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Combined gross liabilities of the non-life insurance run-off market reached an estimated $2.57 billion in 2026 year to date, driven by 18 publicly announced deals across eight acquirers, according to data from PwC.
The YTD figures demonstrate a robust recovery following a slow start to the year.
Only two run-off transactions were made public during the second quarter, with combined gross liabilities of roughly $50 million, a step down from the 11 deals involving five different acquirers recorded in the first quarter.
Looking at the first half of the year, PwC reported a total of 13 disclosed deals and estimated $780 million of gross liabilities transacted, trailing significantly behind the 23 seen across the same period in 2025, and the $1.537 billion transacted during the same period.
By region, the YTD figures include $150 million disclosed liabilities transacted in North America, with seven deals, while two transactions in the UK and Ireland closed with terms undisclosed.
For Continental Europe PwC reported $538 million in disclosed liabilities transacted across six deals. The rest of the world generated $280 million from two transactions, with cross territory activity generated $1.6 billion with one deal.
Market dynamics in 2026 reflect a distinct strategic pivot away from pure capital relief, driven by stronger balance sheets and softer rates which reduce pure capital-relief focus.
According to PwC, insurers are pursuing run-off solutions to achieve finality, simplification and curb balance-sheet volatility.
Legacy tools are also playing an expanded role in M&A and group capital optimisation, supported by repeat partnerships, forward-flow and exit options, increasingly connecting live and legacy.
With the current softening of the P&C market, PwC advises insurers to bring legacy management into strategic discussions early, in order to reduce execution risk and plan ahead for transactions.
The post Run-off liabilities reach $2.57bn YTD following slow H1 start: PwC appeared first on ReinsuranceNe.ws.
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