addition to the four announced in H1.
Zooming out from the third quarter, PwC’s year-to-date figures show how the quarter’s surge fits into the wider picture for 2026.
Across the year so far, 25 non-life insurance run-off deals have been publicly announced, involving 10 acquirers and an estimated $3.46 billion of gross liabilities transacted.
Deal activity was spread across five regions, but the distribution of transaction volumes and liabilities reveals a marked contrast.
As expected, North America accounted for the largest number of deals, with 13 transactions, just over half of the global total, and $1.045 billion of disclosed liabilities, while a single cross-territory transaction, RiverStone International’s $1.6 billion LPT with QBE, represented the biggest share of liabilities overall.
