The following is a LinkedIn Article written by Jay Rittberg, Founder and CEO at Euclid Transactional.
Euclid Transactional saw a continued increase in primary representation and warranty/warranty and indemnity insurance (RWI) rates-on-line globally, with July premium rate in North America over 50% higher than in the summer of 2024. This increase is connected closely to claims results, with Euclid Transactional having now paid over $1.7 billion in RWI claims to clients and counting. This rate increase is needed to ensure that this insurance remains available for clients on M&A transactions and carriers can support the continuing claims activity that we and others in the industry are seeing.
Separately, M&A and transactional insurance markets remain vibrant, and we saw July records for global submission volumes and policies bound. This strong start to Q3 follows a historically high second quarterfor both global RWI submission volumes and bound policies. We attribute the increases in policies to the continued adoption of the product, as several recent M&A publications have noted that the number of deals signed this year is relatively flat year-over-year (though the total dollar amounts of deals, as measured in enterprise value, is up significantly).
Euclid received 1,153 global RWI submissions in July 2026, which reflects the highest July volume in our history. Coming off the tails of our highest quarter in RWI submission volumes, July submission volume exceeded each individual month of H1 2026, other than June 2026, and is the third highest monthly volume Euclid has seen since our inception.
We bound 179 global RWI policies in July 2026, the second highest in any month in our history, following December 2025. The average enterprise value of global RWI submissions in July 2026 was $405 million, consistent with the elevated deal sizes observed throughout much of the past two years and further evidence that strategic and private equity buyers continue to pursue significant transactions despite ongoing market uncertainty.
Euclid Transactional released its 2025 Global RWI Claims Study earlier this year, covering the twelve month period ended June 30, 2025 in which Euclid paid $314 million in claims to clients, our busiest 12 month period ever for claims payments. We have now paid over $1.7 billion in RWI claims to clients. Euclid Transactional remains focused on maintaining disciplined underwriting, delivering exceptional service to brokers and clients, and providing a fair and efficient claims experience. As transaction volumes continue to grow, sustainable underwriting practices and adequate pricing remain essential to supporting the long-term health of the transactional insurance market.
Do our numbers align with your experiences in the M&A and RWI markets? What are your expectations for M&A activity during the second half of 2026? We welcome the opportunity to discuss these trends and what they may mean for dealmakers going forward.
