Mergers and acquisitions in the insurance market decreased in 2025

Research from S&P Global Market Intelligence indicates that in 2025, there was a decrease in the number of mergers and acquisitions (M&A) in North America and Canada specifically. Despite this decline in the number of deals, there was a significant increase in deal values globally. In Canada, many deal values were not disclosed.

“The North American insurance market saw a drop in both the total number and total value of deals in 2025 when compared to 2024. However, there was a substantial rise in deal value during the last quarter of the year,” states S&P. “During the fourth quarter, there were a total of 166 deals amounting to $18.88 billion in U.S. dollars. This was a considerable increase from previous quarters but still lower compared to the values seen in the fourth quarters of both 2024 and 2023.”

Data specifically from Canada, put together by S&P for the Insurance Portal, showed that there was a decrease in the number of mergers and acquisitions. The total deal value for 2025 was not provided, suggesting that across the board, there was a lack of transparency in deal disclosures.

The trend of declining mergers and acquisitions in the insurance sector was seen not only in North America but globally as well. Despite the decrease in the number of deals, there was a surge in deal values around the world. This phenomenon indicates that even though the volume of deals may have been lower, the overall value of transactions was higher.

With respect to Canada, the data reflects a shift from the previous years, where the numbers and values of insurance market mergers and acquisitions were higher. The fourth quarter of 2025 showed a promising increase in deal values, indicating potential growth in the industry in the coming years.

Overall, the decline in mergers and acquisitions in the insurance market suggests that companies may be focusing on internal growth and consolidation rather than seeking external deals. The increase in deal values globally demonstrates a strengthening of the industry despite the decrease in the number of transactions.

The data provided by S&P Global Market Intelligence offers valuable insights into the trends and patterns of mergers and acquisitions in the insurance sector. While the numbers may fluctuate from year to year, the overarching trend indicates resilience and growth in the industry even in the face of changing market conditions.