The prudential regime applicable to credit entities and certain investment firms is established in Regulation (EU) No 575/2013, which sets out the capital requirements, limits on large exposures and prudential consolidation rules, with the aim of ensuring the financial soundness of entities and the stability of the system. In general, Regulation (EU) No 575/2013 establishes the obligation to deduct significant holdings in financial entities that are not prudentially consolidated from the highest quality own funds (CET1), where such holdings may result in the double counting of capital or an overestimation of a group’s actual loss-absorbing capacity.

You can read the full Legal Briefing here.

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In this Year in Review, we provide an overview of the key developments in 2025 that are relevant to the insurance sector, along with our predictions for the coming year. We have also included a compilation of our legal briefings, case law bulletins and legislative developments, as well as our quarterly publication, Insurance Legal Update, which has been merged and renamed Ibero-American Insurance Update. In addition to the existing section dedicated to Spain, we have now added permanent sections for Colombia, Mexico and Portugal. You will also find details of events and other news that we consider relevant.

Perspectives from the insurance sector

A brief summary of 2025’s key trends, case law and regulatory highlights, as well as a forecast of what we can expect in 2026 from our partners, Joaquín Ruiz Echauri, Felipe Vázquez and Rafael Fernández.

Regulatory developments

Analysis of European and domestic legislative activity in 2025, as well as regulations in the pipeline that may affect the insurance sector.

Case law update

A compilation of the latest case law developments that affected the insurance sector in 2025, included in the four quarterly editions of our Ibero-American Insurance Update.

Legal Knowledge

A compilation of the legal publications in which the Insurance and Reinsurance team has been involved, as well as the most important legal academic articles published in 2025.

Read the full Year in Review here.

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Spain has positioned itself as one of the most active markets in Europe. This transactional intensity reflects not only the attractiveness of the Spanish market, but also a fundamental reality: for many independent brokers, the strategic dilemma is increasingly binary: invest heavily to achieve professionalisation or seek integration with a larger platform.

The market is clearly evolving from a volume-driven consolidation phase toward a more selective and executionfocused environment, where integration capabilities, talent retention and client continuity are the primary determinants of long-term value. For acquirers, sustainable value creation depends less on the number of transactions closed and more on disciplined execution, robust legal structuring, and the protection of human capital and client relationships.

You can read the full Legal Briefing here.

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The firm won several awards, including Iberian Firm of the Year, the most prestigious of the night.

In the individual categories, Legal 500 awarded Pablo González Mosqueira as M&A Lawyer of the Year; Joaquín Ruiz Echauri as Insurance Lawyer of the Year; Javier García Marrero as Restructuring and Insolvency Next Generation Partner of the Year; and Elena Veleiro as Public Law Next Generation Partner of the Year.

The awards were held at the Four Seasons in Madrid and hosted lawyers from leading Spanish and Portuguese law firms. Daniel Cifuentes, Ana Cremades, Susana Estêvão Gonçalves, Laia Giner, Pablo González Mosqueira, Alberto Ibort, Clara Jiménez, Julio Lujambio, Félix J. Montero, Juan Rodríguez Cárcamo and Joaquín Ruiz Echauri attended on behalf of the firm.

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You can read the full Legal Briefing here.

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You can read the full content here or downloading the PDF.

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