Alan Gray Selected to Provide Run-Off Administration Services for ECRA and CMC Reinsurance Pools
Weekly Articles
Insurance Market
AIG Announces the Sale of Its Remaining Stake in Corebridge Financial, Inc.
AIG has agreed to sell its remaining 20.2 percent stake in Corebridge Financial to a consortium led by Blackstone, Nippon Life, and other investors in a transaction valued at approximately 3.1 billion dollars. The sale completes AIG's multi-year separation of its life and retirement business and is expected to close in the third quarter of 2026 subject to regulatory approvals and other customary conditions.
ATC Insurance Solutions Acquires Frontier Global Underwriting - ATC Insurance Solutions
ATC Insurance Solutions has acquired Frontier Global Underwriting, a specialist Financial Lines MGA and London Market wholesale broking group founded in 2019, along with its Bastion Risk Partners arm. The deal strengthens ATC's international underwriting capabilities in Financial Lines, Cyber, D&O, PI, and Emerging Markets while allowing Frontier's founders Sophie Fraser and Joel Pridmore to continue leading the business.
AXA reported gross written premiums and other revenues of 38.0 billion euros in the first quarter of 2026 up 6 percent from the prior year with Property and Casualty premiums rising 4 percent to 21.5 billion euros and Life and Health premiums increasing 8 percent to 16.5 billion euros. The group delivered balanced growth across retail and commercial lines while maintaining a strong Solvency II ratio of 211 percent and remains on track to achieve underlying earnings per share growth at the upper end of its 6 to 8 percent target range for 2026.
Berkshire, Cyber Risk and the Strait of Hormuz: Insurability Hinges on Price
At the 2026 Berkshire Hathaway annual meeting, Ajit Jain stated that the company would underwrite marine war risk for ships in the Strait of Hormuz at the right price and has taken a small participation in a related program while awaiting final terms including naval escorts. Jain expressed continued caution on cyber insurance due to aggregation modeling challenges and softening premiums but noted Berkshire is actively using AI as a productivity tool to review more risks efficiently while maintaining that human judgment remains essential for complex underwriting and claims decisions.
Berkshire Hathaway 2026 First Quarter Report
Berkshire Hathaway reported net earnings attributable to shareholders of 10.106 billion dollars in the first quarter of 2026 compared with 4.603 billion dollars in the prior year driven by strong operating performance and investment results. Insurance premiums earned rose to 22.005 billion dollars while the insurance and reinsurance businesses contributed solid underwriting earnings supported by lower catastrophe losses in the quarter.
Bowhead Specialty Holdings Inc. Reports First Quarter 2026 Results
Bowhead Specialty Holdings reported gross written premiums of 216.7 million dollars in the first quarter of 2026, a 24 percent increase from the prior year, driven by strong growth in Casualty, Healthcare Liability and its digital Baleen platform. The company delivered net income and adjusted net income of 16.0 million dollars or 0.48 dollars per diluted share with a combined ratio of 95.3 percent and a return on equity of 14.1 percent.
CNA Financial reported first-quarter 2026 net income of 211 million dollars or 0.78 dollars per share and core income of 225 million dollars or 0.83 dollars per share. Property and casualty operations delivered core income of 248 million dollars with net written premiums up 1 percent to 2.62 billion dollars while the combined ratio rose to 102.2 percent including 4.1 points of unfavorable prior period development and an underlying combined ratio of 94.5 percent.
Crawford & Company Reports 2026 First Quarter Results
Crawford & Company reported revenues before reimbursements of 309.5 million dollars in the first quarter of 2026, down 1 percent from the prior year, with net income of 4.9 million dollars or 0.10 dollars per diluted share compared to 6.7 million dollars or 0.13 dollars per share in 2025. The company saw mixed results with revenue growth and margin improvement in International Operations offset by lower claims activity in U.S. Property & Casualty due to benign weather while winning nearly 24 million dollars in new business.
IGI Reports First Quarter of 2026 Unaudited Financial Results
International General Insurance Holdings (IGI) reported gross written premiums of 197.2 million dollars in the first quarter of 2026 and underwriting income of 37.7 million dollars with a combined ratio of 89.1 percent. The company achieved core operating income of 24.4 million dollars and a 14.3 percent core operating return on average equity while returning nearly 65 million dollars to shareholders through repurchases and dividends despite impacts from Middle East war losses.
Intact Financial Corporation reports Q1-2026 results - May 5, 2026
Intact Financial Corporation reported net operating income per share of 4.33 dollars up 8 percent and net income per share of 4.12 dollars in the first quarter of 2026 while maintaining a strong combined ratio of 91.3 percent. Operating direct premiums written grew 4 percent to 5.6 billion dollars driven by improvements in commercial and specialty lines alongside continued strength in personal lines with operating ROE at 19.4 percent and book value per share rising 13 percent to 108.78 dollars.
James River Announces First Quarter 2026 Results | James River Group Holdings
James River Group reported a net loss available to common shareholders of 10.9 million dollars or 0.23 dollars per share in the first quarter of 2026 compared with net income of 7.6 million dollars or 0.16 dollars per share in the prior year quarter while adjusted net operating income was 5.8 million dollars or 0.12 dollars per share. The company posted gross written premium of 236.4 million dollars with a consolidated combined ratio of 104.6 percent that was impacted by 6.7 million dollars of reinsurance reinstatement premiums on one E&S claim while Excess and Surplus lines showed modest growth in active casualty business and general and administrative expenses declined 10.5 percent.
Liberty Mutual Insurance Reports First Quarter Results
Liberty Mutual reported first quarter 2026 net income of 1.1 billion dollars and core income of 1.2 billion dollars with revenues of 13.4 billion dollars up 4 percent from the prior year. The company achieved a consolidated combined ratio of 90.7 percent including a strong underlying combined ratio of 87.5 percent while growing written premium 3 percent with solid performance across both Personal and Global Specialty segments.
Octave Specialty Group Reports First Quarter 2026 Results
Octave Specialty Group reported total P&C premium production of 531 million dollars in the first quarter of 2026, up 66 percent year over year, with Insurance Distribution revenue growing 92 percent to 79 million dollars including the ArmadaCare acquisition and 42 percent organic growth. The Specialty P&C segment (Everspan) posted gross premiums written of 104 million dollars up 19 percent and net premiums written of 32 million dollars up 80 percent while the company overall swung to a smaller net loss and significantly higher adjusted EBITDA.
Sampo Group reported strong first-quarter 2026 results with insurance revenue up 8 percent to 2,363 million euros and underwriting result up 10 percent to 368 million euros on a like-for-like basis. The group achieved a combined ratio of 84.4 percent and raised its full-year 2026 underwriting result guidance to 1,525-1,625 million euros while announcing a new 350 million euro share buyback program.
Scenario and Sensitivity Analysis: Charts Show Gl | S&P Global Ratings
S&P Global Ratings stress tests show that most rated global insurers and reinsurers could withstand a hypothetical 1-in-250-year natural catastrophe event while maintaining ratings in the same category with average capital redundancy of around 24 percent among the top 50 groups. Even under more extreme 1-in-500-year scenarios the sector demonstrates overall resilience although weaker diversification and higher exposure concentrations create greater strain in some cases amid persistently elevated catastrophe losses.
Skyward Group Reports First Quarter 2026 Results | Skyward Specialty Insurance
Skyward Group reported first quarter 2026 net income of 49.7 million dollars or 1.09 dollars per diluted share and operating income of 56.8 million dollars or 1.25 dollars per diluted share. The company delivered gross written premiums of 667.7 million dollars up 9.9 percent a combined ratio of 89.5 percent and an ex-cat combined ratio of 87.7 percent with annualized operating return on equity of 20.3 percent and book value per share rising 10 percent to 27.50 dollars.
SiriusPoint reported first-quarter 2026 net income of 100 million dollars or 0.82 dollars per diluted share with an annualized return on equity of 17.4 percent and operating return on equity of 15.3 percent. The company achieved a core combined ratio of 88.9 percent that improved 6.5 points year over year driven by lower catastrophe losses while growing Insurance and Services gross written premiums 8 percent and maintaining discipline in reinsurance where premiums declined 10 percent.
The Baldwin Group Announces First Quarter 2026 Results
The Baldwin Group reported first quarter 2026 revenue of 1.07 billion dollars, up 18 percent year over year, with organic growth of 9 percent. The company achieved adjusted EBITDA of 177 million dollars and continued strong performance across its retail, wholesale, and binding authority businesses while advancing its acquisition strategy and technology initiatives.
White Mountains Reports First Quarter Results | White Mountains Insurance Group
White Mountains Insurance Group reported book value per share of 2,170 dollars as of March 31 2026 down 1 percent in the first quarter including dividends due to a mark-to-market decline in its MediaAlpha investment that offset solid operating results. Its Ark/WM Outrigger insurance and reinsurance segment posted a strong 91 percent combined ratio and 1.091 billion dollars in gross written premiums while Kudu HG Global and Distinguished also contributed positively to results.
Reinsurance Market
Greenlight Re Announces Financial Results for First Quarter
Greenlight Re reported net income of 35.8 million dollars or 1.05 dollars per diluted share in the first quarter of 2026 with a combined ratio that improved to 96.0 percent from 104.6 percent and net underwriting income of 6.2 million dollars versus a prior year loss. Gross premiums written declined 8 percent to 227.9 million dollars while fully diluted book value per share rose 4.7 percent to 21.40 and the company repurchased 5 million dollars of shares in the quarter plus an additional 9.5 million dollars in April.
Iran escalates aggression on shipping as 'Project Freedom' underway :: Lloyd's List
Iran has escalated threats and attacks against commercial shipping as the US-led Project Freedom operation begins with Iran declaring large areas around the Strait of Hormuz closed and urging vessels to leave while at least four attacks have been reported since Sunday. The developments heighten war risk exposure for hull, cargo and liability covers in the marine insurance and reinsurance markets amid ongoing disruption in the critical waterway.
MS Amlin launches property treaty consortium | MS Amlin
MS Amlin has launched a new property treaty consortium to provide additional capacity and enhanced solutions for clients in the global reinsurance market. The initiative leverages the company's underwriting expertise and market presence to deliver diversified property reinsurance cover with a focus on disciplined risk selection and long-term client partnerships.
Peak Re reported a net profit after tax of 189.5 million dollars for 2025 with gross written premiums rising 25 percent to 2.20 billion dollars and reinsurance revenue up 32.8 percent to 1.54 billion dollars. The Hong Kong-based reinsurer achieved a strong reinsurance service result of 162.9 million dollars, a record investment return of 201.3 million dollars, and declared its first dividend of 30 million dollars while expanding into North America and India and completing leadership transition to new CEO Victor Kuk.
Reinsurance Market Report: Results for Full-Year 2025 | GallagherRe
Gallagher Re's full-year 2025 Reinsurance Market Report shows a resilient global reinsurance sector with disciplined underwriting, strong capital levels, and moderating but still positive rate conditions despite elevated catastrophe activity in some regions. The report highlights continued differentiation between high-quality and marginal risks, robust investor appetite for the sector, and a market that remains attractive for cedents seeking stable capacity while reinsurers maintain focus on technical pricing and portfolio optimization.
SCOR First quarter 2026 results
SCOR reported net income of 225 million euros (220 million euros adjusted) in the first quarter of 2026 with an annualized return on equity of 21.7 percent. P&C delivered an excellent 80.2 percent combined ratio on 1.812 billion euros of insurance revenue supported by benign natural catastrophe activity and continued buffer building while L&H produced a 107 million euro insurance service result and investments yielded a 3.6 percent regular income with the group solvency ratio rising to 220 percent.
Swiss Re delivers a net income of USD 1.5 billion for the first quarter | Swiss Re
Swiss Re delivered a strong first-quarter 2026 net income of 1.5 billion dollars, up 19 percent year over year, with a return on equity of 23.6 percent driven by solid contributions from all business units, low natural catastrophe losses, and strong investment results. P&C Reinsurance achieved a 79.5 percent combined ratio and 754 million dollars net income while Corporate Solutions posted an 85.1 percent combined ratio and Life & Health Reinsurance contributed 491 million dollars net income with the group maintaining a robust SST ratio of 252 percent.
Litigation & Mass Torts
Federal Judge Has 'Grave Concerns' About Missouri Roundup Deal
A federal judge in San Francisco expressed grave concerns about Bayer's proposed 7.25 billion dollar class-action settlement in Missouri for Roundup lawsuits questioning whether it can properly bind future claimants outside the state and criticizing several of its terms. U.S. District Judge Vince Chhabria declined to block the deal but signaled he may revisit the issue if challenged in his court while Bayer remains optimistic about approval in Missouri state court as it also awaits a key U.S. Supreme Court ruling on failure-to-warn claims.
JPMorgan Tried to Settle Sexual Assault Claims Before Lawsuit, Spokesperson Says
JPMorgan Chase offered 1 million dollars to settle sexual assault and racial harassment claims with a former investment banker before he filed suit but the plaintiff rejected the offer and is seeking more. The lawsuit filed in New York state court alleges the banker was coerced into non-consensual sex acts and subjected to racial slurs by a senior leveraged finance executive while JPMorgan says it found no merit to the claims after an internal investigation and the executive denies any sexual or romantic relationship.
Major Publishers Sue Meta for Copyright Infringement Over AI Training
Major publishers including Elsevier, Cengage, Hachette, Macmillan and McGraw Hill, along with author Scott Turow, sued Meta Platforms in Manhattan federal court alleging the company pirated millions of copyrighted books, textbooks, scientific articles and novels to train its Llama AI model without permission. The proposed class action seeks damages and class certification while Meta defended the use as fair use for AI training, marking the latest in a growing wave of copyright lawsuits against AI developers.
Meta Asks California Judge to Throw out Landmark Social Media Addiction Verdict
Meta Platforms has asked a Los Angeles judge to overturn a jury verdict that held the company liable for a young woman's depression and awarded 4.2 million dollars in damages over claims that its platforms were designed to be addictive. Meta argued that Section 230 of the Communications Decency Act shields it from liability because the claims relate to user-generated content rather than platform design while noting this case served as a bellwether for thousands of similar social media addiction lawsuits.
New Mexico Seeks $3.7B, Changes to Meta Platforms in Youth Harm Trial
New Mexico is seeking 3.7 billion dollars in damages plus major changes to Meta's Facebook, Instagram, and WhatsApp platforms in the second phase of its youth harm lawsuit after a jury previously awarded 375 million dollars for consumer protection violations. The state wants the court to declare the platforms a public nuisance and order remedies such as age verification, algorithm redesign for minors, and removal of autoplay and infinite scroll features while Meta argues the requested changes represent regulatory overreach.
New York Times Sued by Employment Agency Over Diversity Goals
The U.S. Equal Employment Opportunity Commission sued The New York Times in Manhattan federal court accusing the newspaper of discriminating against a white male candidate by passing him over for a top editorial position in favor of a less-qualified candidate to meet diversity goals. The lawsuit alleges violations of Title VII of the Civil Rights Act of 1964 and reflects the EEOC's shifting enforcement priorities under the current administration.
Commercial Lines
Amwins Completes Acquisition of NARDAC to Create Energy, Power and Infrastructure Practice
Amwins has completed the acquisition of NARDAC, a specialist energy and infrastructure broker in which it initially invested in 2020, and has integrated the business into its existing Energy practice now rebranded as the Energy, Power and Infrastructure practice. The enlarged platform places more than 1 billion dollars in annual premium across traditional energy, renewables, power technologies, battery storage, community solar and converged infrastructure risks while operating across the US and London.
DP WORLD LAUNCHES END-TO-END CARGO WAR RISK INSURANCE FOR MIDDLE EAST TRADE
DP World has launched a comprehensive end-to-end cargo war risk insurance solution for shipments in the Middle East trade corridor covering physical loss or damage from war, strikes, riots, and civil commotions across the full supply chain from origin to destination. The product addresses heightened geopolitical risks in the region particularly around the Strait of Hormuz and provides shippers and traders with greater certainty and continuity of coverage in a volatile environment.
Howden Re publishes Filtered for quality: a refined view of Europe's MGA market | Howden Re
Howden Re's latest European MGA report "Filtered for Quality" estimates the market reached approximately 23 billion dollars in gross written premium in 2025, up 15 percent year-on-year and outpacing both the US MGA market and the wider US P&C sector. The analysis shows increasing concentration among established independent MGAs with scale while highlighting uneven regional growth, accelerating consolidation at the top, a wave of new quality entrants, and more selective valuations that favour diversified platforms with sustainable earnings.
The Baldwin Group's Q1 2026 Market Pulse Report shows the commercial insurance market becoming increasingly fragmented with commercial property rates declining a record 7.1 percent while key casualty lines maintained or accelerated upward pressure including general liability at plus 6.1 percent umbrella at plus 8.2 percent and commercial auto at plus 5.7 percent. This divergence driven by abundant property capacity versus ongoing litigation and severity issues in casualty lines signals a shift toward more line-specific and risk-quality-based pricing where data and analytics are critical for optimizing renewal outcomes.
Emerging Risks & Technologies
Global InsurTech Report for Q1 2026 | GallagherRe
Gallagher Re's Global InsurTech Report for Q1 2026 shows global funding held steady at 1.63 billion dollars slightly below the prior quarter but marking one of the strongest consecutive periods since 2022. AI-focused companies dominated the quarter capturing a record 95.2 percent of total funding or 1.55 billion dollars across 68 deals while early-stage investment rose sharply and cyber and AI liability themes drove significant activity.
Howden acquires Cybeta platform to deliver enhanced cyber insurance solutions for US Clients
Howden has acquired Cybeta, a leading US-based cyber analytics and underwriting platform, to significantly enhance its cyber insurance capabilities for clients across the United States. The acquisition integrates Cybeta's advanced cyber risk intelligence, data analytics, and underwriting technology into Howden's global platform enabling more precise risk assessment, faster placement, and improved prevention and response services for cyber exposures.
Partnership with Coalition | Allianz Commercial
Allianz Commercial has formed a strategic partnership with Coalition, a leading cyber insurance and security company, to offer enhanced cyber risk management and insurance solutions to mid-sized and large businesses across key European markets. The collaboration combines Allianz's global insurance expertise with Coalition's advanced cyber risk intelligence, underwriting capabilities, and prevention tools to deliver more comprehensive protection and proactive risk mitigation services.
People Moves
Atrium has appointed Naveed Haque as Head of Casualty Reinsurance to develop and grow its casualty reinsurance portfolio with a focus on sustainable expansion. Haque brings 22 years of industry experience including nearly a decade at RenaissanceRe in casualty treaty business and prior roles at Liberty Specialty Markets, Atrium and Aspen.
Berkshire taps Charlie Shamieh to succeed Ajit Jain as insurance chief, WSJ reports | Reuters
Berkshire Hathaway has selected Gen Re Chairman Charlie Shamieh as the successor to longtime insurance leader Ajit Jain. Shamieh, a veteran insurance executive who previously held leadership roles at AIG, will take over Berkshire's vast insurance and reinsurance operations when the 74-year-old Jain retires.
BPL appoints Emilia Levett as Chief Operating Officer - BPL
BPL Insurance has appointed Emilia Levett as Chief Operating Officer. Levett brings extensive experience in insurance operations and will be responsible for overseeing BPL's operational strategy, driving efficiency, and supporting the company's continued growth and service excellence across its specialist marine and energy insurance business.
Everest Appoints Lisa Davis to Lead North America Wholesale & Specialty Business | Everest
Everest has appointed Lisa Davis to lead its North America Wholesale and Specialty business. Davis, who brings more than 25 years of experience in wholesale and specialty insurance, will be responsible for driving growth and strategic execution across Everest's North American wholesale platform and specialty lines.
Markel Insurance appoints Raphael Da Costa to lead U.S. cyber and tech E&O portfolio
Markel Insurance has appointed Raphael Da Costa to lead its U.S. cyber and technology errors and omissions portfolio. Da Costa who joined Markel in 2023 and most recently drove strategic development of U.S. cyber and tech E&O products for middle market risks will oversee underwriting strategy portfolio management and product development in this growing specialty line.
New Global Head of Multinational | Allianz Commercial
Allianz Commercial has appointed Joerg S. Hein as its new Global Head of Multinational effective 1 July 2026. Hein who currently serves as Global Head of Financial Lines and Cyber will succeed the retiring Christian Mueller and will lead the continued development of Allianz's multinational offering for large corporate clients worldwide.
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.
For general inquiries, please contact:
Privacy Policy | © 2026 Alan Gray. All Rights Reserved.
