Alan Gray Selected to Provide Run-Off Administration Services for ECRA and CMC Reinsurance Pools
Weekly Articles
Insurance Market
Aspen Reports Second Quarter Net Income
Aspen Insurance posted second-quarter 2025 net income of $36 million, or $0.39 per diluted ordinary share, and delivered operating income of $111 million, or $1.22 per share. The company’s combined ratio improved to 85.1%—reflecting stronger underwriting performance—and fee income from Aspen Capital Markets surged 53.5%, while underwriting income reached $100 million with an adjusted combined ratio of 84.3%.
Ategrity Specialty Insurance Company Holdings Reports Second Quarter 2025 Results
Ategrity Specialty Insurance Company Holdings reported a strong second quarter ending June 30, 2025, with gross written premiums rising 32.3% to $167.5 million, net income attributable to stockholders increasing to $17.6 million (or $0.39 per diluted share) from $4.9 million a year earlier, and adjusted net income at $17.9 million (or $0.41 per diluted share), while the combined ratio improved to 88.9% from 94.0% and book value per share climbed to $11.64, up 12.2% from year-end. Additionally, Ategrity completed its initial public offering in June 2025, raising $130.3 million in gross proceeds by issuing 7,666,667 shares.
Beazley reported a profit before tax of $502.5 million for the half year ended 30 June 2025, down from $728.9 million a year earlier, with insurance written premiums increasing by 2 percent to $3,187.1 million, the undiscounted combined ratio rising to 84.9 percent, and annualized return on equity declining to 18.2 percent. The company’s investment portfolio yielded $308.5 million with a 5.4 percent annualized return, and its estimated Solvency II ratio stood at 287 percent, reflecting disciplined underwriting and strong capital levels.
Fidelis Insurance Group - Fidelis Insurance Group Reports 2025 Second Quarter Results
Fidelis Insurance Group posted second‑quarter gross premiums written of $1.2 billion, a combined ratio of 103.7 percent due to adverse development related to a High Court judgment, and net income of $19.7 million, with $99.6 million returned to shareholders through share repurchases and dividends. For the first half of 2025, gross premiums rose 8.7 percent to $2.9 billion, while the combined ratio reached 110.1 percent, resulting in a net loss of $22.8 million, though book value per share increased slightly to $22.04.
Half year results 2025 - Aviva plc
Aviva delivered an outstanding first half of 2025, with operating profit rising 22 percent to £1,068 million, general insurance sales up 7 percent and wealth assets exceeding £200 billion, all while increasing the interim dividend by 10 percent to 13.1 pence per share. The company completed the acquisition of Direct Line in early July and integration is progressing well, contributing to a majority capital‑light earnings mix, a robust Solvency II cover ratio of 206 percent, and strong liquidity enhancements.
One80 Intermediaries officially joins Arrowhead Programs
Arrowhead Intermediaries has been launched as a new parent brand uniting Bridge Specialty Group, Arrowhead Programs, and One80 Intermediaries under a streamlined organizational structure and leadership team, aimed at enhancing market positioning, operational agility, and stakeholder value. The global platform, led by Chairman Chris Walker and CEO Steve Boyd, encompasses over 7,000 employees and handled more than $18 billion in premiums in 2024, and is organized into three divisions—Arrowhead Programs (led by Tom Kussurelis), Arrowhead Specialty (led by Matthew F. Power), and Bridge Specialty Group (led by Anurag Batta)—while One80 Intermediaries will remain as a distinct brand serving its existing customers.
QIC reports 6% Rise in Net Profit for H1 2025
QIC Group reported gross written premiums of QAR 5.7 billion in the first half of 2025, marking a 17 percent year-on-year increase, and achieved a 6 percent rise in net profit to QAR 383 million, with an insurance service result of QAR 221 million and investment and other income growing 7 percent to QAR 496 million. In the second quarter alone, the insurer recorded an insurance service result of QAR 144.5 million, down 38 percent from the prior year, and launched Qatar’s first personal lines cyber insurance while advancing its regional expansion and ESG initiatives.
Sapiens to be acquired by Advent for $2.5 Billion
Advent International has agreed to acquire Sapiens International in an all‑cash deal valued at approximately $2.5 billion, offering Sapiens shareholders $43.50 per share, which reflects a premium of around 64 percent over its August 8, 2025 closing price. The agreement has received unanimous approval from Sapiens’ board, includes continued minority ownership by Formula Systems, and is expected to close in the fourth quarter of 2025 or early 2026, pending customary shareholder and regulatory approvals.
Specialist Risk Group acquires City Quarter Brokers
Specialist Risk Group (SRG) has agreed to acquire City Quarter Brokers, a respected London-based firm known for its expertise in complex construction, engineering, and infrastructure risks. The broker will join SRG’s expanding Wholesale division—alongside brands like Miles Smith, CBC Partnership, SRI, and TUE—enhancing SRG’s capacity to deliver sophisticated placement solutions for complex global risks and reinforcing its position as a home for specialist insurance businesses.
Reinsurance Market
Reinsurance firms have maintained a more durable market structure since January 2023, with sustained underwriting profitability—an example being the European “Big Four” delivering a discounted combined ratio of 86.4 percent and the U.S. and Bermuda composite showing a ratio of 89.5 percent—enabled by disciplined capital management, retained earnings, and strong investment income driven by higher interest rates. Despite over USD 100 billion in insured losses during the first half of 2025, including USD 30-50 billion from California wildfires, global reinsurers have held firm performance, supported by tighter terms, robust underwriting, and capital discipline.
Hannover Re reported a 13.2% increase in group net income to EUR 1.3 billion for the first half of 2025, delivered a return on equity of 23.0% which was well above its strategic target, and grew gross reinsurance revenue by 3.3%, with property and casualty reinsurance up 4.8% and life and health results in line with expectations. The company also strengthened its balance sheet resilience by boosting loss reserves, maintained a combined ratio of 88.4% in P&C slightly above its target, achieved a return on investment of 3.3%, and confirmed its full-year 2025 guidance.
Modelo de Apresentação Institucional
The company delivered a net profit of R$144 million in the second quarter of 2025—a substantial improvement from R$65 million in the same period last year—alongside a strong underwriting result of R$229 million compared to R$34 million in Q2 2024, while the combined ratio improved to 89.8 percent from 106.0 percent. The return on tangible equity rose to 23 percent (from 13 percent), and the solvency ratio strengthened to 237 percent (up from 186 percent), reflecting enhanced financial resilience and disciplined underwriting.
New Investment- supporting the growth of XPT Group
B.P. Marsh & Partners has invested up to $5 million in Gambit Risk Finance, a new reinsurance vehicle formed to support the growth of its US-based investee company XPT Group by providing capital to selected underwriting programs through Platinum Specialty Underwriters. The initiative, backed by additional investment from Accord Capital and XPT senior management, aims to enhance XPT’s operational flexibility, expand its underwriting footprint, and deliver strong risk-adjusted returns supported by disciplined underwriting.
Swiss Re reports a net income of USD 2.6 billion for the first half of 2025 | Swiss Re
Swiss Re delivered a net income of USD 2.6 billion for the first half of 2025, a 24 percent increase year on year, achieving a return on equity of 23.0 percent driven by strong underwriting margins across its business units and solid investment performance. The company also reported a combined profit from underwriting (insurance service result) of USD 3.0 billion while maintaining a robust capital base with an estimated Swiss Solvency Test ratio of 264 percent.
Commercial Lines
AXIS Launches AXIS Capacity Solutions
AXIS Capital has launched a new business unit named AXIS Capacity Solutions, dedicated to structuring and supporting multi-line portfolio capacity deals through both facilitated and delegated approaches, led by London-based David Murie who reports to Group Chief Underwriting Officer Dan Draper. The initiative is designed to assist distribution partners in response to a growing trend in specialty insurance, leveraging AXIS’s global underwriting platform and Lloyd’s licensing to deliver scalable solutions.
Zurich launches Fronted Master Builders Risk for mega projects
Zurich North America has introduced its new Fronted Master Builders Risk (MBR) solution to simplify insurance for complex, multibillion-dollar construction programs, offering a streamlined single-policy structure that integrates claims handling, risk engineering, and multinational coverage globally. The offering, initially developed for an e-commerce client and now expanded globally, has already supported over US $80 billion in insurable value and earned the Insurer Team of the Year award at the 2025 U.S. Insurance Awards.
Emerging Risks & Technologies
AIG CEO Zaffino Highlights Integration of GenAI to Create Digital Twin of Business
AIG is building a digital twin of its business that will integrate key data, processes, and business logic through ontology, allowing the company to improve decision-making, enhance claims handling, and strengthen client service. Early applications of generative AI include underwriter assistance and claims processing, with pilot programs already reducing notice-of-loss times from days to hours and plans to expand across North America commercial lines by 2026.
Cybersecurity Pros Say IoT, Large Language Models Are Risk Areas of Concern
Cybersecurity experts identified Internet of Things devices and large language models as the most immediate systemic cyber risks, citing the expanded attack surface of connected devices and the ability of LLMs to both enhance and scale phishing attacks. The report also noted that while another widespread malware event similar to WannaCry or NotPetya would not be surprising, effective mitigations such as patch management, network segmentation, and data backups could significantly reduce both the likelihood and financial impact of such attacks.
Insurtech Looks to ‘Redefine’ Insurance With Autonomous AI Agents by 2026
Superagent AI announced plans to launch the first fully autonomous AI insurance agent by the end of 2025, positioning its technology to handle advisory, sales, and customer service around the clock while reshaping the role of human agents into managers of AI-powered sales teams. Ahead of the launch, the company will debut its BOOT|camp and LIVE|assist products in September, which are designed to cut new-hire ramp-up time, improve close rates, and reduce call-handle times through AI-driven training, real-time call assistance, and intelligent client-engagement tools.
New Pathways to Capacity for Early-Stage MGAs
Insurtech Gateway has become officially authorized to trade in the Lloyd’s market as a Lloyd’s broker, enabling it to connect its early‑stage MGA portfolio companies directly to underwriting capacity and accelerate their go‑to‑market process. This development enriches its existing incubator platform—which includes pre‑seed and seed funding, insurance product design support, fast‑track regulatory access, and broad insurer relationships—further helping founders launch with confidence and scale rapidly.
SiriusPoint has entered into a strategic capacity partnership with Arden Insurance Services to support the launch of Arden’s Consolidated Fire Insurance Policy, a wildfire-exposed risks program featuring embedded parametric coverage that will debut in California before expanding to other wildfire-prone states. Arden, which insures over 120,000 multi-family buildings, aims to use this solution to address significant coverage gaps in regions impacted by escalating wildfire threats.
Litigation & Mass Torts
5-Year Cost of Litigation Funding to Commercial Insurers Could Top $25B
The Hartford’s CEO voiced frustration over the growing impact of third-party litigation funding, which actuaries at EY estimate could cost casualty insurers between $13 billion and $18 billion in direct costs from 2024 to 2028, with a high-end scenario including indirect costs reaching $50 billion. EY’s modeling suggests litigation funding is now one of the key drivers of social inflation, prolonging cases, raising defense costs, and adding several loss ratio points to commercial liability lines over the next five years.
Lawsuit Accuses Apple of Stealing Trade Secrets to Create Apple Pay
Fintiv has sued Apple in federal court in Georgia, alleging that Apple stole mobile wallet technology developed by CorFire, which Fintiv acquired in 2014, to build Apple Pay and generate billions in revenue without compensation. The lawsuit seeks damages under trade secrets and anti-racketeering laws, claiming Apple misused confidential information from earlier meetings and former CorFire employees to launch Apple Pay in 2014 and beyond.
Liberty Mutual in First FCPA Settlement Since Enforcement Restarted
Liberty Mutual agreed to forfeit $4.7 million in profit to settle a U.S. Department of Justice probe into its Indian subsidiary, which was found to have paid $1.47 million in bribes to six state-owned banks between 2017 and 2022 in exchange for customer referrals. The Justice Department said the settlement reflects Liberty’s cooperation, disclosure, and compliance improvements, marking its first enforcement action under the Foreign Corrupt Practices Act since resuming enforcement in June with a narrowed focus on misconduct tied to competitiveness, infrastructure, or transnational crime.
Navigating The Challenging US Liability Litigation Environment
Sedgwick’s report highlights a sharp rise in nuclear and thermonuclear verdicts, escalating settlement values, and mounting defense costs, all of which are reshaping the liability litigation landscape in the United States. Early attorney involvement, aggressive advertising, litigation funding, and shifting court dynamics are fueling higher-dollar outcomes, making data, predictive analytics, and early intervention essential for insurers and organizations to effectively navigate this increasingly challenging environment.
Creditors of the bankrupt insurtech Vesttoo, led by a court-appointed liquidating trust, have filed a lawsuit in Delaware accusing Aon and China Construction Bank of fraudulent conduct that they claim directly led to Vesttoo’s collapse and inflicted massive losses on insurers. The complaint alleges that Aon aggressively promoted a deeply flawed Collateral Protection Insurance product while disregarding serious red flags around forged letters of credit, and that China Construction Bank enabled an employee to issue over $2.8 billion in fake collateral.
People Moves
Aon Names Mehmet Shukri as UK Reinsurance Client Services Leader
Aon has appointed Mehmet Shukri as the head of UK Client Services for its Reinsurance Solutions business, with immediate effect; he steps into the role from his previous position as deputy head of UK Claims and Client Services. Based in London and reporting to Steve Clark, Shukri will be tasked with accelerating client value by ensuring expert claims support in line with Aon’s global Reinsurance Solutions advocacy efforts.
AXIS Announces Chief Financial Officer Transition
AXIS Capital announced that Matthew Kirk, currently the CFO of Enstar Group, will become its next Chief Financial Officer in March 2026, initially joining in the fourth quarter of 2025 in an advisory role. Peter Vogt, who has served as CFO for 15 years, will transition to a strategic advisor position through the end of 2026 to ensure a seamless handover.
Chubb Announces Key Leadership Appointments in Surety's Global and North America Businesses
Chubb Limited has promoted Steve Haney to President and Chief Underwriting Officer of Global Surety and appointed Teresa Black as his successor as Division President of North America Surety, with both changes effective immediately. In his new role, Haney will oversee strategy, underwriting, and profit‑and‑loss responsibilities globally, while Black will take executive oversight of North American surety operations, both reporting to senior executive teams.
Hiram Marrero Growth Officer | Lockton
Lockton has named Hiram Marrero as President, Chief Growth Officer for its U.S. operations, a newly created role based in Miami, Florida, where he will lead the company’s growth strategy across geography and industry sectors. Marrero brings 25 years of insurance experience since joining Lockton in 2016, and will work closely with U.S. President Tim Ryan and regional leadership to expand the business while nurturing Lockton’s people‑first culture.
Hiscox appoints new Group Head of Technical Claims | Hiscox Group
Hiscox has appointed Matthew Budd as Group Head of Technical Claims, a newly created role, bringing 36 years of claims experience including leadership positions at AIG, Talbot Underwriting, and XL London Market. Based in London, Budd will report to Group Claims Director Steve Parry and will oversee technical claims operations to support Hiscox’s growth ambitions and delivery of innovative customer solutions.
The Fidelis Partnership has appointed Conor O’Riordan as its new Group Chief Financial Officer, effective August 11, 2025; he succeeds Hinal Patel, who is stepping down to focus on his health. O’Riordan, based in London and a long‑standing member of the executive team since 2021, will oversee financial reporting, planning, treasury, corporate finance, and investor relations, bringing extensive experience from recent major initiatives such as the firm’s 2023 bifurcation, establishment of Syndicate 3123, and a $2 billion refinancing in 2024
Alan Gray was established in 1988 as a claims and audit advisory firm, and over the years has built a reputation as a cost-effective, reliable, and trusted resource to those involved in the management of risk.
For general inquiries, please contact:
Privacy Policy | © 2025
Alan Gray. All Rights Reserved.
