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Insurance Market
Chubb Reports First Quarter Per Share Net Income and Core Operating Income
Chubb reported first-quarter net income per share of 5.88 dollars and core operating income per share of 6.82 dollars representing increases of 78.8 percent and 85.2 percent respectively while consolidated net premiums written rose 10.7 percent to 14.0 billion dollars. Property and casualty premiums grew 7.2 percent and life insurance premiums increased 33.1 percent with the company maintaining a strong combined ratio and overall underwriting performance.
EU insurers and reinsurers expand private credit exposure: S&P
EU insurers and reinsurers have steadily increased their allocation to private credit raising exposure to 5.8 percent in the second quarter of 2025 from 3.9 percent in the fourth quarter of 2016 according to S&P Global Ratings. Life insurers hold the largest share of this exposure due to their long-term liabilities while overall private credit represented 5.1 percent or about 515 billion euros of investments in 2024 with limited holdings in higher-risk segments such as distressed debt.
Global commercial insurance rates fall 5% in Q1 2026
Global commercial insurance rates fell an average of 5 percent in the first quarter of 2026 marking the seventh consecutive quarterly decline according to Marsh’s Global Insurance Market Index. The drop was driven by abundant capacity and intense competition with property rates down 9 percent and financial and professional lines down 5 percent while casualty rates rose 3 percent globally due to US claims severity.
S&P upgrades SiriusPoint’s Insurance Subsidiaries to ‘A’
S&P Global Ratings has upgraded the long-term issuer credit and financial strength ratings on SiriusPoint’s core insurance operating subsidiaries to A from A- marking the company’s third ratings upgrade this year while also raising the holding company rating to BBB+ from BBB with a stable outlook. The upgrades reflect de-risking of underwriting and investment portfolios consistent robust earnings reduced catastrophe exposure and strong capital management that positions the group well above the 99.99 percent confidence level.
State Farm Paid a ‘Hail’ of a Lot of Claims in 2025
State Farm paid 5.6 billion dollars nationally for hail claims in 2025 including 1.4 billion dollars in Texas alone which was a 27 percent increase from 2024 while the countrywide total rose 12 percent with hail claims becoming less concentrated among the top 10 states. The report highlights ongoing severity pressure from hail events with Missouri moving to second place and Oklahoma seeing a 21 percent drop yet remaining in the top five amid continued public and legal scrutiny over the insurer’s handling of wind and hail roof claims in that state.
The Hartford - The Hartford Reports First Quarter 2026 Financial Results
The Hartford reported first quarter 2026 core earnings of 1.03 billion dollars or 3.35 dollars per diluted share up 9 percent from the prior year driven by strong underwriting results and higher investment income. Net income reached 973 million dollars with property and casualty written premiums growing 6 percent to 3.7 billion dollars a combined ratio of 88.5 percent and group benefits continuing solid performance.
US P&C insurance industry saw strongest underwriting results in 20 years in 2025: Fitch
The US property and casualty insurance industry delivered its strongest underwriting performance in 20 years in 2025 with a combined ratio of 93.0 percent its best result since 2006 and statutory earnings rising 45 percent to a record 136 billion dollars. Fitch Ratings highlighted improved personal lines results stable commercial lines favorable reserve development and no US hurricane landfalls as key factors while projecting a modest deterioration to a 96 to 97 percent combined ratio in 2026 amid softening rates and expected normalized catastrophe activity.
W. R. Berkley Corporation Reports First Quarter 2026 Results
W. R. Berkley Corporation reported first-quarter 2026 net income of 515.2 million dollars up 23.4 percent from the prior year and record operating income of 514.3 million dollars while net premiums written rose to 3.17 billion dollars. The company achieved a 21.2 percent annualized return on equity with a current accident year combined ratio before catastrophes of 88.3 percent and a reported combined ratio of 90.7 percent supported by 7.2 percent average rate increases excluding workers compensation and strong investment income growth.
Reinsurance Market
Howden Re FY 2025 Lloyd's of London syndicate
Howden Re’s April 2026 analysis of Lloyd’s syndicates shows the market delivered resilient underwriting performance in FY 2025 with 4.2 percent gross premium written growth amid moderating rate momentum while overall profitability remained strong due to a benign catastrophe environment and disciplined underwriting in property and reinsurance lines. Lloyd’s stamp capacity continued to expand supported by strong capital inflows and strategic efficiency improvements although casualty lines faced ongoing pressure from claims inflation resulting in a higher combined ratio than the prior year but still below the 10-year average.
Moody’s upgrades Peak Re's ratings on consistent operating performance and underwriting discipline
Moody’s has upgraded Peak Re’s Insurance Financial Strength Rating to A3 from Baa1 citing the Hong Kong-based reinsurer’s consistent operating performance, disciplined underwriting, and prudent risk management. The agency also upgraded the rating on Peak Re’s subordinated debt while the company highlighted its strong governance, diversified ownership including recent KKR and Quadrantis investments, and 2025 results showing 32.8 percent revenue growth to 1.54 billion dollars and net profit of 189.5 million dollars.
Q1 2026 Gallagher Re Natural Catastrophe and Climate Report | GallagherRe
Gallagher Re reported preliminary global economic losses from natural catastrophes at 58 billion dollars in Q1 2026 which is 12 percent below the 10-year average while insured losses reached 20 billion dollars or 26 percent below average. The quarter featured no major insured events exceeding 10 billion dollars marking the fourth consecutive quarter of sub 40 billion dollar insured losses and leaving the reinsurance industry in a strong capital position with ample budgets ahead of peak seasons despite notable European windstorm activity and other regional flooding.
Tokio Marine Kiln has joined Ki as its fifth capacity partner providing additional digital follow capacity on the algorithmically powered Lloyd’s platform. The partnership allows brokers to access larger line sizes across select classes while supporting Ki’s vision of digitizing the follow market in a scalable and disciplined way after the platform managed 1.11 billion dollars in premium in 2025.
Litigation & Mass Torts
Bayer Shareholders Keep the Squeeze on CEO Over Roundup Lawsuits
Bayer is pushing to resolve its long-running Roundup litigation with a proposed 7.25 billion dollar settlement for current and future claims while awaiting a critical U.S. Supreme Court decision in June that could undermine a key legal theory used in the cases. CEO Bill Anderson told shareholders at the annual general meeting that the company has made progress but must achieve near-100 percent participation in the settlement by June 4 and continues to face significant financial pressure from the Monsanto legacy litigation.
Claim Severity Trends for Medical Malpractice ‘Stand Out’: S&P GMI
Medical professional liability has emerged as the most severity-pressured casualty line with the highest average open claim costs and a 2025 combined ratio exceeding 105 percent for the fifth time in eight years. Key drivers include third-party litigation funding, attorney advertising, nuclear verdicts that more than doubled in median size in 2025, and large payments of 500,000 dollars or more reaching a record 36.5 percent share of total medical malpractice payouts with significant state-by-state variation due to legal environments.
Lawsuit Accuses JetBlue of Using Personal Customer Data to Raise Fares
JetBlue faces a proposed class action lawsuit in Brooklyn federal court accusing it of using customer personal data and trackers to engage in surveillance pricing that dynamically raises ticket fares. The complaint filed by plaintiff Andrew Phillips alleges violations of federal anti-wiretapping law and New York consumer protection statutes after a JetBlue social media response suggested clearing cache and cookies to see lower fares though the airline denies using personal data or artificial intelligence for pricing.
Microsoft Must Face $2.8B UK Lawsuit Over Cloud Computing Licenses
Microsoft must face a mass lawsuit in London brought on behalf of nearly 60,000 British businesses that claim the company overcharged them for Windows Server software when used on cloud platforms operated by Amazon, Google, and Alibaba. The Competition Appeal Tribunal certified the case to proceed with the claim valued at up to 2.1 billion pounds while Microsoft plans to appeal the decision and disputes the underlying allegations.
Purdue’s $5.5B Sentencing for Opioid Charges Delayed After Victims Show at Court
A federal judge in New Jersey delayed Purdue Pharma’s criminal sentencing by one week to allow greater public and victim participation after protesters and opioid victims appeared in court. The hearing would have imposed a 5.5 billion dollar penalty as part of Purdue’s 2020 guilty plea for its role in the opioid epidemic but has now been rescheduled for April 28 ahead of the company’s broader bankruptcy settlement.
Roblox Settles With States for $35.8 Million Over Child Safety
Roblox Corp. has reached settlements totaling 35.8 million dollars with the attorneys general of West Virginia, Alabama, and Nevada over child safety protections on its platform. The agreements require the company to enhance age verification, limit adult contact with users under 16, and fund safety education while several other states continue active litigation against Roblox.
US Labor Department Unveils Proposal on Contract, Franchise Worker Pay
The Trump administration has proposed a new Department of Labor rule that narrows the definition of joint employer under federal wage and overtime laws making it more difficult to hold companies liable for violations by their contractors or franchisees. The proposal which mirrors a rule from Trump’s first term limits joint employment to cases of direct control over hiring supervision pay and records and is expected to provide businesses with greater certainty while drawing criticism from worker advocacy groups.
Commercial Lines
AI Use in Cybersecurity Could Show Holes in Short Term, Says Fitch
U.S. cyber insurers reversed two years of decline with 11 percent growth in direct written premiums in 2025 driven mainly by a 35 percent increase in policies in force despite softer pricing. Fitch Ratings noted heightened underwriting concerns from artificial intelligence tools such as Anthropic’s Mythos model which lowers barriers for attackers expands third-party risks and could drive higher attack volumes while insurers continue to tighten policy language and integrate cyber assessments.
EverPeak Insurance launched a new multi-state workers compensation feature effective April 21 that allows brokers to secure coverage across 17 states in a single 30-second digital workflow. The tool eliminates administrative friction for mobile workforces in high-traffic regional corridors such as the Memphis Connector Mid-Atlantic Belt Southern Corridor and Carolinas by automating filings and enabling instant placement for businesses with employees crossing state lines.
Emerging Risks & Technologies
DUAL’s April 2026 Cyber Insurance Report titled “Finding a Floor” describes the global cyber market as entering a transitional phase after rapid growth followed by sustained softening with premiums under pressure and exposures expanding. The report highlights pronounced regional bifurcation with the US showing early signs of pricing stabilization and margin compression while international markets continue softer conditions and warns that without greater underwriting discipline the market risks approaching a profitability floor amid persistently elevated cyber threats.
Lloyd’s Market Association & Barnett Waddingham launch AI Adoption Toolkit for MGAs
The Lloyd’s Market Association in collaboration with Barnett Waddingham has launched an AI Adoption Toolkit to help managing agents develop and strengthen governance frameworks for artificial intelligence use across the Lloyd’s market. The principles-based toolkit provides practical guidance built around five core areas including governance and accountability, risk tiering, data protection, security and intellectual property, and training and awareness to support structured and scalable AI adoption with appropriate controls and human oversight.
PwC reports growing divide in AI-driven financial performance
PwC’s latest AI study finds that just 20% of organisations are capturing 74% of the total economic value generated by AI. Leading adopters are pulling ahead by using the technology for growth, business model transformation and industry convergence rather than cost-cutting alone. Financial services and insurance rank above average in readiness and controls but lag in scaling deployment and measurable impact. PwC warns the gap between leaders and the rest will widen without a shift toward advanced, trust-focused AI applications.
US Plans to Speed Insurance Coverage for Medical Devices
The Centers for Medicare and Medicaid Services and the FDA have launched the Rapid program to provide faster insurance coverage for breakthrough medical devices by aligning the coverage process with the FDA approval timeline. The initiative could reduce the time to coverage from more than a year to as little as two months for innovative devices addressing unmet medical needs such as artificial heart valves nerve stimulators and cardiac rhythm devices developed by companies including Medtronic Boston Scientific and Abbott.
People Moves
Alliant Insurance Services Announces Leadership Appointments in Property & Casualty Operation
Alliant Insurance Services has announced several leadership appointments in its Property and Casualty operation including Bob Bennetsen as Senior Managing Director of National Sales and Recruitment and John Harney as Head of Alliant Americas. Michael Cusack was recently appointed President of Alliant P&C as the firm continues to strengthen its growth recruitment and operational leadership across the United States.
Ashleigh Sears joins Lockton to lead Alternative Risk Solutions Practice | Lockton
Lockton has appointed Ashleigh Sears as Alternative Risk Solutions Practice Leader to drive strategic direction for the firm's captive consulting, parametric insurance, structured risk solutions, fronting arrangements, and other customized programs. Sears brings 17 years of casualty and alternative risk experience including prior roles as Head of Alternative Risk and National Accounts Excess Casualty at Everest and Head of Casualty at USQ Risk and will be based in Boston reporting to U.S. Risk Solutions Leader Devin Beresheim.
AXA XL strengthens alternative risk transfer capabilities with Global CUO appointment
AXA XL has appointed Jiten Halai as Global Chief Underwriting Officer for Structured Risk Solutions to strengthen its alternative risk transfer capabilities worldwide. Halai who joined AXA XL in 2019 and most recently served as Head of Structured Risk Solutions for UK and Lloyd’s will lead global underwriting strategy for non-traditional insurance and reinsurance solutions including bespoke multi-year structures and performance insurance for emerging technologies.
Beedle retires from PartnerRe, Sasa Hu named CEO, P&C, APAC
PartnerRe has announced the retirement of James Beedle as Chief Executive Officer of its Asia Pacific unit after nearly a decade in the role. The company has appointed Sasa Hu as the new CEO of Property and Casualty for APAC effective 1 July 2026 with David Xu named CUO of P&C APAC and John Mok appointed CEO of Partner Reinsurance Asia Pte Ltd.
Carbon strengthens leadership team with senior promotions - Carbon
Carbon Underwriting has promoted Rob Crocker to Chief Underwriting Officer and Julie Gallagher to Group Underwriting Management Director. Crocker who joined in 2024 as active underwriter for Syndicate 4747 will now oversee consortia and US strategy while Gallagher will support underwriting teams drawing on her prior roles in syndicate management and chief of staff during a period of strong growth for the firm.
Howard Hughes Holdings Appoints Former Arch Capital CEO
Howard Hughes Holdings has appointed Marc Grandisson, former CEO of Arch Capital Group, to its Board of Directors. Grandisson brings extensive insurance and reinsurance expertise from a 30-year career that included leading Arch Capital from 2017 until his retirement in 2024 and will provide strategic insight to the real estate development company.
Kristyn Smallcombe Appointed CUO, Ascot U.S. - Ascot Group
Ascot Group has appointed Kristyn Smallcombe as Chief Underwriting Officer for Ascot U.S. Smallcombe brings more than 25 years of specialty insurance experience and will lead underwriting strategy and growth initiatives across the U.S. platform with immediate effect.
SterlingRisk promotes Waterman as Deputy CEO & Beres to COO
SterlingRisk has promoted David Waterman to Deputy CEO and Michael Beres to Chief Operating Officer as part of its leadership succession planning. Waterman who joined the firm in 2021 as Chief Operating Officer will focus on strategic growth initiatives while Beres who most recently served as Chief Financial Officer will oversee day-to-day operations and continue driving operational excellence.
W. R. Berkley Corporation Names R. Christopher DeLauder President of Berkley Environmental
W. R. Berkley Corporation has named R. Christopher DeLauder as President of Berkley Environmental. DeLauder who joined Berkley in 2000 and most recently served as Executive Vice President of Underwriting for Berkley Environmental will now lead the unit’s overall strategy operations and growth initiatives.
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