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Weekly Articles
Insurance Market
Claim Counts Down, Losses up for California Workers’ Comp Private Self-Insureds
In 2024, California’s private self-insured employers reported 7.4% fewer workers’ compensation claims than in 2023, pushing claim frequency to a four-year low. However, average paid and incurred losses on these claims rose for the second year in a row, driving total losses higher despite the drop in claim counts.
Deadly Floods Reinforce Texas’ Challenge as Crisis Epicenter
At least 82 people died and many more are missing after catastrophic flooding in Kerrville, Texas, triggered by torrential rain that caused the Guadalupe River to surge 26 feet in 45 minutes. The flooding devastated an all-girls summer camp and prompted scrutiny of emergency preparedness amid worsening climate-driven weather extremes.
The current U.S. commercial insurance market offers some of the most favorable conditions for buyers in the past five to six years, with falling rates across major lines due to intensified insurer competition, strong underwriting discipline, and growing investment income. However, Lockton warns that lingering economic uncertainties—such as tariffs, inflation, trade policy, and geopolitical risks—make it essential for businesses to focus on resilience, robust risk profiling, and strategic capital deployment
Global insurance broking market hit $180 billion in 2024
In 2024, the global insurance broking market grew to $180 billion in fees and commissions, an 8.1% increase from 2023. The top 15 broking groups captured 48.7% of market share, highlighting ongoing consolidation. Marsh McLennan led in total revenue, while Alliant and Howden posted the fastest growth. Reinsurance and wholesale broking saw the highest growth rates, while employee benefits lagged. The U.S. dominated the market, housing nearly half of the top 500 firms, with private ownership prevailing across the sector. Market consolidation and M&A activity are expected to continue into 2025.
Leading Global Insurtech BOXX Insurance to be Acquired by Zurich
Zurich Insurance Group has agreed to acquire BOXX Insurance, a Toronto-based cybersecurity insurtech that serves nearly one million customers across five continents. BOXX will continue operating independently under Zurich Global Ventures, enhancing Zurich’s digital-first cyber offerings for retail clients and SMEs by integrating its cyber protection services with Zurich’s global reach and resources.
Nationwide Completes $1.25B Deal for Allstate’s Stop-Loss Segment
Nationwide has completed the $1.25 billion acquisition of Allstate’s stop-loss (group health) business, expanding its capabilities in protecting self-funded employer health plans for small businesses. The deal, first announced in January, is expected to strengthen Nationwide Financial’s portfolio and expertise in the employer stop-loss insurance market.
US commercial insurance rates rise 2.8% in Q2
In Q2 2025, U.S. commercial insurance rates rose by 2.8%, a slight dip from Q1’s 3% increase, per Novatae Risk Group. Commercial auto led rate hikes at 6.7%, followed by umbrella liability at 5% and general liability at 3.7%. Small accounts and the transportation sector saw the highest increases, while workers’ comp and EPLI remained flat. The trend suggests a stabilizing market with modest upward pressure, particularly in higher-risk lines.
US insurers tackle casualty challenges through underwriting & claims improvements: Gallagher Re
U.S. insurers are addressing rising casualty challenges by enhancing both underwriting and claims management practices, leading to more disciplined risk selection and improved loss outcomes, according to Gallagher Re. These efforts include integrating data-driven insights and strengthening internal processes to better handle evolving liability exposures.
Reinsurance Market
1st View: Challenging the Status Quo | GallagherRe
Gallagher Re reports that the July 1st reinsurance renewals were more competitive than in recent years, with ample capacity and reinsurers reducing risk-adjusted rates by approximately 10–15% on property treaties while maintaining stable pricing in casualty lines. Despite significant natural catastrophe losses in early 2025, strong reinsurer capital and disciplined underwriting gave buyers leverage to improve program structures and terms.
Capital Drives Competitive Tension at Midyear Reinsurance Renewals | Aon
Aon has released its Midyear 2025 Reinsurance Market Dynamics report, revealing that despite notable natural catastrophe losses in the first half of the year, the reinsurance market remained highly competitive. With global reinsurance capital reaching $720 billion by Q1 and elevated participation in catastrophe bonds—totaling $16.8 billion issued—insurers benefited from improved pricing, expanded coverage options, and more flexible terms.
FY26 Reinsurance Program update - Suncorp
Suncorp announced it has successfully placed its FY26 reinsurance program, benefiting from increased market capacity and resulting in a lower overall cost than FY25. The updated structure maintains key protections, introduces a multi-year solution with profit-sharing, and is designed to optimize shareholder value while continuing to support growth and manage earnings volatility.
Lemonade Announces Successful Renewal of Reinsurance Program
Lemonade has renewed its global reinsurance program, cutting its quota share cession from about 55% to 20% due to better underwriting performance, diversification, and lower loss ratios. This change allows Lemonade to retain more risk, improve margins, and continue operating with a capital-light model through mid-2026.
Reinsurance Renewal Prices Moderate as Capacity Exceeds Cedent Demand: Brokers
Reinsurance brokers report that strong returns and record capital levels have made the reinsurance market highly competitive, leading to moderating prices and more favorable terms for buyers even amid significant catastrophe losses early in 2025. Robust reinsurer balance sheets and growing alternative capital are fueling capacity, while disciplined underwriting persists, with cedents that clearly demonstrate performance improvements securing the best renewal outcomes.
Retained earnings lift global reinsurer capital to record $720bn in Q1'25: Aon
Global reinsurer capital reached a record $720 billion by the end of Q1 2025, primarily driven by retained earnings from established firms. Despite large catastrophe losses, strong capital positions, disciplined underwriting, and growing alternative capital have maintained solid returns on equity and resulted in more competitive pricing for buyers.
Swiss Re’s global reach guides clients through new markets & supply chain shifts: Porter
Swiss Re’s global reach through its Corporate Solutions arm enables it to support clients navigating supply chain shifts and entering new markets by delivering regulatory insights, currency risk guidance, and efficiency-enhancing practices. By combining local knowledge, streamlined payment processes, transparent collaboration among carriers, brokers, and clients, plus tools like Risk Data Services for natural catastrophe exposure, Swiss Re positions itself as a trusted partner for multinational risk management.
Trading environment one of most favourable for reinsurers in many years: Guy Carpenter
Guy Carpenter reports that the current trading environment is one of the most favorable for reinsurers in many years, supported by strong capital inflows, disciplined underwriting, and returns on equity that exceed the cost of capital. Even with notable catastrophe losses, ample capacity and growth in alternative capital have moderated prices, giving buyers better terms while reinsurers continue to expand selectively based on risk and performance.
Emerging Risks & Technologies
Insurers Race to the Starting Line in the Dawn of the AI Decision Era
Experts say the insurance industry's adoption of AI is more like a race to the starting line than the finish line, with success hinging on preparing data and integrating AI into decision-making processes. While AI promises to boost efficiency by handling routine work, human oversight remains essential to maintain accuracy, fairness, and regulatory compliance, especially as insurers transition from relying on individual expertise to institutional, audit-ready AI-driven decisions.
Kraft Heinz Recalls Oscar Mayer Turkey Bacon Over Listeria Risk
Kraft Heinz is recalling about 367,812 pounds of Oscar Mayer turkey bacon after U.S. regulators found it may be contaminated with Listeria, a bacteria that can cause serious illness. The recall affects vacuum-packed, fully cooked products shipped nationwide and abroad, though no illnesses have been reported so far.
Personal Data on Millions of Columbia University Applicants Stolen by Hacker
A hacker claiming political motives stole extensive data from Columbia University, exposing details from 2.5 million applications, including admissions decisions and applicant citizenship status, in what officials describe as a highly sophisticated breach. Columbia is still assessing the full scope of the theft, which also allegedly includes sensitive records from the University of Minnesota and NYU, while working with cybersecurity experts to secure its systems.
Tech Firms Warn ‘Scattered Spider’ Hacks Are Targeting Aviation Sector
Google and Palo Alto Networks have warned that the hacking group known as Scattered Spider is now targeting the aviation sector, with multiple incidents reported but no specific companies named. This loose network, linked to several high-profile attacks on casinos, retailers, and insurance firms in recent years, is increasingly seen as a major cybersecurity threat across critical industries.
Litigation & Mass Torts
Apple Loses Bid to Dismiss Justice Department Antitrust Suit
Google, Palo Alto Networks, CrowdStrike, and the FBI have warned that the cybercrime group Scattered Spider is now targeting the aviation sector, using advanced social engineering tactics like deepfakes and manipulating help desks to bypass security. Experts urge airlines and their vendors to strengthen identity verification, multifactor authentication, and employee training to defend against these evolving threats.
General Mills Changing Nature Valley Labels After Lawsuit’s Herbicide Claim
General Mills has agreed to stop labeling its Nature Valley granola bars as made with “100% Natural Whole Grain Oats” to settle a lawsuit brought by three consumer groups who argued the bars contained trace amounts of glyphosate, the herbicide found in Roundup. While General Mills maintains its labels were accurate, it chose to settle to avoid litigation costs and continue focusing on its products.
GM Wins Victory as Appeals Court Decertifies Transmission Lawsuits
A federal appeals court ruled 9-7 to decertify a class action against General Motors over allegedly faulty transmissions in about 800,000 vehicles, citing too many differences among owners’ claims to justify one unified case. The decision, which reverses an earlier ruling, sends the matter back to a lower court for possible certification of smaller subclasses, affecting owners of various Cadillac, Chevrolet, and GMC models from 2015 to 2019.
Google Owes $314 Million for Misusing Android Cell Phone Data
A California jury has ordered Google to pay $314 million after finding it improperly used Android users’ cellular data to collect information without their consent, benefiting its advertising and mapping services. Google plans to appeal the verdict, arguing the data transfers are minimal, essential for device performance, and covered by user agreements, while a related nationwide case is set for trial in early 2026.
Wall Street Backs LA Wildfire Lawsuits, Chasing Billions
There is a growing convergence of litigation finance and mass tort claims stemming from the devastating Los Angeles wildfires. Wall Street firms like Jefferies and Oppenheimer are actively financing lawsuits against utilities, lured by the prospect of multibillion-dollar claims and significant legal fees. The litigation finance market — now a $16 billion U.S. industry — supports law firms that may lack the capital to front complex wildfire suits. While some attorneys remain wary of compromising client outcomes for financial obligations, others see funding as a pragmatic tool, especially for smaller firms.
People Moves
Achim Bosch begins tenure as CEO of Deutsche Rück
Achim Bosch officially became CEO of Deutsche Rückversicherung AG on July 1, 2025, succeeding Frank Schaar, who has led the company since 2018. Bosch has over six years of experience at Deutsche Rück, most recently serving as Chief Underwriting Officer for its Non-Life International division, and will now oversee the reinsurer’s continued international growth strategy.
Howden Re announces changes to its senior leadership team
Howden Re has appointed Elliot Richardson as its new Executive Chair, succeeding Rod Fox following the TigerRisk merger. Richardson brings 37 years of insurance experience and will support CEO Tim Ronda and Vice Chair Rob Bredahl as the firm continues its rapid growth after achieving a 30% rise in organic revenue and $18.5 billion in gross written premium in FY24.
Lockton Names Nick Serrault U.S. Chief Operating Officer
Lockton has appointed Nick Serrault as Chief Operating Officer for its U.S. operations, reporting directly to U.S. President Tim Ryan. Serrault, a nearly 20‑year Lockton veteran most recently leading People Solutions in Texas and Louisiana, will oversee operational strategy and growth across the company’s national business.
MAPFRE RE strengthens its management team to drive its growth strategy - Mapfre RE
MAPFRE RE has strengthened its executive team effective July 1, with Fernando Utrilla Agüero promoted to Deputy CFO and José López González named Assistant General Manager of MAPFRE Group Business; both will report directly to CEO Miguel Rosa. Additionally, José Manuel Inchausti is set to become Board Chair on September 6, reinforcing the reinsurer’s growth strategy by enhancing business development, commercial relationships, and operational efficiency.
MS Reinsurance announces leadership changes to its underwriting operations | MS Reinsurance
MS Reinsurance has implemented a major restructuring of its underwriting leadership across Switzerland, Bermuda, and the U.S., establishing more client-focused regional units. Joerg Bruniecki has been promoted to Chief Underwriting Officer for Global Specialty Lines, while Andy Hottinger and Louis de Segonzac take on roles as CUOs for International and Americas respectively, with additional appointments made across specialty teams and regional underwriting operations.
Todd Kaminski has returned to Zurich North America as head of direct markets, bringing three decades of experience and resuming leadership of the auto-focused business starting July 7. Meanwhile, Chubb appointed Scott Williams as private equity industry practice leader, and Trucordia named Rajeev Khanna as chief information officer to drive platform integration and technological growth.
Liberty GTS has promoted Hilary Weiss to head of Americas, expanding her leadership after roles overseeing Eastern zone operations and RWI. Meanwhile, Arch Insurance North America named Jeff Kaufmann to build its new U.S. Marine division, and Aspen appointed Mariza Costa as head of investor relations to strengthen engagement with the financial community.
Triple-I appoints Patrick Schmid as Chief Insurance Officer
Patrick Schmid has been appointed Chief Insurance Officer at the Insurance Information Institute (Triple‑I), effective July 11, 2025. In this expanded role, he will lead the Catastrophe Resiliency Council and Insurance Research Council while continuing as president of RiskStream Collaborative, leveraging his deep strategy, risk management, and research experience to drive industry innovation and resilience.
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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