Reinsurers’ love-hate relationship with Solvency II goes on. After many years of debate over the detail of the bill the deadline is finally looming—in theory. In recent years, some companies have been proactive and embraced the new regime while others have procrastinated and complained about it.
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29 December 2025 From Gallagher’s $13.45bn blockbuster buy to Markel’s exit from global reinsurance, 2025 delivered surprises on both ends of the M&A spectrum. We take a closer look at the deals and retreats that shook the market.