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Legacy insurance run-off deal volumes drop in H1 2026
PwC says 13 disclosed non-life run-off deals changed hands in H1 2026, totaling about $780 million of gross liabilities, versus 23 deals and $1.537 billion in H1 2025.
PwC’s half-year review of the non-life insurance run-off market shows a quieter start to 2026, with only two run-off transactions publicly disclosed in the second quarter. Those Q2 deals involved combined gross liabilities of roughly $50 million, down from the first quarter’s 11 disclosed deals across five different acquirers, according to Reinsurance News.
Across the first half of 2026, PwC counted 13 disclosed deals, which is below the 23 disclosed in the same period of 2025. PwC also estimated gross liabilities transacted at about $780 million in H1 2026, compared with $1.537 billion in H1 2025.
PwC cautioned that the decline should not be over-interpreted, noting that public disclosures may understate total activity because many transactions are private or still in progress. PwC expects notable closes in the second half of the year and says longer timelines can reflect deal complexity.
In terms of what was disclosed, PwC said both Q2 transactions involved captive insurers. Riverstone Group finalized its purchase of an undisclosed North American captive largely tied to workers’ compensation exposures, while Swiss Re completed a novation of a captive book in Continental Europe, adding to four captive-related deals Swiss Re had already announced in Q1.
PwC also flagged current UK regulatory work, with PRA and FCA consulting on a new captive insurer regime, and it suggested the impact on UK captive deal activity will be worth watching. Looking ahead, it cited drivers including Lloyd’s syndicates acting on underperforming portfolios, ongoing uncertainty around casualty reserves and long-tail exposures, and growing use of flexible structures such as forward flows and renewable covers.