FTI Consulting has published a report that questions whether the UK and Ireland will retain its position as the leading geographical market for insurance M&A activity in the face of competition from other European centres. In 2025, the UK and Ireland recorded 219 deals according to FTI Consulting’s report, 2025 European Insurance M&A Barometer: Navigating the Changing Shape of European M&A. This was down by 23% on the number of deals recorded in the previous year.

In contrast, the report said the DACH region (Germany, Austria and Switzerland) recorded 143 transactions, an increase of 35% on the previous year. There was also a significant jump in deal numbers across other regions such as Iberia (141 deals, up 21%), Benelux (89 deals, up 29%) and Italy (68 deals, up 119%).

Jeremy Riley, senior advisor EMEA insurance M&A at FTI Consulting, said: “The insurance M&A market in the UK and Ireland has entered a new phase. Activity levels remain strong, but there are simply fewer big deals around to command investor attention. We have seen several years of rate-driven revenue growth, however carriers, MGAs and distribution businesses are now operating in soft market conditions where performance will need to come from genuine, underlying growth and delivering operational efficiencies.

“The DACH region continues to set the pace in European insurance M&A, and we are seeing rising levels of activity in areas such as Italy and across Central and Eastern Europe. The next chapter in European M&A will be defined by buyers who are more selective, more strategic and increasingly seeking to operate cross-border.”