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Insurance Market
Best's Rankings: US P/C Stand-Alone Cybersecurity DPW Drop 7.8%; Chubb Jumps to No. 2
Chubb INA Group jumped from No. 70 to No. 2 among the largest writers of U.S. stand-alone cybersecurity insurance, with $467.1 million in direct premiums written in 2024. Despite reshuffling across all top 20 insurers, overall market premiums declined 7.8% to $4.6 billion, with Travelers Group taking the lead after a 43.5% increase in premium volume.
Lockton reported $4 billion in revenue for fiscal year 2025, marking a 13% year-over-year increase and its fifth consecutive year of double-digit organic growth. The growth was driven by strong performance across all regions, with U.S. revenue reaching $2.7 billion and reinsurance unit Lockton Re growing by 29%.
Premium Insurance Demand Rises With Global Travel Disruptions
Global travel disruptions caused by extreme weather, volcanic eruptions, geopolitical conflicts, and technical failures have led consumers to seek more comprehensive travel insurance, while businesses increasingly turn to specialist advisory services to manage risk. The frequency of these disruptions has risen since 2019, prompting both travelers and insurers to reassess coverage and response strategies.
Plenty of Investor Interest in Insurance Despite Drop in Deal Volume, Says PwC
PwC's analysis of insurance sector M&A activity shows that while the number of deals declined to 209, total deal value rose to $30 billion in the six months ending May 15, up from $20 billion across 297 deals in the prior period. Despite economic uncertainty lowering deal volume, investor interest remains strong, particularly in brokerages, and IPO activity is beginning to accelerate with several notable filings and capital raises.
Cash And Share Offer For Direct Line Insurance Group PlcBy Aviva
Aviva’s acquisition of Direct Line Insurance Group is expected to become effective on July 1, 2025, pending final court approval and regulatory clearances. Once approved, trading in Direct Line shares will cease on the London Stock Exchange.
Q1'25 property claims hit five-year low despite severe weather: Verisk - Reinsurance News
According to Verisk’s Quarterly Property Report for Q1 2025, property insurance claims in the U.S. and Canada fell to a five-year low, totaling approximately 1.06 million despite notable severe weather events. While catastrophe claims held steady, non-catastrophe filings declined significantly, marking a 7% drop from Q1 2024, even as average replacement costs rose due to California wildfires.
Reinsurance Market
Everest Establishes Unified International Insurance Specialty Business Led by Paul Trueman | Everest
Everest Group has merged its international insurance specialty lines—spanning Marine, Aviation, Energy & Construction, Cyber, and other industry practices—into a single unified unit led by Paul Trueman, who joins the new division as Head of Specialty, International Insurance. This move, part of Everest’s strategic commitment to global specialty markets, leverages Trueman’s more than 20 years of industry experience, including his leadership of the aviation practice since 2022.
Kin Fortifies Risk Management with Successful Reinsurance Program Completion Amidst Market Expansion
Kin Insurance has completed its reinsurance program for the 2025–2026 term, securing $1.4 billion in coverage for Florida and over $250 million for other markets. The program strengthens Kin’s risk management framework as the company continues to expand across the U.S.
Liberty Specialty Markets restructures UK & MENA operations with new division leads
Liberty Specialty Markets has restructured its UK and MENA operations into three divisions: Marine & Aviation, Specialty, and Property, with Meghan Walker and Mike Burle appointed as divisional directors and a new Property head to be named. The changes include strengthening the Delegated Authority Practice with a new auto-follow underwriting unit to streamline governance and enhance responsiveness to market needs.
Moody’s upgrades ratings of AIG P&C subsidiaries with stable outlook
Moody’s has upgraded AIG’s major property and casualty subsidiaries in the U.S., U.K., and Europe to A1 from A2, and raised its senior unsecured debt rating to Baa1, with the outlook set to stable. The upgrade reflects stronger underwriting results, reduced financial leverage, a streamlined organizational structure, and increased net investment income.
Newpoint Re sees GWP rise to $400m in record 2024 results
Newpoint Re achieved record 2024 results with gross written premiums rising to $400.9 million, up from $249.4 million in 2023. The company also saw profitability improve, with net income increasing to $8.4 million from $4.7 million the previous year
Reinsurance market braces for impact after fatal Air India crashThe Air India AI171 crash, with 241 fatalities and over $200 million in expected insurance losses, is set to harden the global aviation reinsurance market. It marks the first fatal Boeing 787-8 loss and stresses reinsurers, who cover most of India’s aviation risk, prompting reassessment of pricing and treaty structures.
United Risk completes acquisition of specialty reinsurance MGA Pinnacle Underwriting United Risk Global has finalized its acquisition of Pinnacle Underwriting Pty Ltd. and its affiliate, significantly expanding its footprint in the Asia–Pacific, Middle East, and North Africa regions. The addition of Pinnacle’s specialty facultative reinsurance MGA, which manages approximately 70% of its business in Asia–Pacific, positions United Risk among the world’s top five MGAs by scale and geographic diversification.
Commercial Lines
CNA Launches Cardinal E&S℠, A CNA Brand to Deepen Commitment to Excess & Surplus Market
CNA Financial Corporation has launched Cardinal E&S, a dedicated brand for its excess and surplus insurance market, reinforcing its long-term commitment to wholesale distribution. The new unit specializes in casualty, property, healthcare, and financial lines, with expert underwriting teams led by Erika Palass, Robert Martin, Jessica Landau, Christopher Clementi, and Mary Rimbey.
Fitch Upgrades QBE Insurance to 'A' and Core Subsidiaries' IFS to 'AA-'; Outlook Stable
Fitch Ratings has upgraded QBE Insurance Group’s core operating subsidiaries’ Insurer Financial Strength ratings to AA– and its long-term issuer default rating to A, with a stable outlook. The upgrade reflects improved underwriting performance, stronger capital metrics, and increased profitability, including a 2024 combined ratio of 91% and net income of $1.8 billion.
ICW Group Insurance Companies Launches New Business Unit, ICW Specialty | ICW Group
ICW Group has launched a new business unit called ICW Specialty under its VerTerra Insurance E&S carrier, based in Atlanta, Georgia. Tracey Estes has been appointed Chief Underwriting Officer, leading the launch of Excess Casualty products next year to support ICW’s strategic goal of growth and diversification under president Mark Moitoso.
Mosaic launches pioneering energy-transition product - Mosaic Insurance
Mosaic Insurance has introduced a pioneering environmental liability insurance product designed to support the remediation of abandoned and orphaned oil and gas wells across North America. The hybrid policy combines pollution liability and well control coverage to fill significant insurance gaps, boosting climate mitigation efforts and providing certainty for well-plugging contractors and stakeholders.
Oregon’s workers’ compensation rates were among the lowest in the nation last year
Oregon ranked 14th lowest in 2024 U.S. workers’ comp premium rates, despite achieving its lowest rate ever—89 cents per $100 of payroll. Rates fell 3.2% since then. Oregon’s rate is 82% of the national median, with North Dakota the cheapest and Hawaii the most expensive, per DCBS analysis.
Emerging Risks & Technologies
Aflac Incorporated Discloses Cybersecurity Incident
Aflac identified suspicious activity on its U.S. network on June 12, 2025, attributed to a sophisticated cybercrime group using social engineering tactics, with the intrusion stopped within hours. While the full extent of the breach is still under investigation, potentially compromised data includes Social Security numbers, claims, health, and personal information; affected individuals are being offered 24 months of free credit monitoring, identity theft protection, and Medical Shield.
Aon’s 2025 Global Cyber Risk Report analyzed 1,414 cyber incidents and found that 56 of them escalated into reputation-damaging events, resulting in an average 27% decline in shareholder value. The study highlights that malware and ransomware attacks are particularly likely to cause reputational harm and emphasizes five key drivers for value recovery: preparedness, leadership, swift response, communication, and organizational change.
Brokers called to act as strategic enablers as insurance adapts to the energy transition
The Lloyd’s Market Association urges brokers to evolve into strategic enablers during the energy transition, helping clients and underwriters collaborate on long-term decarbonization plans rather than relying on traditional annual renewals. To support this shift, brokers are being equipped with a standard ESG data questionnaire and are encouraged to foster multi-year engagement and innovative insurance solutions for emerging low-carbon technologies.
EV insurance gets complicated as repair costs climb and risks evolve
Electric vehicle insurance is becoming more complex and costly as repair expenses rise due to expensive batteries, advanced driver-assistance systems, and limited repair shop capacity. While insurers and brokers are adapting underwriting and coverage strategies, the growing EV market demands collaboration between insurers, automakers, and repair networks to manage these higher costs and evolving risks.
Insurance Industry Rejects Proposed Moratorium on State AI Regulation
The insurance industry is urging U.S. senators to remove a proposed ten-year federal moratorium on state regulation of artificial intelligence, arguing that state-led frameworks—such as those from the NAIC, now adopted by nearly 30 states—are effective and essential for both consumer protection and innovation. Groups including the PIA, NAIC, the American InsurTech Council, state attorneys general, and NCOIL all contend that the moratorium would create an oversight gap, stifle tailored regulation, and hinder the industry’s ability to address rapidly evolving AI tools.
Krispy Kreme Starts Notifying Over 160,000 People Affected by Data Breach
Krispy Kreme began notifying 161,676 individuals affected by its late‑2024 data breach, which exposed a broad range of personal information—ranging from Social Security numbers and driver’s license data to passport numbers, biometric data, and health details. The company spent approximately $3 million on remediation in Q4 2024 and estimated an $11 million U.S. revenue loss, offering free credit monitoring and identity protection while reinforcing its cybersecurity systems.
US Spending on Climate Damage Nears $1 Trillion Per Year
The U.S. spent nearly $1 trillion on disaster recovery and climate-related needs in the 12 months ending May 1, 2025, accounting for approximately 3% of national GDP. Key drivers of this cost included Hurricane Helene, Hurricane Milton, and the Los Angeles wildfires, along with increased insurance premiums, federal aid, and infrastructure repairs.
Litigation & Mass Torts
American Bar Association Sues to Block Trump’s Attacks on Law Firms
The American Bar Association filed a lawsuit against the Trump administration on June 17, 2025, asking a federal court to block what it termed a campaign of intimidation targeting major law firms via executive orders that stripped their security clearances and access to government contracts. The ABA argues these actions hinder its ability to find legal representation in cases against the federal government and represent a deliberate policy designed to deter law firms from challenging the administration in court.
AT&T’s $177-Million Data Breach Settlement Wins US Court Approval
A U.S. judge has granted preliminary approval to a $177 million class-action settlement resolving lawsuits against AT&T for two data breaches in 2024 that exposed the personal information of millions of customers. Depending on the breach, eligible individuals may receive up to $2,500 or $5,000 for losses, with remaining funds distributed to others whose data was accessed, and payments expected by early 2026.
Executives Sentenced for Not Reporting Defective Dehumidifiers Linked to 450 Fires
Two executives, Simon Chu and Charley Loh, were sentenced to prison (38 and 40 months respectively) and fined for conspiring to defraud the Consumer Product Safety Commission by failing to report defective dehumidifiers linked to fires. Their companies had received reports of dangerous defects and known incident risks yet continued distributing the products for at least six months before recalling them.
Purdue Pharma $7.4B Opioid Settlement Wins Broad Support From States
Purdue Pharma secured support from the attorneys general of 55 U.S. states and territories for its $7.4 billion opioid settlement designed to resolve thousands of lawsuits tied to OxyContin addiction. Of that total, about $6.5 billion comes from the Sackler family and $900 million from Purdue itself, with payments scheduled to begin once the bankruptcy plan receives court approval.
Racketeering Suit Alleges NY Insurance Fraud Scheme by Lawyers, Medical Providers
Roosevelt Road Specialty and Tradesman Program Managers have filed a federal RICO lawsuit against a NYC personal injury law firm and dozens of medical providers, alleging a scheme involving staged construction accidents and fraudulent medical treatments. The suit is part of a broader crackdown on insurance fraud in New York.
US Charges Seven Men With $100 Million Jewelry Heist
Seven California men have been charged in a $100 million Brink’s truck heist, the largest jewelry theft in U.S. history. The group allegedly stole gold, gems, and watches during a 27-minute stop in Lebec in July 2022 after trailing the truck 300 miles from a jewelry show.
People Moves
Ascot adds Rosalind Brewer, Martin Flanagan, and Robert Sewell to Board
Ascot Group has appointed Rosalind Brewer, Martin Flanagan, and Robert Sewell to its board of directors, pending regulatory approval. Brewer brings leadership experience from Spelman College and major corporations, Flanagan contributes decades in financial services including as former CEO of Invesco, and Sewell continues his role as chair of Ascot Underwriting Limited alongside the new appointment.
Brian Fuller Named Senior Vice President – Chief Claims Officer at EMC Insurance
EMC Insurance named Brian Fuller as senior vice president and chief claims officer. A veteran leader since 1998, Fuller will oversee claims operations and EMC Claims Solutions. He is recognized for enhancing efficiency and team development, aligning with EMC’s mission to improve lives and keep insurance human.
Gallagher Re appoints Anna Dill as EVP
Gallagher Re has reappointed Anna Dill as Executive Vice President, where she will continue her leadership in global reinsurance strategy and client solutions. With extensive experience at Gallagher, Dill’s reappointment reinforces the firm's commitment to senior continuity in its strategic growth plans.
Hamilton Announces Executive Appointments
Hamilton Insurance Group has appointed Adrian Daws as CEO of Hamilton Re in Bermuda and Alex Baker as CEO of Hamilton Global Specialty in London, both pending regulatory approvals. Additionally, Tim Duffin will assume the newly created role of Group Chief Underwriting Officer in Bermuda starting January 1, 2026, and Megan Graves, current CEO of Hamilton Re, will retire at the end of 2025.
Hiscox Syndicates Ltd appoints Harriet Hanna as Chief Operating Officer | Hiscox Group
Specialist insurer Hiscox has announced the regulatory-approval‑pending appointment of Harriet Hanna as Chief Operating Officer for Hiscox Syndicates Ltd, effective September. With over 20 years of experience at Royal Bank of Scotland, Barclays, Amazon, and Funding Circle, Hanna will lead operations, change teams, and oversee digital and AI-driven initiatives in the London Market, succeeding the retiring Adam Rushin after 25 year.
Howden names Patrick De Baets as CEO of Belgium
Howden has appointed Patrick De Baets as CEO of its Belgium operations, effective immediately. He brings over 30 years of insurance leadership experience from roles at Foyer Assurances, Touring Assurances (AXA), and BNP Paribas Cardif, and will guide Howden’s next growth phase in the Benelux region
Kenneth Carter, who joined Concert Group in October 2024 as Chief Claims Officer, has also been appointed Chief Risk Officer, now overseeing risk management for Concert’s admitted, non-admitted, and risk-retention carriers. This elevation from the previous CRO, Sam LaDuca, positions Carter to enhance Concert’s hybrid fronting strategy, leveraging his 24 years of experience at Merchants Insurance Group and Allstate.
Marsh McLennan Agency makes executive appointments following McGriff acquisition | MMA
Marsh McLennan Agency has appointed Read Davis, former CEO of McGriff Insurance Services, as Vice Chairman of MMA to support strategic integration following its late-2024 acquisition of McGriff. They also named Doug Hodo, former McGriff President, as Vice Chairman for the Southwest region and Chairman of McGriff, overseeing specialist teams across Texas, Louisiana, and Arkansas.
Tokio Marine HCC Appoints Elizabeth Geary to Lead North America P&C Businesses
Tokio Marine HCC has appointed Elizabeth Geary as President and CEO of its North America Property & Casualty division, effective June 30, 2025. Geary brings over 20 years of experience from Liberty Mutual and TransRe, where she led efforts in cyber, energy transition, and specialty risk solutions.
WTW appoints Farah Ismail Senior Director, Head of Commercial Lines
WTW has appointed Farah Ismail as Senior Director and Head of Commercial Lines within its North American Insurance Consulting & Technology business. With over 15 years of experience, she will focus on helping clients enhance pricing, underwriting strategies, and portfolio performance using WTW’s analytics capabilities.
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