Weekly Articles
Insurance Market
Abel appointed Berkshire Hathaway’s President and CEO, starting on January 1, 2026
At Berkshire Hathaway’s May 2025 shareholders meeting, Warren Buffett announced he would recommend Greg Abel as CEO. On May 4, Berkshire’s board unanimously approved Abel’s appointment as President and CEO, effective January 1, 2026. Buffett will remain Chairman of the Board.
AIG Reports Excellent First Quarter 2025 Results
American International Group (AIG) reported first-quarter 2025 net income of $698 million, or $1.16 per diluted share, down from $1.2 billion, or $1.74 per share, in the prior year, primarily due to $525 million in catastrophe losses, including $460 million from the January California wildfires. Despite these losses, AIG achieved 8% growth in net premiums written on a comparable basis, driven by 14% growth in North America Commercial and 8% in International Commercial.
Allstate reports first quarter 2025 results
Allstate reported Q1 2025 revenue of $16.5B, up 7.8%, and adjusted net income of $949M despite $3.3B in catastrophe losses. Strong performance in auto, Protection Plans, and investment income helped offset weather impacts. Policies in force rose 6.7% to 211 million. Homeowners segment saw significant catastrophe-related underwriting losses.
American Integrity Announces Launch of Initial Public Offering
American Integrity Insurance Group has initiated its initial public offering, offering 6.875 million shares at a price range of $15.00 to $17.00 per share, aiming to raise approximately $110 million. The company plans to list on the New York Stock Exchange under the ticker symbol "AII" and intends to use the proceeds to support growth initiatives and other corporate purposes.
APCIA, IBHS Testify Before Senate Committee on Loss Mitigation
During a Senate Banking Committee hearing on May 1, 2025, representatives from the American Property Casualty Insurance Association (APCIA) and the Insurance Institute for Business & Home Safety (IBHS) emphasized the importance of coordinated efforts across federal, state, and local governments to enhance disaster resilience. They advocated reauthorizing FEMA's National Flood Insurance Program with actuarially sound rates and reinstating funding for the Building Resilient Infrastructure and Communities (BRIC) program, which was recently discontinued.
Arch Capital Group Ltd. Quarterly Results
Arch Capital Group Ltd. reported first-quarter 2025 net income of $564 million, or $1.48 per share, down from $1.1 billion, or $2.92 per share, in the same period last year, primarily due to $547 million in pre-tax catastrophe losses from the California wildfires. Despite these losses, the company achieved an annualized operating return on average common equity of 11.5% and increased its book value per share by 3.8% to $55.15 as of March 31, 2025.
Arthur J. Gallagher & Co. - Arthur J. Gallagher & Co. Announces First Quarter 2025 Financial Results
Arthur J. Gallagher & Co. reported first-quarter 2025 revenues of $3.69 billion, a 15% increase year-over-year, driven by strong organic growth and recent acquisitions. Net earnings were $612.7 million, or $2.74 per diluted share, while adjusted EBITDAC rose to $1.06 billion, reflecting continued margin expansion and operational efficiency.
Aspen Announces Launch of Initial Public Offering
Aspen Insurance Holdings Limited has launched its initial public offering of 11 million Class A ordinary shares, priced between $29 and $31 each, aiming to raise up to $341 million and achieve a valuation of approximately $2.85 billion. The shares, to be sold by entities managed by affiliates of Apollo Global Management, have been approved for listing on the New York Stock Exchange under the ticker symbol "AHL".
Bain Capital in Talks to Lead $2 Billion Investment in Acrisure
Bain Capital is reportedly in advanced discussions to lead a $2 billion investment in Acrisure, a Michigan-based insurance brokerage firm. The investment would be structured as preferred equity and is expected to allow BDT & MSD Partners, which previously invested $3 billion in Acrisure in 2021, to partially redeem its stake.
Beazley Trading Statement - 29 Apr 2025 - BEZ | London Stock Exchange
Beazley plc reported a strong start to 2025, with gross premiums written increasing by 12% year-over-year to $1.8 billion in the first quarter, driven by growth across all divisions, particularly in cyber and specialty lines. The company maintained a combined ratio of 85%, reflecting disciplined underwriting and favorable claims experience, and affirmed its full-year guidance, anticipating continued premium growth and a combined ratio in the low 80s.
Berkshire Hathaway’s GEICO offsets underwriting losses at reinsurance and primary units in Q1’25
Berkshire Hathaway’s insurance and reinsurance underwriting earnings fell by $1.3 billion in Q1 2025, driven by $1.1 billion in wildfire-related losses, mainly impacting its reinsurance segment. While primary and reinsurance units posted underwriting losses, GEICO offset them with $2.2 billion in earnings. Overall float rose to $173 billion, and investment income increased to $2.9 billion.
Brown & Brown, Inc. announces first quarter 2025 results,
Brown & Brown, Inc. reported strong first-quarter 2025 results, with total revenues rising 11.6% year-over-year to $1.4 billion, driven by a 12% increase in commissions and fees and 6.5% organic revenue growth. Net income attributable to the company grew 13% to $331 million, or $1.15 per diluted share, while adjusted diluted EPS reached $1.29, reflecting operational efficiency and margin expansion.
Chubb, Zurich, National Indemnity Launch Excess Casualty Facility
Chubb, Zurich North America, and National Indemnity launched a $100 million excess casualty insurance facility for large companies facing rising litigation risks. Offering claims-made coverage, it simplifies administration, stabilizes capacity, and starts July 1, 2025. The collaboration aims to address escalating legal challenges with strong underwriting and claims expertise.
Cincinnati Financial Reports First-Quarter 2025 Results
Cincinnati Financial Corporation reported a first-quarter 2025 net loss of $90 million, or $0.57 per share, a significant decline from net income of $755 million, or $4.78 per share, in the same period last year. The loss was primarily driven by $356 million in after-tax catastrophe losses from the California wildfires and a $536 million decrease in net investment gains; however, the company saw a 13% year-over-year increase in earned premiums to $2.34 billion, with commercial lines insurance premiums rising 9% to $1.18 billion.
CRC Group Acquires ARC Excess & Surplus
CRC Group has acquired ARC Excess & Surplus, a top-five U.S. specialty wholesale insurance distributor with $1B+ in annual premium. The deal boosts CRC’s ExecPro practice and expands capabilities in management and professional liability. ARC will join CRC Specialty, maintaining its leadership and national presence across six offices.
Fairfax Financial Holdings Limited: Financial Results for the First Quarter
Fairfax Financial reported Q1 2025 net earnings of $945.7M, up from $776.5M in Q1 2024, driven by $1.06B in net investment gains. Catastrophe losses of $781.3M from California wildfires reduced adjusted P&C operating income to $685.5M (from $977.1M), with a combined ratio of 98.5%. Gross premiums rose 5%, net premiums 8.4%. Book value per share grew 3.5% to $1,080.38. GEICO and interest/dividend income offset P&C underwriting pressure. Fairfax remains strongly capitalized with $2.1B in holding company liquidity and $65.2B in portfolio investments.
Global Insurance Market Index 2025 | Global Insurance Market Index | Marsh
In the first quarter of 2025, global commercial insurance rates declined by 3%, marking the third consecutive quarterly decrease following seven years of increases. This trend was driven by heightened insurer competition, leading to rate reductions across all regions and major product lines, except for casualty insurance, which saw a global increase of 4%, notably an 8% rise in the U.S. due to factors like large jury verdicts and increased claim severity.
Hiscox Q1 2025 Trading Statement
Hiscox Ltd reported a 2.4% year-over-year increase in group insurance contract written premiums to $1.56 billion in Q1 2025, driven by 6.1% growth in its Retail segment and a 4.0% uptick in the London Market division. The company maintained its $170 million loss estimate from the California wildfires and achieved a $114.1 million investment return, while continuing its $175 million share buyback program with 2.2 million shares repurchased by April 30.
Insurers Exceed Cost of Capital Across Segments, Despite Varying Challenges
Despite elevated catastrophe losses in 2024, U.S. property/casualty insurers achieved a $22.9 billion underwriting gain, reversing a $21.3 billion loss in 2023, aided by higher investment income and favorable reinvestment rates. Life/annuity and health insurers also exceeded their cost of capital, with life insurers outperforming their cost of equity by nearly 8 percentage points due to rising interest rates and increased demand for annuity products.
Markel Group reports 2025 first quarter results
Markel Group Inc. reported first-quarter 2025 operating revenues of $3.4 billion, a decline from $4.47 billion in the same period last year, primarily due to a $149 million net investment loss compared to a $902 million gain in Q1 2024. Despite $80.6 million in wildfire-related underwriting losses, the insurance segment's operating income rose to $145 million, and the combined ratio stood at 95.8%, indicating underlying strength in core operations.
Ryan Specialty Reports First Quarter 2025 Results
Ryan Specialty Holdings Inc. reported first-quarter 2025 revenue of $690.2 million, a 25% year-over-year increase driven by 12.9% organic growth and contributions from mergers and acquisitions. Despite this, the company posted a net loss of $4.4 million, or $(0.22) per diluted share, primarily due to higher income tax expenses related to a legal entity reorganization following the Velocity acquisition. Adjusted EBITDAC rose 27.5% to $200.5 million, and adjusted diluted earnings per share increased 11.4% to $0.39, reflecting strong operational performance
Selective Insurance reports 34% rise in net income to $108m in Q1’25
Selective Insurance reported Q1 2025 net income of $107.6M, with net written premiums up 7% to $1.24B. The combined ratio improved to 96.1%, and underwriting income rose 140%. Investment income grew 12%. Strong growth in Commercial and E&S lines offset declines in Personal Lines due to targeted profitability actions.
Skyward Specialty Insurance Group Reports First Quarter 2025 Results
Skyward Specialty reported record Q1 2025 net income of $42.1M ($1.01/share) and adjusted operating income of $37.3M ($0.90/share), both up over 14% year-over-year. Gross written premiums rose 16.7% to $535M, driven by growth in agriculture, accident & health, and specialty programs. The combined ratio was 90.5%, including 2.2 pts of cat losses (ex-cat: 88.3%). Book value per share increased 6% to $21.06. Net investment income rose to $19.3M, despite alternative investment losses. ROE was 20.5%. The company highlighted continued profitable growth and strong underwriting performance.
Staff Cuts Help Fuel GEICO Profit; Auto Insurer Not ‘Pouring Money’ Into AI
GEICO posted a Q1 combined ratio of 79.8, signaling strong underwriting profits and progress in pricing and telematics under CEO Todd Combs. Workforce cuts helped drive $2B in savings. Ajit Jain praised gains but urged tech readiness, including AI. Berkshire also launched a $100M U.S. excess casualty facility with Chubb and Zurich.
The Hanover Reports First Quarter Results
The Hanover reported Q1 2025 net income of $128.2M and record operating income of $141.8M, with net and operating ROEs of 17.4% and 17.2%, respectively. The combined ratio improved to 94.1% (ex-CAT: 87.8%), despite $95.6M in catastrophe losses. Net investment income rose 18% to $106.1M, driven by higher yields. Net premiums written grew 3.9%, led by double-digit renewal price increases in Personal Lines (13.1%) and Core Commercial (11.1%). Book value per share rose 6.8% to $84.56. The company repurchased $28.4M in shares and expects continued growth in underwriting and investment performance.
Reinsurance Market
Everest Reports First Quarter 2025 Results
Everest Group reported a 71% decline in first-quarter 2025 net income to $210 million, primarily due to $472 million in pre-tax catastrophe losses from California wildfires and other events, which raised the combined ratio to 102.7%. Despite these challenges, the company maintained financial resilience through increased investment income of $491 million and continued capital deployment at favorable returns.
Reinsurance market is more disciplined, says Arch CEO Papadopoulo
Nicolas Papadopoulo, CEO of Arch Capital Group, stated that the reinsurance market has become more disciplined, with recent rate decreases occurring from previous peaks, and emphasized that the sector remains attractive. He highlighted that while new entrants are emerging, they are relatively small, and the industry has responded swiftly to challenges, particularly in the E&S property and North American markets, by implementing double-digit rate increases and adjusting terms and conditions following events like Hurricane Ian.
Natural catastrophes: insured losses on trend to USD 145 billion in 2025 | Swiss Re
Swiss Re’s sigma 1/2025 report projects global insured losses from natural catastrophes will reach $145 billion in 2025, continuing a rising trend fueled by severe events like the record-setting $40 billion Los Angeles wildfires. The report highlights the growing role of secondary perils and a persistent protection gap, with 57% of 2024’s $318 billion in total economic losses remaining uninsured.
RiverStone sees $260m in underwriting profits for 2024
RiverStone International reported $260M in 2024 underwriting profit, up 22% year-over-year, with $2.6B in net claims acquired across six deals. Investment income rose to $259M, and pre-tax profit reached $300M. The firm expanded globally with major transactions and acquisitions, reinforcing its presence across the UK, Europe, and North America.
Commercial Lines
Allstate Reports First Quarter 2025 Results
Allstate Corporation reported first-quarter 2025 net income of $566 million, down 52% from the prior year, primarily due to $3.3 billion in gross catastrophe losses from California wildfires and wind events, partially offset by $1.1 billion in reinsurance recoveries. Despite these challenges, total revenues rose 7.8% to $16.5 billion, with strong performance in auto insurance, which saw a 132.5% increase in underwriting income to $816 million and a combined ratio improvement to 91.3%.
Climate events and litigation costs drive insurance rate increases – report
The Baldwin Group’s Q1 2025 Market Pulse report attributes rising U.S. commercial insurance premiums to early-year climate disasters, litigation costs, and renewed tariffs on imports. Severe events like the Los Angeles wildfires and growing legal pressures—including nuclear verdicts and third-party litigation funding—are driving rate increases across lines such as property, auto, healthcare, and construction.
Enlyte: Migraine Medications Continue Rising in Workers’ Comp
Enlyte's 2025 Drug Trends Report reveals that while overall workers' compensation prescription costs per claim have decreased, the use of migraine medications has risen by 8.7%, and topicals by 1.8%, indicating a shift toward alternative pain management strategies. Opioid prescriptions, though still the most common, declined by 7.8% in 2024, reflecting a continued move away from opioids in favor of treatments like Nurtec ODT, Ubrelvy, and Qulipta for migraines.
Emerging Risks & Technologies
23andMe Bankruptcy Bid Deadline Extended as DNA Privacy Woes Linger
The sale of bankrupt DNA testing company 23andMe has been delayed as the firm seeks a lead bidder capable of navigating regulatory hurdles and ensuring customer privacy protections. The company, which filed for Chapter 11 bankruptcy in March 2025, must secure court approval of a "stalking horse bid" by May 7 to access an additional $25 million in financing. Concerns over the handling of sensitive genetic data and potential national security risks have complicated the sale process.
AIG: Turning One Human Underwriter Into Five, ‘Turbocharging’ E&S
AIG is leveraging agentic AI to transform its underwriting and claims operations, aiming to process over 500,000 excess and surplus (E&S) submissions and generate $4 billion in new business premiums by 2030. Through partnerships with Anthropic and Palantir, AIG has implemented AI tools that have reduced underwriting timelines from weeks to less than a day and increased bind rates from 15% to 20% in financial lines.
Countries Shore Up Digital Defenses as Global Tensions Raise Cyberwarfare Threat
Amid escalating global tensions and a looming trade war, nations are intensifying efforts to bolster digital defenses against cyberwarfare threats. Recent cyberattacks, such as those linked to Russian hackers targeting Texas water plants, highlight vulnerabilities in critical infrastructure and underscore the need for enhanced cybersecurity measures. Despite these challenges, shifts in U.S. cybersecurity leadership and policy have raised concerns about the nation's preparedness to counter sophisticated cyber threats from adversaries like China and Iran.
Cyber Market Continues to Expand as Rates Adjust, Says Guy Carpenter
Guy Carpenter's report, "Behind the Firewall: 2024 Global Cyber Industry Insights," indicates that the global cyber insurance market reached $16.6 billion in 2024, with North America accounting for $10.5 billion, followed by Europe at $3.9 billion and the Asia-Pacific region at $1.7 billion. While North America's growth is stabilizing, Europe and APAC are experiencing rapid expansion, though regional variations in coverage—such as limited contingent business interruption and ransomware protections—may influence potential aggregated losses, which are modeled between $20 billion and $46 billion for a 1-in-200-year event.
This E&S Carrier is Implementing Natural Language Processing, New Claims Tech
AM Specialty Insurance Co. is enhancing its claims processing by implementing a natural language processing (NLP)-powered bordereaux processor, which standardizes data extraction from varied insurance documents, achieving an early test accuracy of 96.76%. Additionally, the company is developing a system utilizing the BART-large-MNLI model to automatically classify claims based on loss descriptions, aiming to improve efficiency and reduce manual errors.
We'll be proactive to ensure appropriate loss costs & margin amid tariff uncertainty: AIG CEO
AIG CEO Peter Zaffino stated that the company will proactively adjust pricing to account for potential increases in loss costs and inflation stemming from evolving tariff policies and supply chain disruptions. He emphasized that while tariffs introduce uncertainty and may reduce transactional activity in the near term, it is premature to predict specific outcomes, and AIG will focus on maintaining appropriate margins amid these macroeconomic challenges.
Litigation & Mass Torts
23andMe Will Have Court-Appointed Overseer for Genetic Data in Bankruptcy
Genetic testing company 23andMe has agreed to the appointment of a court-appointed consumer protection ombudsman to oversee the handling and security of customers' genetic data during its bankruptcy proceedings, following concerns from over 25 U.S. states about data privacy. The ombudsman will review any potential sale of the company's assets and report on the implications for customer data, while also addressing disputes related to a $30 million class-action settlement from a 2023 data breach that affected millions of users.
LA County Approves $4B Payout to Settle Sexual Abuse Claims at Juvenile Facilities
Los Angeles County has approved a $4 billion settlement to resolve nearly 7,000 claims of sexual abuse in juvenile facilities dating back to 1959, marking the largest such payout in U.S. history. The settlement was made possible by a 2020 California law that temporarily lifted the statute of limitations for childhood sexual abuse cases, allowing victims to seek justice for abuses that occurred decades ago.
Lawmakers Agree to Pay $807M into Lahaina Wildfires Settlement Fund
Hawaiʻi lawmakers have approved House Bill 1001, committing $807 million over four years to the Maui Wildfires Settlement Trust Fund as part of a $4.04 billion global settlement for the August 2023 Lahaina wildfires. The settlement includes contributions from Hawaiian Electric Co. ($1.99 billion), Kamehameha Schools ($872.5 million), and other parties, aiming to compensate over 1,000 victims for losses such as property damage, personal injury, and wrongful death. This legislative action follows the Hawaiʻi Supreme Court's approval of the settlement, which was challenged by insurers seeking to recover over $2.3 billion in payouts related to the disaster.
US Alleges Medicare Insurers, Brokers Used Illegal Kickbacks
The U.S. Department of Justice has filed a lawsuit against major health insurers and broker firms, including units of CVS Health, Elevance Health, Humana, eHealth, GoHealth, and SelectQuote, alleging they provided illegal kickbacks to steer seniors into specific Medicare Advantage plans. The complaint, unsealed on May 1, 2025, claims that from 2016 to 2021, brokers were incentivized to prioritize plans offering higher commissions and were discouraged from enrolling disabled individuals, raising concerns about discriminatory practices and conflicts of interest in Medicare enrollment.
People Moves
Aon Reinsurance Leadership Appointments
Aon has announced several leadership appointments within its Reinsurance Solutions division to enhance global client advocacy and service delivery. Steve Clark has been named Global Head of Claims and Client Services Advocacy, responsible for overseeing Aon's global claims strategy and client service delivery across its reinsurance operations. Ann Field has been appointed as Global Head of Client Experience, focusing on refining advocacy efforts to increase client satisfaction and contribute to business growth. Additionally, Matt Moore will serve as Head of Client Services and Advocacy in North America, and David Griffiths has been named Global Head of Claims Strategy and Innovation, leading strategic initiatives across various geographies and solution lines.
AXA XL is expanding its cyber insurance offerings for small and midsize enterprises (SMEs) in the Americas with the appointment of Michelle Aliperti as Head of SME. Aliperti, who brings nearly 30 years of underwriting experience and previously led E&O, Cyber, and Media portfolios at CNA, will focus on growing AXA XL’s cyber and professional liability solutions for SMEs, leveraging technology and alternative distribution channels to enhance client engagement.
Berkshire Hathaway Specialty Insurance has appointed Gabe Poppie as Strategic Growth Broker Leader and Brian Cummins as Customer & Broker Engagement Leader for the U.S. Northern Central region. These roles are designed to strengthen broker relationships and enhance customer engagement, leveraging both executives' extensive industry experience.
EPIC Welcomes Sean Jackson - EPIC Insurance Brokers
EPIC Insurance Brokers & Consultants has appointed Sean Jackson as Managing Principal and EPIC Global Leader, where he will focus on strengthening international broker relationships and enhancing collaboration between U.S. and global markets to better serve multinational clients. Jackson has extensive experience in global risk management and aims to deliver customized, client-focused risk solutions by leveraging EPIC's international partnerships and local expertise.
Mosaic promotes Duggan to lead North American claims
Mosaic Insurance has appointed Thomas Duggan as Head of Claims for North America. Based in New York, Duggan will oversee claims across all Mosaic business lines in the Americas and globally handle environmental claims. With 25+ years’ experience, he strengthens Mosaic’s growing regional presence and integrated claims-underwriting model.
SiriusPoint Ltd. - SiriusPoint appoints Eleanor Gibson as International Chief Underwriting Officer
SiriusPoint Ltd. has appointed Eleanor Gibson as International Chief Underwriting Officer, effective May 6, 2025. Based in London, Gibson will report to Rob Gibbs, President & CEO of SiriusPoint International, and Anthony Shapella, Group Chief Underwriting Officer. She will lead underwriting and portfolio management teams across SiriusPoint International, focusing on driving profitable growth and performance.
Tokio Marine HCC International has appointed Thibaud Hervy as its new CEO, succeeding Barry Cook, who becomes Deputy CEO of the parent company, Tokio Marine HCC. Simon Button has been promoted to Chief Underwriting Officer of TMHCCI, taking over from Hervy, with both appointments effective immediately pending regulatory approval.
Vantage Group Holdings Ltd. has appointed Paul Livingstone as Senior Vice President for Credit, Mortgage, and Structured Reinsurance. In this role, Livingstone will lead the expansion of Vantage's credit risk reinsurance business, focusing on identifying opportunities to diversify its portfolio.
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