New research from S&P Global Market Intelligence shows that the number mergers and acquisitions (M&A) in North America generally and in Canada, declined in 2025. Globally deal values surged, despite the pullback in numbers. In Canada deal values were generally not disclosed.
“The North American insurance market experienced a decline in the total number and aggregate value of deals in 2025 compared to 2024, despite a significant surge in deal value during the fourth quarter,” S&P states. “The fourth quarter saw 166 deals totalling $18.88-billion (figures in U.S. dollars), marking a notable increase from previous quarters but still falling short of values recorded in the fourth quarters of 2024 and 2023.”
Canadian data, prepared by S&P for the Insurance Portal, reveal that there were 13 deals during the fourth quarter of 2025, down from 18 deals in the third quarter of the year, but in line with the 13 deals also reported in the fourth quarter of 2024. Deal values were not available.
Both the fourth and third quarters in 2025 were down from peaks reported in the second quarter of 2023 when 22 deals created an aggregate transaction value reaching $328.43-million. In the third quarter of 2022, meanwhile, 14 deals worth $289-million were recorded.
