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Insurance Market
Ledgebrook announces close of oversubscribed Series C Funding Round
Ledgebrook has closed a $65 million oversubscribed Series C funding round led by existing investor Stephens Group, with participation from Duquesne, Brand Foundry, Floating Point, American Family Ventures, and new investor Hummingbird. The capital will support hiring, expanding product offerings for wholesale brokers, and increasing risk retention, with Ryan Morrow from Stephens Group joining Ledgebrook’s board.
Trump’s Chip Tariff Threat Sparks Pushback From Auto Industry to Tech
U.S. automakers, marine manufacturers, tech companies, and even trading partners like Taiwan and China strongly oppose President Trump’s proposal for a 25% tariff on imported semiconductors, warning it would disrupt supply chains and raise consumer costs. Industry leaders argue that today’s broad use of chips in cars, appliances, and critical equipment makes any tariff highly disruptive and counterproductive to domestic manufacturing and innovation.
US E&S Growth Slowed Again in ’24; Berkshire, AIG Top Premium Rankings
S&P Global Market Intelligence found that growth in the U.S. excess and surplus lines market slowed to 13.4% in 2024, down from 14.5% in 2023 and well below the 32.3% surge in 2021, though it still outpaced the overall P/C industry. Property lines saw softer growth, especially in catastrophe-prone regions, while liability lines recovered, and top players like Berkshire, AIG, and Fairfax showed mixed results, with The Hartford, Chubb, and Travelers among the strongest growers over the past two years.
What to Watch: The Trends for P/C Insurance in 2025 So Far At the midpoint of 2025, the property/casualty insurance industry is navigating continued inflation, evolving consumer behaviors, and heightened regulatory focus, with rising costs driving more consumers—especially in auto and home insurance—to shop for better value. Looking ahead, insurers face sustained pressure to adapt pricing, manage catastrophe risks, and incorporate emerging technologies like AI to stay competitive amid economic and regulatory shifts.
US cyber insurance premiums post first-ever decline in 2024: AM Best
AM Best reports that U.S. cyber insurance direct premiums fell 2.3% in 2024 to just under $7.1 billion, marking the first annual decline since tracking began in 2015, mainly due to lower pricing rather than reduced demand. Despite this drop, the sector stayed profitable with a loss ratio below 50%, and surplus-lines carriers slightly increased their market share.
Reinsurance Market
Instnt Partners with Munich Re to Bolster Identity Fraud Loss Insurance Coverage - Instnt
Instnt has partnered with Munich Re to expand reinsurance support for its Fraud Loss Insurance product, which blends AI-driven identity verification and fraud detection with insurance coverage. This collaboration helps businesses reduce fraud exposure, transfer residual losses to Munich Re, and receive claims payouts in about 30 days, making fraud a controllable and insurable risk.
Kingstone Announces its 2025/2026 Catastrophe Reinsurance Placement
Kingstone has finalized its catastrophe reinsurance program for July 1, 2025, to June 30, 2026, increasing its limit by 57%—an additional $160 million—to reach a total capacity of $440 million, including $125 million in multi-year protection via its inaugural catastrophe bond. Despite the expanded coverage, overall cost rose only 10%, reducing the reinsurance expense from 13% to 12% of projected direct premiums—positively impacting diluted EPS by approximately $0.11 in the first half of the treaty—highlighting strong underwriting discipline and underwriting partner confidence.
MS says reinsurers 'golden era' over; cuts Munich Re, Swiss Re — TradingView News
Morgan Stanley has warned that the strong pricing and growth period for reinsurers is ending, downgrading Munich Re and Swiss Re to "underweight" from "equal-weight." It kept "overweight" ratings on Hannover Re and SCOR, suggesting this shift could help close the valuation gap between major European reinsurers and U.S. companies like Arch and RenaissanceRe.
Orion180 lifts reinsurance coverage 31% for 2025 hurricane season to $845m
Orion180 has increased its hurricane season reinsurance coverage by 31% to $845 million, implementing both excess-of-loss and quota-share agreements supported by a panel of 35 global reinsurers. The expanded program strengthens capacity for its growing home and flood insurance products across the U.S., anticipating an above-normal hurricane season.
Commercial Lines
Insurance Brokerage M&A Update: A Strong May Pushes Deal Activity Ahead of Last Year - MarshBerry
PwC’s analysis shows that in the six-month period ending May 15, insurance sector M&A deal count dropped (209 vs. 297), while total deal value surged to $30 billion—up from $20 billion in the previous half-year. Major transactions included Arthur J. Gallagher’s $13.5 billion acquisition of AssuredPartners and Brown & Brown’s $9.8 billion purchase of Risk Strategies and One80, reflecting strong investor interest despite economic and policy uncertainty.
Descartes Underwriting has launched its Flood-at-Location parametric policy in the U.S., offering up to $70 million in customizable flood coverage for businesses, investors, and homeowners associations. The product uses real-time on-site sensors to trigger rapid payouts for economic losses, including those beyond NFIP limits, while EverPeak Insurance has expanded its workers’ compensation coverage to 11 new states, strengthening options for small and mid-sized businesses in harder-to-place industries.
US liability insurance on verge of ‘breakdown’ from tide of claims
Part of the U.S. commercial insurance market is nearing a “breakdown” as rising payouts drive insurers to pull back from offering casualty coverage, with costs increasing for 23 straight quarters and premiums up 8% in Q1 despite tighter contract terms. Industry leaders warn that litigation trends, large jury awards, and the growth of litigation financing could make coverage unavailable altogether, forcing higher costs on businesses and potentially leading insurers to withdraw from certain states.
Zurich, Cowbell Collaborate to Offer D&O, EPL, Crime, and Fiduciary to SMEs
Cowbell has partnered with Zurich North America to offer Zurich Select Plus, a modular multi-line package that includes Directors & Officers, Employment Practices Liability, Crime, and Fiduciary insurance for U.S. SMEs through an AI-powered platform that streamlines submission processing. The integration builds on Cowbell’s existing cyber and Tech E&O offerings and enables bindable quotes within seconds, leveraging large language models to automate data extraction and validation.
Emerging Risks & Technologies
Adaptive Insurance, Tokio Marine HCC Partner on Power Outage Losses
Adaptive Insurance has teamed up with Tokio Marine HCC to launch GridProtect, a parametric insurance solution designed to cover losses from short-duration power outages. The offering will initially serve around 2.4 million small- and medium-sized businesses across 18 U.S. states and aims to provide swift financial relief with agreed payment triggers and fast claims processing, with plans to expand both geographically and into new parametric lines by its second year.
Aon Launches Aon Broker Copilot to Modernize Insurance Placement with AI and Data at Scale
Aon has launched “Aon Broker Copilot,” an AI-driven platform that uses real-time data and predictive analytics to modernize commercial insurance placement, streamline workflows, and improve placement strategies. Initially rolled out with Aon’s U.S. National Property and London Global Broking Centre teams, the tool is part of Aon’s broader effort to enhance client insights and operational efficiency through digital transformation.
Billions of Login Credentials Leaked Online, Cybernews Researchers Say
Billions of login credentials—totaling around 16 billion—have been leaked online via multiple data breaches, exposing passwords for major platforms like Google, Facebook, and Apple, according to Cybernews researchers. Security experts warn this compiled trove gives criminals unprecedented access to everyday accounts and recommend using unique passwords, password managers, and multifactor authentication to reduce risk.
Cargo Theft Up 27% in 2024 With Continued Rise Expected: NICB
The National Insurance Crime Bureau reports that tariffs, advanced criminal tactics, and geopolitical factors are intensifying threats to the global supply chain, with cargo crimes hitting record highs and annual losses projected to rise another 22% by the end of 2025. To combat this, NICB urges collaboration among transport companies, insurers, and law enforcement, along with stronger employee screening, security training, vigilant technology use, and thorough audits to deter theft and protect high-value goods.
Coalition Re Introduces the Helios Platform for Cedants to Access Real-Time Cyber Risk Insights
Coalition Re has introduced the Helios platform, giving cedants real-time visibility into cyber risk exposures across their portfolios through a self-service dashboard. This tool replaces static summary reports and empowers users to monitor systemic risk, catastrophe load, and emerging vulnerability trends continuously, helping insurers better manage and mitigate cyber risks.
Ford Recalls 200K Electric Mustangs Due to Faulty Door Latches That Could Trap Passengers
Ford is recalling nearly 200,000 Mustang Mach E SUVs from model years 2021 to 2025 because a defect could cause electronic door latches to stay locked, potentially trapping passengers in the back seat. The issue will be addressed through a software update expected by late September, with owners being notified starting June 23.
Insurance Sector Should Be on the Lookout for ‘Scattered Spider’ Hackers
A well-known cybercrime group, Scattered Spider, has shifted its focus from retailers to targeting insurance companies, recently hitting Erie Insurance, Philadelphia Insurance, and Aflac, according to Google’s Mandiant. Experts warn that insurers, which hold extensive personal and financial data, could be exploited not just for direct theft but also to map out vulnerabilities in other industries, underscoring the need for enhanced employee training and vigilance despite many insurers’ existing ties to cybersecurity vendors.
K2 Cyber has partnered with Liberty Mutual’s Ironshore programs group to expand its Intelligent Cyber Insurance™ offering for small and medium-sized businesses. The program provides up to $3 million in cyber liability coverage—incorporating both business and personal digital risk—complemented by delegated underwriting authority, risk engineering, real-time monitoring, and streamlined broker workflows.
Miller Launches Advanced Property Smart Follow Facility
Miller has launched MillerBoost, a smart-follow facility for property placements powered by InsurX, offering global coverage and access to exclusive A+ Lloyd’s capacity. The platform accelerates quoting by using data-led automation and curated carrier support, delivering 61% of quotes within 15 minutes and 99.7% within two hours, enhancing speed and efficiency for brokers in the London Market.
Reputation Risk Can Overshadow Ransom in Cyberattacks, Aon Says
Aon’s 2025 Global Cyber Risk Report highlights that while direct costs from cyberattacks are significant, reputational damage is often even more severe, with shareholder value dropping an average of 27% after major incidents. As cyberattack frequency rose by 22% in 2024, especially among midsized organizations, Aon stresses that improving security controls and demonstrating strong cyber maturity are crucial, since many reputation-related losses remain uninsurable.
Litigation & Mass Torts
Aflac Hit With Class Action Over Data Breach of Customer Info
Aflac is facing a proposed class-action lawsuit filed in federal court in Georgia by an Alabama law firm, alleging the insurer failed to protect policyholders' private information during a cybersecurity breach linked to the Scattered Spider hacker group. The complaint asserts Aflac delayed notifying affected customers and omitted key details—such as breach dates, causes, and investigation actions—and seeks compensatory and punitive damages on behalf of those impacted.
AT&T’s $177M Data Breach Settlement Wins US Court Approval
A U.S. judge granted preliminary approval to AT&T’s $177 million class-action settlement addressing two 2024 data breaches that exposed personal information of tens of millions of customers. Eligible individuals may receive up to $2,500 or $5,000 for direct losses, with any leftover funds distributed to others whose data was accessed; payments are expected to start in early 2026.
Meta Fends Off Authors’ Copyright Lawsuit Over AI
A federal judge has ruled in favor of Meta Platforms in a lawsuit brought by authors who alleged their books were used without permission to train the Megatron AI model, finding they failed to show that this use harmed the market for their works. The judge clarified that while this decision does not broadly legalize AI training on copyrighted material, the plaintiffs did not provide enough evidence to support their claims.
Microsoft Sued by Authors Over Use of Books in AI Training
Microsoft is facing a class-action lawsuit in New York federal court from a group of authors, including Kai Bird and Jia Tolentino, who allege the company used nearly 200,000 unauthorized digital book copies to train its Megatron AI model. The plaintiffs seek statutory damages of up to $150,000 per work and a court order to prevent further infringement.
Walmart to Pay $10M to Settle FTC Lawsuit Over Money Transfer Fraud
Walmart has agreed to pay $10 million to settle a Federal Trade Commission lawsuit alleging that its money transfer services were used by fraudsters to steal hundreds of millions from consumers. The settlement requires court approval and includes commitments from Walmart to block or refuse transfers suspected of fraud.
People Moves
Ascot Appoints Steven Goldman to Global Head of Distribution
Ascot has appointed Steven Goldman, formerly with CNA, as its new Global Head of Distribution, effective July 7, based in Stamford, Connecticut. Goldman brings more than 25 years of industry experience, including leadership roles at CNA, Chubb, and AIG, and will lead the development and execution of Ascot’s global distribution strategy.
Ascot has appointed Tracy O’Hara as Deputy Chief Underwriting Officer for U.S. Financial and Professional Lines, reporting to Jesse Paulson. O’Hara will support underwriting strategy, governance, and risk selection across the financial lines portfolio, drawing on her extensive experience developing AscotPRO’s cyber and professional liability offerings.
Berkeley Research Group (BRG) has expanded globally by launching its first Business Insurance Claims (BIC) practice in the EMEA region, headed by Richard Cameron-Williams. Cameron-Williams, a forensic accounting specialist with over 20 years’ experience, will lead the new practice to support complex insurance claims and losses across Europe, the Middle East, and Africa.
Chubb’s Westchester appoints Dave Roberts as Chief Operating Officer
Chubb’s Westchester division has appointed Dave Roberts as Chief Operating Officer, effective immediately. Roberts will oversee operations across Property, Casualty, and Financial Lines practices—including digital, middle market, programs, operations, and IT—and report to David Lupica .
Davies appoints James Ferris as CEO of Captive Management business
Davies has appointed James Ferris as CEO of its captive management business, effective July 1, with outgoing CEO Nick Frost transitioning to chairman after 14 years in the role. Ferris, based in Bermuda, brings over 25 years of experience from BMS and PwC and will focus on growing Davies’ global captive services amid rising international demand.
EMC Insurance Names Fuller Chief Claims Officer
Employers Mutual Casualty Company Insurance has appointed Brian Fuller as chief claims officer, where he will oversee claims, claims operations, and EMC Claims Solutions. Fuller, who began his career at EMC in 1998 as a claims adjuster, has held multiple leadership roles and most recently served as vice president of claims programs.
SiriusPoint Ltd. - SiriusPoint appoints Andrew Pryde as Group Chief Risk Officer
SiriusPoint has appointed Andrew Pryde as Group Chief Risk Officer, effective September 2025, to lead the company’s global risk management strategy from its Bermuda office. Pryde, who brings over 25 years of experience—including CRO roles at Catalina Re, Beazley, and DARAG—will succeed Andreas Kull, who will remain through September to ensure a smooth transition.
Alan Gray was established in 1988 as a claims and audit advisory firm, and over the years has built a reputation as a cost-effective, reliable, and trusted resource to those involved in the management of risk.
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