Transactional liability insurance is seeing an exponential take up in the Spanish market. While these policies were involved in around 15% of M&A transactions in 2014, in the last year this increased to about half of M&A transactions. In addition, transactional liability insurance is now not only being used in the most significant M&A transactions, but also in those under €50,000,000. This evolution is due to both greater interest in the commercialisation of the product (with traditional insurers starting to sell these policies as well as new specialist agents appearing) and greater competition triggering a reduction in premiums, making it more accessible. We expect this trend to continue in 2025.