Alan Gray Selected to Provide Run-Off Administration Services for ECRA and CMC Reinsurance Pools
Weekly Articles
Insurance Market
AM Best: US P/C Industry Records $1.1B Underwriting Loss for Q1
AM Best reports the U.S. property/casualty industry posted a $1.1 billion net underwriting loss in Q1 2025, as a 7.8% increase in net earned premiums to $226.3 billion was more than offset by losses and expenses, including an estimated $38 billion in wildfire-related insured losses from January’s California fires. With losses and loss adjustment expenses rising about 16%, the combined ratio worsened to 99.4 (or 103.6 excluding favorable reserve development), and net income dropped over 50% to $19.8 billion.
American Integrity Insurance Group, Inc. Reports First Quarter 2025 Results
American Integrity Insurance Group reported a standout Q1 2025, with gross premiums written increasing 43.9% year-over-year to $212.2 million and net earned premiums rising 66.5% to $65.4 million, driven by participation in the Citizens take-out program and voluntary market growth. The company posted net income of $38.1 million, achieved an impressive 42.9% combined ratio thanks to sharply reduced loss and expense ratios, and also saw a 26.3% rise in investment income.
Brown & Brown, Inc. enters into agreement to acquire Accession Risk Management Group - Brown & Brown
Brown & Brown has agreed to acquire Accession Risk Management Group for $9.83 billion in a cash-and-stock deal ($8.1B cash, ~$1.3B stock), merging the ninth-largest private U.S. brokerage—which includes Risk Strategies and One80 Intermediaries—into its operations as part of a newly formed Specialty Distribution segment. The acquisition, expected to close in Q3 2025 and funded by a $4 billion stock offering, is projected to boost Brown & Brown’s revenue, cash flow, and adjusted earnings, and further expand its capabilities in specialty and wholesale brokerage.
Erie Insurance Reports ‘Information Security Event’ Caused Network Outage
Erie Indemnity Co. disclosed that a security incident on June 7 triggered a company-wide network outage still ongoing after five days. The insurer is working with law enforcement and cybersecurity experts to investigate, but the full scope and potential data exposure remain unknown. Customers remain unable to access systems.
States Recover $19 Million in Commission Overcharges From Brokers
Five major brokerages, including Edward Jones, LPL Financial, and TD Ameritrade, will return $19 million to investors after regulators found they charged excessive commissions on over a million small-dollar trades between 2020 and 2025. The firms were also fined nearly $9.87 million, with regulators emphasizing the need to protect retail investors from unfair fee practices.
Ryan Specialty Signs Definitive Agreement to Acquire J.M. Wilson – Ryan Specialty
Ryan Specialty has signed a definitive agreement to acquire J.M. Wilson Corporation, a Michigan-based MGA and wholesaler known for its transportation expertise and $19 million in annual operating revenue. The acquisition will integrate J.M. Wilson into RT Binding Authority to strengthen Ryan Specialty’s Midwest presence and transportation underwriting capabilities, with closing expected in Q3 2025.
Samsung Fire & Marine Insurance Increases Strategic Stake in Canopius - Canopius
Samsung Fire & Marine Insurance has agreed to acquire an additional 21% equity stake in Canopius, raising its total ownership to 40%. This marks SFMI’s third investment in Canopius, reinforcing a strategic partnership aimed at global expansion and innovation, with the transaction subject to regulatory approval.
Slide Insurance unveils IPO of 20 million shares for Nasdaq debut
Slide Insurance is launching an IPO of 20 million common shares (including a 30‑day option for 3 million more), priced at $15–17, to list under “SLDE” on Nasdaq. The firm posted Q1 2025 net income of $92.5 M on $281.6 M revenue, expanded via policy acquisitions, and issued a $250 M catastrophe bond.
USI Mid-Year Update: Ongoing Trends to Continue
Gallagher Re reports that in Q1 2025, the U.S. property/casualty industry suffered a $1.1 billion underwriting loss, with net earned premiums rising 7.8% to $226.3 billion but heavy losses—particularly an estimated $38 billion from California wildfires—driving the combined ratio to 99.4 (or 103.6, excluding favorable reserve development), contributing to a more than 50% drop in net income to $19.8 billion. This result reflects ongoing pricing pressures and catastrophe losses impacting profitability across the industry.
Xceedance’s MIS invests in DigsFact to advance AI-powered property inspections
Xceedance-backed Millennium Information Services (MIS) has made a strategic investment in AI insurtech DigsFact to integrate its InstaBud platform with MIS’s MAPS inspection system. The collaboration aims to deliver faster, more scalable virtual property inspections that enhance underwriting efficiency and data accuracy for insurers and policyholders.
Reinsurance Market
2024 Year-End Florida Market Watch Report | GallagherRe
Gallagher Re’s 2024 Year-End Florida Market Watch report reveals that Florida-focused insurers, excluding Citizens, saw direct premium growth, with Florida Specialists achieving a net underwriting gain of $235.6 million and an after-tax net income of $537.1 million. Overall, the market strengthened its financial footing with a 7.0 % increase in policyholders’ surplus, reaching $13.1 billion in 2024 year-end.
Alan Gray Selected to Provide Run-Off Administration Services for ECRA and CMC Reinsurance Pools
Alan Gray LLC has been appointed as the successor pool manager for two legacy reinsurance portfolios—the Excess & Casualty Reinsurance Association (ECRA) pool (active from 1950–1982) and the Carpenter Management Corporation (CMC) pool (1966–1982). In its new role, Alan Gray will manage claims administration, financial coordination, and data management, continuing Premia Holdings’ commitment to providing structured, disciplined run-off solutions for long-tail asbestos and pollution exposures.
Bermuda reinsurers expand hurricane risk exposure amid price softening
Bermuda-based reinsurers are increasing their exposure to natural disaster risks—especially US hurricanes—despite a softening market for reinsurance pricing. A Moody’s report shows a 58% rise in hurricane exposure since 2018, reflecting steady proportional risk growth as firms scale. Arch Capital is expanding its catastrophe portfolio, while Axis Capital is pivoting to specialty lines to avoid volatility. Even as property catastrophe reinsurance rates fell 6.2% at 2025 renewals—the first decline since 2017—reinsurers are still allocating capital due to favorable margins, despite record wildfire losses in California. This reflects diverging strategies and risk appetites within the Bermuda market.
European MGA market growth is outpacing US and global benchmarks: Howden Re
A Howden Re report reveals that Europe’s MGA sector, consisting of over 650 MGAs with approximately €18 billion in gross written premium in 2024, is growing at a five-year CAGR of about 23%, outpacing U.S. and global benchmarks of around 15%. This growth is driven by tech-enabled underwriting, strong investor interest, and capacity opportunities, with future success depending on regulatory knowledge, distribution access, and disciplined underwriting.
Global reinsurance viewed as stable amid uncertainty: S&P
S&P Global Ratings views the global reinsurance sector as stable despite ongoing uncertainty from economic, geopolitical, technological, climate, and regulatory challenges. Strong operating profits, solid capitalization, favorable short-tail pricing, and conservative investment strategies have positioned reinsurers to withstand elevated catastrophe losses and market volatility.
Howden Re's new "Agents of Change" report reveals that Europe's fast-growing, tech-enabled MGA ecosystem has reached over €18 billion in gross written premiums across 650+ MGAs, growing at a ~23% five-year CAGR—outpacing both U.S. and global benchmarks. The report highlights the rise of AI, proprietary pricing engines, and API-integrated claims systems as key enablers of scale, while mobile fronting carriers and hybrid capital structures support sustained growth in regional specialty niches.
Pacific Life Re boosts growth & innovation agenda with several appointments
Pacific Life Re has made several key leadership appointments to support its global growth and innovation strategy, including Andrew Murphy as Managing Director of Capital Solutions, Sarah Cheng as Managing Director for Europe and North America, and Mala Thurston as Head of Protection, Europe. In North America, Brett Laker has been named VP of Client Solutions for Protection, while Scott Hunt will lead UnderwriteMe’s North American business.
Commercial Lines
Ethos Specialty Expands Transactional Risk Capacity with Starr Partnership
Ethos Specialty has partnered with Starr Insurance to expand its North American transactional risk capacity, boosting its U.S. limits to $45 million and Canadian capacity to $25 million alongside existing carriers AXIS and Skyward Specialty. This move follows Ethos’s remarkable 90% year-over-year growth in transactional risk business, reinforced by Starr’s underwriting strength and financial stability.
Goldman Sees Autonomous Vehicles Transforming Insurance World
Goldman Sachs projects that autonomous vehicles will cut accident rates and reshape the $400B U.S. auto insurance industry, with liability shifting from drivers to manufacturers and tech firms. Insurance costs could fall over 50% by 2040. The shift may increase demand for product liability and cyber insurance, challenging traditional insurers.
Markel launches InsurtechRisk+ product for insurtech businesses
Markel Insurance has launched InsurtechRisk+, a bundled insurance product for insurtech businesses offering coverage across four key areas: technology liability, D&O liability, crime, and cyber, with limits up to £10 million for firms in the UK, Europe, Asia, Australia, and Canada. The product also includes value-added services like legal advice, cyber risk toolkits, and funding assistance, aiming to deliver comprehensive protection and streamline coverage for growing digital firms.
Ryan Specialty has launched Ryan Specialty Renewables, a global managing general underwriter that consolidates its renewable energy capabilities across North America and international markets. The new platform will offer specialized coverage for wind, solar, battery storage, and natural catastrophe risks, with Jeff Smith and Stuart Burchell appointed as regional presidents.
US Commercial Lines Prices Up 5.3%, Continue Downward Trend: WTW CLIPS
U.S. commercial insurance rates continued to rise in Q1 2025, with aggregate price increases slowing to 5.3%—down from 5.6% in Q4 2024 and 6.1% in Q3 2024—marking a positive shift for buyers. However, specific lines like commercial auto and excess/umbrella liability are still seeing double-digit rate hikes, signaling ongoing challenges in those areas.
Whole Foods Supplier United Natural Foods Says Cyber Incident Disrupted Operations
United Natural Foods Inc. (UNFI), a major U.S. grocery distributor for Whole Foods, detected unauthorized activity on its internal networks on June 5 and proactively took systems offline, disrupting fulfillment and distribution operations while it investigates the cyber incident. The outage pressured Whole Foods to restock shelves, and UNFI’s shares dropped about 7% following the disclosure.
Emerging Risks & Technologies
AI Risks, Climate And Legislation Lead Verisk’s Emerging Issues Bracket
Verisk’s recent “emerging issues bracket” webinar identified artificial intelligence—including generative AI—as the top long-term concern for property and casualty insurers, with climate change and infrastructure risks close behind. Regulators are already responding, with 40 U.S. states introducing or enacting AI legislation and the NAIC urging insurers to implement governance frameworks to prevent bias, discrimination, and safety issues.
Hack of Contractor Was at Root of Massive Federal Data Breach
A cyber breach at Opexus, a contractor handling records for nearly every U.S. federal agency, was traced to insider sabotage by two former employees who deleted more than 30 databases and stole over 1,800 files, including IRS and GSA data. The incident, uncovered in February, has prompted FBI and inspector-general investigations and raised serious concerns about systemic security failures in government data management.
Markel has partnered with insurtech firm Insurate to enhance middle-market workers’ compensation solutions using AI-powered safety scoring and advanced analytics. The collaboration aims to improve underwriting precision and promote workplace safety by better identifying and pricing lower-risk businesses.
Trump Says FEMA Phaseout to Begin After Hurricane Season
Trump announced plans to begin winding down much of FEMA “after the hurricane season,” proposing to shift disaster-response responsibilities to states and empower governors, though execution remains pending. The administration has already initiated staff reductions and scaled back federal grants, even as forecasters warn of an above-average hurricane season with potentially more than 17 storms and at least four major hurricanes.
Litigation & Mass Torts
Aegis beats US in court as judge tosses $100k bond claim | Insurance Business America
Aegis Security Insurance Company successfully defended against a more than $100,000 bond claim brought by the U.S. government—a suit arising from a 2003 honey import—after a federal trade court ruled that Customs waited nearly eight years to demand payment on the bond, an unreasonable delay that violated both contract principles and the six-year statute of limitations. The court granted Aegis summary judgment, underscoring the importance of timely government action in customs bond enforcement and the consequences of procedural delays—particularly where reinsurer insolvency increases surety risk.
California, 10 Other States Sue to Block Trump From Killing 2035 EV Rules
A coalition of 11 states, led by California, has filed a lawsuit challenging former President Trump’s repeal of federal waivers that allowed California to enforce its 2035 electric vehicle mandate and heavy-duty truck emissions rules. The legal action argues the repeal was unlawful and threatens states' rights to set stricter emissions standards, while supporters of the repeal claim the EV mandates were unachievable and harmful to the auto industry and consumer choice.
California court strikes DPR comp ruling over evidence misstep | Insurance Business America
A California appellate court annulled a workers’ compensation award to DPR Construction’s former employee, finding that two late medical reports were improperly admitted in violation of California Labor Code § 5502, with the court ruling such procedural breaches require reversal regardless of impact. DPR was awarded costs on review, and the case has been remanded for reconsideration without the improperly introduced evidence.
Class Action: Drivers Sour on Lemonade for Exposing License Numbers
A class-action lawsuit alleges that Lemonade’s auto insurance quoting platform exposed the driver’s license numbers of around 190,000 individuals—some of whom never even applied for coverage—between April 2023 and September 2024, in violation of federal and New York privacy laws. Plaintiffs claim Lemonade took two years to detect the vulnerability, have suffered identity theft, and are seeking damages and court-ordered improvements to the insurer’s data‑security protocols.
Disney, Universal Sue AI Image Creator Midjourney for Copyright Infringement
A class-action complaint filed in the Southern District of New York alleges that Lemonade’s auto insurance quote platform exposed the driver’s license numbers of approximately 190,000 individuals—many of whom never applied for coverage—between April 2023 and September 2024, in violation of the Driver’s Privacy Protection Act and state privacy laws. Plaintiffs claim the insurer failed to implement sufficient security measures, waited nearly two years to detect the exposure, and are seeking damages and enhanced data‑security protocols as a result.
Dozens of States Sue 23andMe to Block Sale of Personal Genetic Data
A coalition of 27 states plus the District of Columbia has filed a lawsuit in bankruptcy court to block 23andMe's prospective sale of personal genetic data without customers' informed consent. The plaintiffs argue that DNA, medical, and health-related information is too sensitive to be treated as ordinary property and must be protected against non-consensual sale.
OpenAI Appeals Data Preservation Order in New York Times Copyright Case
OpenAI is appealing a court order requiring it to preserve all ChatGPT output logs indefinitely in a copyright lawsuit brought by the New York Times. OpenAI argues the order threatens user privacy, a key principle. The Times accuses OpenAI and Microsoft of using its content without permission to train AI models.
Viewpoint: Recalls and Claims Amid A Sea of Regulatory Change
Amid a shifting U.S. regulatory landscape marked by reduced federal oversight and increased litigation, businesses are urged to prioritize diligence in recall preparedness, product lifecycle management, and internal communication to protect brand integrity and avoid costly claims. With international standards like the EU’s General Product Safety Regulation remaining stringent, companies operating globally must uphold consistent recall protocols and compliance practices regardless of domestic regulatory rollbacks.
People Moves
Arden appoints Tim Henry as COO and Brian Sheekey as CFO
Arden Insurance Services has appointed Tim Henry as Chief Operating Officer and Brian Sheekey as Chief Financial Officer to support its growth and innovation strategy. Henry brings experience from Farmers Insurance, while Sheekey previously served as CFO at GeoVera and Tower Hill, strengthening Arden’s leadership in product management, underwriting, and financial oversight.
Beazley builds out Property parametric underwriting capabilities | beazley
Beazley has appointed Stefan Wunderlich—formerly Swiss Re’s Chief Product Officer for Risk Data & Services—as its new Head of Parametric Insurance, based in Zurich and reporting to the Group Head of Property Risks, Richard Montminy. Wunderlich brings two decades of experience in modelling and underwriting natural catastrophe risks, helping Beazley expand its parametric offerings as its property underwriting portfolio has tripled since 2022.
Canopius Appoints Tom Losquadro as VP Underwriting, National Hull & Liability US - Canopius
Canopius has appointed Tom Losquadro as Vice President of Underwriting for its U.S. National Hull & Liability division, where he brings deep experience from AIG and Marsh McLennan and will focus on driving performance, compliance, and market relationships.
CFC announces appointment of Nick Line as Chief Underwriting Officer | CFC
CFC has appointed Nick Line as Chief Underwriting Officer to lead underwriting across the group, supporting its continued global expansion. Line brings nearly three decades of experience, including serving as CUO at Markel since 2018, and will join CFC in 2026.
Compre hires Bardon to newly-created CUO role - Compre
Compre has appointed Rachel Bardon as its new Chief Underwriting Officer, effective September 1, 2025, pending regulatory approval. Based in Bermuda, Bardon will oversee business development, underwriting, and strategic market initiatives across the group, and join both the executive committee and the board of Pallas Re.
Everest has appointed Ashleigh Sears as Head of Alternative Risk and National Accounts Excess Casualty for its North America Insurance division, reporting to Joe Fobert. Sears brings deep expertise from USQRisk and Navigators—the latter where she built a profitable Excess Casualty portfolio—positioning Everest to better serve large account clients with complex risk solutions.
IQUW Promotes Furlong and McDonach in leadership shuffle - IQUW
IQUW has promoted Phil Furlong to Head of Technical Underwriting and Oversight and Mark McDonach to Head of Marine, Energy, and Aviation, reinforcing its focus on underwriting excellence and internal talent development. These leadership moves follow a year of record performance for IQUW, including $1.1 billion in gross written premiums, a combined operating ratio of 83.3%, and recognition for outstanding underwriting service in 2025.
McGowan Financial Lines Welcomes Industry Leader Daniel Lazarz to the Team
McGowan Financial Lines has hired Daniel Lazarz, former director of the ExecPro Group at CRC Insurance Services, as Director and Team Leader to bolster its financial lines capabilities in areas like E&O, D&O, cyber, and trade credit. Lazarz’s 20+ years in specialty insurance aim to enhance McGowan’s position in the U.S. wholesale brokerage market.
The Big “I” has appointed Kasey Connors as Executive Director of their Agents Council for Technology, drawing on her 15+ years in nonprofit leadership and her recent role as VP of Marketing Operations at Trusted Choice® since 2019. Additionally, WTW has expanded its Insurance Consulting & Technology division with the appointments of Scott Van Slyck as Senior Director of Technology Sales and Kate Gingras, JD, as Director of Strategy Execution.
Gallagher Re reports that in Q1 2025, U.S. commercial insurance premiums increased by 5.3%, a deceleration from 6.1% in Q3 2024 and 5.6% in Q4 2024, providing some relief to policyholders. Nevertheless, lines such as commercial auto and excess/umbrella liability continued to face steep double-digit rate hikes.
RSA appoints Tovah Grosscurth as Commercial Lines Managing Director | RSA Insurance
Tovah Grosscurth has been named Managing Director of RSA’s UK Commercial Lines division, reporting to CEO Ken Norgrove, effective immediately and pending regulatory approval. After 28 years with RSA, she succeeds Sonya Bryson and will oversee strategy, P&L, and performance for the Commercial Lines business while aiming to drive continued transformation.
Specialist Risk Group appoints Neil Nimmo
Specialist Risk Group (SRG) has appointed Neil Nimmo as CEO – UK to lead its Retail, Wholesale, and Underwriting operations, supporting the firm’s continued expansion following significant growth and surpassing £250 million in revenue. Nimmo, formerly CEO and Chairman at Lockton, brings over 17 years of leadership experience and will join SRG’s Operating Board and Group Executive Committee pending regulatory approval.
Swiss Re Corporate Solutions appoints Adrian Hall as CEO of United States
Swiss Re Corporate Solutions has appointed Adrian Hall as CEO of its United States market unit, effective June 1, 2025, as part of a broader effort to enhance client and broker responsiveness through a refined market structure. Based in New York, Hall will also join the U.S. executive committee to help drive growth and strengthen the company’s position in the commercial insurance market.
United Risk has promoted Hayden Smith to Regional CEO, where he will oversee operations across the EU, UK, and British Commonwealth, advancing the company's international expansion through its specialty lines divisions. Smith, based in London, brings a unique background in both sports and reinsurance, and will lead a growing network of underwriting teams focused on crisis, excess casualty, logistics, credit, and entertainment risks.
Vantage Risk Appoints James Gunson as Chief Claims Officer
Vantage Risk has named James Gunson as its new Chief Claims Officer, reporting to CEO Alex Blanco, where he will lead the claims organization with a focus on innovation, efficiency, and leveraging data-driven practices.
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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