Insurance DataLab’s analysis of more than 500 UKGI transactions completed between January 2021 and 22 October 2025 shows a clear turning point in the market.
Volumes broke through the 100-deals barrier in 2022, before rising again to 134 in 2023 – the highest annual figure in the dataset. Activity remained buoyant in 2024, with 133 deals recorded across the year.
But 2025 tells a different story.
There have been just 68 transactions in our data so far this year – a 36% year-on-year reduction on a like-for-like basis compared to the same period in 2024. That puts the market back in line with the volumes seen in 2021, signalling a clear end to the post-pandemic surge in M&A.
Big Names Stay Active – But Buyers Are More Selective
Despite the slowdown, the market’s most acquisitive firms remain in the frame, with the JMG Group, Clear Group and Brown & Brown leading the way. Ardonagh Advisory and Howden also remain among the most active consolidators, continuing the trend established during the post‑pandemic boom.
But while the headline names remain present, the overall volume of deals has fallen sharply, reflecting a market that is increasingly focused on strategic fits, specialist capabilities and cultural alignment rather than pure scale.
One of the most striking shifts in the data is the divergence between regions.
Over the first nine months of the year, London and the South East together recorded just 12 deals, compared with 38 over the same period in 2024 – a striking decline of almost 70%.
The rest of the UK, meanwhile, has proven more resilient, with 56 deals compared with 69 last year. As a result, more than four‑fifths of all UKGI transactions in 2025 have taken place outside the capital and its surrounding region.
This shift reflects both supply and demand dynamics: many mid‑market firms in London and the South East have already been consolidated, prompting buyers to look further afield, while specialist capabilities and more sustainable valuations in the Midlands, North West, Yorkshire, Scotland and Wales have helped to underpin steadier activity across those regions.
A Market Reset – Not a Market Retreat
The data suggests that the UKGI M&A landscape has moved decisively into a new chapter; the boom years of 2022 and 2023 are behind us, but dealmaking remains very much alive.
Instead of chasing volume, buyers are increasingly prioritising sustainable, specialist‑led growth. Cultural and operational alignment has become more important than ever, as has the ability of a target firm to offer distinctive regional expertise and a clearly defined niche.
Firms with strong retention, robust processes and identifiable cross‑sell potential are now the ones best placed to attract interest as appetite becomes more selective.
For sellers, differentiation will be key. With buyer appetite cooling, firms that can clearly articulate their specialisms, performance track record, and fit within a consolidator’s strategy are best placed to command attention.
How Insurance DataLab can help
Insurance DataLab’s M&A tracking, benchmarking tools, and market intelligence can help you identify the best opportunities — whether you’re looking to buy, sell, or understand what drives value in today’s market.
Email Dan King to discuss how we can support your growth plans or to arrange a demo of our insight platform.