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A report by U.S.-based business advisory firm FTI Consulting Inc. said that the number of mergers and acquisitions in the European insurance sector increased by 14.8% year-on-year to 435 in 2022 despite the headwinds facing the global economy, City A.M. reported. The sector’s M&A activity hit a record high as investors shrugged off recession and rising interest rates fears. However, the surge in M&A deals may subside over the coming year due to the global economic downturn.