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Insurance Market
Best’s Research | Insurance Industry Research from AM Best
AM Best’s research page provides insurance industry insights through special reports, market segment outlooks, analytical briefings, and rankings, focusing on financial results, profitability trends, and sector analyses. Recent highlights from March–April 2026 include reports on 2025 US life/annuity financial results showing the highest net income in five years, stable outlooks for London Market insurance and US commercial property, a negative outlook for US commercial auto due to loss cost trends, and a stable outlook for US personal auto supported by rate adequacy.
Farmers Insurance Plans Historic, Rapid Expansion of Agency Force
Farmers Insurance plans to appoint nearly 1,700 new agency owners over the next year, one of the largest single-year expansions in its history. The drive includes a new Elite Owner Program targeting high-net-worth individuals with at least $500,000 in capital, offering enhanced support, priority service, and stronger financial incentives for rapid scaling. New agent appointments are already up 34% year-to-date. The initiative aims to accelerate organic growth, revitalize the distribution network, and expand reach in key markets under improved conditions.
M&A mega deals hit record high in Q1'26: WTW
WTW reports that M&A mega-deals in the insurance sector hit a record high in Q1 2026, driven by strategic consolidation, digital transformation needs, and opportunities in specialty and emerging lines amid favorable market conditions. The surge in large-scale transactions reflects increased appetite from both strategic buyers and private equity for scale, technology capabilities, and diversification in a competitive global insurance landscape.
Optio Group acquires builder’s risk MGA Gardian Marine Limited
Optio Group has acquired Guardian Marine Limited, a managing general agent specializing in builders risk insurance, to expand its capabilities in the construction and property insurance sector. The acquisition strengthens Optio’s specialty MGA platform by adding Guardian’s underwriting expertise, broker relationships, and product offerings in builders risk coverage, supporting further growth in targeted insurance lines.
P&C profitability nears peak amid rising competition and strong balance sheets, says Moody's
Moody’s reports that U.S. property and casualty insurers achieved near-peak profitability in 2025, supported by strong underwriting results, reduced catastrophe losses, and higher investment income, leading to robust balance sheets and improved capital positions. However, rising competition, softening rates, and persistent social inflation in casualty lines are expected to moderate profitability in 2026, with combined ratios likely to rise and premium growth to slow.
Reinsurance Market
First View: Rethinking the Art of the Possible | GallagherRe
Gallagher Re’s First View report on the January 1, 2026 reinsurance renewals describes a highly competitive buyers’ market with abundant capacity leading to significant double-digit risk-adjusted rate reductions across property, specialty, cyber, and international casualty lines. The report notes that buyers prioritized price optimization and structural improvements over expanded coverage, while reinsurers maintained discipline on peak peril aggregation and focused on long-term client relationships amid ongoing market softening.
GIFT City’s insurance and reinsurance premium ecosystem has grown to $1.2 billion, reflecting rapid expansion in the International Financial Services Centre and increasing interest from global insurers and reinsurers establishing operations there. The growth is driven by regulatory incentives, tax advantages, and the platform’s ability to facilitate cross-border risk transfer, positioning GIFT City as an emerging hub for international insurance and reinsurance activities in India.
Howden Re: 1 April renewals reflect continued softening, insulated from Middle East volatility
Howden Re reports that the 1 April 2026 reinsurance renewals reflected continued softening across most lines, with abundant capacity and limited catastrophe activity driving further rate reductions, particularly in property and retrocession, while terms and conditions remained stable or slightly improved for buyers. The Middle East conflict added some volatility and selective capacity tightening for energy and marine risks, but overall the market remained competitive and well-supplied, with reinsurers focusing on disciplined underwriting and diversification to protect margins in a softening environment.
Record $785B Reinsurance Capital at April 1 Renewal Drives Insurer Growth Ambitions | Aon
Aon’s Reinsurance Market Dynamics April 2026 Renewal report states that global reinsurance capital reached a record $785 billion at the April 1 renewal, enabling insurers to purchase higher limits and secure double-digit risk-adjusted rate reductions, particularly in key Asia Pacific markets. Reinsurers achieved an average return on equity of 17% for the third consecutive year, supporting a competitive buyers’ market where demand increased by approximately 10% and buyers optimized program structures amid abundant capacity from both traditional and alternative sources.
Reinsurance at the forefront as Iran conflict drives global energy shock: Peak Re - Reinsurance News
Reinsurance is at the forefront of managing the global energy shock triggered by the Iran conflict, with heightened exposure in marine, energy, and property lines due to potential attacks on oil infrastructure, shipping disruptions in the Strait of Hormuz, and secondary supply chain impacts. Peak Re highlights that while insured losses remain contained so far due to low penetration in the region, a prolonged conflict or escalation could significantly stress reinsurance capacity and pricing, underscoring the need for robust aggregation management and scenario planning in volatile geopolitical environments.
Litigation & Mass Torts
BofA to Pay $72.5 Million to Settle Epstein Victim Lawsuit
Bank of America agreed to pay $72.5 million to settle a proposed class-action lawsuit brought by Jeffrey Epstein victims accusing the bank of aiding sex-trafficking through accounts allegedly used by Epstein’s co-conspirators, associates, and victims. The settlement, which does not include an admission of wrongdoing, was presented to Judge Jed Rakoff for approval and follows prior deals with JPMorgan Chase ($290 million) and Deutsche Bank ($75 million), while allowing Apollo co-founder Leon Black to avoid a scheduled deposition in the case.
Epstein Survivor Sues US, Google Over Release of Personal Data
A woman identified as Jane Doe 1 filed a proposed class-action lawsuit in California federal court against the U.S. Department of Justice and Google, alleging the DOJ violated the Privacy Act by releasing unredacted Epstein files containing victims’ personal identifying information and that Google exacerbated the breach by indexing, caching, and surfacing the data through its search and AI Mode features. The suit claims the government’s “release now, retract later” approach and Google’s failure to remove or de-index the materials have caused ongoing privacy harm, seeking damages, class certification, and an order requiring Google to remove the offending content.
Jury verdicts against Meta and Google spotlight evolution of liability risk
A Los Angeles jury found Meta and Google liable in the first major trial of its kind, awarding damages to a 20-year-old woman who alleged her addiction to Instagram and YouTube caused severe mental health harm. The verdict highlights the evolving liability risk for social media platforms from claims of addictive design targeting minors and underscores the potential for significant financial exposure across thousands of similar pending lawsuits.
Lawsuit Alleges Microbetting Product by DraftKings, FanDuel, NFL Leads to Addiction
A proposed class-action lawsuit was filed in Philadelphia against DraftKings, FanDuel, Genius Sports, and the NFL, alleging that their live in-game microbetting products are inherently dangerous because they use AI, algorithms, and immersive marketing to deliberately maximize betting behavior and lead to addiction. The plaintiffs claim the platforms, with data supplied by Genius Sports and the NFL, caused severe financial, physical, and emotional harm including massive gambling losses, depression, anxiety, and suicidal ideation, seeking damages under Pennsylvania consumer protection and product liability laws.
Commercial Lines
Arch Insurance North America Expands Primary Cyber Insurance Offerings to Canada
Arch Insurance North America has expanded its primary cyber insurance offerings to Canada, providing tailored coverage for Canadian businesses facing growing cyber risks including data breaches, ransomware, and business interruption. The launch strengthens Arch’s North American specialty platform by delivering comprehensive cyber solutions with local underwriting expertise and claims support to meet the specific regulatory and market needs of Canadian clients.
Lockton Update: Opportunity through precision - March 2026
Lockton’s March 2026 market update reports continued softening in most commercial insurance lines due to increased capacity and competition, with property rates stabilizing or declining modestly while casualty and specialty segments face ongoing pressure from social inflation and claims severity. The report notes that carriers remain selective on risk quality and attachment points, with cyber and financial lines showing more stability amid heightened awareness of emerging risks and regulatory developments.
Patriot Announces John Galaviz as Chief Executive Officer
Patriot Growth Insurance Services has appointed John Galaviz as Chief Executive Officer, effective immediately. Galaviz will lead the company’s strategic direction, growth initiatives, and operational execution across its specialty insurance platform, bringing extensive leadership experience in insurance brokerage and distribution to support continued expansion and client service excellence.
Scaling for growth: Orvia strengthens leadership with key appointments
Orvia Underwriting has strengthened its leadership team with several key appointments to support its growth ambitions and enhance operational capabilities across its specialty insurance lines. The new hires bring significant expertise in underwriting, risk management, and business development to help drive strategic expansion and maintain high standards of service in a competitive market.
Willis launches new facility to address limited umbrella
Willis has launched a new facility to address limited umbrella capacity in the U.S. casualty market, providing additional excess liability coverage options for commercial clients facing capacity constraints and rising attachment points. The initiative aims to deliver more stable and competitive capacity for large and complex casualty risks through a dedicated structure supported by strong insurer partners.
Emerging Risks & Technologies
AIG CEO doubles down on AI strategy amid complex risk landscape
AIG CEO Peter Zaffino has doubled down on the company’s AI strategy, emphasizing its role in enhancing underwriting, claims processing, risk modeling, and operational efficiency amid an increasingly complex risk landscape. The initiative aims to leverage advanced data analytics and artificial intelligence to improve decision-making, manage emerging risks, and deliver better outcomes for clients in a competitive global insurance market.
Business Black Swans | Allianz Commercial
Allianz has published a report on business black swans, identifying emerging risks that could cause sudden and severe disruptions to companies, including AI-related systemic failures, cyber-physical attacks on critical infrastructure, supply chain contagion from geopolitical tensions, and rapid climate-driven shifts in regulatory and physical risk. The analysis emphasizes the need for businesses to enhance scenario planning, resilience measures, and insurance strategies to better prepare for these low-probability, high-impact events that traditional risk models may understate.
Cyber Claim Severity Nearly Doubled for Large Businesses, Chubb Says
Chubb’s 2026 Cyber Claims Report shows that average cyber insurance claim severity for large accounts in the U.S. nearly doubled in 2025, reaching about $4.4 million from roughly $2.2 million in 2024, driven by higher business interruption expenses and rising costs of data breach and privacy litigation. While severity remained stable or declined in the SME segment, middle-market severity increased from about $619,000 to $759,000, with claim frequency decreasing across large and middle-market accounts but remaining low and stable for SMEs.
The U.S. International Development Finance Corporation (DFC) and Chubb have announced additional American reinsurance partners and expanded the Gulf Maritime Insurance Facility to $40 billion in total coverage capacity. The enhanced facility aims to restore confidence in shipping through the Strait of Hormuz by providing broader hull, machinery, and cargo insurance support amid ongoing conflict-related risks and elevated war premiums in the region.
SCOR backs Louisiana green hydrogen plant as part of energy transition push
SCOR has provided reinsurance support for a green hydrogen production plant in Louisiana as part of its broader push to back energy transition projects and promote sustainable infrastructure. The facility, which uses renewable energy to produce low-carbon hydrogen, represents a strategic investment for SCOR in supporting the shift toward cleaner energy sources while expanding its role in financing and de-risking large-scale environmental initiatives.
SMBs Particularly Exposed to Rise in Privacy Litigation, Report Says
Small-and medium-sized businesses face growing cyber privacy litigation risk from everyday website tracking and digital wiretapping, with cases rising sharply from hundreds to over 2,000 annually as plaintiffs use legal frameworks that do not require proof of financial harm. KYND’s report highlights that about 18% of North American organizations have tracking technologies operating without visible user consent, with SMBs particularly vulnerable due to common default tools and limited technical resources, creating scalable, high-frequency, low-severity claims that can accumulate into significant portfolio losses for insurers.
People Moves
Gen Re Announces Appointment of Nancy Roos to Executive Board of General Reinsurance AG
Gen Re has appointed Nancy Roos to the Executive Board of General Reinsurance AG, effective immediately. Roos will contribute her extensive expertise in underwriting, risk management, and strategic leadership to strengthen the company’s global reinsurance operations and support continued profitable growth.
H.I.G. Capital Expands Insurance Capabilities with the Addition of Clark Jeffries and Gary Droscoski
HIG Capital has expanded its insurance capabilities with the addition of Clark Jeffries and Gary Droscoski to its insurance investment team. Jeffries and Droscoski will focus on sourcing, evaluating, and executing insurance-related investments, bringing extensive industry experience to strengthen HIG’s platform in the insurance sector.
Liberty Mutual Insurance has announced a new leadership structure to better align its global risk and capital capabilities, with key executive appointments aimed at enhancing enterprise risk management, capital optimization, and strategic coordination across its international operations. The changes are designed to improve decision-making, strengthen balance sheet resilience, and support profitable growth in a complex and evolving risk environment.
Markel Insurance appoints James Shankland as Head of Ocean Cargo, U.S.
Markel Insurance has appointed James Shankland as Head of Ocean Cargo for the U.S., where he will lead the company’s ocean cargo underwriting strategy, broker relationships, and portfolio growth in marine insurance. Shankland brings extensive experience in ocean cargo and marine underwriting from prior senior roles, focusing on technical excellence and delivering tailored solutions for clients in a competitive global marine market.
SiriusPoint announces changes to Board of Directors
SiriusPoint announced changes to its Board of Directors, including the appointment of new independent directors and adjustments to existing roles to strengthen governance and strategic oversight. The updates reflect the company’s commitment to enhancing board expertise and supporting long-term value creation in its reinsurance and insurance operations.
Ted Moynihan named President, CEO of Marsh Management Consulting and Oliver Wyman
Marsh McLennan has appointed Ted Moynihan as President and CEO of Marsh Management Consulting and Oliver Wyman, effective immediately. Moynihan will lead the strategy and operations of both firms, focusing on delivering integrated risk, strategy, and management consulting solutions to clients globally while driving growth and innovation across the consulting businesses.
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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