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Non-life insurance run-off deals - Q1 2026 review
team in meeting in office
  • April 2026

Following the busy end to 2025, where 14 non-life run-off deals were disclosed in Q4, momentum continued into Q1 2026 with a further nine publicly disclosed deals announced by five acquirers. Five of these deals had disclosed deal values, with cumulative gross liabilities of approximately $730m transacted. Consistent with deal sizes observed in our Q4 update, three of the deals were sub-$50m liability deals whilst we also saw two $250m+ transactions in Q1. We expect to see more transactions of this size being announced during the course of 2026.

A number of acquirers also undertook notable activity outside the traditional run-off market in Q1. This included the announcement of Enstar’s acquisition of Accident Fund (AF) Group, a $3.3bn GWP specialist US workers’ compensation insurer. AF Group's Q3 2025 statements show gross technical provisions (including UPR) of $4.8bn, which will sit within the Enstar group upon closing. Compre also continued to increase its focus on prospective reinsurance, including its participation in QBE Re’s debut casualty sidecar announced in Q1, reflecting a broader trend of legacy players expanding into adjacent areas of the live (re)insurance market and strategic shifts towards greater diversification beyond traditional run-off portfolio acquisitions.

Non life insurance Q1 2026 deals activity by region map

* The cumulative estimated gross liabilities transacted figure for Q1 2026 does not include c.$4.8bn of gross technical provisions per AF Group's most recent public filings, that are expected to be transferred to Enstar upon closing of Enstar's acquisition of AF Group.

You can read and download the Q1 2026 report below.

Non-life insurance run-off deals - Q1 2026 review

(PDF of 1.79MB)

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Andrew Ward

Andrew Ward

Liability Restructuring Partner, PwC United Kingdom

Tel: +44 (0)7902 792216

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Rebecca Wilkinson

Rebecca Wilkinson

Director, Advisory, PwC United Kingdom

Tel: +44 (0)7808 030283

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