Sector Performance

After several years of challenging market conditions, 2025 saw notable improvements in the insurance sector. Global insurance M&A activity strengthened, with multiple transactions exceeding US$1 billion, driving a significant increase in overall deal value compared to 2024.

In the United Kingdom, deal activity was particularly strong in the Lloyd’s of London market, with new entrants seeking investment opportunities and private equity-backed businesses approaching exit. In the life insurance subsector, pension risk transfer transactions remained robust, with 2026 expected to be another record year.

Hogan Lovells Activities

In 2025, our Insurance team partnered with clients on their most strategic and complex transactions, including several multi-billion dollar deals expected to shape the insurance market in 2026.

We continued to lead the market with thought leadership, releasing our annual Insurance Horizons publication, which explored key topics such as AI, space insurance, political risk, robotics, and climate change. We also launched the Future of Insurance podcast, focused on technology’s impact on the sector, and InCrowd, an insurance hub designed for our corporate clients.