86% M&A Appetite | InsurTech Shifts Late-Stage (Auto 22%) | Advent–Sapiens $2.5B | M2 at $22T

Good morning, ! This week we are exploring the main likelihood in M&A deals along the next 2 years. We are also diving into the main trends we’ve been discovering along the first half of the year in the Insurance Industry. Auto/Motor InsurTech has grabbed 22% of all InsurTech investment. 

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DATA DIVE

Mid-Year review 2025: Insurance in Transition

The first six months of 2025 have marked a decisive shift in the global insurance landscape, with carriers moving from reactive risk management to forward-looking transformation.

Pet insurance continues its rapid rise, with higher consumer expectations for coverage and digital services fueling growth toward $45 billion by 2033. Blockchain is no longer experimental—its integration into claims processing, smart contracts, and data transparency is reshaping how insurers operate, particularly in health and parametric coverage. Marine cargo insurance is growing steadily alongside the global trade recovery, bolstered by AI risk analytics, satellite tracking, and increased demand for stock throughput coverage.

Travel insurance has rebounded strongly, driven by embedded distribution models, dynamic pricing, and renewed international mobility, especially across Asia-Pacific. Demographic aging is pushing life insurers to shift toward longevity planning, health integration, and hybrid policies. Meanwhile, climate change has intensified urgency around underinsured risks, particularly flooding, where parametric products and public-private partnerships are beginning to close a $63 billion protection gap. Across all lines, insurers that invest in technology, respond to evolving customer needs, and build strategic partnerships are positioning themselves for long-term leadership in a more volatile, digital, and opportunity-rich market.

Read the Full Report HERE

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TREND OF THE WEEK

Insurtech’s Age Upgrade

Insurers are aging up their portfolios. In 2024, 60% of insurer investments are flowing into late-stage startups — a seismic leap from 25% in 2023. Translation: the capital chase has shifted from bold bets on raw ideas to proven, market-ready models. Series A and B funding has slid, underscoring a cooling appetite for early-stage risk. For startups, this means your MVP story better come with revenue, regulatory clearance, and customers who aren’t just your cousins. For investors, it’s about near-term impact and minimizing the hope factor. Insurtech may still be about innovation, but now it’s innovation with a quarterly return forecast. (More)

MICROSURVEY

Insurance Leaders Warm to M&A

The boardroom mood is shifting. In our latest microsurvey, 33% of insurance executives say they’re actively pursuing deals in the next 24 months, while another 53% remain open to M&A if the right target appears. Only 13% are ruling it out.

The split across leadership levels shows a cautious but warming stance: the C-suite leans wait-and-see, while Owners are intrigued but deliberate.

The signal is clear: inorganic growth is back on the table—but expect fewer, sharper bets where strategic fit wins the day. (More)

DEAL OF THE WEEK

Advent Bets $2.5B on Sapiens

Private equity is doubling down on insurance tech. Advent will acquire Sapiens for $2.5 billion, paying $43.50 per share — a hefty 64% premium to last week’s undisturbed price. The deal takes Sapiens private, with Formula Systems keeping a minority stake. For Advent, the play is clear: accelerate SaaS, AI, and digital solutions that insurers increasingly depend on for growth and resilience. For Sapiens, the shift to private ownership promises more flexibility to invest in innovation without quarterly earnings pressure. The bigger signal: insurance software is no longer a niche play — it’s core infrastructure, and PE wants in. (More)

INSURTECH CORNER

Shift Gears in Auto/Motor InsurTech

Auto/Motor InsurTech has grabbed 22% of all InsurTech investment—about USD 13.1 billion of the USD 60 billion injected since 2012. While early‑stage funding still drives the volume, over time the market has matured: later‑stage rounds are absorbing an increasing share, signaling rising confidence as startups pivot from scrappy experiments to scalable businesses.
The narrative is clear: as AI‑driven telematics, virtual claims, and usage‑based insurance evolve from niche experiments into real value plays, investors are betting on tools that make insurers smarter and the road less risky—because even in insurance, sometimes it’s good to go full throttle. (More)

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MACROECONOMICS

M2 Infinity and Beyond

M2 just hit a new all-time high—crossing $22T and cruising past its long-term trend like Elon’s rocket past the Kármán line. But this isn’t just another milestone. It’s a bright red flashing light for persistent inflation, now fueled by both monetary expansion and potential tariff-driven cost shocks.

Here’s the kicker: inflation expectations have doubled in 2025, despite rates holding at 4.33%. Translation? The Fed’s signaling mechanism is fried. Throw in Trump’s calls for 1% rates, and we’re in full monetary game-theory territory. With M2 veering off the trend line and CPI prints creeping up again, the question isn’t if inflation sticks—it’s whether the Fed has the credibility left to stop it. (More)

INTERESTING ARTICLES

TWEET OF THE WEEK

"Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work."

Steve Jobs