Jan 25-31, 2026

Insurance Market

Aon Reports Fourth-Quarter and Full-Year 2025 Results
Aon plc reported strong fourth-quarter and full-year 2025 results, with full-year total revenue growth driven by solid organic revenue increases across Risk & Insurance Services and Wealth Solutions segments, continued margin expansion from disciplined expense management, favorable market conditions in commercial lines, and strategic investments in talent, technology, and client solutions. The company highlighted robust cash flow generation, significant capital returns to shareholders through dividends and share repurchases, and optimism for 2026 amid stable insurance brokerage dynamics, ongoing M&A activity in a consolidating market, and focus on delivering differentiated advisory and risk transfer capabilities for clients.

Arthur J. Gallagher & Co. Announces Fourth Quarter and Full Year 2025 Financial Results
Arthur J. Gallagher & Co. announced strong fourth-quarter and full-year 2025 financial results, with full-year revenues reaching record levels driven by solid organic growth across brokerage and risk management segments, continued acquisition activity, favorable market conditions in commercial lines, and improved operating margins. The company highlighted robust cash flow generation, strategic capital deployment including share repurchases and dividends, and optimism for 2026 amid stable insurance market dynamics and ongoing M&A opportunities in the consolidating brokerage sector.

Atrium Deepens Partnership with InsurX by Adding Smart Follow Capacity, as Partnership Exceeds US$100m in Smart Follow GWP
Atrium has deepened its partnership with InsurX by adding Smart Follow capacity, enabling Atrium to participate as a follow market on InsurX-placed risks through the InsurX digital placement platform, with the partnership now exceeding US$100 million in Smart Follow gross written premium since launch. This expansion strengthens Atrium's access to high-quality, digitally placed specialty risks while supporting InsurX's growth in streamlined, data-rich brokerage for Lloyd's and company markets, enhancing efficiency, transparency, and capacity deployment in a competitive environment.

AXIS Capital Holdings Limited - AXIS Capital Reports Fourth Quarter Net Income Available to Common Shareholders of $282 Million, or $3.67 per Diluted Common Share and Operating Income of $250 Million, or $3.25 per Diluted Common Share
AXIS Capital reported fourth-quarter 2025 net income available to common shareholders of $282 million ($3.67 per diluted common share) and operating income of $250 million ($3.25 per diluted common share), reflecting strong underwriting performance with a consolidated combined ratio of 88.9% and continued profitability across insurance and reinsurance segments. For the full year 2025, the company achieved solid results driven by disciplined pricing, favorable reserve development, reduced catastrophe losses, and higher investment income, while maintaining a robust balance sheet and returning capital to shareholders through dividends and repurchases.

Best's Special Report: Surplus Lines Market Premium Moderates Through First Nine Months of 2025
The surplus lines market saw moderated premium growth of 9.7% through the first nine months of 2025, down from 13.5% in the prior year period, due to increased competition in lines such as commercial property, cyber, and directors and officers liability. Despite the slowdown, surplus lines insurers continued to absorb complex and evolving risks in property, commercial auto, and high-hazard casualty segments, providing customized coverage and maintaining a strong market position.

Brown & Brown, Inc. announces fourth quarter 2025 results, including total revenues of $1.6 billion, an increase of 35.7%; Organic Revenue decrease of 2.8%; diluted net income per share of $0.59; and Diluted Net Income Per Share - Adjusted of $0.93 | Brown & Brown, Inc.
Brown & Brown, Inc. announced its fourth-quarter and full-year 2025 results, reporting full-year revenues of approximately $5.2 billion (up significantly year-over-year), organic revenue growth of around 10%, adjusted EBITDA margins in the mid-30s, and continued strong performance driven by disciplined acquisition integration, favorable market conditions, and growth across retail brokerage, wholesale, and national programs segments. The company highlighted robust cash flow generation, strategic capital allocation including share repurchases and dividends, and optimism for 2026 amid stable insurance market dynamics and ongoing M&A opportunities in a consolidating brokerage landscape.

Gallagher posts 30%+ total revenue increase to $3.6bn for Q4'25
Arthur J. Gallagher & Co. reported strong 2025 results: Q4 revenue before reimbursement rose 33% to $3.6B (from $2.7B), with full-year revenue up 21% to $13.8B (from $11.4B), including 6% organic growth. Brokerage drove most gains; 31 acquisitions added $3.5B annualized revenue. Net earnings grew modestly to $1.5B for the year. CEO J. Patrick Gallagher highlighted 20 consecutive quarters of double-digit top-line growth and strong momentum into 2026.

InsurTech funding reaches $420m in January as US firms secure mega deals
Global insurtech funding reached $420 million in January 2026 across 13 deals, driven primarily by two major U.S. mega rounds: Corgi (an AI-native insurer for startups) raising $108 million and Nirvana (an AI-powered insurance OS) securing $100 million to boost its $1.5 billion valuation. U.S. firms dominated with eight transactions, including WithCoverage's $42 million Series B led by Sequoia Capital and Khosla Ventures, reflecting a rebound in investment momentum (more than doubling year-on-year in Q4 2025) focused on AI-driven platforms, while European investment remained more restrained compared to prior periods.

Marsh 4Q 2025 News Release
Marsh McLennan reported strong fourth-quarter and full-year 2025 results in its earnings release, with Risk and Insurance Services (including Marsh) achieving solid organic revenue growth, improved operating margins, and continued profitability driven by disciplined pricing, favorable market conditions in commercial lines, and strategic investments in talent and technology. The company highlighted resilience amid softening reinsurance renewals and persistent challenges like social inflation and catastrophe trends, while expressing optimism for 2026 through enhanced client solutions, digital capabilities, and capital return to shareholders.

Rising 2026 re/insurance M&A to fuel run-off market opportunities: PwC
PwC's latest report forecasts rising M&A activity in the re/insurance sector in 2026, driven by a challenging rates environment and pressure on growth/earnings. Run-off market opportunities will grow via carve-outs of non-core portfolios. In 2025, 42 non-life run-off deals were announced (up from 33 in 2024), though liabilities transferred fell to $5.4B-reflecting more smaller deals focused on operational simplification. North America led activity; Europe saw sharp growth. New entrants and innovative structures (e.g., prospective/hybrid) expected to increase competition in 2026.

Selective Reports Fourth Quarter and Year-End 2025 Results
Selective Insurance Group reported strong fourth-quarter and full-year 2025 results, with full-year net income of approximately $365 million and operating income driven by improved underwriting performance, a consolidated combined ratio in the low-90s, favorable reserve development, and solid premium growth across commercial lines amid disciplined pricing and reduced catastrophe impacts. The fourth quarter contributed net income of around $90 million with continued profitability in standard commercial, excess & surplus, and personal lines, supported by higher investment income and strategic initiatives to enhance risk selection and operational efficiency.

The Hartford reports net income of $3.8bn in 2025 as P&C underwriting improves
The Hartford reported strong full-year 2025 results, with net income available to common stockholders rising to $3.8B (from $3.1B in 2024), driven by higher P&C underwriting gains, earned premium growth across lines, favorable prior-year development, improved Personal Insurance underlying loss ratios (61.9 vs. 68.1), and net investment income up to $2.9B (from $2.6B). Q4 net income reached $1.1B (from $848M). CEO Christopher Swift highlighted excellent Business Insurance performance, restored auto profitability, and strong momentum entering 2026 with a 19.4% core earnings ROE.

W. R. Berkley Corporation Reports Fourth Quarter and Full Year 2025 Results
W. R. Berkley Corporation reported strong fourth-quarter and full-year 2025 results, with full-year net income of $1.68 billion ($8.92 per diluted share) and operating income of $1.59 billion ($8.45 per diluted share), driven by record underwriting gains, a combined ratio of 88.9% for the year, and continued premium growth across commercial lines amid disciplined pricing and favorable reserve development. The fourth quarter contributed net income of $421 million ($2.24 per diluted share) with a combined ratio of 89.2%, reflecting solid performance in both core insurance operations and investment income, while the company maintained a strong balance sheet and returned significant capital to shareholders through dividends and repurchases.

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Reinsurance Market

Jan. 1 renewals set stage for lower reinsurance prices in 2026 | S&P Global
The January 1, 2026 reinsurance renewals set the stage for lower prices throughout 2026, with abundant capital from strong reinsurer profitability, limited catastrophe losses in 2025, and increased competition leading to risk-adjusted rate reductions in property catastrophe (often double-digit for non-loss impacted programs), retrocession, and select specialty lines. While casualty and cyber renewals remained more stable with nuanced pricing based on performance, the overall softening environment reflects excess supply outpacing demand, prompting reinsurers to focus on diversification, long-term client relationships, and disciplined underwriting to defend margins amid expectations for continued competitive pressure.

Guy Carpenter's revenue climbs 6% to $2.5bn for 2025 - Reinsurance News
Guy Carpenter reported that its revenue climbed 6% to $2.5 billion for the full year 2025, driven by strong organic growth across reinsurance brokerage services, continued demand for risk advisory and capital solutions, and positive contributions from strategic investments in talent, technology, and client relationships amid a dynamic reinsurance market. The performance reflects the firm's leadership in facilitating reinsurance placements, alternative capital transactions, and innovative risk transfer amid softening renewals, elevated catastrophe trends, and increased focus on data analytics and emerging risks like cyber and climate.

MS Amlin launches new reinsurance partnership with MSI in the Middle East | MS Amlin
MS Amlin has launched a new reinsurance partnership with MSI (Mitsui Sumitomo Insurance) in the Middle East, enabling MS Amlin to provide reinsurance capacity and expertise to support MSI's growth in the region while leveraging MSI's strong local presence and distribution network. The collaboration aims to enhance product offerings, improve risk diversification, and capitalize on rising demand for reinsurance solutions in the Middle East amid increasing insurance penetration and exposure to natural and man-made perils.

QBE Re expands into Credit Reinsurance with senior hire - QBE Re
QBE Re has expanded into credit reinsurance by appointing a senior underwriter to lead the new line of business, focusing on providing reinsurance capacity for trade credit, political risk, and surety risks globally. The move leverages QBE Re's existing expertise in specialty lines and strengthens its diversified portfolio to meet growing demand from cedents seeking protection against credit defaults, political instability, and economic volatility in an uncertain global environment.

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Litigation & Mass Torts

Lawsuit Claims Meta Can See WhatsApp Chats in Breach of Privacy
A California federal judge certified a class-action lawsuit against Tesla Inc. on January 26, 2026, allowing owners of vehicles equipped with Full Self-Driving (FSD) software to proceed with claims that Tesla falsely advertised the capability as enabling full autonomous driving without constant supervision. The certification covers thousands of affected owners who allege deceptive marketing practices and violations of consumer protection laws, potentially exposing Tesla to substantial damages and highlighting ongoing liability risks from overstated autonomous vehicle technology claims amid regulatory scrutiny and evolving AI-driven driving features.

Meta, TikTok, YouTube to Stand Trial on Youth Addiction Claims
A federal judge in California denied Tesla's motion to compel arbitration in a proposed class-action lawsuit alleging the company's Full Self-Driving (FSD) software was falsely advertised as capable of autonomous driving, finding that the arbitration clause in vehicle purchase agreements did not cover post-sale software updates and misleading marketing claims. The ruling allows the case to proceed in court, potentially exposing Tesla to significant liability if the class is certified, amid ongoing scrutiny of autonomous vehicle technology promises and consumer protection issues in the evolving EV and ADAS market.

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Emerging Risks & Technologies

2025 Natural Catastrophe losses should not lull market into
Willis Re warns that the relatively benign 2025 natural catastrophe year-with insured losses estimated around $108 billion and no major U.S. hurricane landfalls-should not create a false sense of security, as non-peak perils like severe convective storms, wildfires, and floods continue to drive elevated baseline losses and protection gaps. The firm emphasizes the need for sustained underwriting discipline, improved risk modeling, risk-adjusted pricing, and resilience investments to prepare for inevitable future volatility from climate trends and secondary perils in the reinsurance and insurance markets.

AI's productivity-boosting substance will ultimately prevail: Swiss Re's Ladva
Swiss Re's Group Chief Digital & Technology Officer, Pravina Ladva, argues that AI's productivity gains will ultimately prevail, much like the dot-com era's lasting impact despite early hype and failures. While current AI investment surges-driven by established, cash-rich firms-raise sustainability questions, she sees it building critical infrastructure for long-term transformation. At Swiss Re, tools like ClaimsGenAI (fraud/recovery detection) and Underwriting Ease demonstrate practical scaling. Winners will be those who effectively deploy AI to meet real needs and earn trust, creating increasing advantages over time

Aon designed & placed world's first data centre reinsurance treaty, says CEO Case - Reinsurance News
Aon designed and placed the world's first dedicated data center reinsurance treaty, providing capacity to support the rapid growth of AI-driven digital infrastructure amid escalating risks in hyperscale facilities, as announced by Aon CEO Greg Case. The treaty addresses unique exposures such as physical damage, business interruption, cyber threats, and supply chain disruptions in data centers, marking a milestone in innovative reinsurance solutions to attract investment and de-risk the sector's multi-trillion-dollar expansion.

Apollo Partners with ZenHedge to Introduce Industry Leading Parametric Solution - Apollo Group
Apollo, a Skyward Group Company, has partnered with U.S.-focused insurtech startup ZenHedge to launch Freight Expense Insurance™, a first-of-its-kind parametric insurance product that protects U.S. shippers from increased freight costs due to trucking carrier tender rejections. The solution leverages ZenHedge's proprietary platform to analyze Transport Management System (TMS) data for modeling lane risks and rejection events, enabling automatic, data-driven payouts without traditional claims processes, with Apollo sponsoring ZenHedge as a Lloyd's approved coverholder and Aon providing support across reinsurance, digital broking, and delegated authority teams to address an uninsured supply chain gap in trucking, which handles over 70% of U.S. freight movement.

Brit renews cyber consortium as risk landscape broadens
Brit Group has renewed its Brit Cyber Attack Plus (BCAP) consortium, led by Brit Syndicate 2987, offering up to $200M in combined cyber limits-including cyber-triggered physical damage and business interruption-under a single policy. Launched in 2016 as the longest-standing physical damage cyber consortium, BCAP integrates Cyber, Property, and FI expertise to address rising threats from digitalization. Clients can also access additional standalone cyber capacity via Brit's First 50 and new FI Cyber Max consortiums

Gallagher Re Cyber Risk Adjusted Rating (RAR) Index: 2026 update | GallagherRe
Gallagher Re's 2026 update to the Cyber Risk Adjusted Rating (RAR) Index shows an oversupply of reinsurance capacity in the Cyber Aggregate Excess of Loss market at January 1, 2026, resulting in an average risk-adjusted rate change of -32%, with buyers benefiting from improved structural terms, lower attachment points, and pricing reductions. The index, now specifically named the Gallagher Re Global Cyber Aggregate Excess of Loss Risk Adjusted Rating (RAR) Index, measures reinsurance price changes adjusted for expected underlying risk shifts using proprietary views on loss trends, volatility, and model selection, while underlying primary cyber rates are expected to continue softening throughout 2026.

HDI Global UK & Ireland appoints Tom Potter as Chief Underwriting Officer - Long Tail
HDI Global UK & Ireland has appointed Tom Potter as Chief Underwriting Officer - Long Tail, effective February 1, 2026, where he will oversee the long-tail underwriting strategy across liability, life sciences, motor fleet, and cyber lines while reporting to interim CEO Simon Hunt. Potter, who joined HDI in September 2025 as Director of Liability after roles at AXA XL (including Global Casualty Underwriting Manager for UK & Lloyd's), brings over 15 years of experience in casualty, environmental, construction, and property underwriting to drive profitable growth, technical excellence, and stronger client/broker partnerships.

Marsh Risk expands Nimbus insurance facility to support rapid development of next-generation digital infrastructure projects | Marsh
Marsh has launched Nimbus, a new global insurance facility designed to support the rapid development of next-generation digital infrastructure such as data centers, edge computing, and AI-driven facilities by providing comprehensive coverage across the project lifecycle including construction, operational risks, cyber, supply chain, and property perils. The facility offers up to $2.5 billion in capacity through a consortium of leading insurers and reinsurers, addressing key challenges like escalating exposures from hyperscale projects, climate and geopolitical risks, and the need for innovative risk transfer solutions to attract investment and accelerate deployment in the booming digital economy.

The Launch of 'FI Cyber Max', a new integrated Cyber and Financial Institutions (FI) consortium. | News | Brit
Brit Insurance has launched a new integrated Cyber and Financial Institutions Consortium at Lloyd's, combining cyber and financial lines expertise to provide comprehensive coverage for financial institutions facing evolving digital and operational risks, including cyber attacks, data breaches, regulatory fines, and crime exposures. The consortium, led by dedicated underwriters and supported by Brit's global platform, aims to offer innovative, tailored solutions with enhanced capacity and risk management capabilities to address the growing convergence of cyber threats and traditional financial institution perils in a hardening specialty market.

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Commercial Lines

Rokstone Expands Global Reach with Launch of International Casualty Portfolio | Rokstone Underwriting
Rokstone has launched its International Casualty Portfolio, backed by A-rated Lloyd's capacity with line sizes up to USD/EUR/AUD 10m, targeting complex international risks in sectors such as construction, energy, and manufacturing through wholesale brokers and covering public liability, products liability, pollution liability, and employers' liability. The portfolio is led by newly appointed Portfolio Manager Sam Wylie (previously at Convex with over 15 years of experience), aiming to strengthen global reach and provide brokers with disciplined underwriting and cycle stability, as emphasized by Global CEO Ian Anson.

Willis expands its offerings in general aviation market - WTW
Willis, part of WTW, has expanded its offerings in the general aviation market by launching a dedicated product suite tailored to small and mid-sized operators, including private and corporate aircraft, flight schools, charter services, and fixed-base operators, with enhanced coverage for hull, liability, non-owned aircraft, and emerging risks like drone integration and eVTOL operations. The expansion leverages Willis's global expertise, broker relationships, and risk analytics to provide more competitive terms, improved capacity access, and specialized claims support in a market facing capacity constraints and rising hull values amid increased aviation activity post-pandemic.

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People Moves

AXA XL Appoints Jason Billingslea as Head of Energy, E&S
AXA XL has appointed Jason C. Billingslea as Head of Energy, E&S, effective immediately, based in Dallas, where he will lead the development and growth of the energy sector team with a focus on expanding the portfolio, strengthening broker relationships, and delivering innovative, solution-driven strategies to enhance profitability. Billingslea, who most recently served as an Energy Liability Underwriter at AXA XL, brings extensive experience in E&S Energy from prior roles including General Agency Manager of Growth and Development at Horace Mann Educators Corporation and Regional Sales Manager at AmTrust Financial Services, and will report to Betsy Higgens, Head of Casualty for E&S.

BMS Re US Appoints Tony Grippa as Chief Strategy Officer - Haggie Partners
BMS Re US has appointed Tony Grippa as Chief Strategy Officer, where he will lead strategic initiatives, drive growth across the company's reinsurance brokerage operations in the United States, and focus on expanding market presence, enhancing client relationships, and identifying new opportunities in specialty and property/casualty lines. Grippa brings extensive experience in reinsurance strategy and brokerage from senior roles at major firms, aiming to strengthen BMS Re US's competitive position in a dynamic market environment.

Howard Lickens joins Konsileo as Chair | Konsileo
Konsileo has appointed Howard Lickens as Chair, where he will provide strategic oversight, guide the company's growth ambitions, and leverage his extensive experience to strengthen governance and market positioning in the insurance brokerage sector. Lickens brings decades of leadership from senior roles at major brokers and insurers, including previous positions focused on innovation, client service, and operational excellence, aligning with Konsileo's mission to deliver differentiated, technology-enabled brokerage solutions for complex risks.

Lockton Formalizes Global Transaction Liability Practice and Appoints Senior Industry Leadership to Advance Integrated Platform | Lockton
Lockton has formalized its Global Transaction Liability Practice and appointed a senior leader to head the newly structured group, consolidating expertise in representations and warranties, tax liability, contingent risk, and other transaction-related insurance solutions across regions. The move aims to enhance client service for private equity firms, corporates, and financial sponsors by providing coordinated, global capacity access, innovative product development, and seamless execution in a competitive M&A insurance market.

MSIG USA Appoints Ron Morrison as Chief Claims Officer | MSIG USA
MSIG USA has appointed Ron Morrison as Chief Claims Officer, effective immediately, where he will lead the company's claims organization, drive strategic initiatives for claims handling excellence, and report to President and CEO Tony Desiderio. Morrison brings over 30 years of claims leadership experience from roles at Chubb, Liberty Mutual, and most recently as Senior Vice President of Claims at Berkley Fire & Marine, focusing on operational efficiency, talent development, and enhancing client and broker experiences in commercial lines.

Safety National Announces Executive Management Reorganization
Safety National announced an executive management reorganization effective immediately, with President and CEO Matt Goodrich assuming additional responsibilities as Chairman of the Board, while Executive Vice President and Chief Operating Officer Tom Trojanowski has been promoted to President, and other leadership changes include promotions and role expansions to align the organization for continued growth and strategic focus in the excess workers' compensation and specialty insurance markets. The reorganization aims to enhance operational efficiency, strengthen underwriting discipline, and support Safety National's position as a leading provider of alternative risk transfer solutions amid evolving market conditions.

SiriusPoint Ltd. - SiriusPoint appoints John Sakakeeny as Chief Underwriting Officer of North America P&C Insurance
SiriusPoint Ltd. has appointed John Sakakeeny as Chief Underwriting Officer of North America P&C Insurance, effective February 2, 2026, where he will lead underwriting strategy, drive profitable growth, and enhance technical capabilities across the division's property and casualty lines. Sakakeeny brings 20 years of industry experience, most recently as Vice President and Head of Casualty Product at The Hartford, and will report to Patrick Charles (Head of North America Insurance) and Anthony Shapella (Group Chief Underwriting Officer), supporting SiriusPoint's focus on strengthening underwriting talent and product development amid recent expansion in the North America Insurance segment.

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