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AIG reported second quarter 2025 net income of 1.1 billion, a significant improvement from a 4 billion loss in the prior year, with net income per diluted share of 1.98. Results were driven by strong underwriting performance with general insurance underwriting income up 46 percent to 626 million, an improved combined ratio of 89.3 percent, and a 48 percent increase in net investment income to 1.5 billion.
Allianz delivered a record operating profit of €4.4 billion in Q2, up 12.2% year over year, with total business volume rising 8% to €44.5 billion and shareholders’ core net income growing 17.3% to €3.0 billion . The company confirmed it is fully on track to meet its full-year operating profit outlook of around €16 billion and maintained a robust Solvency II ratio of 209%.
Berkshire Hathaway’s second-quarter net earnings dropped sharply to $12.37 billion—primarily due to a $3.76 billionwritedown on its Kraft Heinz investment—though its core operating earnings declined only slightly to $11.16 billion, underscoring continued business resilience. The conglomerate ended the quarter with a formidable $344 billion in cash reserves and maintained solid performance across key units such as insurance, BNSF, energy, and manufacturing.
Bowhead Specialty Holdings delivered a strong second quarter in 2025, with gross written premiums rising 32.4% to $232.4 million and net income more than doubling to $12.3 million, or $0.36 per share. Underwriting discipline and operational efficiency improved its expense ratio to 30.6%, while investment income surged 55.8%, contributing to a return on equity of 12.4%.
CNA Financial reported strong second-quarter 2025 results with net income of $1.10 per share and core income of $1.23 per share. The company benefited from improved underwriting performance in both specialty and middle-market insurance, lifted by favorable reserve development and reduced catastrophe losses.
Generali delivered a strong first half of 2025, with gross written premiums rising slightly to €50.5 billion—supported by a notable 7.6 percent increase in P&C—and its operating result growing 8.7 percent to €4.0 billion, driven by solid performance across Property & Casualty, Life, and Asset Management. The Group’s combined ratio improved to 91.0 percent, while adjusted net income increased 10.4 percent to €2.2 billion and adjusted earnings per share climbed 12.5 percent to €1.47, supported by a robust capital position and a 212 percent solvency ratio.
Hamilton Insurance Group delivered a strong second quarter in 2025 with net income of $187.4 million, translating to a robust annualized return on equity of 30.2%. The firm grew gross premiums written by 18% to $712 million, achieved a solid combined ratio of 86.8%, and benefited from exceptional investment returns—$148.7 million—primarily driven by its Two Sigma Hamilton Fund and fixed income portfolio.
Heritage Insurance Holdings reported a standout second quarter in 2025, achieving net income of $48.0 million—up a remarkable 154% from $18.9 million a year earlier—and earnings per share of $1.55. Underwriting performance was strong, with the net combined ratio improving significantly to 72.9% from 92.5%, reflecting lower loss and expense ratios and driving a return on average equity of 53.9%.
Hiscox reported strong first-half 2025 results, with insurance contract written premiums growing 5.7% to $2.94 billion and all three business segments contributing to the rise. Despite a $170 million wildfire claim, the company maintained underwriting profitability with a combined ratio of 92.6%, achieved a solid operating return on tangible equity of 14.5%, and increased its interim dividend by 9.1%, supported by an expanded $275 million share buyback program.
IGI posted a Q2 net income of $34.1 million—a 3.9% increase over Q2 2024—with an annualized return on equity of 20.8%, while six-month net income reached $61.4 million, down from $70.7 million a year earlier. Gross written premiums for the first half rose 1.9% to $394.3 million, and investment income surged 26.7% in Q2 to $17.1 million, though the combined ratio increased to 90.5% due to currency-related impacts on loss reserves.
James River Group reported Q2 2025 net income of $3.2 million (or $0.07 per diluted share), and adjusted net operating income of $11.7 million (or $0.23 per diluted share), significantly down from the same period last year. Despite this decline, the company’s core Excess & Surplus (E&S) segment performed strongly, achieving a 91.7% combined ratio, exceeding $300 million in quarterly gross written premium for the first time, and benefiting from robust rate increases, especially in excess casualty.
Liberty Mutual Holding Company reported a strong second quarter in 2025, with net income soaring to $1.845 billion—more than doubling from $717 million in Q2 2024—driven by disciplined underwriting and excellent investment performance. The company improved its combined ratio by 12.4 points to reach 87.2%, signaling significant progress toward its 95% target, despite a slight decline in net written premiums and overall revenue.
Ryan Specialty posted strong second-quarter 2025 performance with total revenue rising 23% year-over-year to $855 million, driven by both organic growth and recent acquisitions. The company’s adjusted EBITDAC increased 24.5% to $308 million, while adjusted net income rose 15% to $185 million, and adjusted diluted earnings per share improved 13.8% to $0.66.
SiriusPoint reported a strong second quarter in 2025, achieving a core combined ratio of 89.5%, a 3.8-point improvement from the prior year, and core underwriting income surged 83% to $68 million. The company continues to experience robust growth, with gross premiums written rising 10% and underlying return on equity reaching 17%, outperforming its 12–15% target range.
Canopius Group delivered an outstanding first half of 2025, with profit after tax rising 24% to $222 million and annualized return on tangible equity improving to 24.5% . The insurer also achieved strong premium growth—insurance contract written premiums up 31% to $2.41 billion—and maintained disciplined underwriting with combined ratios improving to 84.0% on a discounted basis and 89.7% undiscounted.
The Baldwin Group delivered solid Q2 2025 performance with total revenue rising 11% to $378.8 million and adjusted diluted earnings per share growing 24% to $0.42. Despite a reduced net loss of $5.1 million, adjusted EBITDA increased 14% to $85.5 million and the company completed all its earnout obligations, unlocking greater capital flexibility for future investments.
Zurich Insurance Group delivered a record-breaking first half in 2025, posting a business operating profit of USD 4.2 billion—up 6% year-over-year—and achieving its highest ever core return on equity at 26.3%. The Property & Casualty segment saw a 9% rise in profits with a combined ratio improvement to 92.4%, while the Life segment grew operating profit to USD 1 billion, supported by a 14% increase in gross written premiums and a 20% jump in new business premiums.
Greenlight Capital Re achieved a 95.0% combined ratio in Q2 2025—an improvement from 99.9%—and delivered $8.1 million in underwriting income, though investment losses of $7.8 million trimmed net income to just $0.3 million, or $0.01 per share. For the first half of 2025, gross premiums written rose 10.7% to $427.6 million and net income reached $30 million, or $0.87 per share, with fully diluted book value per share climbing 5.7% over year-end 2024.
PartnerRe posted a 36% increase in net income, rising to $493 million in the first half of 2025, despite a non-life underwriting loss of $333 million, which pushed the combined ratio to 112.7%. Excluding catastrophe losses, the current accident year combined ratio was 86.6%, while its Life & Health segment contributed $100 million in underwriting gains and net investment income climbed 15.8%.
McGowan Companies has acquired Aegis Professional Risk from K2 Insurance Services, expanding its specialty insurance capabilities within professional risk markets. This strategic acquisition enhances McGowan’s ability to deliver tailored insurance solutions and strengthens its position as a leading provider in the professional lines space.
United Risk has acquired Verita CSG, an MGA originally launched by WTW, and rebranded it as Verist LLC while retaining its existing leadership, staff, and operations across the US, Mexico, Mumbai, and Manila. Michael Chang, a former WTW executive, has been appointed CEO, and the expanded MGA will continue serving sectors such as real estate, hospitality, life sciences, and professional services with specialty products like active assailant, clinical trials, and pandemic coverage.
Atrium, the specialty insurance group at Lloyd’s, has launched a new Weather & Climate Insurance practice led by veteran Dr. Ed Byrns. The team will offer non-damage business interruption solutions for large commercial clients, using data-driven underwriting to address weather risks such as temperature, wind, or precipitation.
Global insurtech funding dropped 16.7% quarter-on-quarter to $1.09 billion in Q2 2025, hitting its lowest level for property and casualty insurtechs since early 2018. Despite this dip, AI-focused startups secured over half of all deals during the period, underscoring the sector’s growing reliance on AI-driven innovation.
Chemours, DuPont, and Corteva will pay $875 million over 25 years to New Jersey to settle environmental claims tied to PFAS contamination, with payments starting no earlier than January 1, 2026. The settlement follows a series of major PFAS-related agreements in recent years, reflecting growing litigation driven by new regulations and heightened awareness of the chemicals’ health and environmental risks.
Four Alaska Airlines flight attendants are suing Boeing for physical and emotional injuries stemming from a January 2024 737 MAX 9 cabin panel blowout, alleging negligence and quality control failures. The lawsuits seek compensation for economic damages and cite Boeing’s inadequate production oversight, as highlighted by recent NTSB findings criticizing the company’s safety culture and FAA oversight.
StarWind Specialty Insurance has named Alex Bonds as Co-President, leveraging his extensive experience to expand the company’s leadership and program development capabilities. In his new role, Bonds will work to accelerate StarWind Specialty’s growth and enhance its strategic positioning within the market.
AXA XL has announced two strategic appointments to its Americas Wholesale Solutions team: Betsy Higgens has been named Head of Casualty, Wholesale Solutions, and Megan Kelley will serve as Head of Product, Wholesale Solutions. These moves underscore the company’s commitment to expanding its wholesale business and strengthening leadership in casualty and product development across the region.
Aspen Insurance has appointed Ryan Cushway as Head of International and U.K. Casualty Insurance—a new leadership role unifying oversight of its casualty operations across both regions. Leanne Bellows has been named Head of Excess Casualty for London and Lloyd’s markets, reporting directly to Cushway and supporting his broader casualty leadership structure.
Chubb has appointed Michael Babington as Head of Claims for the Europe, Middle East, and Africa (EMEA) region, effective November 1, 2025. He will oversee claims strategy and delivery across these markets from London, reporting to Ana Robic, and succeeds Richard Shanks, who will remain in the role until November.
Gallagher has appointed Alistair Lester—formerly global co‑CEO of M&A and transactional solutions at Aon—as CEO of its Private Equity and M&A client practice for the UK, Europe, and Middle East (EMEA). In this role, he will oversee and expand Gallagher’s transactional risk teams across those regions, supporting businesses through all stages of acquisitions, mergers, and related financial transactions.
HDI Global has appointed Dennis Siebrasse as Head of Liability Underwriting for Europe and Dr. Pascal Nef as Head of Technical & Strategic Services for the Long Tail segment. Both executives will report to Dr. Mukadder Erdönmez, who oversees Liability, Cyber, and Motor on the Executive Board.
Lloyd’s has appointed Stephane Flaquet as its new Chief Operating Officer, effective September 1, 2025, pending regulatory approval. He will join the Executive Team reporting to CEO Patrick Tiernan, leading operations, technology, data, and the Blueprint Two modernization strategy to boost resilience across the market infrastructure.
Howden has officially launched its U.S. retail broking business, with Mike Parrish appointed as CEO and veteran entrepreneur Jim Hays joining as Vice Chairman to support its growth. The move brings Howden’s entrepreneurial, employee-owned and client-focused model to America, offering a fresh alternative amid industry consolidation.
XS Brokers has elevated key executives to propel continued growth, naming Eric Wirkus as Chief Executive Officer and promoting Sean McVicker to President while retaining Gretchen Jackman as Chief Operating Officer. These leadership changes underscore the company's commitment to strategic expansion and sustained double-digit performance.
Hamilton Insurance Group has appointed Russ Buckley as its new Group Chief Risk Officer, where he'll oversee the company's risk and actuarial functions and report to CEO Pina Albo. Buckley succeeds Alex Baker—who is transitioning to CEO of Hamilton Global Specialty on September 1, 2025—and brings over 30 years of industry experience from roles at Old Republic, The Hartford, AIG, XL, and Munich Re.
Wayne Ashley has been appointed President of Berkley Re UK Limited, effective October 2025, and is expected to succeed Clare Himmer as CEO upon her retirement at the end of that year. Ashley brings more than 30 years of international reinsurance experience and will steer the company through its next phase of growth while benefitting from Himmer’s guidance during the transition.
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.
