European insurance M&A market ‘on fire’

Written by Adam Cadle

19/03/2025

European insurance M&A activity continued to increase in 2024 and record volumes were reached again, with 694 deals announced (compared with 574 in 2023 and 435 in 2022), an increase of more than 20%, FTI Consulting’s latest European Insurance M&A Barometer has revealed.

Last year also saw an increase of around 20% in private equity activity – directly and through portfolio companies – with 437 announced transactions compared to 366 in the previous year.

André Frazão, head of the EMEA insurance M&A practice at FTI Consulting, said: “The European insurance M&A market isn’t just hot—it’s on fire. Broker consolidation is in full swing, MGAs are multiplying, and dealmaking is getting more competitive by the day. If you’re not scaling, you’re falling behind. You don’t earn the right to be a consolidator just by doing deals. The best players are investing in talent, product specialisation, tech, and operational excellence—because in today’s market, ‘do nothing’ is no longer an option.

“With valuations soaring and competition heating up, the insurance sector is at an inflection point. The race is on to build global powerhouses—and Europe is the new battleground.”

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