In contrast, deal activity across North America and the Rest of the World was relatively subdued in Q1. That said, conversations with market participants suggest that pipelines remain healthy in these territories, with brokers broadly optimistic about a pickup in legacy deal flow during the course of 2025. Many reinsurers reported strong 2024 earnings, bolstered by stellar underwriting results and robust capital positions, which may have reduced short-term pressure to optimise capital through legacy solutions. Consequently, recent legacy transactions appear increasingly driven by strategic and restructuring considerations, rather than solely by capital relief.