Feb 22-28, 2026

Insurance Market

Accelerant Announces Unaudited Preliminary Fourth Quarter and Full Year 2025 Financial Results
Accelerant announced its unaudited preliminary fourth-quarter and full-year 2025 financial results, highlighting strong premium growth across its specialty insurance and reinsurance operations, improved underwriting profitability, and favorable combined ratios driven by disciplined risk selection, enhanced data and analytics capabilities, and effective management of catastrophe and attritional losses. The company emphasized continued execution of its strategy focused on scaling its digital MGA platform, expanding capacity through its syndicate and carrier partners, and delivering value to brokers and clients in a competitive market environment.

Ageas reports full-year 2025 results
Ageas reported strong full-year 2025 results with solid premium growth across its insurance operations in Belgium, the UK, Continental Europe, and Asia, improved combined ratios reflecting disciplined underwriting, favorable reserve development, and moderated catastrophe losses, alongside higher investment income amid stable market conditions. The company highlighted continued focus on profitable growth, operational efficiency, customer-centric innovation, and capital strength, while announcing shareholder returns through dividends and expressing confidence in sustained performance into 2026 despite ongoing economic and geopolitical uncertainties.

Allianz achieves record operating profit of 17.4 billion euros – excellent start to new strategic cycle | Allianz
Allianz reported strong fourth-quarter and full-year 2025 financial results, with solid premium growth across property-casualty, life/health, and asset management segments, improved operating profit driven by disciplined underwriting, favorable reserve development, and higher investment income amid moderated catastrophe losses and stable market conditions. The company highlighted continued execution of its strategy focused on profitable growth, operational efficiency, customer-centric innovation, and capital strength, while announcing robust shareholder returns through dividends and share buybacks and expressing confidence in sustained performance into 2026 despite ongoing economic and geopolitical uncertainties.

AM Best Says Premium Slowdown, Inflation Factors to Lead to Higher P/C Combined Ratio
AM Best expects the U.S. property/casualty industry to face pressure on financial results in 2026 due to plateauing or softening rates in many lines, lower net premium growth, and macroeconomic headwinds such as rising repair costs from materials inflation, leading to a projected combined ratio increase to 96.9 from 95 in 2025. While 2025 benefited from continued rate increases offsetting social inflation, nuclear verdicts, and litigation financing, with a combined ratio of 95 and net premiums written up 6.1%, AM Best anticipates solid but constrained performance in 2026 with higher combined ratios in commercial lines (96.3), ongoing reserve concerns, and a continued shift of high-hazard risks to the excess and surplus market.

AXA Full Year 2025 Earnings
AXA reported strong full-year 2025 results with solid premium growth across property-casualty, life and savings, and health segments, improved operating profit driven by disciplined underwriting, favorable reserve development, and higher investment income amid moderated catastrophe losses and stable market conditions. The company highlighted continued execution of its strategy focused on profitable growth, operational efficiency, customer-centric innovation, and capital strength, while announcing robust shareholder returns through dividends and share buybacks and expressing confidence in sustained performance into 2026 despite ongoing economic and geopolitical uncertainties.

Best’s Market Segment Report: Rate Actions, Investment Gains Drive US Property/Casualty Insurance Segment’s 2025 Results; Headwinds May Pressure Carriers in 2026
The U.S. property/casualty industry delivered its strongest performance in the past decade in 2025, with net underwriting income more than doubling to an estimated $39 billion and the combined ratio improving to 95.0 from 97.1 in 2024, thanks to sustained rate increases, pricing discipline, and double-digit growth in investment income that offset weather-related losses and claim cost pressures. However, AM Best warns of headwinds in 2026, including stabilized or softening rates across major lines, lower premium growth, rising repair costs from higher material prices, and potential for tighter margins or higher combined ratios if severe catastrophes occur.

Berkshire Hathaway posts strong ’25 re/insurance result, expects to write less P&C business ‘for a period of time’
Berkshire’s insurance operations delivered robust but lower underwriting profits in 2025: pre-tax earnings fell to $9.5B (from $11.4B in 2024), with net underwriting earnings down ~20% to $7.3B. P&C reinsurance saw premiums written drop $1.7B to $20.2B due to increased competition and rate declines, especially in property; combined ratio rose to 84.5%. Primary insurance and GEICO also posted lower underwriting earnings amid higher losses/expenses. Overall float grew to ~$176B; investment income fell 8.9% to $15.3B.

New CEO Greg Abel emphasized disciplined underwriting over volume, warning of continued premium contraction in P&C reinsurance and primary lines “as long as these phases of the cycle endure,” driven by abundant capital, benign cat losses, and casualty inflation outpacing pricing. He stressed long-term resilience, sustainable profitability, and customer trust over short-term market share gains.

Bowhead Specialty Holdings Inc. Reports Fourth Quarter and Full Year 2025 Results :: Bowhead Specialty Holdings Inc. (BOW)
Bowhead Specialty Holdings Inc. reported strong fourth-quarter and full-year 2025 results, with significant premium growth, improved underwriting profitability, and a favorable combined ratio driven by disciplined risk selection and expansion in specialty insurance lines. The company highlighted robust performance across its portfolio, solid investment income, and strategic capital management that supported shareholder value creation in a competitive specialty market environment.

B.P. Marsh Trading Update
B.P. Marsh & Partners Plc reported strong portfolio performance in its specialist financial services investments (primarily insurance-related), completing eight new investments in areas like marine, property, aviation, underwriting agencies, and professional indemnity broking, alongside two disposals yielding £30.7 million in proceeds from £1.9 million invested capital, while maintaining debt-free status with £49.5 million in group funds and growing its loan portfolio to £40.8 million. The firm highlighted a robust pipeline with 67 new enquiries, accelerating insurance market consolidation as an opportunity for independent platforms, stable profitability in specialist segments despite reinsurance pricing pressures, and shareholder returns via £8.0 million in FY2026 dividends with plans for £13.0 million in FY2027 and at least £5.0 million in FY2028.

Hippo Reports Fourth Quarter 2025 Financial Results
Hippo reported its fourth-quarter and full-year 2025 financial results, with significant premium growth, improved gross loss ratios, and progress toward profitability driven by enhanced underwriting discipline, rate actions, reinsurance adjustments, and technology efficiencies in its homeowners insurance platform. The company highlighted strong in-force premium expansion, reduced loss volatility, and strategic focus on middle-market homeowners coverage, while expressing confidence in achieving positive adjusted EBITDA and sustained growth in 2026 amid a stabilizing property insurance market.

Hiscox Ltd full year results | London Stock Exchange
Hiscox Ltd reported strong full-year results for 2025, with significant premium growth across retail and specialty lines, improved combined ratios reflecting disciplined underwriting and favorable reserve development, and robust profitability driven by reduced catastrophe losses, higher investment income, and strategic focus on high-margin specialty business. The company highlighted continued execution of its specialist insurer strategy, enhanced capital position, and commitment to shareholder returns through dividends and buybacks, while expressing confidence in sustained performance into 2026 amid a competitive yet supportive market environment.

Kin FY 2025 Revenue Climbs 29% to $201.6 Million; Baseline Operating Margin Reaches Record 49%
Kin Insurance reported full-year 2025 revenue of $201.6 million, a 29% increase from the prior year, driven by premium growth, improved retention, and expanded market presence in homeowners insurance amid a challenging catastrophe environment. The company achieved a record baseline operating margin of 49%, reflecting strong underwriting discipline, efficient claims handling, technology-driven cost management, and favorable loss trends that positioned Kin for continued profitability and scalability in the homeowners market.

Munich Re surpasses profit guidance for a fifth consecutive year, achieving every target of its Ambition 2025 strategy programme | Munich Re
Munich Re reported strong full-year 2025 results with significant premium growth across its reinsurance and primary insurance operations, improved combined ratios reflecting disciplined underwriting and favorable reserve development, and robust profitability driven by reduced catastrophe losses relative to prior years, higher investment income, and strategic portfolio management. The company highlighted continued execution of its Ambition 2030 strategy, enhanced capital position, and commitment to sustainable shareholder returns through dividends and buybacks, while expressing confidence in sustained performance into 2026 amid a competitive market environment and evolving risk landscape.

Skyward Specialty Insurance Group Reports Fourth Quarter 2025 Results | Skyward Specialty Insurance
Skyward Specialty Insurance Group reported strong financial performance for the fourth quarter and full year 2025, with gross written premiums growing 13.2 percent to $439.5 million in the quarter and 24.3 percent to $2.17 billion for the year, supported by solid contributions from its accident and health, specialty programs, surety, agriculture, and credit reinsurance divisions. The combined ratio improved to 88.5 percent in the fourth quarter from 95.8 percent the prior year and to 89.3 percent for the full year from 92.3 percent, driving net income higher to $43.2 million in the quarter from $14.4 million and to $170.0 million for the year from $118.8 million, reflecting the effectiveness of the company's niche-focused strategy in the property and casualty market.

State Farm Inked $1.5B Underwriting Profit for 2025 but HO Loss Persists
State Farm’s P/C operations delivered a $1.5B underwriting gain in 2025 (vs. $6B+ loss in 2024), driven by auto: $4.6B profit, 93.5 combined ratio (10+ points better YoY), earned premiums up 6% to $71.3B. Property remained unprofitable (combined ratio ~108), heavily impacted by January 2025 LA wildfires ($5B+ paid to date, potentially $7B total). Overall P/C pre-tax operating profit reached $8.5B (vs. $111M loss in 2024); net income doubled to $12.9B; surplus grew to $170B.

The company announced a $5B one-time dividend to auto policyholders plus prior rate reductions. Auto loss/LAE ratio (73.8) improved but trails Progressive and Allstate’s mid-60s. Total revenue rose 7.5% to $132.3B.

US winter storms to hit Q1 profits with primary insurers expected to absorb losses: AM Best
AM Best expects Winter Storms Fern (January 2026, estimated $4-7 billion insured losses) and Hernando (February 2026, with record snowfall and widespread outages in the Northeast) to cause a significant decline in first-quarter 2026 underwriting profits for primary insurers, though the combined impact will be less severe than the 2025 California wildfires. Primary carriers will absorb most of the losses in property/casualty lines such as homeowners, commercial property, auto, and business interruption, while reinsurers face a lesser impact due to the events being separate and contained, with AM Best noting the industry's resilience from effective risk management and strong 2025 results should support performance despite these earnings events.

World Bank takes out $6bn loan insurance to boost its lending
The World Bank has secured a $6 billion insurance policy to underwrite credit risk on its loans, enabling it to expand lending capacity amid reduced aid from wealthy nations like the US and UK to developing countries. This innovative use of insurance helps mitigate sovereign default risks, supporting the Bank's ability to provide development financing in a constrained donor environment.

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Reinsurance Market

Berkshire Hathaway posts strong '25 re/insurance result, expects to write less P&C business 'for a period of time'
Berkshire Hathaway reduced premiums written in its property and casualty reinsurance business in 2025 due to increased competition and lower rates, with new CEO Greg Abel stating the firm will continue writing less reinsurance premium as long as these market cycle conditions persist. The company's overall insurance operations produced pre-tax underwriting earnings of $9.5 billion in 2025, down from $11.4 billion in 2024, with reinsurance pre-tax underwriting earnings declining over 32% to $1.9 billion amid volume reductions in property lines, while primary insurance and GEICO also saw lower underwriting earnings despite premium growth.

Brit's profits hit $651.8m in 2025 as Bermuda reinsurance platform expands - Reinsurance News
Munich Re targeted portfolio optimization and selective growth at the January 1, 2026 renewals, resulting in a 7.8% year-on-year reduction in business volume to €13.7 billion and an overall price decline of 2.5%, while deliberately cutting back in casualty and property proportional lines but renewing much of its book at attractive prices and terms. Despite the softening market, CEO Christoph Jurecka expressed confidence in ongoing opportunities for growth, noting that the market remains in attractive territory overall with room for selective expansion in casualty business in regions like Europe and Latin America.

Fitch Ratings Upgrades SiriusPoint’s Operating Subsidiaries
Fitch Ratings upgraded the Insurer Financial Strength ratings of SiriusPoint's operating subsidiaries to 'A' (Strong) from 'A-' (Strong), with stable outlooks, reflecting improved underwriting profitability, strong risk-adjusted capitalization, enhanced enterprise risk management, and a more diversified and resilient reinsurance portfolio following strategic initiatives. The rating action acknowledges SiriusPoint's consistent performance, favorable reserve development, disciplined pricing, and robust balance sheet that position the company well in a competitive reinsurance market.

PartnerRe to Establish a Branch in India’s GIFT City (Gujarat International Finance Tec-City) | PartnerRe
PartnerRe has announced plans to establish a branch in India's GIFT City (Gujarat International Finance Tec-City) to expand its presence in the growing Asian reinsurance market and better serve clients in the region. The move will enable PartnerRe to leverage GIFT City's regulatory framework, tax advantages, and strategic location to enhance underwriting capabilities, strengthen local relationships, and support growth in property, casualty, specialty, and life reinsurance lines across India and surrounding markets.

Plenty of opportunities in still attractive reinsurance market: Munich Re CEO - Reinsurance News
Munich Re targeted portfolio optimization and selective growth at the January 1, 2026 renewals, resulting in a 7.8% year-on-year reduction in business volume to €13.7 billion and an overall price decline of 2.5%, while deliberately cutting back in casualty and property proportional lines but renewing much of its book at attractive prices and terms. Despite the softening market, CEO Christoph Jurecka expressed confidence in ongoing opportunities for growth, noting that the market remains in attractive territory overall with room for selective expansion in casualty business in regions like Europe and Latin America, supported by strong 2025 results including a net result above target of more than €6.1 billion and a property and casualty reinsurance combined ratio of 73.5%.

Swiss Re delivers record Group net income of USD 4.8 billion in 2025 | Swiss Re
Swiss Re reported strong full-year 2025 results with significant premium growth across its Property & Casualty Reinsurance, Life & Health Reinsurance, and Corporate Solutions divisions, improved combined ratios reflecting disciplined underwriting and favorable reserve development, and robust profitability driven by lower catastrophe losses relative to prior years and higher investment income. The company highlighted continued execution of its strategy focused on profitable growth, capital efficiency, innovation in risk solutions, and substantial shareholder returns through dividends and buybacks, while expressing confidence in sustained performance into 2026 amid a competitive market and evolving risk landscape.

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Litigation & Mass Torts

Judge Rules Tesla Must Face Lawsuit Alleging Anti-American Bias in Hiring
A U.S. District Judge in San Francisco refused to dismiss a proposed class-action lawsuit accusing Tesla of discriminating against American citizens in hiring to favor lower-paid foreign workers on H-1B visas, allowing software engineer Scott Taub’s claims to proceed based on evidence including a recruiter’s statement that a job was “H-1B only.” The judge expressed skepticism about Taub prevailing, noting limited evidence beyond the recruiter comment and statistics showing substantial H-1B hiring amid layoffs, while dismissing claims by a second plaintiff and giving her time to amend her complaint.

Delaware High Court Rescues Cyber Insurers’ Subrogation Claims
The Delaware Supreme Court reversed a lower court's dismissal of subrogation claims by four cyber insurers against Blackbaud, allowing the insurers to pursue recovery of over $2.1 million paid to 97 insureds for investigation and remediation costs following Blackbaud's 2020 ransomware breach. The high court ruled that the insurers sufficiently pled breach of contract under New York law and proximate causation under Delaware pleading standards, rejecting arguments on aggregated pleading and strict liability interpretations, and remanded the case for further proceedings with discovery to address specific insured details.

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Emerging Risks & Technologies

1089 Inc. Partners with Price Forbes and Oka-Lloyd's Syndicate 1922 to Launch Market-Defining First: Carbon Asset Insurance Framework for Transportation and Energy Sectors
1089 Inc. has partnered with Price Forbes and Oka Lloyd’s Syndicate 1922 to launch a market-defining first carbon asset insurance framework tailored for the transportation and energy sectors, providing specialized coverage to protect carbon credits, offsets, and related assets against risks such as invalidation, non-delivery, project failure, and regulatory changes. The innovative product addresses emerging protection gaps in carbon markets by offering tailored risk transfer solutions, enabling greater confidence for participants in voluntary and compliance carbon trading amid increasing scrutiny, volatility, and demand for credible carbon asset management.

Floodbase and Liberty Mutual launch instant parametric flood quoting capability for US commercial market
Floodbase and Liberty Mutual have launched an instant parametric flood quoting capability for the U.S. commercial market, enabling brokers and policyholders to receive real-time, data-driven flood insurance quotes based on precise location-specific flood risk modeling and parametric triggers. The solution provides fast, transparent coverage options for commercial properties, addressing protection gaps in traditional flood insurance by delivering immediate pricing and policy binding through Floodbase's platform integrated with Liberty Mutual's underwriting expertise.

McGill and Partners increases support for Ukraine as war risks facility renews with increased capacity – McGill and Partners
McGill and Partners has renewed its war risks facility with increased capacity to provide greater support for Ukraine amid ongoing conflict-related exposures, enabling enhanced coverage for clients operating in or exposed to high-risk areas through improved limits and terms. The renewal underscores the firm's commitment to addressing the evolving needs of businesses facing geopolitical and war-related perils, offering more robust risk transfer solutions in a challenging environment where traditional insurance capacity for such risks remains constrained.

Mosaic partners with Munich Re’s aiSure™ to provide pioneering coverage for AI vendors - Mosaic Insurance
Mosaic Insurance has partnered with Munich Re's AIsure to launch pioneering coverage specifically designed for AI vendors, addressing unique risks such as algorithmic bias, data privacy breaches, intellectual property disputes, and third-party harm arising from AI model deployment and use. The new product provides tailored liability protection to support the growing AI ecosystem by enabling vendors to mitigate emerging exposures while fostering innovation and market confidence in AI technologies.

The Vistria Group Announces New Partnership with Lumen Holdings to Capitalize on Growth in Specialty MGA Market - The Vistria Group
The Vistria Group has acquired Dallas-based Lumen Holdings, a technology-enabled managing general agent founded in 2019, as a new platform investment in its Financial Services strategy to take advantage of the fast-growing specialty MGA sector. In this sector, carriers are increasingly partnering with data-driven and tech-focused underwriters for specialized risks. Lumen underwrites a range of commercial and personal lines, such as commercial property, builders’ risk, general liability, personal auto, homeowners, and umbrella, across more than 30 states using its proprietary KURRENT platform, which now includes enhanced digital features for personal lines. The acquisition will support future expansion through talent recruitment, new program development, and the addition of industry veterans to the board, including former AXIS Capital CEO Albert Benchimol.

Volvo Cars Recalling 40,000 Electric SUVs Over Battery Fire Risk
Volvo Cars is recalling 40323 EX30 electric SUVs globally due to overheating risks in high-voltage battery packs, requiring free replacement of affected modules while advising owners to limit charging to 70% to eliminate fire hazards in the interim. The recall has contributed to a 4% drop in Volvo shares, raised concerns about potential damage to the brand's safety reputation, and could cost up to $195 million for replacement modules excluding logistics and repairs, amid the company's cost-saving efforts and integration with parent Geely.

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Commercial Lines

Commercial P/C Market Softest Since 2017, Says CIAB
Commercial property and casualty premiums across all account sizes increased by an average of just 0.2% in the fourth quarter of 2025, the softest level since 2017, down from 1.6% in the third quarter, with nine lines of business experiencing decreases including cyber, commercial property, directors and officers, and workers’ compensation. The survey from The Council of Insurance Agents and Brokers noted clear signs of softening market conditions, with D&O premiums dropping 3.8% for the eighth straight quarter, commercial auto increases slowing to 6.6% from 7.4%, and large account premiums declining 2.1% for the first time since Q4 2017 due to heightened competition.

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People Moves

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AXA XL appoints new head of Construction Property Americas | AXA XL
AXA XL has appointed a new Head of Construction Property for the Americas, effective immediately, where the appointee will lead the strategic development and growth of the construction and property insurance portfolio across the region, focusing on underwriting discipline, broker relationships, and tailored solutions for complex risks in infrastructure, commercial building, and renewable energy projects. The leader brings extensive experience in construction and property lines from prior senior roles at major insurers, aiming to enhance AXA XL's market position, product innovation, and profitability in a competitive North American specialty insurance environment.

Chubb Appoints Scott Henck Global Chief Actuary
Chubb Limited has named Scott Henck as Senior Vice President, Chubb Group and Chief Actuary, effective April 1, 2026, succeeding the retiring Paul O'Connell after his 40-year career in property and casualty insurance; Henck, with nearly 30 years at Chubb including as North America Chief Actuary since 2019, will lead global actuarial functions such as reserving, pricing, and capital measurement, reporting to CEO Evan G. Greenberg and CFO Peter Enns. Cynthia Bentley, formerly Head Actuary of North America Commercial Insurance, succeeds Henck as Executive Vice President, North America Chief Actuary, ensuring continuity in actuarial leadership and risk management at the global insurer.

Insurance industry veteran appointed CEO of Santam Re
Santam, South Africa's largest short-term insurer, has appointed Nico Conradie as Chief Executive Officer of Santam Re, its independent non-life treaty reinsurer, effective March 1, 2026. Conradie, who has over 30 years of reinsurance experience including as CEO of Munich Re's Africa Branch and senior leadership roles at Munich Re and Hannover Life Re Africa, succeeds interim CEO Kush Padia, who will resume his permanent role as CFO of Santam Re to support the company's FutureFit 2030 strategy and reinsurance operations in emerging and developed markets.

Lockton promotes Michael Lombardi
Lockton has promoted Michael Lombardi to President of Lockton Global Solutions and Lockton Global Partners after more than 22 years with the company, including seven years as Executive Vice President of Lockton Global Solutions. In his new role, Lombardi will provide executive leadership to enhance Lockton’s international servicing proposition, strengthen global partnerships, and ensure a consistent client experience for multinational property and casualty clients in the United States.

Markel Group announces leadership appointments
Markel Group Inc. appointed Simon Wilson, CEO of Markel Insurance, and Andrew Crowley, President of Markel Ventures, as Executive Vice Presidents of Markel Group in addition to their current roles, with Wilson overseeing insurance businesses and Crowley overseeing non-insurance operations, both reporting to CEO Tom Gayner effective immediately to advance strategic priorities and simplify the company's structure. Amy McCann was promoted to Chief Administrative Officer of Markel Group while retaining her General Counsel role for Markel Ventures and reporting to Gayner, while Mike Heaton departed as Executive Vice President and Chief Operating Officer, with Gayner expressing gratitude for his contributions to building the non-insurance operations.

Price Forbes appoints Gareth Davies as Head of Property | Price Forbes
Price Forbes has appointed Gareth Davies as Head of Property, where he will lead the firm's property reinsurance and insurance broking operations globally, drive strategic growth, enhance broker and client relationships, and oversee underwriting and placement strategies for property risks. Davies brings extensive experience in property lines from previous senior roles in reinsurance and brokerage, focusing on technical excellence, market positioning, and delivering tailored solutions in a competitive and evolving property market environment.

Sarah Stanford appointed Chief Executive Officer, Sompo UK | Sompo
Sompo International has appointed Sarah Stanford as Chief Executive Officer of Sompo UK, effective immediately. Stanford, who brings extensive leadership experience in the UK insurance market, will oversee the company's UK operations, drive strategic growth, enhance client and broker relationships, and focus on profitability and innovation in specialty and commercial lines.

Synpulse strengthens global leadership in Commercial Insurance & Reinsurance with new promotions
Synpulse has promoted Marcel Loetscher to Senior Partner and Joel Smith to Partner within its Commercial Insurance, Reinsurance, ILS and Delegated Authority (CRID) practice. Loetscher, based in New York and with nearly 16 years at Synpulse, led the establishment of the U.S. presence and heads the global commercial insurance and reinsurance practice, while Smith, based in Zurich with nearly ten years at the firm, has supported major reinsurers and ILS managers through operational and technology transformations.

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