The purpose of this study is to analyse the performance of insurance firms whilst adapting to external shocks and changes in regulations imposed by Solvency II, bearing in mind strategic redirection and organisational learning, risk management, control systems, characteristics of top management teams and past performance. We will base our analysis on information provided from both the annual reports of the firms and their financial data. The results indicate that some of the measures we analyse will link to the performance, redirection and learning of the insurance firms. The performance of the firm is affected by environmental factors. Managers have the task to redirect the strategy of the firm in accordance to the requirements of a changing environment, and thereby adapt and learn. There are several examples from the relation between a firm’s strategic redirection and organisational learning with performance. In the case of insurances, recent changes in regulations imposed by Solvency II resulted in a need for adaptation in order to comply with the new standards.