Jul 20-26, 2025

Insurance Market‍

Accelerant valued at $6.4 billion in debut as insurance IPOs heat up | Reuters

Accelerant Holdings made its public debut on the New York Stock Exchange, achieving a valuation of $6.4 billion and signaling renewed investor interest in insurance IPOs. The company, which offers underwriting and data services to managing general agents, saw its shares rise over 10 percent on opening day.

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Aon Reports Second Quarter 2025 Results

Aon delivered strong second quarter 2025 results with total revenue rising 11% year‑over‑year to $4.16 billion and organic revenue growth of 6%. Adjusted earnings per share climbed 19% to $3.49, while operating income increased by 31%, free cash flow surged nearly 59%, and the company reaffirmed its full‑year guidance.

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Chubb Reports Second Quarter

Chubb reported strong second quarter results for 2025, with net income rising 34.6 percent to $2.97 billion, or $7.35 per share. Core operating income reached a record $2.48 billion, or $6.14 per share, while consolidated net premiums written increased 6.3 percent to $14.2 billion and the P&C combined ratio improved to 85.6 percent.

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Donegal Group Inc. Announces Second Quarter and First Half

Donegal Group posted strong second‑quarter financial results in 2025 with net income rising to $16.9 million (or $0.46 per diluted Class A share), up from $4.2 million in Q2 2024. The insurer achieved a combined ratio of 97.7%, down from 103.0%, despite a slight 1.1% drop in net premiums earned to $231.8 million, driven by disciplined underwriting and improved investment results.

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Insurance claims from LA fires could ‘fully exhaust’ $21bn state fund | Los Angeles | The Guardian

Insured losses from the January 2025 Los Angeles wildfires are estimated between 20 billion and 45 billion dollars, potentially exhausting California’s 21 billion dollar wildfire insurance fund. Southern California Edison has proposed a compensation program to pay victims, though critics warn it may undercompensate claimants and encourage them to seek legal representation.

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MAPFRE posts a €570 million result in June, 23.6% higher than the previous year | MAPFRE

Mapfre delivered strong results for the first half of 2025, reporting a net profit of €570 million—a 23.6% increase from a year earlier—supported by a 5.3% rise in premiums to €15.95 billion and improved underwriting performance that lowered its combined ratio to 93.1%. The company also saw regional gains with Iberia up 42%, North America rising 48%, and contributions from Mapfre RE of €149 million with a combined ratio around 95.9%, reflecting improved technical discipline and diversified growth.

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Selective Reports Second Quarter 2025 Results

Selective Insurance Group reported strong second-quarter 2025 results, with total revenues rising about 11 percent year over year to approximately 1.33 billion dollars and net income reaching 83.6 million dollars. The company achieved a combined ratio of 100.2 percent, reflecting a 15.9-point improvement driven by lower catastrophe losses, reduced non-catastrophe property losses, and less adverse prior-year reserve development.

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Universal Reports Second Quarter 2025 Results

Universal reported second-quarter core revenue of $400.9 million—up about 5.7% year-over-year—and direct premiums written reached $596.7 million, a 3.2% increase, but operations were pressured by higher ceded reinsurance and loss ratios, pushing the combined ratio up to 97.8 %. Adjusted diluted earnings per share rose to $1.23 (up 4.2%), adjusted return on common equity was 29.4%, book value per share increased 8.6%, and the company returned $12 million to shareholders via share repurchases and dividends.

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W. R. Berkley Corporation Reports Second Quarter 2025 Results

W. R. Berkley reported strong second quarter 2025 results with net income rising to approximately $401 million, or $1.00 per diluted share, up from $371.9 million the previous year. Net written premiums grew 7.2 percent to a record $3.35 billion, while the combined ratio held at an efficient 91.6 percent and investment income reached a record $379.3 million.

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Reinsurance Market

‍Aon's Reinsurance Solutions delivers 6% organic revenue growth to $688m in Q2'25 - Reinsurance News

Aon’s Reinsurance Solutions delivered 6% organic revenue growth in Q2 2025—totaling $688 million—driven by double‑digit increases in insurance‑linked securities and facultative placements. Overall, Aon reported an 11% increase in total revenue to $4.2 billion, with adjusted operating income up 14% and strong free cash flow gains supported by continued demand for its advisory and capital market solutions.

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Lloyd's grants 'in principle' approval for Atradius Syndicate 1864

Lloyd’s has granted in-principle approval for Atradius to launch Syndicate 1864, which is expected to begin underwriting on January 1, 2026, with an initial focus on trade credit risks and clients in the European financial sector. Backed by PoloWorks and Aon Capital Advisory, the syndicate aims to expand Atradius’s global trade credit insurance capabilities while offering clients access to Lloyd’s financial strength and regulatory framework.

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Munich Re posts quarterly result of €2.1bn | Munich Re

Munich Re announced preliminary Q2 2025 results with a net profit of approximately €2.6 billion, significantly exceeding expectations due to lower major losses and strong investment performance. As a result, the company raised its full-year profit guidance from €5 billion to €5.5 billion.

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RenaissanceRe Reports $826.5 Million of Net Income Available

In the second quarter of 2025, RenaissanceRe reported net income available to common shareholders of $826.5 million along with operating income of $594.6 million, reflecting an annualized return on average common equity of 33.7% and a combined ratio of 75.1% (with adjusted combined ratio at 73.0%). The insurer’s investment result totaled $762.8 million (net investment income of $413.1 million plus mark‑to‑market gains of $349.7 million), fee income rose 12.9% year‑over‑year to $95 million, and the company repurchased roughly 1.6 million shares for more than $376 million.

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Commercial Lines

Global Insurance Market Index 2025 | Global Insurance Market Index | Marsh

Global commercial insurance rates declined by 4% on average worldwide in Q2 2025, marking the fourth straight quarterly drop after seven years of rate increases, although U.S. composite rates remained flat. While property, financial, professional and cyber lines saw broad rate declines, global casualty rates rose 4%, led by a 9% increase in U.S. casualty pricing driven by high-severity claims and nuclear verdicts.

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Some Large Accounts Start Seeing Chubb’s Back as it Focuses on Middle, Small

Chubb CEO Evan Greenberg emphasized the insurer's strategic focus on middle market and small commercial business globally, noting strong, durable growth in these sectors. While Chubb is retreating from increasingly competitive large property markets, it is expanding in disciplined mid-market and small commercial segments. Greenberg also downplayed FEMA’s relevance to high-net-worth flood coverage, advocating instead for better-structured public-private solutions.

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Emerging Risks & Technologies

AI offers huge potential to insurers, but also brings new risks: Morningstar DBRS

Morningstar DBRS reports that insurers are significantly increasing investments in AI—raising the share of IT budgets from roughly 8% in 2024 to more than 20% within a few years—to drive efficiency, enhance underwriting and claims operations, and improve customer service. However, the analysis cautions that this rapid adoption introduces substantial operational, legal, reputational and cyber‑security risks—especially in areas like automated underwriting and claims decisions—making robust governance and risk frameworks essential to preserve insurer creditworthiness.

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Allianz Life says majority of US customers' data stolen in hack | Reuters

Allianz Life Insurance Company of North America disclosed that personal data for the majority of its approximately 1.4 million U.S. customers, alongside information on financial professionals and select employees, was accessed in a cyberattack on July 16 through a third-party, cloud-based CRM system via social engineering. The insurer reported no breach of its internal systems, has notified the FBI and regulatory authorities, and will offer identity monitoring and protection to those affected.

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Despite Often Being Banned, Workplace Romances Continue

Despite being risky and often discouraged, workplace romances persist—52% of U.S. workers have engaged in one, per SHRM. A recent high-profile incident at AI firm Astronomer underscores the need for clear policies. Legal experts recommend formal guidelines, succession planning, and anti-harassment training to address risks like favoritism and discrimination. While some managers see benefits to workplace relationships, employers must manage blurred boundaries and ethical concerns proactively.

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Loro Raises $1.1M Seed Round to Revolutionize Specialty Insurance Distribution

Loro has raised $1.1 million in a seed funding round to transform specialty insurance distribution through its digital platform. The company aims to modernize the way wholesale brokers and managing general agents connect and collaborate, improving efficiency and access across the specialty insurance ecosystem.

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Tally of Microsoft Victims Surges to 400 as Hackers Exploit SharePoint Flaw

A rapidly escalating cyberattack exploiting Microsoft SharePoint vulnerabilities has compromised at least 400 organizations, including U.S. government agencies. Security firm Eye Security suspects the true number is much higher. Microsoft attributes the breaches to Chinese state-linked groups. The vulnerabilities allow hackers deep access into networks, despite recent patches.

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The Artificial Intelligence Underwriting Company launches with $15M to help enterprises deploy AI with confidence

The Artificial Intelligence Underwriting Company, an insurtech startup based in San Francisco, has launched with $15 million in seed funding led by Nat Friedman's NFDG, along with support from Emergence Capital, Terrain, and several high-profile angel investors. The company aims to help enterprises deploy autonomous AI agents safely through a three-pillar model that includes its AIUC-1 standard, independent safety audits, and insurance products that link audit results to coverage terms.

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Viewpoint: Driverless Cars Are Changing the Future of Claims

Despite public skepticism, autonomous vehicles (AVs) are proving safer than human drivers, with significantly fewer claims and accidents. Technologies like ADAS have led to substantial reductions in crashes and insurance claims, allowing insurers to focus on faster, more innovative claims handling. As AVs shift liability from drivers to manufacturers and software providers, claims processes will require technical expertise and new insurance models. Additionally, the rise of connected vehicles introduces cyber risks, demanding robust digital security. As the industry evolves, claims professionals must adapt, embracing innovation to enhance safety, efficiency, and the overall insurance experience in a tech-driven future.

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Litigation & Mass Torts

Amazon Faces UK Lawsuits Worth up to $5.4B From Retailers, Consumers

Amazon is facing two mass lawsuits in the UK totaling up to £4 billion, brought by third-party retailers and consumers who allege the company abused its market dominance. The claims center on Amazon’s alleged manipulation of its “Buy Box” feature to favor its own logistics services, with a London tribunal allowing both cases to proceed on an opt-out basis.

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Lawsuit Says Clorox Hackers Got Passwords Simply By Asking

Clorox has filed a lawsuit against IT provider Cognizant, claiming that the company’s failure to verify identity allowed hackers from the group Scattered Spider to easily gain access to Clorox’s systems during a 2023 cyberattack. The suit alleges that hackers were repeatedly given employee credentials simply by calling the help desk and requesting them, without any meaningful identity checks.

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Marsh McLennan CEO Says Excessive Litigation Causes Surge in Liability Insurance Costs

Marsh McLennan CEO John Doyle warned that excessive litigation and abuse of the U.S. tort system are inflating liability insurance costs, effectively acting as a tax on the economy and deterring business investment. He highlighted a 150% cumulative increase in U.S. excess casualty rates over the past decade, driven in part by third-party litigation funding and a surge in nuclear verdicts.

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Meta Clashes With Apple, Google Over Child Age Check Legislation

Big tech firms are clashing over who should verify users' ages to protect children online. Meta wants app stores like Apple and Google held accountable, while they argue apps should take responsibility. As states pass conflicting laws, lobbying efforts intensify. The debate raises privacy, liability, and child safety concerns nationwide.

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People Moves

Allianz Commercial appoints Hyeji Kang as new CFO

Allianz Commercial and Allianz Global Corporate & Specialty (AGCS) have appointed Hyeji Kang as their new Chief Financial Officer effective October 1, 2025, succeeding Oskar Buchauer, who is stepping down after 27 years with the company. Kang will report to CEO Thomas Lillelund and brings deep technical and leadership experience, having joined AGCS in 2015 and most recently serving as CFO of Allianz Re, after holding senior actuarial and strategic performance roles across AGCS and Allianz Commercial.

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AXA XL promotes Ed Totten to Head of Construction Casualty

AXA XL has promoted Ed Totten to lead Construction Casualty for North America, placing both primary and excess casualty lines for contractors under his unified leadership. Totten brings over twenty years of experience in construction and casualty insurance, most recently heading excess construction at AXA XL since 2010, and he previously held leadership roles at Zurich and AIG.

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Christiern Dart appointed Chief Executive Officer | MS Amlin

Lockton Re has appointed Jim Franson as its North America Chairman. He brings deep industry experience and will focus on supporting strategic growth initiatives as well as mentoring leadership teams.

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Everest Appoints Jill Beggs as EVP and CEO of Reinsurance | Everest

Everest Group has elevated Jill Beggs to Executive Vice President and Chief Executive Officer of its Reinsurance division, effective immediately. Beggs most recently served as Everest Reinsurance’s EVP and COO and originally rejoined the firm in 2021, bringing over 30 years of risk management experience—including senior roles at Munich Re—to lead expansion across North America, international, global facultative, global specialty, and Mt. Logan Capital Management operations.

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Howden appoints Saloni Bhandari as SVP, M&A and Co-Head of Transactional Risk

Howden has appointed Saloni Bhandari as Senior Vice President for M&A and Co‑Head of Transactional Risk, focusing on warranty & indemnity and transactional risk insurance offerings. With nearly a decade of experience as both a corporate lawyer and insurer broker, she brings deep M&A and private equity expertise to her new leadership role.

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Lockton Re Appoints Industry Veteran Jim Franson as North America Chairman | Lockton‍

Lockton Re has appointed Jim Franson as Chairman of North America, recognizing his extensive industry experience and prior success leading client relationships across complex reinsurance placements. Franson will support Lockton Re’s strategic growth initiatives while mentoring teams and fostering leadership development.

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Munich Re Supervisory Board decides on changes to the Board of Management | Munich Re

Munich Re posted a preliminary net profit of approximately €2.1 billion for the second quarter of 2025, beating the consensus forecast of around €1.62 billion. The result was supported by very low major loss costs in property‑casualty reinsurance, strong investment performance, and solid operational outcomes across all segments €3.2 billion net profit for the first half led the company to reaffirm its 2025 full‑year net result target of €6 billion.

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The Hartford Names Prateek Chhabra Chief Risk Officer | The Hartford

The Hartford has promoted Prateek Chhabra to Chief Risk Officer following the retirement of current CRO Moe Paiano. Chhabra, who joined The Hartford in 2014 and most recently served as Chief Risk Officer for property and casualty operations, will now oversee the company’s enterprise-wide risk management strategy.

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Tokio Marine HCC International adds to its senior leadership team with the addition of a Chief Claims Officer - Tokio Marine HCC

Tokio Marine HCC International has appointed Gavin Bridges as Chief Claims Officer, based in London and reporting to CEO Thibaud Hervy. Bridges brings over 30 years of industry experience and will focus on enhancing the company's claims strategy, client service, and alignment with underwriting goals.