“Megadeals” are ruling insurance industry mergers and acquisitions as action remained consistent throug
hout 2025, with the prospect that the need for growth with drive more deals in 2026.
According to a new report from PwC, 93% of deal value during the second half of 2025 was drive by what it calls “megadeals.”
The insurance sector reported 207 transactions from June 1 to Nov
. 30, 2025 with $31.8 billion in deal value. The previous six months has 209 disclosed deals worth $30 billion, PwC said in its 2026 US Insurance Deals Outlook.
PwC noted seven announced megadeals of $1 billion announced in the last six months: Brown & Brown’s acquisition
of Accession Risk ($9.8 billion); Sompo’s Endurance Specialty acquisition of Aspen Insurance ($3.5 billion
); Randian’s buy of Indigo ($1.7 billion); DB Insurance agreed to
acquire Fortegra ($1.7 billion); AIG’s joint acquisition of Convex
Group with Onex Corp. ($7 billion); CVC Capital Partners bought a majority stage in White Mountains’ Bamboo ($1.8 billion); and an Acquarian-Brighthous
e Financial deal in the life and annuity market ($4.1 billion).
Looking ahead, PWC said carriers will probably “continue focusing on capital optimization and portfolio reshaping through M&A transactions. P/C M&A activ
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ity is picking up, as many carriers have reported improved loss ratios and record underwriting profitability, making th
e sector more attractive to investors and strategic buyers.”
Insurance M&A is holding remarkably steady as megadeals dominate activity and buyers stay aggressive across distribution, P&C, and L&A. PwC’s new , wh
ich went live this morning, breaks down why deal value remains high, wh
at’s behind the seven recent $1B+ transactions, and how carriers and distributors are leaning on creative financing heading into 2026.
“The development went so fast,” said Nguyen. “That came at the expense of the environment.”
That intersection of politics and failed efforts on climate adaptation is most acute in the Philippines, where
populist anger is rising over a multibillion corruption scandal involving government funds for flood mitigation projects.
The scandal triggered a pause on infrastructure projects, dented investor confidence, and caused economic growth to tank to its lowest level in four years.
While the impact so far on industrial output from this year’s storms has been limited, the overall damage is still unclear.
The $20 billion total for last month alone is based on government and ana
lyst estimates, which will likely be revised as total damage is assessed. Last year, seasonal floods caused an estimated $25 billion in economic losses across Asia-Pacific, according to a study by insurance broker Aon Plc.
Despite the wide regional impact, “the region’s main commercial and industrial centers appear largely unscathed,” analysts at Capital Economics wrote in a resear
ch note Wednesday, comparing the damage to the 2011 Thailand floods that hit the industrial areas around Bangkok and caused a double-digit GDP decline.
The hit to supply chains and manufacturing “is likely to be small and temporary,” though risks remain that crop losses will push up food prices, the analysts wrote
. Coffee producers in Vietnam remain on track for higher production and exports, despite delays to the harvest caused by the widespread flooding.
Still, disaster response and the recovery effort will come at a significant cost for nations like Thailand and Indonesia, which have been struggling to stimulate their domestic economies without blowing out their budgets, and for Sri Lanka that’s been recovering since a 2022 default.