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WTW finds insurance M&A deal volume surged in Q3, but acquirers lagged
WTW said acquirers underperformed the MSCI World Index by 10.3 percentage points in Q3 2026, marking a second straight quarter of weaker share-price performance.
Insurance deal activity accelerated in the third quarter of 2026, with WTW tracking nine mega deals that closed during the period. The total reached 24 completed transactions valued above $10 billion for the first nine months of the year, the highest nine-month count in its Quarterly Deal Performance Monitor, surpassing the prior M&A boom.
WTW attributed a 23.9% year-to-date rise in deal value versus the same period in 2025 largely to blockbuster transactions. While the market was active, WTW said share-price performance was less strong, with acquirers underperforming the MSCI World Index by 10.3 percentage points in Q3 2026, its second consecutive quarter of underperformance.
In Q3, 121 of 200 deals, or 60.5%, trailed the index, while 79 outperformed. WTW also reported that through the first nine months, acquirers across North America, Europe, and Asia-Pacific underperformed their respective regional indices.
WTW further found that dealmakers are moving faster, with so-called quick deals, defined as those completed within 70 days of announcement, accounting for 43% of Q3 activity.