The following is a LinkedIn Article written by Jay Rittberg, Managing Principal at Euclid Transactional.
December 2025 representation and warranty/warranty and indemnity insurance (RWI) data wrapped up a record-setting quarter for global RWI submission volumes and global RWI policies bound as 2025’s hot M&A market continued. Remarkably, each of the final three quarters of 2025 contained the highest RWI submission volumes recorded in Euclid’s history, providing promising tailwinds for the M&A environment in 2026.
Euclid received 3,188 global RWI submissions in Q4 2025, the highest level in our history and 15% higher than our prior record submission volume in Q2 2025. We bound 521 RWI policies globally in Q4 2025, our highest quarter for bound policies on record and up a staggering 23% from Q3 2025, our previous record quarter for policies bound. The average enterprise value of global RWI submissions in Q4 2025 was $426.64M, which was the lowest quarterly average enterprise value for 2025 but still above any quarter in 2023 and 2024 other than Q4 2024. Both submission volumes and average deal size were exceptionally strong in 2025.
On a monthly basis, Euclid saw 869 global RWI submissions in December, down 24% month over month but by far our highest December on record (26% higher than December 2024, our prior December submission record). Euclid bound 218 RWI policies globally in December, the most in any month in our history and up 41% month over month. The average enterprise value of RWI submissions in December was $432.09M, up 10% month over month.
Euclid Transactional is pleased to have recently released its 2025 Global RWI Claims Studycovering 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. Euclid has now paid over $1.4 billion in RWI claims to clients and counting. We remain focused on delivering the exceptional underwriting service and fair and efficient claims process for which we are known, and the corresponding need for increased premium rates for profitability and sustainability to support our service to clients.
Do our numbers align with your experiences in the M&A and RWI markets? What are your expectations for M&A in 2026? Feel free reach out to Euclid Transactional to discuss these or any other topics.
