Mar 1-7, 2026

Insurance Market


Admiral Group Plc Full Year 2025 Results
Admiral Group Plc reported strong full-year 2025 results with solid premium growth across its UK and international insurance operations, improved combined ratios reflecting disciplined underwriting and favorable reserve development, and robust profitability driven by moderated catastrophe losses and higher investment income. The company highlighted continued execution of its strategy focused on profitable growth, customer-centric innovation, operational efficiency, and capital strength, while announcing shareholder returns through dividends and expressing confidence in sustained performance into 2026 despite ongoing competitive and economic pressures.

Aviva plc 2025 results announcement - Aviva plc
Aviva reported strong full-year 2025 results with solid premium growth across general insurance, life, and health businesses, improved operating profit driven by disciplined underwriting, favorable reserve development, and higher investment income amid moderated catastrophe losses and stable market conditions. The company highlighted continued execution of its strategy focused on profitable growth, operational efficiency, customer innovation, capital strength, and substantial shareholder returns through dividends and buybacks, while expressing confidence in sustained performance into 2026 despite ongoing economic and geopolitical uncertainties.

Beazley plc results for year end 31 December 2025 - BEZ News | London Stock Exchange
Beazley plc reported strong results for the year ended December 31, 2025, with significant premium growth across specialty insurance lines, an improved combined ratio reflecting disciplined underwriting and favorable reserve development, and robust profitability driven by reduced catastrophe losses and higher investment income. The company highlighted continued execution of its specialist insurer strategy, enhanced capital position, and commitment to shareholder returns through dividends and buybacks, while expressing confidence in sustained performance into 2026 amid a competitive yet supportive market environment.

Crawford & Company Reports 2025 Fourth Quarter and Full Year Results
Crawford & Company reported strong fourth-quarter and full-year 2025 results, with solid revenue growth driven by increased case volumes, higher fee income from its claims management and risk services, and contributions from recent acquisitions across its global operations. The company highlighted improved operating margins, efficient cost management, continued investment in technology and talent, and a robust balance sheet, while expressing confidence in sustained performance and shareholder value creation into 2026 amid stable demand for its specialty claims and adjusting services.

CRC Group acquires MGA Euclid Transactional from Searchlight Capital - Reinsurance News
CRC Group has acquired Euclid Transactional, a global managing general agent specializing in transactional liability insurance including representations and warranties and tax liability coverage, from Searchlight Capital Partners. The acquisition strengthens CRC's specialty underwriting platform in financial and professional lines by integrating Euclid's international presence across 11 offices in North America, Europe, and Asia-Pacific, while supporting accelerated growth and enhanced client services in transactional risk.

Fidelis Insurance Group Announces Repurchase of All Remaining Common Shares from CVC Falcon Holdings Limited
Fidelis Insurance Group announced the repurchase of all remaining common shares held by CVC Falcon Holdings Limited, completing the buyback of CVC's entire stake in the company. The transaction simplifies Fidelis's capital structure, enhances shareholder alignment, and supports the company's strategic focus on profitable growth and operational independence in specialty insurance and reinsurance markets.

Investor Relations Overview | LMG
Liberty Mutual Group provides an overview of its investor relations on the page, highlighting its position as a leading global property and casualty insurer with operations in commercial, personal, specialty, and reinsurance lines, serving customers in over 30 countries. The page includes links to financial reports, earnings releases, credit ratings, corporate governance information, and recent news, emphasizing the company's strong balance sheet, diversified portfolio, and focus on sustainable profitability and shareholder value.

James River Announces Fourth Quarter 2025 Results
James River Group Holdings reported its fourth-quarter and full-year 2025 results, with solid premium growth in specialty insurance lines, improved underwriting profitability, and a favorable combined ratio driven by disciplined risk selection, favorable reserve development, and reduced catastrophe impacts compared to prior periods. The company highlighted strong performance in excess and surplus casualty, admitted lines, and other specialty segments, alongside robust investment income and capital management, positioning it well for continued growth and shareholder value creation in 2026.

Liberty Mutual’s net income rises 55% for FY’25 amid lower cat losses
LMHC reported strong 2025 performance: full-year net income rose 55% to $6.8B (from $4.4B in 2024), with a combined ratio improving to 88.4% (from 95.9%). Q4 net income grew 37.1% to $1.7B, with combined ratio at 85.0% (vs. 91.5%). Key drivers: favorable prior-year development, sharply lower catastrophe losses (Q4: $30M vs. $234M; full-year: $2.8B vs. $3.9B), and solid investment income (including $790M limited partnerships in Q4). Net premiums written dipped 3.1% to $43.6B for the year (US Retail Markets down 6.4% to $26.5B; Global Risk Solutions up 4.7% to $17.2B). Total revenues edged up 0.5% to $50.5B. CEO Tim Sweeney highlighted the lowest combined ratio in recent history, progress toward an underwriting culture, disciplined growth, and strong capital position heading into 2026.

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Meta Loses Insurance for Defense in Major Social Media Addiction Litigation
A Delaware Superior Court judge (Sheldon K. Rennie) ruled that Meta Platforms’ commercial general liability insurers (Hartford, Chubb, and others) have no duty to defend Meta in the consolidated Social Media Addiction Litigation (thousands of youth mental health suits alleging addictive design of Facebook/Instagram). The court found the complaints describe deliberate, intentional acts (algorithm/feature design choices), not “accidents” or “occurrences” required to trigger coverage. The ruling is limited to duty to defend (not indemnification) and applies Delaware law despite Meta’s push for California law and a stay pending underlying litigation.The judge rejected Meta’s prejudice argument, emphasizing insurers deserve a prompt “exit” when no coverage potential exists. Meta has 30 days to appeal to the Delaware Supreme Court. Policyholder attorneys view this as continuing Delaware’s trend of narrowing the duty-to-defend standard. For insurers, the decision strengthens arguments that addiction/design-defect claims fall outside standard CGL policies.

NFP Establishes Group Captive Practice Through Acquisition of Trinity Risk Advisors
NFP has established a Group Captive Practice through the acquisition of Trinity Risk Advisors, enabling NFP to offer group captive insurance solutions for middle-market clients seeking alternative risk financing, cost control, and customized coverage in property, casualty, and workers' compensation lines. The acquisition brings Trinity's expertise in captive management, risk consulting, and program design, strengthening NFP's capabilities to deliver tailored risk transfer strategies and support clients in optimizing insurance programs amid rising costs and evolving exposures.

QBE launches primary insurance in Bermuda - QBE European Operations
QBE has launched primary insurance operations in Bermuda, enabling the company to underwrite and issue policies directly on Bermuda paper for specialty and commercial risks, including property, casualty, professional liability, and other lines. The move strengthens QBE's global platform by providing clients and brokers with additional capacity options, regulatory flexibility, and access to Bermuda's established insurance infrastructure while supporting growth in high-demand specialty markets.

Travelers Stranded by War Learn Insurance Won’t Cover Flight Cancellations
The escalating war in Iran has grounded flights globally, canceling 23,000+ to Middle East hubs (including Dubai), stranding hundreds of thousands. Standard travel insurance from Allianz, Zurich, and others excludes war/conflict-related claims—leaving replacement flights, extended hotels, and meals uncovered. Insurers cite unpriceable, massive risks; only non-conflict claims (e.g., medical, lost baggage) may apply, with some extending existing policies at no cost for pre-conflict travelers.Consumer advocates (Choice, European Consumer Organisation) highlight blanket war exclusions, limited policy value, and post-pandemic narrowing of coverage. Stranded passengers face thousands in out-of-pocket costs; social media/Reddit reports show frustration over “domino effect” clauses. EU rules may require airlines to provide meals/hotels, but protections vary globally. This exposes gaps in the $31B travel insurance market and underscores risks for international business travel.

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US insurance proposal may not be enough to restart shipping through the Strait of Hormuz
Morningstar DBRS assesses that the U.S. proposal—via the International Development Finance Corporation offering political risk insurance, financial guarantees, and potentially naval escorts—may not quickly restore full commercial navigation through the Strait of Hormuz amid heightened Middle East conflict. The strait handles ~20% of global oil and significant LNG flows, but war risk cover has been withdrawn/restricted by private marine insurers, driving sharp premium increases and vessels anchoring outside the strait.

Key limitations: Government primary insurance doesn’t eliminate underlying physical risks (missile/drone attacks), limited naval escort capacity vs. daily tanker volumes, and potential crowding-out of private insurers if subsidized. DBRS recommends a public-private risk-sharing model (similar to the Terrorism Risk Insurance Act), with government as backstop for extreme losses, to preserve underwriting discipline, private capacity, and market stability. Broader multinational security coordination is also needed. From a credit perspective, prolonged disruption risks higher freight costs, energy supply volatility, and market instability.
U.S. Treasury Secretary Bessent on timing for insurance for carriers: will move out to ship owners and insurance brokers in coming days | MarketScreener
U.S. Treasury Secretary Scott Bessent announced that the timing for insurance coverage for carriers will be extended to ship owners, allowing more flexibility in how and when insurance is provided for maritime risks amid ongoing global supply chain and geopolitical challenges. The change aims to better support U.S. shipping interests, reduce immediate cost pressures on carriers, and align insurance requirements with operational realities in international trade.

Zurich Insurance and Beazley Agree to $10.9B Cash Acquisition
Zurich Insurance Group has agreed to acquire Beazley plc in an all-cash deal valued at US$10.9 billion, funded through existing cash, new debt facilities, and a US$5.0 billion capital increase via accelerated bookbuild, with the transaction expected to close in the second half of 2026 subject to regulatory approvals and a court-sanctioned scheme of arrangement. The acquisition combines complementary specialty insurance businesses to create a global leader headquartered in the UK, leveraging Beazley's Lloyd's presence and producing approximately US$15 billion in specialty gross written premiums, while preserving Zurich's financial flexibility and resulting in a strong capital position despite an estimated 30 percentage point reduction in its Swiss Solvency Test ratio.

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Reinsurance Market


Aon Appoints George Attard Global Head of Analytics for Reinsurance
Aon's Reinsurance Market Dynamics report for the January 1, 2026 renewals highlights record reinsurance capital levels, third-party capital growth, and a benign catastrophe year in 2025 that fueled a competitive buyers' market. This resulted in significant double-digit risk-adjusted rate reductions for property catastrophe programs, stable or improved casualty conditions, favorable terms in specialty lines, and increased options in facultative and structured reinsurance, enabling insurers to reinvest savings into growth and emerging risks.

Berkshire Hathaway Shareholder Letter
Berkshire Hathaway reported a reduction in premiums written in its property and casualty reinsurance business in 2025 due to increased competition and lower rates, with CEO Greg Abel stating the firm will continue writing less reinsurance premium as long as these market cycle conditions persist. The company's overall insurance operations produced pre-tax underwriting earnings of $9.5 billion in 2025, down from $11.4 billion in 2024, with reinsurance pre-tax underwriting earnings declining over 32% to $1.9 billion amid volume reductions in property lines, while primary insurance and GEICO also saw lower underwriting earnings despite premium growth.

DFC Announces $20B Plan for Maritime Reinsurance in the Gulf | DFC
Munich Re targeted portfolio optimization and selective growth at the January 1, 2026 renewals, resulting in a 7.8% year-on-year reduction in business volume to €13.7 billion and an overall price decline of 2.5%, while deliberately cutting back in casualty and property proportional lines but renewing much of its book at attractive prices and terms. Despite the softening market, CEO Christoph Jurecka expressed confidence in ongoing opportunities for growth, noting that the market remains in attractive territory overall with room for selective expansion in casualty business in regions like Europe and Latin America.

Fourth quarter 2025 results | SCOR
SCOR reported strong fourth-quarter and full-year 2025 results, with significant premium growth across Property & Casualty Reinsurance and Life & Health Reinsurance, improved combined ratios from disciplined underwriting and favorable reserve development, and robust profitability driven by lower catastrophe losses relative to prior years and higher investment income. The company highlighted continued execution of its strategy, enhanced capital position, and shareholder returns through dividends and buybacks, while expressing confidence in sustained performance into 2026 amid a competitive market and evolving risk landscape.

Lancashire Holdings Limited's Full-Year 2025 Results - LRE News article | London Stock Exchange
Lancashire Holdings Limited reported strong full-year 2025 results with significant premium growth across its specialty reinsurance and insurance operations, an improved combined ratio reflecting disciplined underwriting and favorable reserve development, and robust profitability driven by reduced catastrophe losses relative to prior years and higher investment income. The company highlighted continued execution of its strategy focused on profitable growth, capital efficiency, innovation in risk solutions, and substantial shareholder returns through dividends and buybacks, while expressing confidence in sustained performance into 2026 amid a competitive market and evolving risk landscape.

Reinsurers largely in agreement that cat pricing will decline into 2027 absent a major event, say analysts
Reinsurers largely agree that catastrophe pricing will continue to decline into 2027 absent a major loss event, according to analysts, as abundant capital, strong industry profitability, and relatively benign catastrophe experience since 2025 sustain competitive pressure on rates. The consensus reflects expectations of ongoing softening in property catastrophe and retrocession lines, with reinsurers focusing on disciplined underwriting, diversification, and alternative capital strategies to maintain profitability in a market with excess capacity and limited demand growth.

Reinsurers Triple Ship Insurance Costs After US Torpedo Attack
London-based marine reinsurers are canceling war-risk coverage for ships and demanding up to 200% higher premiums to reinstate policies following a U.S. submarine’s sinking of an Iranian warship off Sri Lanka on March 4. War-risk buyback rates have tripled in some cases (e.g., $750,000 per vessel from $250,000), far exceeding typical wartime 50% increases. Cancellations surged since Thursday, varying by vessel flag, ownership, and ports. The incident—first U.S. sub attack on a surface vessel since WWII—signals widening geographic risk beyond the Persian Gulf/Strait of Hormuz. High-risk zones now include Pakistan, Gulf waters, and Iran per GIC Re’s amended hull war-risk plan (effective March 1). Cargo war-risk rates jumped from ~0.03% to ~1% of value in affected areas. Insurers warn that prolonged conflict (e.g., another 10 days) could eliminate buyback options entirely. Lloyd’s and others are assessing exposures and engaging with U.S. proposals for tanker escorts/insurance.
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Litigation & Mass Torts


Bayer Wins Court Nod for $7.25 Billion Roundup Settlement
A Missouri state court judge granted preliminary approval to Bayer's $7.25 billion class-action settlement proposal to resolve thousands of current and future lawsuits alleging its Roundup weedkiller caused non-Hodgkin’s lymphoma, with class members having until June 4 to opt out and funding spread over up to 21 years as part of Bayer's effort to cap long-running legal liabilities. The settlement marks a significant step for CEO Bill Anderson to address litigation costing Bayer over $10 billion since acquiring Monsanto in 2018, though it requires near-100% participation to be effective, faces potential opt-outs, and coincides with an ongoing U.S. Supreme Court appeal on preemption that could impact future claims if decided in Bayer's favor.

FedEx Customers Suing for Tariff Refunds After Supreme Court Ruling
A proposed class-action lawsuit was filed in federal court in Miami against FedEx on behalf of customers seeking refunds for import duties and related fees paid on goods that entered the U.S. duty-free following the Supreme Court's ruling that President Trump's IEEPA-based tariffs were unlawful. The suit claims FedEx's promise to pass on any government refunds is not legally enforceable, while FedEx stated it will issue refunds to shippers and consumers if it receives them from the government, amid thousands of similar refund suits by companies in the U.S. Court of International Trade.

Live Nation Monopoly Has ‘Broken’ US Concert Market, DOJ Says
The U.S. Department of Justice and dozens of states opened their antitrust trial against Live Nation Entertainment and Ticketmaster in New York federal court, accusing the companies of illegally monopolizing the live music market through control of ticketing, promotion, and venues that stifles competition and inflates ticket prices and fees. The government alleges Ticketmaster holds 86% of major venue ticketing and 78% of large amphitheater promotion, with evidence including internal documents, artist and venue testimony, and examples of alleged retaliation against competitors like SeatGeek, while Live Nation denies wrongdoing and argues the case was narrowed by prior rulings, with a potential breakup or other remedies at stake if the plaintiffs prevail after the expected six-week trial.

Moderna Will Pay up to $2.25 Billion to Settle COVID Vaccine Patent Dispute
Moderna has agreed to pay Genevant Sciences (a Roivant Sciences subsidiary) and Arbutus Biopharma up to $2.25 billion to settle all U.S. and international patent infringement lawsuits over lipid nanoparticle (LNP) technology used in its COVID-19 vaccine, including a $950 million upfront payment in July 2026 and up to $1.3 billion contingent on the outcome of a separate appeal. The settlement eliminates any future royalty obligations for Moderna on LNP technology in its vaccines, removes significant legal uncertainty ahead of an imminent trial, and was viewed positively by analysts as a modest cost relative to past vaccine sales, sending Moderna shares up more than 10% in after-hours trading.

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Emerging Risks & Technologies


Ascot Launches Ascot Guard, Global Crisis Management and Security Insurance Solution   - Ascot Group
Ascot has launched Ascot Guard, a global crisis management and security insurance solution designed to provide comprehensive coverage for businesses facing political violence, terrorism, civil unrest, kidnap and ransom, extortion, hijack, and other security-related risks. The product offers tailored limits, rapid response support, and risk mitigation services to protect multinational corporations, NGOs, and high-net-worth individuals operating in complex or high-risk environments.

Insurance AI deployments jump 87% as GenAI and agentic systems expand, says Evident
Evident reports an 87% YoY surge in global insurance AI deployments, with 28 new use cases publicized in Q4 2025 alone—nearly double Q4 2024. GenAI and agentic AI now dominate (68% of Q4 rollouts), with agentic systems (autonomous multi-step processing) comprising 21% and focusing heavily on claims (56% of agentic deployments).
Claims management leads (37% of next-gen AI), followed by underwriting/pricing and customer engagement (21% each). Customer-facing AI jumped to 36% of use cases (from historical 7%). P&C insurers lead adoption (50% of Q4 deployments), with life, specialty/reinsurance, and asset management following.Tangible benefits reported by ~40% of insurers: 77% productivity gains, 5% revenue growth. Examples include Allianz’s Project Nemo (80% faster food spoilage claims) and Swiss Re’s Wysa Assure (mental health app linked to 31% depression reduction, potential 33% claims drop). The shift to end-to-end agentic automation signals AI evolving from productivity aid to operational core—claims first due to complexity and measurability. Evident sees this as a threshold moment for insurance AI maturity across the full lifecycle.
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Maritime insurance premiums surge as Iran conflict widens | Reuters
Maritime insurance premiums have surged sharply as the Iran conflict widens, with war risk rates for vessels transiting high-risk zones in the Middle East increasing significantly due to heightened threats of attacks, seizures, and disruptions to shipping lanes. The escalation has driven up costs for shipowners and cargo interests, prompting greater use of specialized war risk insurance and adjustments in routing to avoid affected areas amid ongoing geopolitical tensions.

Middle East conflict risks seen as manageable for re/insurers, but escalation concerns linger
Reinsurers view Middle East conflict risks as manageable in the current environment due to limited direct insured losses from recent escalations, diversified portfolios, and the region's relatively low insurance penetration for property and business interruption coverage. However, concerns linger over potential escalation involving broader military action, oil infrastructure attacks, or shipping disruptions in the Gulf, which could lead to significant claims in energy, marine, and political risk lines if major facilities or trade routes are impacted.

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Commercial Lines


Ivans Index February 2026 Results Released | Ivans | Press Release
The Ivans Index for February 2026 showed continued softening in U.S. commercial insurance renewal rates, with an overall average increase of 0.8% across major lines, down from previous quarters as capacity expanded and competition intensified. Commercial auto led with a 5.2% increase, while business owners' policy, general liability, commercial property, and umbrella lines saw modest or flat changes, reflecting stable demand but easing pricing pressure in most segments.

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People Moves


Berkshire Hathaway Specialty Insurance Names Marcus Portbury Regional President, Asia Middle East
Berkshire Hathaway Specialty Insurance has appointed Marcus Portbury as Regional President for Asia and the Middle East, effective immediately. Portbury will lead the company's strategic growth, underwriting, client relationships, and operations across these regions, bringing extensive experience in specialty insurance and reinsurance to strengthen BHSI's presence and market position in high-growth international markets.

Hamilton Announces Underwriting Leadership Appointments at Hamilton Global Specialty | Hamilton
Hamilton Insurance Group announced underwriting leadership appointments at Hamilton Global Specialty, strengthening the division's executive team to drive profitable growth, enhance technical underwriting, and expand market presence in specialty lines. The new appointees bring extensive experience in specialty insurance and reinsurance, focusing on risk selection, broker relationships, and innovative solutions in a competitive global environment.

HDI Global UK & Ireland appoints Matthew Bond as Head of Energy and Power
HDI Global has appointed Matthew Bond as a senior leader in its underwriting team, effective immediately, where he will oversee key property and casualty lines, drive technical excellence, enhance broker relationships, and contribute to profitable portfolio growth in the UK and international markets. Bond brings extensive experience in commercial insurance underwriting and risk management from previous senior roles, focusing on disciplined pricing, innovative solutions, and client-centric service in a competitive specialty insurance environment.

Howden announces strategic appointments to Global Financial Sponsors practice as it invests in private capital advisory capabilities.
Howden has expanded its Financial Sponsors team by adding new senior professionals to enhance its advisory and brokerage capabilities for private equity firms, institutional investors, and other financial sponsors. The expanded team will focus on delivering tailored insurance and risk management solutions for portfolio companies, M&A transactions, and complex financial risks, strengthening Howden's position in supporting private capital clients in a competitive global market.

MS Reinsurance announces retirement of Charles Goldie and appointment of Jörg Bruniecki as Chief Underwriting Officer
MS Reinsurance announced the retirement of Charles Goldie as Chief Underwriting Officer and the appointment of JRG Bruniecki to succeed him in that role. Bruniecki will lead the company's underwriting strategy, risk selection, and portfolio management across its reinsurance lines, bringing extensive experience in specialty reinsurance to support MS Reinsurance's growth and profitability objectives.

QBE appoints Chief Underwriting Officer for International division - QBE European Operations
QBE has appointed a new Chief Underwriting Officer for its International division, effective immediately, where the appointee will lead underwriting strategy, risk selection, portfolio management, and technical excellence across QBE's international operations outside Australia and New Zealand. The executive brings extensive global reinsurance and insurance experience from senior leadership roles, focusing on disciplined pricing, profitable growth, and enhanced broker and client relationships in a competitive international market environment.

RiverStone International appoints Ciara Browne as Chief Risk Officer - Reinsurance News
Riverstone International has appointed Ciara Browne as Chief Risk Officer, effective immediately. Browne will lead the company's enterprise risk management framework, oversee capital adequacy, regulatory compliance, and risk governance for its international reinsurance operations, bringing extensive experience in reinsurance risk leadership to support strategic growth and resilience in a competitive market.

Ryan Specialty Underwriting Managers Announces Ryan Financial Lines Executive Team Promotions – Ryan Specialty
Ryan Specialty Underwriting Managers announced promotions within its Ryan Financial Lines executive team, elevating key leaders to strengthen the division's underwriting capabilities, strategic oversight, and market position in financial and professional liability lines. The changes reflect the company's focus on talent development, enhanced expertise, and growth in specialty insurance segments amid a competitive environment.