The following is a LinkedIn Article written by Jay Rittberg, Managing Principal at Euclid Transactional.
This September, Euclid Transactional wrapped up its two strongest quarters ever for global representation and warranty/warranty and indemnity insurance (RWI) submissions. M&A markets were buoyed by interest rate cuts and a continuing surplus of capital for deployment. Average enterprise values for global RWI submissions in Q3 2025 were at the highest levels since 2021. Euclid Transactional also bound a record 424 RWI policies in Q3, and we are optimistic for an active finish to 2025.
Euclid Transactional received 1,002 global RWI submissions in September. Other than June 2025, this is the highest monthly level we have seen since October 2021. Q3 2025 finished with 2,748 global RWI submissions, our second highest quarter ever, eclipsed only by the immediately preceding Q2 2025’s 2,765. Global RWI submission levels in the trailing two quarters eclipsed even the quarterly levels of the torrid M&A/RWI market in 2021.
While the average enterprise value of global RWI submissions in September was $382.61M (down 11% month over month), the average enterprise value for Q3 2025 was $480.57M, the highest average enterprise value of global RWI submissions we have seen since Q2 2021. Euclid also bound a record number of global RWI policies in Q3, with Q3’s 424 policies bound eclipsing our previous record quarters of Q3 2024 by 3% and Q4 2021 by 4%.
Euclid Transactional remains focused on increasing and maintaining sustainable RWI rates on line to continue to deliver the exceptional underwriting service and fair and efficient claims process for which we are known. We proudly announced earlier this year that we eclipsed $1 billion in RWI claims paid in less than 9 years of operation, including $300 million in RWI claims paid 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 final quarter 2025 and into 2026? Feel free reach out to Euclid Transactional to discuss these or any other topics.
