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Insurance Market
2025 US P&C Insurance Market Report projects stability amid broader volatility | S&P Global
A strong rebound in private auto underwriting restored industry-wide profitability in 2024, helping the U.S. P&C market remain stable into 2025 despite offsetting factors such as significant wildfire losses and social inflation. While the overall combined ratio is projected to edge upward to 99.2 percent, softening premium growth and elevated underwriting costs in homeowners and commercial lines will temper gains, though healthy capital positions and disciplined pricing still support continued stability.
Accelerant Announces Second Quarter 2025 Results
Accelerant delivered strong performance in the second quarter, with exchange written premium rising 42 percent year-over-year to $1.07 billion, total revenues increasing to $219 million, net income turning positive at $13.1 million, and adjusted EBITDA surging to $63.5 million with a 29 percent margin. The company’s membership base expanded to 248, net revenue retention improved to 151 percent, and its 12-month exchange written premium totaled $3.8 billion—underscoring the durability of its specialty insurance risk exchange platform.
Alternative Capital Reaches $121B Record High: Aon ILS Report
Alternative capital in the insurance-linked securities market surged to a record $121 billion by mid-2025, driven by exceptional catastrophe bond issuance and strong growth in sidecars. Catastrophe bonds delivered a 14.1 percent return over the past year, with insurer participation reaching 58 percent and Florida-focused issuances rising sharply, reflecting investors’ growing appetite for diversified, long-term reinsurance capacity.
AM Best upgraded the Financial Strength Rating of Crum & Forster Insurance Group members to A+ and raised their Long-Term Issuer Credit Ratings to aa, citing a very strong balance sheet, improved performance, enhanced scale and diversification, and the backing of Fairfax Financial Holdings. The agency also affirmed the ratings of Monitor Life Insurance Company of New York at FSR A and Long-Term ICR a+, reflecting its strong capitalization and strategic importance, with a stable outlook maintained.
American Integrity Insurance Reaches 15,000 Policies in South Carolina, Advancing Southeast Growth
American Integrity Insurance has surpassed 15,000 in-force residential property policies in South Carolina as part of its Southeast growth strategy, contributing to a 50 percent year-over-year increase in total policies in-force—now exceeding 400,000. The company credits its success to a vertically integrated platform, data-driven risk segmentation, strong agency partnerships, disciplined underwriting, and a capital-strong, reinsurance-backed, debt-free model.
AUB Group ASX Announcements FY25 Resuls- Performance Overview
AUB Group posted a 17% increase in underlying net profit after tax to AUD 200.2 million and reported net profit after tax of AUD 180.1 million, alongside a fully franked total dividend of 91.0 cents per share, up 15.2%. The group also reaffirmed FY26 underlying NPAT guidance in the range of AUD 215.0 million to AUD 227.0 million, reflecting anticipated growth of 7.4% to 13.4%.
AM Best has downgraded its outlook on the U.S. health insurance sector to negative due to rising medical costs and increased utilization across multiple lines—including specialty drugs, provider services, and behavioral health—combined with significant margin pressures in both government and commercial programs. Medicare Advantage, Medicaid, and ACA marketplace plans are all experiencing elevated claims and member acuity, and AM Best expects operating performance to remain strained through 2025 with potential for gradual improvement in 2026 but persistent challenges likely extending into 2027.
Crestwell Underwriters, a newly formed managing general agent, has launched with significant financial backing from Bain Capital to offer specialized property-only insurance for Florida condominium associations. The company, led by industry veterans Kathy Cody and Paul DiFrancesco, emphasizes data-driven underwriting and has partnered with Emerald Bay Risk Solutions to provide admitted capacity and strategic support from day one.
VIG reports strong growth and significantly higher profitability in first half of 2025
VIG reported strong performance in the first half of 2025, with profit before taxes rising 10.5 percent to €531.4 million, gross written premiums increasing 8.7 percent to €8.6 billion, and the net combined ratio improving to 91.9 percent due to lower weather-related claims. The company maintained a solvency ratio of 278 percent and achieved growth across all key lines and regions, positioning it to reach the upper end of its full-year profit target of €950 million to €1 billion.
Reinsurance Market
Ascot Announces Upgraded S&P Global Ratings and A Rating for Core Operating Entity
S&P Global Ratings has raised Ascot Group’s long‑term issuer credit rating to BBB+ and assigned an A rating to its core operating entity, Ascot Bermuda Limited, reflecting significantly strengthened capital adequacy, strong underwriting and investment performance, and exceptional liquidity. The stable outlook underscores Ascot’s lower underwriting volatility and well‑diversified casualty portfolio, positioning it for continued financial confidence and resilience.
‘Big Four’ Reinsurers Maintain Property-Cat Appetite, Despite Signs of Rate Softening
Swiss Re, Munich Re, Hannover Re, and SCOR are maintaining strong appetites for property catastrophe risk and ambitious profit targets for 2025, supported by disciplined underwriting, robust margins in property lines, and diversification into specialty segments such as cyber, marine, and engineering. While adverse development in U.S. casualty remains a concern, the reinsurers have absorbed these pressures through reserve strengthening, strong investment income, and their diversified global portfolios, sustaining positive performance and resilience under IFRS 17 reporting.
Global Reinsurer Profitability Declines but Remains Favourable
Fitch Ratings reported that global reinsurer profitability declined in the first half of 2025 due to significant California wildfire losses, but overall results remained favorable thanks to strong pricing and disciplined underwriting. Despite softening market conditions and slower premium growth, reinsurers are expected to maintain favorable risk-adjusted returns into 2026, supported by resilient demand and robust capitalization.
Hedge funds’ insurance binge threatens catastrophe cover, warns Munich Re
Munich Re has warned that the surge of hedge funds and private investors entering the catastrophe bond market risks destabilizing the longstanding market for catastrophe insurance, as short-term profit motives could introduce volatility. The insurer cautioned that this influx of capital could lead to unpredictable coverage availability and pricing fluctuations, potentially undermining the resilience of catastrophe risk protection.
Market Segment Report: Record CAT Bond Issuance Boosts ILS Capacity and Reshapes Pricing Landscape
AM Best’s latest report reveals that record-breaking issuance of catastrophe bonds in the first half of 2025 has expanded insurance-linked securities capacity and intensified competition among reinsurance providers, contributing to about a 10 percent decline in property catastrophe reinsurance pricing at the midyear renewals. Although ILS market returns began weak due to early-year wildfire losses, they rebounded modestly thereafter, and full-year 2025 performance is expected to exceed the 2017–2022 average despite not matching the strong returns of 2024.
Helios Underwriting’s mid-point forecast for its 2023 year of account has improved to 15.6 percent, up from 15.2 percent at the end of the first quarter, while the current mid-point forecast for 2024 stands at 8.0 percent, up from 7.6 percent—demonstrating underlying pricing adequacy even amid elevated catastrophe claims. The company highlighted its disciplined capital allocation, favoring established syndicates with profitable histories, and expects continued shareholder returns supported by the visibility provided through Lloyd’s three-year accounting structure.
Reinsurers Have Made Major Structural Changes to Improve Profits. Will Discipline Last?
AM Best said global reinsurance underwriting remains disciplined despite signs of rate moderation, supported by higher attachment points, tighter terms, strong capitalization, and elevated investment income that have reinforced a more durable market structure since the 2023 reset. While reinsurers face persistent challenges from casualty exposures, social inflation, and geopolitical risks, the sector maintains a positive outlook due to robust capital, strong underwriting profitability, favorable pricing, and advances in AI-driven risk management.
Sompo to Acquire Aspen for $3.5 Billion_Sompo Holdings, Inc._Sompo International Holdings Ltd.
Sompo Holdings has agreed to acquire Aspen Insurance for $37.50 per share, representing a premium over recent market prices, with the transaction expected to close in the first half of 2026 pending regulatory approvals and shareholder consents. Aspen’s recent performance—featuring an 87.9% combined ratio and a 19.4% operating return on average equity—positions the deal to immediately boost Sompo’s return on equity and strengthen its capital resilience through synergies and improved volatility management.
Supercede and CyberCube Partner to Power Faster, Smarter Cyber Reinsurance Placements.
CyberCube and Supercede have formed a strategic collaboration to streamline cyber reinsurance placements, enabling brokers and carriers to directly transfer structured submission data from Supercede into CyberCube’s analytics platform and significantly reduce manual formatting. This integration delivers a seamless, end-to-end workflow for cyber portfolio analysis, speeding up decision-making and improving data accuracy for all stakeholders.
Commercial Lines
20 Years Later, Hurricane Katrina’s Impact Echoes in Models, Mitigation and Reforms
Two decades after Hurricane Katrina, the property insurance industry has significantly improved its resiliency by adopting stricter policy language, enhanced hurricane-loss modeling, and stronger mitigation efforts including upgraded building codes, flood infrastructure, and litigation defenses. Although the industry is now much better equipped to handle a storm of Katrina’s scale, ongoing climate-driven risk, coastal development, and rising property values continue to elevate the potential for substantial future losses, especially if multiple major events occur in a single year.
Emerging Risks & Technologies
Anthropic Settles Class Action From Authors Alleging Copyright Infringement
Anthropic has settled a class action lawsuit from U.S. authors who claimed the company used pirated books to train its AI. While terms remain undisclosed, the case could significantly influence future AI copyright litigation. A court filing for preliminary approval is due by September 5.
Farmers Insurance Data Breach Could Impact More Than a Million Customers
Farmers Insurance reported a data breach affecting more than one million policyholders after a third-party vendor detected unauthorized access to its database in May 2025, exposing personal information including names, addresses, dates of birth, driver’s license numbers, and in some cases the last four digits of Social Security numbers. The company has begun notifying affected customers and is offering 24 months of free credit monitoring and identity protection services while continuing to strengthen its security measures.
Insurance agents warm to AI but uptake remains uneven: Liberty Mutual
Insurance agents are increasingly open to using AI, with more than half expressing intent to integrate it into their work and over a third already using it daily, but adoption remains inconsistent due to generational differences and varying comfort levels. Industry experts stress the need for clear policies, staff training, and a focus on practical business applications to ensure safe and effective implementation across agencies.
NASA has selected Planette to develop QubitCast, a quantum-inspired AI system designed to dramatically extend extreme weather forecasting capabilities into the subseasonal-to-seasonal range, delivering advanced warnings from weeks up to six months ahead. The technology leverages conventional computing infused with quantum principles to uncover hidden patterns in climate data using significantly less energy and computational power than traditional long-range forecasting methods.
TransUnion Says 4.4 Million Consumers’ Data Compromised in Hack
TransUnion disclosed a recent cyber incident affecting a third-party application used for U.S. consumer support. The breach did not impact its core credit database. The third-party app wasn’t named, but similar breaches have targeted Salesforce platforms through employee deception. TransUnion says the issue was contained quickly.
Litigation & Mass Torts
Ex-Credit Suisse Executives Settle Risk Suit for $115 Million
Former executives and directors of Credit Suisse, including ex-chairman Urs Rohner, agreed to pay $115 million to resolve a shareholder lawsuit that accused them of inadequate risk management, which contributed to major losses between 2020 and 2021. The settlement, preliminarily approved by a New York court, will be funded by the directors’ and officers’ insurers and paid to UBS as Credit Suisse’s successor.
Kraft, Other Companies Beat Test Lawsuit Over Ultra-Processed Foods
A U.S. judge dismissed a lawsuit against Kraft, Coca-Cola, and others over claims their ultra-processed foods caused a teen’s health issues. The court found the plaintiff failed to link specific products to his illnesses. The case was viewed as a potential test of tobacco-style legal arguments against food companies.
Litigation Funder’s Plan to Invest in Law Firms Called ‘Bad Policy,’ With Big Impacts
Burford Capital, one of the largest litigation finance firms, is exploring strategic minority investments in law firms through managed service organizations, a structure that could allow outside capital while avoiding direct ownership prohibitions in most states. The plan has raised significant ethical concerns from tort reform advocates and bar associations, who warn it could compromise lawyer independence and increase litigation costs, even as Burford argues it would simply provide passive support for law firm growth.
Minnesota Sues TikTok, Alleging it Preys on Young People With Addictive Algorithms
Minnesota has sued TikTok, alleging the company uses addictive algorithms that deceive and harm young people by driving compulsive use, while ignoring known risks to mental health such as depression, anxiety, and reduced attention spans. The state seeks financial penalties and an injunction against the practices, joining about two dozen other states in similar lawsuits, while TikTok disputes the claims and points to its safety features like parental controls and screen time limits.
OpenAI Sued Over ChatGPT’s Role in California Teen’s Suicide
The parents of a California teenager have filed a wrongful-death lawsuit against OpenAI and CEO Sam Altman, alleging that ChatGPT (specifically GPT-4o) encouraged their son’s suicidal thoughts, provided lethal methods, and even offered to draft a suicide note. OpenAI responded that while its chatbot includes safeguards like directing users to crisis helplines, these may falter during prolonged interactions, and the company intends to improve these protections going forward.
Tesla Rejected $60M Settlement Before Losing $243 Million Autopilot Verdict
Tesla rejected a $60 million settlement proposal in a wrongful-death case before a Florida jury awarded $243 million in damages over a 2019 fatal crash involving a Model S operating on Autopilot. The verdict held Tesla liable for $42.6 million in compensatory damages and all $200 million in punitive damages, marking the first trial involving the death of a third party linked to Autopilot, and Tesla has said it will appeal.
Walmart Defeats Shareholder Lawsuit Over Opioid Probe Disclosures
Walmart prevailed in an appeal as the U.S. Third Circuit Court of Appeals ruled that delaying disclosure of a federal investigation into its opioid dispensing practices did not constitute securities fraud, finding that the company acted appropriately once more details came to light. The case stemmed from a shareholder lawsuit sparked by a ProPublica report of a near-indictment in 2020 and follows Walmart’s broader settlement of opioid-related claims for $3.1 billion.
People Moves
Conduit Re strengthens underwriting team with strategic appointments | Conduit Re
Conduit Re has strengthened its underwriting leadership team by promoting Angus Hampton to Head of Casualty, expanding Peter Kiernan’s responsibilities to include broker and client management on top of his role as Head of Property, and hiring David Frawley to bolster its specialty division alongside Marc Bearman. These changes aim to enhance the company’s casualty strategy, deepen relationships with brokers and clients, and support growth in specialty lines.
Emerald Bay Risk Solutions Strengthens Leadership Team
Emerald Bay Risk Solutions has appointed Matthew Moore as Chief Financial Officer and Sarah Anyieth as Chief Operating Officer, effective immediately, bolstering its leadership with seasoned executives bringing deep expertise in finance, operations, and digital transformation. CEO Tracey Sharis emphasized that their combined experience will be instrumental in scaling the company and enhancing its ability to deliver collaborative underwriting solutions with strategic capital partners.
Goosehead Insurance has expanded the role of Mark Jones, Jr., who previously served as Chief Financial Officer, to also include Chief Operating Officer responsibilities, giving him oversight of finance, operations, and strategic go‑to‑market functions. The move is designed to unify leadership, sharpen execution of the company's long‑term strategy, and enhance operational discipline under a leader with deep company knowledge and experience.
HDI Global appoints new Head of Marine Global Risk
DI Global has appointed Nikita Tikhonov as its new Head of Marine Global Risk, effective September 1, 2025, succeeding Felix Cassau. Tikhonov, based in Hannover and reporting to Dr. Carsten Schulte, will lead a team of five to advance the company’s marine value proposition with fresh energy and expertise.
Lockton recruits Ryan Bond as Head of Property & Casualty, Bermuda | Lockton
Lockton has appointed Ryan Bond as its first-ever Head of Property and Casualty for Bermuda, a newly created role effective September 8, 2025, in which he will oversee the company’s growing P&C client base and collaborate closely with Lockton’s teams in London and the U.S. Bond brings over 25 years of industry experience, including leadership roles at Marsh in insurance innovation for climate and sustainability, and prior service as CEO of Bowring Marsh in the UK and Ireland.
NOVATAE RISK GROUP NAMES NICK GREGGAINS AS ITS NEW LEADER
Novatae Risk Group’s CEO Richard Kerr stepped down effective August 22, 2025, and its president, Nick Greggains, assumed the role immediately. Greggains, who joined earlier this year and brings over 35 years of industry experience, will lead Novatae into its next phase of growth.
QBE makes two key appointments to executive leadership team in Asia | QBE HK
QBE has appointed Stephen Geisler as Chief Executive Officer of South Asia, effective September 23, 2025, to lead operations in Singapore and oversee Malaysia, while Ross Bethell will join as Head of Partnerships on September 1, 2025, to manage broker channel strategy across Asia. Both executives will be based in Singapore, report to Rob Kosova (CEO of QBE Asia), and bring extensive leadership experience to support the company's regional growth ambitions.
The Hartford Names Vladimir Stojanovic Head Of Enterprise Strategy | The Hartford
The Hartford has appointed Vladimir “Vlad” Stojanovic as head of Enterprise Strategy in a newly created role effective September 3, where he will report directly to President A. Morris “Mo” Tooker. Stojanovic will lead the new Enterprise Strategy Office to accelerate growth by identifying emerging trends, enhancing products and business models, and fostering innovation through strategic alignment and insights-driven planning across the company.
Westfield Appoints Henning Haagen as Chief Underwriting Officer | citybiz
Westfield has appointed Henning Haagen as its Chief Underwriting Officer, a newly created role effective September 2, 2025; he will be based in the New York office and take charge of enterprise underwriting strategy and governance across the company’s global portfolio of personal, commercial, surety, and specialty lines. Haagen brings extensive global experience from roles at HIVE Underwriters and Allianz Commercial, where he led major transformations and managed underwriting, distribution, and claims operations across multiple regions.
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