What does this pricing trend mean for M&A insurance buyers? It's still a good time to get RWI, especially for deals that underwriters historically have been more cautious about.

Carriers have also shifted their thinking about limits, opening the door for lower mid-market transactions that would have otherwise used a traditional indemnity structure. For "small deals" with an enterprise value below $20 million, we used to recommend a limit of at least $5 million. It's now much easier to get terms for limits as low as $3 million—while keeping the same rate as larger deals. We have even seen the further development of low-limit policies (read the blog, “RWI for Small Deals,” for more details). We expect this trend to continue into 2026 unless there is a substantial uptick in deal activity.