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Report

Transactional risk insurance 2025: Year in review

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03/18/2026

Insights into global M&A activity and deal risk mitigation

Transactional risk insurance remains a core component of modern dealmaking.

Transactional risk insurance 2025: Year in review is your essential guide to understanding how as deal values rose sharply amid a rebound in global mergers and acquisitions (M&A) activity, transactional risk insurance played a central role in supporting deal certainty, improving risk allocation strategies, and enabling transaction efficiency.

Published by Marsh Risk, this comprehensive report examines how the transactional risk insurance market evolved in 2025, highlighting global and regional trends that dealmakers should expect to persevere throughout 2026 and beyond.

What you’ll find in the report

  • Global M&A trends: Surging deal values and the rise of mega transactions reshaped demand for transactional risk insurance.
  • Insurance market dynamics: Record placement volumes, emerging pricing inflection points, and disciplined underwriting were seen across regions.
  • Tax insurance growth: Use of tax insurance expanded adoption across infrastructure transactions, M&A deals, restructurings, and other complex transactions.
  • Claims insights: Rising claims frequency and severity indicate increasing market maturity across different geographies.
  • 2026 outlook: The transactional risk insurance market is positioned for continued growth in 2026, supported by easing financing conditions, ample private capital, and renewed momentum in cross-border dealmaking — although geopolitical uncertainty may have an impact on M&A.

Hear from Craig Schioppo, Global Head of Transactional Risk, on the global mergers and acquisitions (M&A) market performance in 2025.

FAQs

The Transactional risk insurance 2025: Year in review is Marsh Risk’s annual analysis of global transactional risk insurance activity. In this comprehensive, annual report, we examine market trends, deal structures, and insurer behavior that have shaped M&A transactions in 2025 and explore the trends that dealmakers should be aware of in 2026 and beyond. These include:

  • The global M&A market rebounded in 2025, with deal value approaching US$5 trillion and a marked rise in mega deals above US$10 billion and large cap deals above US$1 billion.
  • Marsh Risk placed a record US$91.6 billion of transactional risk limits globally, reflecting insurance’s growing role in deal execution.
  • After pandemic-era rate declined, premium rates rose across most regions. Insurers also became more selective on aggregate exposures, often reducing amounts offered on single risks.
  • Tax insurance usage accelerated materially across multiple regions.

Our analysis combines global market data with real-world insights from Marsh’s transactional risk specialists, focused on how insurance is used in active deals across regions and sectors.

Deal scale and complexity increased sharply in 2025, with mega deals (those over US$10 billion)  increasing materially. Accompanying these shifts was a record number of transactional risk placements. Marsh Risk placed US$91.6 billion in limits. This reflected stronger market reliance on transactional risk insurance products, including representations and warranties and warranties and indemnities and tax insurance. 

This report is designed to equip investors, dealmakers, legal advisors, and risk professionals involved in mergers, acquisitions, and complex transactions with the knowledge and tools necessary to navigate the complexities of the current market. 

The deal landscape and related risks continue to evolve at a fast clip. Our annual report provides an analysis of the risks and opportunities, providing practical insights to help dealmakers structure transactions, anticipate market shifts, and make informed decisions on transactions.

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