European insurance distribution markets showed uneven M&A activity in Q3 2025, MarshBerry reports, with deal volume increasing in the UK, France, Southern Europe and the Nordics, while Germany saw limited activity and Austria continued a multi-year run of more than 43 transactions since 2023.
The divergence in performance across Europe’s insurance broker landscape unfolded during a period when global dealmaking entered a stronger cycle.
Bloomberg reported that global M&A surpassed $1 trillion in Q3 2025, only the second time this has happened, driven partly by a release of transactions previously held back by 18 months of macro uncertainty. JPMorgan’s EMEA investment banking head Conor Hillery said the market now carries “a better view on valuations and a backlog of deals to get through,” comments consistent with trends in Europe’s insurance distribution segment.
Across the region, 373 transactions were announced through September 30, below the 444 recorded during the same period in 2024. Private equity activity remained significant, accounting for 58.1% of deals in continental Europe.
The broader market context helps explain the re-acceleration: Euronews reported that global M&A deal value reached $2 trillion in the first half of 2025 - an increase of 13.6% year on year - supported by easing inflation and interest rates, which helped narrow valuation gaps that had stalled negotiations in 2023.
In the UK and Ireland, 89 insurance distribution deals were announced year-to-date, including 25 in Q3. Transactions remained focused on smaller and mid-sized intermediaries involving consolidators such as JMG Group, Specialist Risk Group, Brown & Brown (Europe), Seventeen Group and DR&P. Bain Capital’s acquisition of Jensten Group from Livingbridge stood out as one of the quarter’s largest deals. Aon-owned NFP also acquired Bspoke Insurance from RCapital.
France recorded 27 transactions through September, with several developments concentrated in platform-scale businesses. The Ardonagh Group acquired Groupe Leader Insurance, while Ardian increased its ownership in Diot-Siaci to become lead investor. Bridgepoint’s sale of Kereis Group to Advent International, reportedly around €2 billion, reinforced the role of sponsor-to-sponsor transactions in the market.
Southern Europe reported firm transaction activity. Italy produced the quarter’s headline insurance deal: AXA’s agreement to acquire a 51% stake in Prima Assicurazioni, a digital broker employing more than 1,100 people, including over 400 IT and data specialists. Edge Group’s acquisition of AEC Underwriting and GGW Group’s acquisition of BAI Broker also contributed to activity. PIB Group Iberia’s deals in Spain and MDS’s acquisition in Portugal extended regional consolidation trends.
Nordic dealmaking remained active. Howden acquired Nordic Netcare in Denmark, while in Sweden, Säkra executed several transactions involving wealth, pensions and corporate insurance advisory firms. WECOYA, part of Germany’s GGW Group, acquired First A/S in Copenhagen, enhancing its MGA capacity in the region.
Germany recorded 13 Q3 transactions, consistent with a year in which major consolidators focused on integrating recent acquisitions. Attikon secured its first private equity partner with Astorg, and Hanseatic Broking Center changed ownership, with Bridgepoint replacing Preservation Capital. Activity within the Maklerpool segment remained in motion through transactions involving blau direkt, Maxpool Gruppe and Oakley Capital’s pending acquisition of WIFO GmbH.
Austria continued to move counter to the German trend. The market has seen more than 43 transactions since 2023, largely involving firms with fewer than ten employees - a segment comprising about 95% of the market.
Central and Eastern Europe saw limited disclosed deal flow, yet retained selective cross-border activity. Unilink Group acquired Greece’s Mega Brokers, creating a combined network serving 10.3 million clients through 16,500 intermediaries across nine markets.
While CEE remains smaller in volume, global dealmaking trends indicate momentum could spread. Euronews reported that firms globally are revisiting portfolios due to geopolitical shifts, restructuring to exit non-core units or acquire capabilities in sectors influenced by AI, defence spending and the green transition. These pressures are also influencing insurance distribution, particularly in specialty MGAs and digitally enabled brokers.
Across EMEA, expectations for further deal flow have strengthened. JPMorgan and Goldman Sachs executives both noted a pickup in global dealmaking, with Hillery stating that the market now faces lower rates, clearer valuation benchmarks and a pipeline of delayed deals. Euronews added that valuation modelling has become less challenging, enabling buyers to price transactions with greater confidence.
Against that backdrop, Europe’s insurance distribution market is aligning with global conditions: uneven across individual countries but supported by lower funding costs, steady private equity interest and the strategic repositioning of firms adjusting to shifts in regulation, technology and geopolitical risk.
