The European insurance industry could be on the cusp of a new wave of mergers and acquisitions activity, as some of the region’s largest financial institutions prepare to exit the business.

According to a report from analysts at UBS, the sales of insurance businesses by Dutch financial group ING and Royal Bank of Scotland are expected to be a major part of M&A deal activity in the sector, with some of the main players in the European industry taking the opportunity to acquire their operations.