Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of specialty insurer Delphi Financial (NYSE: DFG) were skyrocketing today, gaining as much as 73% in intraday trading after Japan's Tokio Marine announced that it's buying Delphi.

So what: Under the terms of the deal, Tokio Marine will pay $43.88 per A share and $52.88 per B share of Delphi. In addition, each share will receive a $1 special dividend. In total, Tokio Marine is paying $2.7 billion for Delphi.

For Tokio Marine, the buy gives it a bigger foothold in the U.S. insurance market. The company made its first splash in the U.S. by buying Philadelphia Consolidated in 2008.

Now what: For Delphi Financial shareholders, the question now is whether to cash in at the $44 that the market is offering right now, or wait to cash in the full offer. For individual investors, the choice largely boils down to whether you see better opportunities for your money. If you have some stocks on your radar that you think have good upside potential and have been waiting to invest in, this could be the time. If, on the other hand, you don't see a whole lot of great options right now, it may be worth sticking around for the final couple of percentage points available from this deal.

Want to keep up to date on Delphi Financial? Add it to your watchlist.

Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

Fool contributor Matt Koppenheffer has no financial interest in any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter, @KoppTheFool, or on Facebook. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.