Two non-life run-off transactions were publicly disclosed in Q2 2026 with cumulative gross liabilities transacted of approximately $50m. This represents a slowdown in deal announcements from Q1, where 11 deals were disclosed by five acquirers. When compared with H1 2025, overall deal count in H1 2026 (13) is lower than the same period in 2025 (23), whilst the estimated cumulative gross liabilities transacted in H1 2026 is $780m, compared with $1,537m in H1 2025.
At face value, these lower cumulative deal numbers might suggest a cooling of market appetite for legacy solutions. However, our conversations with market participants indicate that the legacy sector continues to benefit from robust demand, with most acquirers exploring a range of opportunities and a significant volume of liabilities currently being assessed in active sale or restructuring processes. It is also worth noting that not all activity is visible; a notable proportion of legacy deal flow takes place through bilateral negotiations, and not all such transactions are publicly disclosed.
