Law firm Clyde and Co’s latest annual Growth Report shows that there were 204 global carrier merger and acquisition transactions completed in 2024, down from the 346 recorded in the previous year and the lowest figure since the first report was published in 2009. The firm said high interest rates, geopolitical instability and increasing regulatory oversight had put the break on M&A activity.

Eva-Maria Barbosa, partner and Clyde and Co, said: “With many of the challenges that characterised 2024 persisting, dealmaking will be tough in 2025 as businesses grapple with a plethora of evolving risks. This is fuelling the growth of MGAs globally as they offer an appealing avenue to establishing footholds in uncertain markets and industries.”