Deal value for global insurance M&A reached EUR 37 billion in the first six months of 2018, driven by a slew of mega-deals which pushed value to its highest first-half total since the financial crisis, according to a new report from Willis Towers Watson and Mergermarket.

The first half of the year saw 14 deals worth over EUR 500 million taking place in this sector; although total deal volume was down to just 84 deals, the lowest number since 2009.

Key drivers behind this surge in value are related to the changing nature of business models.

As regulatory pressures become the norm, new models are emerging, and more businesses are seeking to return to their core strategy.

Describing the impact of Solvency II implementation, Fergal O'SHEA, Senior Director at Willis Towers Watson, said, "As the processes of reporting and monitoring have become increasingly business-as-usual, executives have taken back their 'bandwidth' and got on with the job of strategically guiding their companies."

Read the report from Willis Towers Watson and Mergermarket - Transformation in the Global Insurance Market.