We saw 42 publicly announced non-life run-off insurance transactions in 2025, a notable increase compared to 2024 (33 deals) and 2023 (31 deals). This increase was driven by a particularly active Q4 2025, during which 14 transactions were announced.
Despite this increase in deal numbers, estimated liabilities transferred were $5.4bn, below the $6bn to $8bn range that has characterised the market in recent years. Rather than signalling a slowdown in overall market activity, this reflects a shift in the transaction mix, with a greater proportion of smaller transactions being disclosed.
