Through the IQUW acquisition, Starr said, it has strengthened its position in London and established its managing agency as the ninth-largest at Lloyd’s.

The firm also highlighted its “significantly enhanced” reinsurance capabilities, noting that IQUW Re Bermuda and IQUW’s London reinsurance business will now operate as Starr Re.

The newly branded entity will write inward reinsurance, bolstering Starr’s ability to offer a diversified portfolio across multiple geographies and lines of business.

Starr Re will reportedly benefit from the group’s capital strength, enabling thoughtful capital deployment across market cycles and positioning the firm to better serve clients across the re/insurance market.

In 2025, IQUW wrote $1.88 billion of GWP, which is comprised of business written by IQUW (Syndicate 1856), ERS (Syndicate 218), the UK’s largest specialist motor insurer at Lloyd’s, and IQUW Re Bermuda (now Starr Re).

Syndicate 1856 will be rebranded as Starr, while ERS will continue to trade under its existing brand, given its strong and established presence. There will be no brand change to Starr’s Syndicate 1919.

Jeff Greenberg, chairman and co-chief executive officer of Starr, commented, “The completion of this transaction advances Starr’s strategy to build a global, diversified, best-in-class underwriting business. I am delighted to welcome our new colleagues to Starr.

“Together, we are a larger, more resilient platform with the scale and expertise to compete and win across global markets and deliver sustainable, long-term growth.”

Steve Blakey, president and chief executive officer of Starr Insurance Holdings, said, “We are thrilled to be bringing together our talented people and ensuring that our clients and brokers have the same seamless support and access to a broader suite of specialist solutions.

“As a combined organisation, we will remain relentlessly focused on delivering exceptional service for our brokers and clients across all elements of our business.”

Peter Bilsby, who will lead Starr’s international business, added, “The completion of this transaction is a proud moment for everyone who has contributed to building the IQUW Group since its inception.

“From the outset, our ambition was to create a high-performing, specialist platform defined by great talent and market-leading data and technology. Now, as part of Starr, we can take advantage of being part of a stronger and more diversified global organisation.”

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The transaction is anticipated to close in the second half of 2026, subject to customary regulatory approvals and closing conditions.

Jim Williamson, President and Chief Executive Officer of Everest, stated: “This transaction represents a strong outcome for both organizations, our shareholders and our colleagues. The Canadian Retail team has built a high-quality, disciplined portfolio.

“This agreement enables us to realize compelling value and to transition our colleagues to a growth-oriented organization committed to expanding its commercial retail presence in the Canadian market.”

This transaction marks another move in Everest’s strategic repositioning and advances the carrier’s previously announced plan to exit the Commercial Retail Insurance space, following the 2025 sale of its global Retail Commercial Insurance renewal rights to AIG.

As Everest Canada was the firm’s largest remaining retail platform, its divestiture allows Everest to further sharpen its focus on its core Reinsurance, Global Wholesale, and Specialty Insurance businesses.

Williamson added: “Consistent execution against our stated strategy remains a priority. This agreement further aligns our portfolio with our core underwriting strengths and supports our objective of generating sustainable, risk-adjusted returns over time.”

“Everest has built a respected commercial business in Canada, powered by strong talent, deep specialty lines expertise, and a disciplined, entrepreneurial underwriting culture,” said Evan Johnston, President and Chief Executive Officer of Wawanesa. “We look forward to welcoming the Everest Canada team and investing in their proven model to further expand our ability to serve more Canadian businesses across an even broader range of industries.”

For Wawanesa, the deal is expected to “significantly strengthen” its role in the Canadian market by adding an extensive portfolio of specialty commercial insurance products. In fact, the firm expects the transaction to add some $305 million in annual commercial lines premiums, an increase of roughly 30% from the insurer’s current volume.

Further, once the acquisition completes, Everest Canada will enter into a Loss Portfolio Transfer reinsurance agreement with Everest Reinsurance Company. Under the LPT, exposure to all liabilities of Everest Canada with respect to insurance policies issued by Everest Canada prior to closing of the transaction will be retained by Everest, while Everest Canada will continue to administer claims with respect to these policies on behalf of Everest.

Additionally, Everest Canada and Everest will enter into a Transition Services Agreement, under which an Everest affiliate will provide certain transition services to Everest Canada for a period of time following closing of the deal.

Johnston added: “Wawanesa has bold ambitions for the future and a firm commitment to growing our commercial presence across Canada. The talent and expertise gained through this deal creates the momentum we need to serve more Canadian businesses across an even broader range of industries. This is a powerful strategic fit for our organization, significantly elevating our competitive edge and better positioning us to thrive in a rapidly evolving market.”

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The new deal reportedly comprises the following three key elements: strategic equity investment in TMHD, collaboration in reinsurance, and strategic collaboration in M&A and global investment opportunities.

Berkshire’s NICO will make a strategic investment in 48,207,200 common shares of TMHD, representing 2.49% of TMHD’s total issued shares of 1,934,000,000 as of December 31, 2025.

To implement this investment, TMHD explained that it will conduct a third-party allotment by way of the Disposition of Treasury Shares.

To offset the dilutive impact of the third-party allotment, TMHD’s board of directors resolved at its March 23, 2026 meeting to repurchase up to ¥287.4 billion of its own shares between April and September 2026. The company intends to use the proceeds from the allotment to fund the buyback.

On the reinsurance front, TMHD said it will welcome NICO onto its reinsurance panel, adding that the Berkshire entity will assume a portion of its portfolio through Whole Account Quota Share reinsurance.

“This collaboration will further enhance, both qualitatively and quantitatively, our long-term and stable foundation of reinsurance that is less susceptible to cycles in the reinsurance market. In addition, it will further strengthen our earnings stability and strategic flexibility by mitigating underwriting volatility, particularly in relation to increasingly severe natural catastrophe risks,” TMHD observed.

As mentioned, the two companies also plan to collaborate on global strategic investment opportunities, including M&A, executing joint investments to drive sustained business expansion.

“We have steadily expanded our global footprint through disciplined acquisition principles. Through the Strategic Partnership, by combining our proven M&A execution capabilities with NICO’s peerless capital strength, we believe we are able to broaden our strategic options and access to high-quality growth opportunities,” TMHD added.

Masahiro Koike, Group CEO of TMHD, commented, “We are delighted to establish a strategic partnership with Berkshire Hathaway, one of the world’s leading investors, whose corporate culture and values closely align with ours. This Strategic Partnership represents a major step forward in advancing our insurance business and delivering sustainable value creation by combining the strengths of both organisations. Through disciplined management, we remain fully committed to enhancing corporate value over the long term.”

Ajit Jain, Vice Chairman of Berkshire Hathaway-insurance operations, stated, “We are pleased to build a long-term collaborative relationship with TMHD, which has a strong underwriting franchise and an exceptional management team. We expect this Strategic Partnership to create compelling long-term opportunities for both organisations.”

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Marsh states that primary representations and warranties (R&W) insurance rates rose across most regions during the year, reversing a three-year trend of falling premiums. The firm links this shift to higher levels of merger and acquisition (M&A) activity alongside an increase in claims.

According to Marsh, North America saw the most pronounced rise, with average primary R&W premium rates increasing by 16% year-over-year in 2025, compared with a 14% decline in 2024. In Asia, rates rose by 8% following a 24% decrease the previous year.

The firm also highlights that global M&A activity reached elevated levels, with total deal value approaching $5 trillion in 2025. Deal values increased by 37% compared with 2024, while deal count grew by 12%. This growth was largely driven by larger transactions, including 70 deals valued above $10 billion—an 81% increase year-over-year—and 617 deals exceeding $1 billion.

Alongside this activity, Marsh reports that both the frequency and severity of claims increased. The United Kingdom recorded historically high levels of notifications and payouts, while Europe saw claims double and Asia experienced notable growth. In North America, notifications declined slightly, but total loss payments reached a record high.

Marsh further notes that it placed $91.6 billion in transactional risk insurance limits globally in 2025, representing a 34% increase, across more than 3,800 policies and nearly 1,800 transactions. The firm also reports strong growth in tax insurance, with policy numbers rising by 82% in North America. In Europe, policy volumes increased by more than 50%, while insured limits more than doubled compared with the previous year.

Finally, Marsh indicates a continued shift in buyer composition. For the third year in a row, a larger share of transactional risk insurance programmes was arranged for corporate and strategic buyers (53%) than for private equity firms (47%), suggesting an ongoing change in market dynamics.

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While B.P. Marsh will exit as a shareholder of Amiga, it remains a key shareholder in Sodalis and therefore continues its support of Amiga Specialty. Upon completion, B.P. Marsh will retain a 25.55% shareholding in Sodalis.

Under the terms of the transaction, B.P. Marsh will receive £706,250 in cash for its 39.24% shareholding in Amiga. Additionally, B.P. Marsh will receive repayment in full of its outstanding loan facility to Amiga of £1.825 million.

The transaction aims to position Amiga as Sodalis’ MGA platform to drive global expansion across specialty lines.

Colin Thompson will join the Amiga Specialty Group board, and Adam Kembrooke will join the Sodalis Group board. Apart from these two appointments, the MGA will continue to operate under its existing leadership team and brand.

Sodalis was founded by Colin Thompson in November 2025 to pursue a buy-and-build strategy within the international insurance intermediary sector, targeting specialist underwriting and wholesale broking platforms across the UK, Europe and the Middle and Far East.

In November 2025, B.P. Marsh invested £5.3 million in Sodalis for Cumulative Preferred Shares, receiving an initial 26.67% equity interest in the firm, alongside Colin Thompson and Alliant Insurance Services, Inc.

Adam Kembrooke, Founder and Group Chief Executive Officer (CEO), Amiga Specialty, commented, “We built Amiga to be a different kind of specialty platform — underwriting-led, people-first, and globally minded from day one. Partnering with Sodalis allows us to accelerate that journey while staying true to what makes Amiga special. Just as importantly, this partnership brings together an exceptional group of people.

“It’s exciting to be reuniting with Colin again and gives us a rare opportunity to build something special for a second time, along with several former colleagues, combining shared experience with a fresh, modern platform built for the future. With Sodalis’ support, we now have the capital, alignment, and long-term backing to scale faster, invest deeper, and continue building a world-class specialty business for our brokers, carrier partners, and clients.”

Colin Thompson, Founder & Group CEO, Sodalis, added, “On a personal level, it is nice turn of events to be working with Adam again. We have a similar ethos and appetite for growth. While we set off independently, we have ended up here with the opportunity to build another world-class platform together at Amiga. The foundations are in place, the culture is strong, and the ambition is clear.”

According to the terms, the sellers (including B.P. Marsh) may receive deferred consideration, contingent upon Amiga’s performance over the financial years ending December 2027 and 2028. B.P. Marsh’s share of any deferred consideration will be pro rata to its existing shareholding in Amiga.

Dan Topping has resigned as the Nominee Director of Amiga’s board but remains on the board of Sodalis.

Thompson stated, “The acquisition of Amiga represents a significant step in building a high-quality, international specialty insurance platform. Amiga brings strong underwriting expertise and relationships, which will complement Sodalis’s broader growth strategy.”

Topping said, “This transaction reflects our ability to create strategic opportunities across our portfolio. We are pleased to support this consolidation and continue our relationship with the Amiga team through our investment in Sodalis.”

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As part of the transaction, B.P. Marsh has taken a 25% fully diluted equity interest in Ventura for a nominal sum and has also provided a £2.0 million loan facility.

Based in London, Ventura is a start-up brokerage concentrating on energy-related risks in the Lloyd’s and London markets. The company was founded by Alex Taylor, who has built his career in the sector, initially with JLT Group and subsequently at Miller Insurance Services, where he specialised in energy placements. His experience has led to established relationships with both London market underwriters and brokers in North America.

The London energy broking market has experienced consolidation in recent years, resulting in a reduced number of independent specialist providers available to North American retail brokers. Ventura intends to address this by operating independently and focusing on technical expertise in risk placement rather than pursuing scale.

The investment is considered by B.P. Marsh’s board to be in line with its strategy of supporting early-stage insurance intermediary businesses with strong potential. It also represents an opportunity to support Alex Taylor in the initial phase of Ventura’s development.

In connection with the investment, Abigail Benson, Investment Director at B.P. Marsh, has joined Ventura’s board.

Taylor commented: “I am delighted to be launching Ventura Risk Partners with the backing of B.P. Marsh. Their long track record of supporting specialist insurance brokers at an early stage, while allowing management teams the independence to build high-quality businesses, made them an ideal partner for Ventura.

“The London energy market has seen significant consolidation in recent years, and we believe there is a clear opportunity for an independent platform that prioritises technical placement expertise and strong alignment with retail brokers. B.P. Marsh’s support provides us with both the financial backing and the strategic insight needed to establish Ventura on a strong footing as we build the business and selectively expand into adjacent energy and power-related lines.”

Dan Topping, Chief Executive Officer of B.P. Marsh, added: “We are pleased to support the launch of Ventura Risk Partners and to back a specialist platform focused on placing North American energy risks within the Lloyd’s and London markets.

“This investment aligns well with our strategy of partnering with talented management teams at an early stage and providing both capital and strategic support as they build high-quality, specialist insurance businesses.”

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These moves mark a further step in Lockton’s investment in a unified TL platform following the formal launch of its global practice. The firm aims to provide consistent technical expertise and client advisory across regions through a single integrated structure.

Both appointments arrive at a time of strong growth for the practice, with Sutton and Juma expected to support innovation, enhance client services, and expand a platform designed to operate as a coordinated international team.

Sutton brings over a decade of experience advising on complex corporate and investment matters. A UK-qualified lawyer, he has worked on mergers and acquisitions, private capital transactions, fund structuring, and corporate matters in both private practice and in-house roles.

He later joined the transaction liability sector at a leading insurance broker, ultimately becoming Head of Placement and contributing to the growth of the UK private equity and M&A platform. In 2024, Sutton established a Transaction Liability practice for the Middle East and Africa and moved to the United Arab Emirates to lead regional expansion.

“Luke’s experience in the UK and most recently across the Middle East and Africa gives him a unique perspective on what we are building at Lockton,” commented Mary Duffy, Head of Global Expansion and Market Strategy. “We are bringing a novel approach to established markets across the region, and Luke is exactly the kind of leader we need as we continue to scale our EMEA platform.”

“What attracted me to Lockton is the seriousness of purpose behind this buildout,” Sutton said. “The firm has created something genuinely differentiated in the markets it serves and is now extending that same model globally, with real integration, technical depth, and a consistent approach to advising clients across regions. That is what gives clients confidence that they are working with the same team regardless of where a transaction originates.”

Juma has more than 15 years of experience advising on tax aspects of mergers and acquisitions and complex corporate transactions across multiple jurisdictions. He started his career at Deloitte in the real estate M&A tax team, supporting private equity funds and corporate clients throughout the UK and Europe. He subsequently transitioned into the transaction liability sector at a major insurance broker, where he played a key role in establishing and expanding tax risk insurance services across the UK and European markets.

“Tax insurance has evolved dramatically over the past decade, moving from a niche product used occasionally on complex deals to a core tool in how tax risk is managed in transactions today,” said Eric Ziff, Global Co-Head, Transaction Liability.

“Abbas has been at the centre of that evolution for nearly a decade, helping clients, advisors, and underwriters navigate that shift as the market scaled. That experience combines deep technical expertise with real market perspective, and it makes him an exceptional addition to our global team.”

“Lockton’s ambition for this practice is clear, and the global platform the firm has built gives that ambition real credibility,” Juma added. “The opportunity to lead the tax capability across EMEA as part of a fully integrated global team, rather than a standalone regional practice or siloed specialty practice, was what made this the right move. I look forward to bringing that expertise to clients across the region and beyond.”

The EMEA region forms a central part of Lockton’s growing global Transaction Liability network, which also includes teams in North America, Latin America, Asia-Pacific, India, the UK, and the Nordics. The network connects clients involved in cross-border transactions to a coordinated team operating under shared standards and infrastructure.

“Our global practice is designed to operate as one integrated platform, and EMEA is an essential part of that system. It delivers the same technical standards and client experience wherever transactions occur,” noted Josh Halpern, Global Co-Head of Transaction Liability.

The appointments of Sutton and Juma further strengthen Lockton’s integrated global Transaction Liability platform, which unites capabilities including representations and warranties insurance, tax liability insurance, and contingent risk solutions under one structure serving clients across major M&A markets. The firm plans to continue investing in talent and expertise across EMEA and globally as client needs evolve.

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However, FTI Consulting’s latest European Insurance M&A Barometer revealed that a geographic shift is underway. Activity in the UK and Ireland fell 23% year-on-year, making it one of the quietest periods for the market over the past five years, although the region remained the most active with 219 deals.

Continental European markets, including the DACH region (Germany, Austria and Switzerland), Benelux, Italy, France, Iberia, Central and Eastern Europe and the Nordics, saw significant deal activity. Intense competition for premium platforms pushed valuations to as high as 18 times EBITDA in these markets.

The report found that the DACH region was the second most active market in 2025 with 143 transactions, a 35% increase compared with 2024. Iberia followed with 141 deals, representing a 21% increase.

Strategic buyers and PE-backed platforms, as well as PE firms, are increasingly moving away from conventional roll-up and buy-and-build acquisition strategies. Instead, inorganic growth is being pursued through a more targeted focus on specialty brokers and MGAs that offer scalable, portfolio-wide benefits and diversification across both product lines and geographies.

“The insurance M&A market in the UK and Ireland has entered a new phase,” said Jeremy Riley, a Senior Advisor in the EMEA Insurance M&A practice at FTI Consulting. “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.”

Insurance brokers and service providers continued to dominate the market, accounting for more than 87% of all transactions in 2025, with 596 broker deals and 94 service-provider deals completed.

The number of transactions completed by private equity firms remained active, increasing from 61 deals in 2024 to 69 in 2025. Consolidation activity among PE-backed portfolio companies also rose, from 376 deals to 402, with this group once again emerging as the European market’s leading acquirers.

Non-PE-backed strategic buyers gained further market share, completing 318 deals, up from 257. This reflects continued appetite among global consolidators and regional operators to use M&A to build scale, fill product gaps and expand geographically.

Riley continued, “The insurance distribution sector is now defined by unprecedented PE ownership, however, many of these funds are approaching the end of their investment cycles, which will lead to a wave of exits and strategic repositioning in 2026.

“We are also in a period where refinancing needs will create selective buyer opportunities. All this points to an active 2026 market, but one that will favour well-capitalised buyers with clear strategic objectives who can move quickly and can optimise performance under new ownership.”

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Jason Kaminsky, CEO of kWh Analytics, will report directly to Tim Turner, Group Head of MAP Risks and be a key part of the transition underwriting strategy, which is led by Kelly Malynn.

“Joining Beazley represents an exciting new chapter for kWh Analytics. Together, we will accelerate the development of risk products and services that support the energy transition. Beazley’s global reach and commitment to innovation make them the right partner to scale our mission,” Kaminsky commented.

Beazley said the global energy transition represents a significant strategic growth opportunity and that it is focused on underwriting the complex risks needed to support that shift.

With this in mind, the specialty insurer said that the acquisition of kWh Analytics will add scale and strengthen its capabilities in modelling, underwriting and risk management across renewable energy portfolios.

Adrian Cox, CEO of Beazley, added, “The energy transition represents one of the most significant opportunities for the specialty insurance market.

“At Beazley, we see transition underwriting as a dynamic, long‑term driver of structural growth, with investment in the energy transition projected to reach multiple trillions in the next decade.

“kWh Analytics’ reputation as an innovative player in the renewable energy space is well established, and this acquisition reflects our continued investment in the capabilities needed to support our transition clients with solutions to complex risk. I’m excited to work with the fantastic team at kWh Analytics.”

Earlier this year, kWh Analytics renewed its agreement with Aspen Specialty, expanding support of its Property Insurance offering for renewable energy assets and projects.

In 2025, kWh Analytics added a new $20m capacity layer to its natural catastrophe solution for the renewable energy sector. Also, it closed a Munich Re-backed parametric wind proxy hedge for Apex Clean Energy.

In related news, this month, an agreement was reached for global insurer Zurich to acquire Beazley in an £8.1 billion all-cash transaction, bringing together “two highly complementary businesses to establish a global leader in Specialty insurance.”

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Proper Insurance, founded in 2014 and headquartered in Bozeman, Montana, offers a commercial insurance solution that serves as a replacement for standard homeowners or landlord policies.

This specialised coverage is designed for homes owned by individual hosts, professionally managed portfolios, and properties listed on platforms like Airbnb® and Vrbo®.

The program is supported by leading insurance markets, including Lloyd’s of London and Concert Specialty, and is available nationwide, with Proper licensed in all US 50 states.

“We are very excited by Proper,” said Chris Treanor, President & CEO of SPG. “It has the key ingredients we look for in acquisition. It is an industry leader with a strong brand and track record. It is in an attractive market segment with good long-term growth potential. It has a great management team that will lead it into the future.”

As part of the transaction, Michael Grimland has been appointed President of Proper.

Grimland will lead the business and oversee day-to-day operations, underwriting strategy, and continued development of the platform.

The executive joined Proper Insurance in 2017 and most recently held the position of Director of Operations. Throughout his time with the company, he has been key to expanding Proper’s underwriting, claims, and operational capabilities.

He brings expertise in commercial underwriting, reinsurance, and the Lloyd’s of London marketplace to his new position.

“Proper has been built on disciplined underwriting and a deep understanding of the risks unique to short-term rental properties,” said Grimland. “Becoming part of SPG provides an opportunity to further align our capabilities within a broader specialty platform while continuing to focus on delivering insurance solutions designed for this market.”

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