Specialty Insurance M&A: Consolidation Meets Technology
The specialty insurance market has seen strong M&A momentum in 2025, with deals driven not just by scale and market expansion, but also by technology-enabled capabilities. Carriers and MGAs are increasingly seeking acquisitions that strengthen underwriting analytics, streamline operations, and support digital distribution.
Sompo Holdings Acquires Aspen Insurance (£3.5bn)
Sompo’s acquisition of Aspen Insurance enhances its specialty lines including cyber, political risk, and marine. Beyond strategic product expansion, Aspen brings advanced risk modelling and capital markets platforms, allowing Sompo to integrate technology into underwriting decisions and optimise its global specialty operations.
Read more: https://www.sompo-intl.com/media-center/sompo-to-acquire-aspen-for-3-5-billion/
Skyward Specialty Acquires Apollo Group Holdings (£555m)
Skyward’s acquisition of Apollo adds £1.5bn in premium and strengthens its delegated authority distribution, with significant tech-enabled underwriting platforms. Integrating Apollo’s digital systems enables Skyward to accelerate underwriting workflows and improve data-driven risk assessments.
CRC Group Acquires Atrium Underwriting (Lloyd’s MGA)
CRC’s acquisition of Atrium expands its Lloyd’s footprint and leverages Atrium’s specialist underwriting technology, providing real-time analytics that enhance CRC’s ability to price and underwrite complex specialty risks efficiently.
Palomar Holdings Acquires Advanced AgProtection
Palomar’s crop MGA acquisition allows the insurer to integrate agriculture technology and data-driven risk analytics into its offerings. Precision risk modelling and farm-level data tools help Palomar deliver more accurate coverage and streamline claims management for agricultural clients.
SageSure Completes Acquisition of GeoVera’s Underwriting Unit
SageSure’s deal for GeoVera strengthens its catastrophe and earthquake risk capabilities. GeoVera’s proprietary risk models and analytics tools are being adopted across SageSure’s platform, enabling faster, more accurate underwriting for catastrophe-exposed properties.
Read more: https://sagesure.com/press-releases/sagesure-closes-acquisition-of-geovera-advantage/
Brown & Brown Completes Accession Risk Management Acquisition (£9.83bn)
Brown & Brown’s acquisition of Accession Risk, parent of Risk Strategies and One80 Intermediaries, consolidates specialty distribution networks while also bringing enhanced technology infrastructure for policy administration, risk analytics, and client management across multiple lines of specialty business.
Ryan Specialty: Strategic Growth Meets Tech-Enabled Underwriting
Ryan Specialty has acquired US Assure, Velocity Risk Underwriters, Innovisk Capital Partners, and Castel Underwriting Agencies, deepening its specialty platform. Many of these acquisitions bring tech-driven underwriting platforms, advanced analytics, and automated claims processes, supporting Ryan’s strategy of using technology to scale efficiently and provide data-backed insights.
These efforts were recognised with a finalist nomination for Insurance Insider’s “M&A Transaction of the Year.”
Inigo Insurance Acquired by Radian Group
Inigo Insurance, a specialist MGA focused on property and casualty lines, has been acquired by Radian Group. The acquisition strengthens Radian’s underwriting capabilities and enhances its technology platforms, particularly in data-driven risk assessment and digital distribution. Inigo’s existing tech-enabled underwriting tools are being integrated into Radian’s systems, helping streamline policy administration and accelerate product rollout.
Read more: https://inigoinsurance.com/inigo-acquired-by-radian/
Tech Themes Across the Sector
Data-Driven Underwriting – Deals like Sompo/Aspen, SageSure/GeoVera, Ryan Specialty, and Radian/Inigo demonstrate the growing importance of analytics platforms for risk assessment.
Digital Distribution & Delegated Authority – Skyward/Apollo, Brown & Brown/Accession, and Radian/Inigo highlight the value of tech-enabled MGAs and distribution networks.
Operational Efficiency – Integrated tech platforms streamline policy administration, underwriting, and claims processes.
Product Innovation – Acquisitions like Palomar/AAP leverage agtech and catastrophe modelling tools to offer smarter, tailored products.
Market Differentiation – Technology increasingly separates leaders from laggards, allowing specialty insurers to scale rapidly while managing complex risks.
Taken together, these deals illustrate a market where scale, expertise, and technology are increasingly intertwined. Specialty insurers that strategically combine specialist knowledge with tech-enabled platforms are best positioned to deliver superior underwriting, optimise distribution, and stay ahead in an increasingly complex and competitive landscape.
