The following is a LinkedIn Article written by Jay Rittberg, Managing Principal at Euclid Transactional.
Euclid Transactional‘s July 2025 representation and warranty/warranty and indemnity insurance (RWI) data shows another record month of robust M&A activity. We saw resiliency in the M&A market despite macroeconomic uncertainty as buyers continue to compete for desirable assets and investment opportunities. Dealmakers remain focused on potential trade policy and tariff impacts on target companies while maintaining acquisition momentum.
Euclid Transactional received 954 global RWI submissions in July, our highest July ever (eclipsing 2024 by 15%) and second highest monthly submission total of the year behind only our record June. Global RWI submissions in each of June and July of this year were at the highest monthly levels we’ve seen since late 2021. The 162 policies bound in July were the second highest monthly bound policy total on record, only 7 policies less than the previous high-water mark from July of 2024. Average enterprise values of July submissions were $503.80 million, the largest monthly amount since our record month of December 2024 ($540.92 million) and the fifth highest month in our history.
Euclid Transactional remains focused on pricing RWI policies at rates on line that are adequate and appropriate to continue to deliver the exceptional underwriting service and fair and efficient claims process for which we are known. We believe it matters to dealmakers to have RWI available to protect their deals, and we proudly announced earlier this year that we eclipsed $1 billion in RWI claims paid in less than 9 years of operation. We paid $300 million in RWI claims in 2024 alone. While aggregate premium rates have been rising in 2025, they remain below the levels most industry experts consider profitable and sustainable. Our 2024 Global RWI Claims Study highlights the increasing severity of loss payments, underscoring the urgent need for meaningful and lasting upward rate movement.
Do our numbers align with your experiences in the M&A and RWI markets? What are your expectations for M&A in the second half of 2025? Feel free reach out to Euclid Transactional to discuss these or any other topics.
