The seeds of the recent merger between XL and Catlin were planted some three years ago when the leaders of the firms concluded that consolidation was inevitable and looked to get ahead of the game, Stephen Catlin, executive deputy chairman, XL Catlin, told delegates at Guy Carpenter’s annual Baden-Baden symposium yesterday (Sunday October 18).
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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.