Author: Richard Hornby

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The Private Equity and M&A team's experience in 2025 confirms that transactional risk solutions — particularly representations and warranties (R&W) insurance, tax insurance and tax credit insurance — have become core instruments of deal engineering, not just risk transfer.

In the US, overall deal value rebounded sharply, reaching above historic levels on the back of megadeals, but middle-market transaction volume declined relative to 2024. Persistent inflation, shifting tariff policy and reduced federal spending — notably on healthcare and renewable energy — tempered optimism that had accompanied expectations of stable interest rates under the new US administration. Yet in this environment, insurance capacity, secondary market innovation and creative dealmaking allowed investors to maintain liquidity and protect downside risk.

Dive into Gallagher's Private Equity and M&A Outlook Report to stay ahead of the trends in a rapidly evolving landscape.

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