Global carrier interest in M&A activity has dropped to its lowest level since the financial crisis of 2008, according to data from legal firm Clyde and Co. It said the first six months of the year saw 95 deals completed, compared with 106 in the same period in 2024. This was less than half of the 10-year H1 deal activity average of 192 deals.

Carrier activity in the UK and Europe was subdued and Clyde and Co said deals in the broking and intermediary spaces more evident. North America posted the largest number of deals completed in the period at 35, compared to 29 across EMEA and 25 in the APAC region. There were four deals in Latin America.

Peter Hodgins, partner and global head of corporate insurance, said: “There are a host of factors putting the brakes on global carrier M&A including ongoing geopolitical tensions, tough economic conditions and regulatory uncertainty.

“Getting deals done is hard and they are taking longer to complete. But there’s evidence to suggest that pent up demand from carriers looking for strategic growth will result in higher activity in the second half of the year.”