However, the firm stated that legacy players may still show caution towards portfolios of motor business given consistently worsening loss ratios.
To date in 2024, 16 transactions have been publicly announced with most of the established acquirers having completed deals. Recent momentum that’s been seen early on in the third quarter looks set to see overall deal numbers be in line with 2023, explained PwC.
In fact, the largest and most established players across the sector have reportedly been the most active in 2024 to date, but a number of mid tier players have also now completed deals too.
As well as this, PwC said that the sector has also been boosted by a significant investment in one of the largest players, which on completion will see only privately owned and no remaining listed legacy businesses.
Andrew Ward, Liability Restructuring Partner at PwC UK, commented: “A strong start to deal activity and investment in the sector during the second half of the year has helped the legacy market bounce back from a difficult period. Market conditions should continue to provide momentum as insurers continue to search for capital relief.
“A further knock on from the harder market conditions over the last few years should also see some better reserved portfolios coming to market. This may offer legacy acquirers opportunities to generate profits through proactive claims management – the traditional strong suit of the sector.”
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Publish date : 2024-09-08 20:30:00
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