Alan Gray Selected to Provide Run-Off Administration Services for ECRA and CMC Reinsurance Pools
Weekly Articles
Insurance Market
Aon has signed a definitive agreement to sell a significant majority of NFP’s wealth businesses, including Wealthspire Advisors, Fiducient Advisors, and Newport Private Wealth, to Madison Dearborn Partners in a transaction valued at approximately 2.7 billion dollars. The deal is expected to generate about 2.2 billion dollars in after-tax proceeds for Aon while Madison Dearborn will integrate the businesses under a unified brand and leadership drawn from within those firms.
Bain Capital to Acquire Jensten Group, a Leading UK Insurance Distribution Platform | Bain Capital
Bain Capital has signed a definitive agreement to acquire Jensten Group, a UK-based commercial insurance distribution platform, from Livingbridge through its dedicated insurance investment division, with the transaction expected to close in the fourth quarter of 2025 pending regulatory approval. The firm plans to partner with Jensten’s management to enhance sales and distribution, invest in technology and operations, and continue the multi-channel M&A strategy that has driven the company’s expansion across UK retail, wholesale, and MGA segments.
Lloyd’s posts 6% rise in GWP and profit of £4.2bn for H1’25
Lloyd’s reported £32.5B GWP in H1 2025, with profit before tax of £4.2B, down 15% year-on-year. California wildfires drove the combined ratio to 92.5%, though underlying performance stayed strong. Investment returns improved to £3.2B, while solvency ratios rose, reflecting resilience despite pricing pressures and catastrophe volatility.
Neptune Insurance Holdings, the parent company of Neptune Flood, has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering of its Class A common stock on the New York Stock Exchange under the ticker “NP.” The company, founded in 2018 as a data-driven flood insurance provider, reported about $119.3 million in revenue and $34.6 million in net income for the year ending December 31, and uses AI-powered underwriting to streamline its insurance offerings.
Skyward Specialty Insurance Group has agreed to acquire Apollo Group Holdings Limited for $555 million in a combination of cash and stock, adding more than $1.5 billion of managed premium and delivering double-digit adjusted operating earnings per share accretion in the first full year post-close. Apollo’s specialty underwriting platform operates through Syndicates 1969 and 1971 at Lloyd’s, and its entrepreneurial leadership team, including CEO David Ibeson, will join Skyward Specialty to continue driving innovation and niche market growth.
US P/C Insurance Industry First-Half Underwriting Profit Triples
The U.S. property/casualty insurance industry reported a $11.5B underwriting gain and $49.1B net income in H1 2025, per APCIA and Verisk. While income dropped from last year’s $94.3B, the decline reflects reduced investment gains after a one-off 2024 windfall. Premium growth slowed to 1.9%, losses rose 2.1%, and the combined ratio improved to 96.4. Despite strong surplus levels of $1.08T, catastrophic wildfires and storms underscore volatility ahead, with the sector balancing discipline against rising risks.
Verisk: Insurance Industry Facing Growing Average Annual Losses from Natural Catastrophes
A new analysis reveals that modeled global insured average annual property losses from natural catastrophes have surged to $152 billion, a 25 percent increase from 2024, with frequent events like thunderstorms, wildfires, winter storms, and inland floods now accounting for two-thirds of the total. Insurers are also grappling with escalating exposure driven by inflation, new development in high-risk areas, and a persistent protection gap—especially in regions like Asia and Latin America—underscoring a fundamental shift in catastrophe risk dynamics.
Reinsurance Market
Best’s Research | Insurance Industry Research from AM Best
AM Best projects global dedicated reinsurance capital will reach approximately USD 649 billion in 2025, driven by a 7 percent year-over-year increase in traditional reinsurance equity and strong growth in third-party capital backed by catastrophe bond issuance. The report notes that a structural shift is underway, with reinsurers diversifying into specialty and primary insurance lines to enhance earnings stability while maintaining disciplined deployment of underwriting capital.
Emerging Risks Could Drive $5bn Annual Growth in Casualty Reinsurance Market Aon
Aon’s new report, developed with Moody’s, predicts that emerging liability risks—such as PFAS contamination, addictive software design, and microplastics—could drive up to five billion dollars in new annual reinsurance premiums as insurers seek coverage for these evolving threats. The report also introduces named-peril reinsurance solutions that offer targeted, transparent coverage for specific emerging risks, enabling carriers to convert growing litigation exposure into structured market opportunities.
Global Reinsurance Sector to Experience Moderate Deterioration in 2026
Fitch revised its outlook for the global reinsurance sector to deteriorating in 2026, warning that abundant capital and heightened competition are expected to drive price softening, weaker terms in property catastrophe contracts, and pressure on underwriting margins. While reinsurers remain well-capitalized with strong reserves and investment income, return on equity is projected to decline moderately from the high teens to the mid-teens as profitability comes under strain.
Growing stronger: Property & Casualty market adapts to riskier world | Swiss Re
Global property and casualty insurance premiums have doubled over the past two decades to approximately USD 2.4 trillion, driven by rising exposures, natural catastrophe losses, and inflation in economic and liability claims, while growth is expected to track global GDP over the next decade. The evolution of the market has been supported by increased efficiency and resilience through specialized insurers, disaggregated underwriting via brokers and MGAs, and expanded reinsurance and alternative risk solutions—though this structure now depends more heavily on capital markets and investor sentiment.
Howden Re accelerates European growth with Iberia launch and senior appointments
Howden Re has launched its operations in Iberia by appointing David Santos as Managing Director and Antonio Pombo as Director, both based in Madrid, to establish and grow its reinsurance presence across Spain, Portugal, and Andorra. These senior hires—with deep local experience from Nacional Re—reflect Howden Re’s strategic commitment to scaling its European platform through strong regional leadership and integration with the broader Howden Group.
Industry Credit Outlook: Can Global Reinsurers St | S&P Global Ratings
S&P Global maintains a stable outlook for global reinsurers through 2026, supported by strong capital buffers, disciplined underwriting, and robust investment returns—even though reinsurance pricing has passed its peak and suggests modest softening in earnings ahead. The agency expects the sector’s combined ratio to remain in the mid-90s with return on equity between 11 percent and 14 percent, while emphasizing caution over U.S. casualty reserve pressures and potential deterioration in short-tail line pricing.
Lloyd’s Half Year Results 2025
Lloyd’s of London delivered strong gross written premiums of £32.5 billion and a profit before tax of £4.2 billion in the first half of 2025, though profit declined from £4.9 billion in 2024 due to sizable claims from California wildfires and other major events. Despite the higher combined ratio of 92.5 percent, underlying performance remained solid with disciplined underwriting and robust investment returns, supported by strong solvency ratios (206 percent market-wide and 468 percent centrally).
New Investment - Supporting the Growth of Pantheon
B.P. Marsh committed up to $5 million to the launch of Gambit Risk Finance (Gambit Re), a newly formed reinsurance vehicle designed to provide risk capital for selected underwriting programs managed by XPT’s Platinum Specialty Underwriters. This capital, initially $1.875 million with a planned 8% preferred equity return, supports five profitable programs and is expected to enhance XPT’s operational flexibility and long-term specialty underwriting growth.
OAK Global launches dedicated retro syndicate at Lloyd's | Oak Global
Oak Global has rebranded from its previous identity and launched a new reinsurance business unit called OAK Enterprise, which will underwrite property and specialty retrocession through a new Lloyd’s syndicate targeting approximately USD 75 million in gross written premium. Roland Morse will lead the new syndicate as Chief Underwriting Officer, while existing primary reinsurance operations will continue under OAK Re through a separate syndicate, and both units will benefit from strategic capital support and a turnkey arrangement at Lloyd’s.
Reinsurance market conditions put cedents in strong position
Guy Carpenter notes that current reinsurance market conditions are advantageous for cedents, as abundant capacity is driving competitive pricing and improved underwriting flexibility. As a result, primary insurers retain strong negotiating power and can manage renewal costs effectively even amid evolving market shifts.
Reinsurance Market Report: Results for Half-Year 2025 | GallagherRe
Global reinsurance dedicated capital reached a record high of USD 805 billion at mid-2025, reflecting a 4.8 percent increase from year-end 2024, while insurer profitability remained strong with a reported return on equity of 17.7 percent and an underlying ROE of 12.6 percent—both well above the industry’s cost of capital. Despite a rise in combined ratios due to elevated catastrophe losses, reinsurers are expected to deliver full-year headline ROEs of 17–18 percent and underlying ROEs of 13–14 percent, supported by continued capital growth and resilient financial performance.
Ryan Specialty Launches New Collateralized Reinsurance Vehicle to Support Its Delegated Underwriting
Ryan Specialty has launched Ryan Alternative Capital Re, a new collateralized reinsurance vehicle designed to support its delegated underwriting platform by providing approximately $900 million in multi-year premium capacity backed by around $400 million in committed capital from Flexpoint Ford and Sixth Street. The structure, developed in partnership with AXIS Capital via its Lloyd’s syndicate and Deutsche Bank, enables accelerated delivery of capacity for both specialty catastrophe and non-catastrophe property and casualty risks.
Who Dares Wins; Howden Re's latest report calls for innovation in an era of hard market softening
Howden Re’s latest analysis finds that as rate levels begin to soften, underwriters who adopt innovation through better intelligence, geographic diversification, and technical expertise can continue to achieve strong returns. The report also points to growth opportunities in areas such as cyber, renewables, MGAs, and emerging markets, and emphasizes that renewals should be driven by data quality, transparency, and thoughtful structuring rather than pricing alone.
Commercial Lines
Davies launches specialist broker Assurex Global London Limited
Davies has launched Assurex Global London Limited, a new specialist property and casualty wholesale brokerage operating as an Appointed Representative on its platform, providing independent brokers with direct access to the London and European specialty markets. The new broker, part of the Assurex Global network of over 100 independent partners, initially covers lines including professional and financial, marine and cargo, product recall, cyber, contingency, and political violence, with plans to expand in the future.
Penn-America Underwriters, a subsidiary of Global Indemnity Group, has completed the acquisition of Sayata, an AI-enabled digital insurance distribution and agency operations platform that supports faster, smarter delivery of commercial P&C insurance products. The move expands Penn-America’s technology and distribution capabilities while integrating Sayata’s innovative digital solutions into its existing agency and insurance service framework.
MSIG Singapore has partnered with MSIG Specialty Marine, appointing it as the underwriting agent to enable direct handling of Protection & Indemnity (P&I) risks from its Singapore office, responding to growing demand and increasingly complex regulatory and maritime risk dynamics. This integrated approach positions MSIG to offer enhanced, cohesive marine insurance solutions aligned with Asia-Pacific’s expanding maritime sector and Singapore’s role as a leading regional insurance and shipping hub.
Emerging Risks & Technologies
Cyber insurance faces rate deterioration and reduced organic growth: Swiss Re
Swiss Re reports cyber insurance rates have declined for a third straight year, slowing growth to 5% CAGR from 2023. Premiums are forecast at $15.6B in 2025, led by North America. Competition pressures pricing, but SMEs present major growth potential. Closing the protection gap requires tailored products, smarter distribution, and reinsurance support.
Head injuries, asbestos and PFAs all meet in this trillion-dollar insurance niche
Legacy insurance has evolved into a trillion-dollar global market, with U.S. carriers increasingly turning to run-off solutions to manage adverse casualty experience, social inflation, and long-tail liabilities. Transactions are rising, often $250M–$1B, as insurers trade uncertainty for capital stability. Emerging risks like PFAS litigation and sports-related injuries are extending liability tails, while generative AI is reshaping due diligence and integration. For U.S. insurers, run-off has become a strategic, permanent fixture rather than a niche cleanup tool.
Tokio Marine GX has officially launched as a full underwriting business offering the market’s most comprehensive suite of green transition insurance products, covering eighteen areas from renewables like wind and solar to emerging technologies such as hydrogen, carbon capture, and small modular nuclear reactors. The launch follows robust pre-launch demand, and the platform consolidates expertise from across the Tokio Marine Group to support businesses embarking on decarbonization with a single point of access for insurance solutions.
Litigation & Mass Torts
Delta Paying $79M to Settle Lawsuit After Jet Dumped Fuel on Schools
Delta Air Lines has agreed to pay $79 million to settle a class-action lawsuit stemming from a 2020 incident where a jet dumped 15,000 gallons of fuel over schoolyards near Los Angeles, exposing children and teachers to harmful fumes and resulting in minor health symptoms. The airline emphasized that the fuel dump was necessary for safety after an engine malfunction and settled the case without admitting liability to avoid prolonged litigation.
Disney Paying $10M to Settle Claim of Allowing Unlawful Collection of Children’s Data
The FTC has secured a $10 million settlement from Walt Disney over allegations that personal data was collected from children watching kid-directed YouTube videos without parental consent. The settlement requires Disney to implement an audience designation system to accurately classify videos as made for children and ensure compliance with parental consent rules.
DOJ Sues ProMedica Health System And Affiliates for ‘Grossly Substandard’ Nursing Home Services
The U.S. Department of Justice has filed a False Claims Act lawsuit against ProMedica Health System and its affiliated nursing homes, alleging that they provided grossly substandard skilled nursing services—such as failing to offer individualized care plans, proper wound care, hygiene, and feeding—while falsely documenting that care had been delivered. The lawsuit targets facilities in Pennsylvania, Ohio, South Carolina, and Virginia, and asserts that these omissions violated federal nursing home care standards.
FTC Takes Action Against Worker Noncompete Agreements
The U.S. Federal Trade Commission has barred the country’s largest pet cremation company from enforcing noncompete agreements against its 1,800 employees, stating that these restrictions unfairly limit worker mobility. This marks the agency’s first targeted enforcement under the current administration, signaling its commitment to curb unjust noncompete practices and inviting public input for potential future cases.
Jury Rules Google Must Pay $425 Million in Class Action Over Privacy
A federal jury ordered Alphabet's Google to pay $425 million after finding that the company collected user data for millions of accounts that had disabled tracking features, violating privacy settings. The verdict covered around 98 million users and 174 million devices, and although Google said it will appeal, it denied any wrongdoing and maintains that its privacy controls are effective.
Maryland Moves to Deny Liability Limit Sought by Ship Manager in Key Bridge Collapse
Maryland and wrongful death claimants argue Synergy Marine, manager of the Dali cargo ship that struck Baltimore’s Key Bridge in March 2024, cannot seek protections under the Limitation of Liability Act because it is not the vessel’s owner. They assert Grace Ocean Private Limited, the actual owner, retained control and responsibility. Plaintiffs seek dismissal of Synergy’s petition and full accountability for negligence, alleging preventable power failures, safety bypasses, and poor training caused the deadly collapse and massive disruption.
Warner Bros Discovery Sues Midjourney for Stealing Superman, Scooby-Doo
Warner Bros. Discovery has filed a lawsuit against AI image generator Midjourney, accusing the service of using its copyrighted characters—such as Superman, Wonder Woman, Bugs Bunny, and Scooby-Doo—to train its model and allow users to generate high-quality images without authorization. The complaint claims Midjourney previously blocked infringing content but recently removed those safeguards and promoted the change as an improvement, prompting Warner Bros to seek damages and an injunction against continued misuse.
People Moves
Allianz Commercial – New North American Head of Liability
Allianz Commercial has appointed Mary Ann Stewart as the Regional Head of Liability for North America, effective September 22, 2025. Based in Chicago, she will oversee the strategic direction and management of the company’s North American liability portfolio—including excess casualty, construction liability, and environmental coverage across the U.S. and Canada—and lead the team responsible for underwriting talent development.
Brown & Brown has elevated Chief Operating Officer Steve Hearn’s responsibilities, tasking him with overseeing all operations outside of North America across both its Retail and Specialty Distribution segments. CEO Powell Brown said this move leverages Hearn’s global expertise to drive international growth, strengthen capabilities in key markets, and enhance the firm’s leadership position worldwide.
CFC appoints Jane Poole as new Group Chief Financial Officer | CFC
CFC has appointed Jane Poole as its new Group Chief Financial Officer, succeeding Michael Grist, who will step back from daily responsibilities after nearly 16 years but continue in an advisory role. Poole brings deep FTSE-100 and general insurance experience from roles at Direct Line Group and Aviva, and will lead CFC’s financial strategy and performance as the company scales its global growth.
Envelop Risk announces key appointments in London and Bermuda - Envelop Risk
Envelop Risk, a cyber reinsurance specialist, has bolstered its underwriting leadership with three key appointments: Michael Murdoch-Smith joins in Bermuda as Senior Vice President and Underwriter, JayLynn Hines steps in as Vice President and Underwriter also in Bermuda, and Sarah Kennerley is named Vice President and Underwriter in London. These strategic hires come as Envelop reinforces its global capabilities and seeks to enhance its cyber underwriting strength across major markets.
Everest Appoints Jiten Voralia as Chief Underwriting Officer, Global Reinsurance | Everest
Everest Reinsurance has appointed Jiten Voralia as Chief Underwriting Officer for its Global Reinsurance division, effective immediately, taking over from Chris Downey who has been promoted to Executive Vice President and Group Chief Underwriting Officer. Voralia, who has more than two decades of global experience spanning underwriting, actuarial work, and portfolio management, will lead the company’s underwriting strategy while continuing to serve as Head of North America Treaty Reinsurance until a successor is appointed.
HDI Global has expanded its ESG Risk Solutions division by appointing Chris Strong as Head of ESG Risk Solutions, Thordis Jensen as Head of ESG Risk Solutions International, and Ludovic Ruiller as Head of ESG Solutions Europe and Lead Underwriter ESG France. These senior appointments strengthen the company’s ability to deliver specialized environmental, social, and governance coverage worldwide, supporting clients as they adapt to evolving sustainability and regulatory demands.
Lockton Promotes Rapciewicz and Cullen to Lead US Casualty
Lockton has promoted Peter Rapciewicz to lead its U.S. casualty business and appointed Jessica Cullen as head of excess casualty and operations, both based in New York. Rapciewicz will oversee the strategic direction and growth of Lockton’s casualty offerings, while Cullen will enhance the firm’s excess liability platform under his leadership.
Price Forbes Re appoints Tim Barber as CEO, London - Price Forbes RE
Price Forbes Re has appointed Tim Barber as CEO, London, where he will oversee the firm’s reinsurance operations in the region and support the expansion of its global platform. With more than 40 years in the industry and recent leadership roles at QBE Re, Barber brings deep expertise expected to enhance client relationships and contribute to strategic growth.
Sedgwick Names Reelitz Chief Financial Officer
Sedgwick has appointed Kalani Reelitz as Chief Financial Officer, where he will lead the company’s financial strategy, including planning, reporting, capital structure, risk management, procurement, and real estate. Reelitz brings extensive experience from previous leadership roles at Compass, Cushman & Wakefield, and Walgreens, and will support Sedgwick’s global operations and growth as a leading risk and claims administration provider.
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.
