Third-quarter surge in legacy transactions
PwCs Q3 2026 review revealed that ten non-life run-off transactions were publicly disclosed during the quarter involving six different acquirers and approximately $2.6 billion in gross liabilities. This marked a significant increase in transaction value compared to the first half of the year, during which 15 deals involving approximately $849 million in liabilities were announced. Q3 alone accounted for 75% of the liabilities disclosed this calendar year, driven principally by RiverStone International's $1.6 billion loss portfolio transfer with QBE Insurance Group, which stands as the largest legacy transaction announced in 2026 to date and the second loss portfolio transfer between the two parties.
Geographic distribution and wider market activity
Beyond the QBE agreement, which covers North America middle-market and workers' compensation portfolios alongside European liability books, RiverStone International agreed a further loss portfolio transfer with Pacific Valley Insurance Company covering commercial auto liability. Compre announced two third-quarter transactions, including an adverse development cover for a Lloyd's syndicate and a loss portfolio transfer covering UK and French motor and property liabilities. Across the year so far, 25 non-life insurance run-off deals have been publicly announced, involving 10 acquirers and an estimated $3.46 billion of gross liabilities transacted. North America accounted for 13 of these transactions and $1.045 billion of disclosed liabilities, remaining the most active territory by deal count.