Analysis from consultancy MarshBerry shows that there were only two new insurance distribution deals in October, the lowest figure since 2017. A total of 62 announced deals in the year to date is 29% down on the 87 transactions recorded the previous year, which was itself significantly slower than previous years.

While deal volume is suppressed, there is continuing demand for firms with a specialty focus, such as managing general agents, wholesalers and Lloyd’s vehicles. MarshBerry says more than 30% of this year’s deals have involved a specialty target, which is higher than any other year.

John Nisbet, managing director at MarshBerry, stated: “Deal volumes have continued to slow in 2026 and a large number of the most historically active acquirers have either announced no new UK merger and acquisition during 2026 (Howden, PIB Group, Ardonagh, DR&P), or a reduced number of deals relative to the recent past (Gallagher, Brown & Brown, Specialist Risk Group, JMG Group).

He added: “As MarshBerry noted last month, merger and acquisition deal value is up overall in 2026 (mainly due to the McGill & Partners transaction), but on deal count basis 2026 will now certainly end on a multi-year low and well behind 2025.”