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Non-life run-off liabilities hit $2.57bn YTD after 18 deal announcements
PwC data shows activity slowed in Q2, with only two publicly disclosed deals totaling about $50 million in gross liabilities, versus $780 million and 13 deals in H1.
Reinsurance News reports that combined gross liabilities in the non-life insurance run-off market reached an estimated $2.57 billion in 2026 year to date, according to data compiled by PwC.
The total is supported by 18 publicly announced deals across eight acquirers, with a notably slower second quarter. Reinsurance News cites PwC data showing that only two run-off transactions were made public in Q2, with combined gross liabilities of roughly $50 million, down from the first quarter’s 11 deals and five different acquirers.
For the first half of 2026, PwC reported 13 disclosed deals and an estimated $780 million of gross liabilities transacted. That compared with 23 deals across the same period in 2025 and $1.537 billion transacted during that period, according to Reinsurance News.
PwC also points to changing market dynamics, including a strategic shift away from pure capital relief as stronger balance sheets and softer rates reduce the focus on capital relief. The outlet says PwC recommends insurers bring legacy management into strategic discussions early to reduce execution risk as the P and C market softens.