Jul 13-19, 2025

Insurance Market

Accelerant could raise up to $406m from IPO

Accelerant, a Todd Boehly–backed insurtech, has filed to go public on the NYSE under the ticker ARX, raising as much as $406 million from its IPO, with $365–$406 million expected to directly support the company. The firm reported strong Q1 2025 performance—$178 million in revenue (up 39% year-over-year) and $7.8 million in net income (up from $2.1 million)—and plans to use the IPO proceeds to repay convertible debt and pay investor fees.

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Fidelis GPW grows to $4.6bn as insurer celebrates 10-year anniversary

Fidelis is celebrating its 10-year anniversary with notable milestones, including the growth of Fidelis Insurance Group's Gross Premiums Written from $102 million in 2015 to $4.6 billion in 2025 and the successful bifurcation into two entities in 2023. Over the past decade, the company expanded its business lines, launched Syndicate 3123, grew the Pine Walk platform to 13 MGAs, and returned over $185 million to shareholders, positioning itself for continued global specialty insurance leadership.

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High U.S. Catastrophe Losses Result in Lowest 1H Insurance Protection Gap: Aon Report

Aon has announced key leadership changes within its global Reinsurance Solutions division: Alfonso Valera is named CEO of International Reinsurance (covering the UK, EMEA, and APAC regions), Steve Hofmann becomes CEO of Reinsurance in the Americas (North and Latin America), George Attard takes on the role of Global Head of Strategy for Reinsurance, and Tomas Novotny is appointed Chairman of International Reinsurance. These appointments aim to bolster Aon’s client offerings and growth by leveraging experienced leaders to enhance innovation, analytics, AI, and climate advisory capabilities within the reinsurance market.

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London Market Brokers, Associations Welcome Move to Create UK Captive Domicile

The UK will launch a captive insurance regime by mid-2027, aiming to compete with global domiciles like Bermuda and Cayman. Industry leaders—including Marsh, Aon, McGill, EY, and trade associations—praised the move, highlighting benefits for risk management, UK corporates, and London’s global insurance standing. Regulations will be consulted in 2026.

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Marsh McLennan Reports Q2 Organic Revenue Growth of 4%, Down From Q2 2024

Marsh McLennan reported Q2 2025 revenue of $7.0B (up 12%) and net income of $1.2B, driven by acquisitions and resilient demand despite macroeconomic headwinds. Organic revenue growth slowed to 4%. The RIS segment grew 15% with Marsh up 18% and Guy Carpenter 7%, though organic growth declined across both.

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Progressive Q2 Income More Than Doubles

Progressive Corp. reported a 118% increase in second quarter net income, reaching approximately $3.2 billion, with year-to-date net income totaling $5.7 billion—up from $3.8 billion a year earlier. The insurer posted a Q2 combined ratio of 86.2 and saw strong premium growth across its auto segments, with direct auto NPW up 22% and agency-channel auto up 14%.

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Travelers Investor Relations | Travelers Reports Excellent Second Quarter and Year-to-Date Results

Travelers reported a strong second quarter for 2025, with net income rising 183% to $1.51 billion and core income up 159% to $1.50 billion, driven by significantly lower catastrophe losses and improved underwriting results. The company saw record net written premiums of $11.54 billion and a 6% increase in net investment income, supported by continued strong pricing and performance across its segments.

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Reinsurance Market

Cayman Islands Approves 21 New International Insurance Licenses During H1

In H1 2025, the Cayman Islands approved 21 new international insurance licenses, with 23 more in process, potentially surpassing 2024's total. The jurisdiction now hosts 712 insurers managing $152B in assets. Growth is driven by captives and commercial reinsurers, reinforcing Cayman’s global leadership in insurance and reinsurance.

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Continued profitable growth for Hannover Re amid evolving risk landscape: CEO Jungsthöfel

Under new CEO Clemens Jungsthöfel, Hannover Re continues to deliver strong, profitable growth—bolstered by robust pricing and disciplined underwriting amid a landscape of more frequent natural catastrophes. The company’s solid capital position and “lean, focused reinsurance model” underpin its strategy for further expansion into structured solutions and longevity and financial-risk products.

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Cyber reinsurance capacity grows by $250m amid 5-15% rate declines in H1'25: Lockton Re

Lockton Re reports that cyber reinsurance capacity increased by approximately $250 million in the first half of 2025, even as average rates declined by 5–15%. Despite the rate softening, the growth in capacity indicates continued confidence and appetite from reinsurers in supporting cyber risk.

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Guy Carpenter sees revenue climb 7% to $677m in Q2'25

Guy Carpenter, the reinsurance division of Marsh McLennan, reported second-quarter 2025 revenue of $677 million, marking a 7% year-over-year increase and 5% growth on an underlying basis. This performance contributed to Marsh McLennan’s Risk & Insurance Services segment reaching $4.6 billion in Q2 revenue, a 15% increase overall and 4% underlying growth.

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H1 2025 Gallagher Re Natural Catastrophe and Climate Report | GallagherRe

Global insured losses reached $84 billion in the first half of 2025, the highest first-half total since 2011 and 55% above the 10-year average, driven largely by U.S. wildfires and severe convective storms, which accounted for 92% of the total. Despite these costly events, global economic losses totaled $151 billion—lower than previous years—and reinsurance market conditions remain stable heading into hurricane season due to strong capital availability.

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Reinsurance Renewals Confirm Downward Pricing Pressure

Fitch Ratings reports that reinsurance pricing continued to decline during the June–July 2025 renewals, with loss-free property programs seeing rate reductions of 10–15% and casualty pricing remaining largely flat. Despite prices still being above historical norms, Fitch warns that increasing claims severity and easing terms and conditions could pressure underwriting margins into 2026.

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Swiss Re projects 10% ROE for US P&C insurance in 2025 on investment gains

Swiss Re forecasts a roughly 10% return on equity for the U.S. property/casualty insurance sector in 2025, driven largely by strong investment income. The reinsurer highlights that this robust financial performance helps balance out slower premium growth and underwriting volatility in the P/C market.

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Commercial Lines

Complex Mix of Nat Cat Exposures Drive Rising Insurance Costs in Texas: Triple-I

A new Insurance Information Institute (Triple-I) report highlights Texas as the sixth-least-affordable state for homeowners insurance due to its high exposure to catastrophic risks including flooding, tornadoes, hail, wildfires, and power grid failures. Despite being among the most flood-prone states, flood insurance coverage remains low—only 2.5% of homeowners in the hardest-hit area of Kerr County are covered—underscoring the need for increased resilience and risk mitigation efforts.

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New Workers Comp Benchmarking Tool Will Lead to Refined Risk Analysis, Safer Workplaces

The Pennsylvania Compensation Rating Bureau launched WorkComp360, a cloud-based analytics platform enabling 400+ member insurers to benchmark workers compensation performance. Built on Cloverleaf Analytics, it offers interactive dashboards with claims and market insights, filtering by region, injury type, and policy year—vastly improving over static reports and enabling real-time, data-driven decision-making.

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Renewal rates down across nearly all major commercial lines QoQ: Ivans

Ivans reported that in Q2 2025, renewal rate increases declined across nearly all major U.S. commercial lines compared to the previous quarter. Commercial property saw the steepest drop, while umbrella coverage experienced a slight increase; despite the slowdown, year-over-year renewal rates remain high for most lines except workers' compensation.

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Report Shows Excessive Heat Pushes Worker Injury Risk Sky High

Workplace injury claims rise sharply on hot days, with data from the Workers Compensation Research Institute showing a sevenfold increase in claims when temperatures exceed 90°F and an 18-fold spike above 100°F. Even moderate heat boosts injury risk by 3 to 4 percent, with outdoor workers in Southern states most affected.

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US Vehicle Recalls Reach Highest Level in Over a Year

More than 7.3 million vehicles were recalled in Q2 2025, the highest quarterly total in over a year and more than double the volume from Q1, according to BizzyCar. Ford led with over 3.3 million recalls, and nearly 95 percent of all affected vehicles had defects posing crash or injury risks, underscoring the continued need for physical repairs despite growing use of software-based updates.

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Emerging Risks & Technologies

Liberty Specialty Markets launches crypto insurance for financial institutions

Liberty Specialty Markets has introduced a new insurance product tailored for financial institutions engaging with digital assets. The coverage includes protection against crime, specie, and professional indemnity risks, marking a significant step in expanding insurance offerings for the crypto market.‍

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Mitigation measures can reduce malware risk by 50%–80%: CyberCube & Munich Re

A joint report from CyberCube and Munich Re finds that strong mitigation measures—such as patching, network segmentation, and data backups—can reduce the probability and severity of large-scale malware attacks by 50–80%. The study also highlights the rising risk of systemic cloud failures and recommends resilient multi-region architectures to minimize potential financial losses.

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Munich Re, CyberCube Report Warns of Growing Systemic Cyber Risk

Systemic cyber risks, such as widespread malware attacks and large-scale cloud outages, are increasingly seen as inevitable, not hypothetical. According to CyberCube and Munich Re’s report, experts expect events similar to WannaCry or NotPetya. The report emphasizes varying exposure across firms, cloud dependency, malware vulnerabilities, and emerging risks like IoT and AI, underscoring the need for adaptive cyber hygiene.

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Relm Insurance Launches Streamlined Coverage Suite for Fintechs | Relm Insurance

Relm Insurance has introduced two new policy suites—OMEGAFINTECH and NOVAFINTECH—designed specifically for fintech firms. These offerings combine cyber, tech and AI liability, errors and omissions, fraud, regulatory investigations, and management liability into one comprehensive package. The new suite aims to eliminate common coverage gaps in fintech insurance, with built-in 24/7 incident response support to enhance protection and operational resilience.

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US hurricane losses could soar 50% in warming climate, MS Amlin study finds

Insured losses from U.S. hurricanes could increase by nearly 50% if global temperatures rise by 2°C, according to a new peer-reviewed study from MS Amlin. The study finds that northeastern coastal cities like New York and Boston could see the sharpest relative increases—64% and over 70% respectively—while Florida is projected to experience the highest absolute rise at 44%.

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Litigation & Mass Torts

Berkshire Hathaway pushes back on asbestos lawsuit coverage

Berkshire Hathaway Specialty is asking a Texas court to confirm it’s not liable for asbestos claims against Murco Wall Products, citing a pollution exclusion in 1980s umbrella policies. The case raises key questions about coverage obligations, insurer insolvencies, and legacy liabilities—issues crucial to commercial insurers managing long-tail exposure.

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Florida Lawsuit Over Student Death While Stargazing Focuses on Tesla’s Autopilot System

A rare jury trial began in Miami over a fatal 2019 crash involving Tesla’s Autopilot, in which a Model S hit a parked SUV at high speed, killing a university student and injuring her boyfriend. The plaintiffs argue Tesla’s system should have intervened, while Tesla blames driver distraction, and the case may prove pivotal as the company prepares to launch a large fleet of self-driving robotaxis.

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Meta Investors, Zuckerberg Reach Settlement to End $8B Trial Over Privacy Litigation

Meta Platforms CEO Mark Zuckerberg and other current and former company leaders have agreed to settle an $8 billion lawsuit brought by shareholders who accused them of allowing repeated privacy violations on Facebook. The case, which centered on Meta’s handling of user data and compliance with a 2012 FTC agreement, was abruptly paused on its second day of trial in Delaware after both sides reached a last-minute agreement, though the terms remain undisclosed.

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Tesla Settled Over Autopilot Crash With Truck Crossing Highway

Tesla has reached a confidential settlement in a lawsuit over the 2019 death of Jeremy Banner, who died when his Model 3 on Autopilot collided with a tractor-trailer in Florida. The case, which highlighted concerns about driver over-reliance on automation and Tesla’s lack of driver engagement monitoring, was resolved just before another similar fatal crash case was set to go to trial in Miami.

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Trump Administration Sued by US States for Cutting Disaster Prevention Grants

Twenty U.S. states, led by Washington and Massachusetts, have filed a lawsuit to stop the Trump administration from terminating FEMA’s Building Resilient Infrastructure and Communities (BRIC) grant program. The states argue that FEMA acted unlawfully by ending the multibillion-dollar disaster mitigation program without congressional approval and that its leaders lacked the authority to do so.

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People Moves

AIG Appoints John Neal as President | American International Group, Inc.

AIG has appointed former Lloyd’s CEO John Neal as its new President, effective December 1, 2025. In this role, Neal will oversee North America commercial, international commercial, and global personal insurance operations, bringing extensive global underwriting and leadership experience from his time at Lloyd’s and QBE.

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Aon enhances industry-leading Reinsurance team with executive appointments

Aon has bolstered its global reinsurance leadership team by appointing Alfonso Valera as CEO of International (covering the UK, EMEA, and APAC), Steve Hofmann as CEO of Americas, George Attard as Global Head of Strategy, and Tomas Novotny as Chairman of International, demonstrating the firm's strategic investment in innovation, AI, and climate advisory. These internal promotions highlight Aon’s focus on strengthening client decision-making capabilities and sustaining growth in its reinsurance solutions business.

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Appointment of Chief Risk Officer | Conduit Re

Conduit Reinsurance has appointed William Randolph as its new Chief Risk Officer, effective July 14, 2025. Randolph, based in Bermuda, brings 20 years of experience from roles at Relm Insurance, Validus Re, and other major reinsurers, and will lead the company’s enterprise risk management reporting directly to CEO Neil Eckert.

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Arch Appoints Ondine Bourrut Lacouture Active Underwriter of Arch Syndicate 1955 at Lloyd's - Arch Insurance

Arch Capital Group has promoted Ondine Bourrut Lacouture to Active Underwriter of Arch Syndicate 1955 at Lloyd’s, succeeding Simon Williams, who had led the syndicate since Arch’s acquisition in 2019. Bourrut Lacouture previously served as Head of Long‑Tail Lines for Syndicate 1955 and brings extensive experience in casualty and treaty underwriting.

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Arch Insurance International Appoints Head of Agency Management - Arch Insurance

Arch Insurance International has promoted Chris Fairs to Head of Agency Management at Arch Managing Agency Limited. In this role, he will oversee Lloyd’s Syndicates and business plan approvals from London, reporting to Chief Risk Officer Tom Rivers. Fairs brings extensive experience from previous roles at Arch since 2022, as well as prior technical and regulatory positions at Lloyd’s and Argenta Private Capital.

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Aspen Appoints John Welch as Group Chief Underwriting Officer

Aspen Insurance has appointed John Welch as Group Chief Underwriting Officer, effective August 1, 2025. Welch, who brings over 30 years of experience in insurance and reinsurance, previously served as Aspen’s Reinsurance CUO and will now oversee the company’s global underwriting strategy.

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Canopius strengthens treaty team with leadership changes and new hire

Canopius Group has promoted Ben Pinnington to Head of Marine & Energy Treaty, effective July 7. Imogen Wright will join as Underwriter in the same division starting October 13. Pinnington, who entered insurance in 2018, became a marine & energy treaty underwriter in 2021 and recently completed a Bermuda secondment.

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Christian Stobbs named Markel's Chief Strategy and Corporate Development Officer

Markel Insurance has appointed Christian Stobbs as Chief Strategy and Corporate Development Officer, reporting to CEO Simon Wilson, effective July 15. Stobbs, who has been with Markel since 2015 and most recently led the Asia Pacific division—where under his leadership gross written premiums soared around 600% and profitability and headcount substantially improved—will now steer strategy and growth initiatives across the U.S. insurance operations.‍

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Conduit Re appoints William Randolph as Chief Risk Officer

William Randolph has been reappointed as Chief Risk Officer at Conduit Re, returning to oversee the company’s global risk management framework and regulatory compliance. He previously served in this strategic role and will now lead efforts to strengthen risk culture, reporting, and enterprise-wide risk oversight.

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Marsh McLennan Agency names Trindl Reeves Chief Revenue Officer | MMA

Marsh McLennan Agency has appointed Trindl Reeves as its new Chief Revenue Officer. In this enhanced role, Reeves will align service models with client needs and drive revenue growth through innovative products and proprietary solutions across the agency’s multiple business lines.

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McLarens names Danny Miller Chief Global Strategy Officer

Danny Miller has been named Chief Global Strategy Officer at McLarens, a newly created position reporting directly to CEO Gary Brown. With over three decades of leadership in insurance and loss adjusting—including roles at Knight Commercial, Sedgwick, and York—Miller will lead long-term strategic planning, M&A evaluation, and enterprise initiatives to support McLarens' global growth and innovation efforts.

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Moody’s names Aquino as Global Co-Head of Insurance, Global Funds & Asset Mgmt.

Moody’s Ratings has appointed Antonello Aquino as Global Co‑Head of Insurance, where he will oversee Insurance, Global Funds, and Asset Management in the U.S. and EMEA regions from his London base. Aquino brings 17 years of Moody’s experience, including roles such as Managing Director for EMEA Private Credit and Insurance, and will serve alongside Sally Yim, who continues as Co‑Head for APAC.

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New global and regional leadership roles | Allianz Commercial

Allianz Commercial has announced several leadership appointments across its global and UK operations for 2025. Globally, Thomas Lillelund will become CEO of AGCS, Elke Vagenende is appointed Chief Client Officer, Tom Leonard will lead global broker management, Nina Simons becomes Global Head of MidCorp Underwriting starting July 1, and Aymeric Martin joins the board as Chief Risk & Resilience Officer. In the UK, Graham Stait has been named Director UK Markets, while Luke Baker assumes the role of Director UK Global and UK Branch Manager of AGCS SE.

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Paratus bolsters leadership team with appointment of Chief Commercial Officer

Paratus Holdings has appointed Taraneh Azad as Chief Commercial Officer, where she will lead the firm’s commercial strategy and strengthen its client partnerships. Azad brings over 20 years of experience in energy price risk management—including senior roles at Goldman Sachs, Morgan Stanley, and Systemiq—which aligns with Paratus’s mission to underwrite and manage energy price risk.

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The Hartford promotes Chhabra to Chief Risk Officer as Paiano retires

Prateek Chhabra has been named Chief Risk Officer at The Hartford, effective September 1, 2025, and will report directly to CEO Christopher Swift. He succeeds Robert Paiano, who will retire at year-end after a 29‑year career and remain in an advisory capacity to support a smooth leadership transition