The following is a LinkedIn Article written by Jay Rittberg, Founder and CEO at Euclid Transactional.
Happy 4th of July Weekend! Halfway through 2026 and our representation and warranty/warranty and indemnity insurance (RWI) data appears to indicate increasing use and acceptance of RWI. Euclid Transactional had the highest quarterly RWI submission volume in its 10+ year history. Despite deal makers having to navigate geopolitical uncertainty and conflicts and changes at the Federal Reserve, overall deal activity was relatively steady through the first half of the year despite the total number of deals decreasing 10% year-over-year, and U.S. volume off 20%, according to data from LSEG. For the second half of 2026, we will look closely to see whether this momentum continues or whether market uncertainty further tempers transaction activity.
Euclid Transactional received 1,250 global RWI submissions in June 2026, our highest monthly submission volume on record. Our record Q2 2026 had the highest-ever 3,262 global RWI submissions, surpassing the previous record of 3,215 submissions established in Q4 2025.
In June 2026, Euclid Transactional bound 153 RWI policies globally, the highest number of policies bound in any June on record and one of the strongest monthly binding results in our history. Q2 2026 concluded with 418 global policies bound, representing our second-highest quarterly total ever.
The average June 2026 global RWI submissions enterprise value was approximately $438 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 (https://euclidtransactional.com/euclid-transactional-global-rwi-claims-study-2/) earlier this year, covering the twelve month period ended June 30, 2025 in which Euclid Transactional 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 and counting. 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.
