Weekly Articles
Insurance Market
AXA reported a 7% year-over-year increase in gross written premiums and other revenues for Q1 2025, totaling €37.0 billion, driven by strong growth in both Property & Casualty (up 7% to €21.0 billion) and Life & Health (up 8% to €15.5 billion) segments. Despite this revenue growth, AXA's Solvency II ratio declined to 213%, down from 216% at year-end 2024, primarily due to adverse currency movements and widening spreads on sovereign bonds.
A Mature MGA Market, Rising Premiums, Shifting Risks
Gallagher Re’s May 2025 report shows the U.S. MGA market grew to nearly $100 billion in 2024, accounting for about 10% of the P&C sector, with growth moderating to 26% as the market matures. The report also highlights rapid expansion in the hybrid fronting carrier segment and increased reliance on reinsurance, captives, and ILS to support MGA growth and manage capital efficiently.
Bowhead Specialty Holdings Inc. Reports First Quarter 2025 Results
Bowhead Specialty Holdings Inc. reported a 62.9% year-over-year increase in Q1 2025 net income to $11.4 million ($0.34 per diluted share), with gross written premiums rising 26.3% to $174.8 million, driven by strong growth in its Casualty division. The company also saw a 64.0% increase in net investment income to $12.6 million, while maintaining a loss ratio of 66.9% and improving its expense ratio to 30.4%, reflecting effective cost management and underwriting discipline.
CNA Financial Corporation reported first-quarter 2025 net income of $274 million ($1.00 per share) and core income of $281 million ($1.03 per share), both down from the prior year due to lower underwriting results and higher catastrophe losses, including $53 million from California wildfires. Despite this, the company achieved 7% growth in gross written premiums and 9% in net written premiums, with a Property & Casualty combined ratio of 98.4% and an underlying combined ratio of 92.1%.
International General Insurance Holdings Report
International General Insurance Holdings Ltd. (IGI) reported Q1 2025 net income of $27.3 million, or $0.59 per diluted share, down from $37.9 million ($0.84 per share) in Q1 2024. Gross written premiums rose 13.7% year-over-year to $206.5 million, driven by a 43.7% increase in the Reinsurance segment, while the combined ratio deteriorated to 94.4% from 74.1% due to higher loss and acquisition expenses. Book value per share declined slightly to $14.65, reflecting dividend payments and share repurchases.
James River Announces First Quarter 2025 Results | James River Group Holdings
James River Group Holdings reported Q1 2025 net income of $9.0 million ($0.18 per diluted share), a 57% decrease from the previous year, primarily due to challenges in its Specialty Admitted Insurance segment, which saw a 21.3% decline in gross written premiums and a combined ratio of 102.1%. Conversely, the Excess and Surplus (E&S) Lines segment maintained strong performance with a 91.5% combined ratio and a 7.8% renewal rate increase, underscoring the company's focus on underwriting discipline and profitability.
Lemonade Announces First Quarter 2025 Financial Results
Lemonade Inc. reported first-quarter 2025 revenue of $151.2 million, marking a 27% year-over-year increase, and a net loss of $62.4 million ($0.86 per share), which was narrower than analyst expectations. The company's in-force premium grew 27% to over $1 billion, and its customer base expanded by 21% to 2.5 million, with the car insurance segment showing notable growth.
Liberty Mutual Q1 Net Income Down 33%
Liberty Mutual Holding Company Inc. reported a 33% decline in net income for the first quarter of 2025, totaling approximately $1 billion, primarily due to $1.8 billion in catastrophe losses from California wildfires. Despite this, the company achieved an improved underlying combined ratio of 81.9, reflecting strong underwriting discipline, and noted a 7.5% increase in net written premiums within its Global Risk Solutions division.
Q1 Has Lowest Insurance Agency M&A in 5 Years; Mega Deals Coming?
In the first quarter of 2025, insurance agency mergers and acquisitions dropped to 141 deals—the lowest since Q2 2020 and a 15% decline from the same period in 2024—marking the ninth consecutive quarter below the long-term trend, according to OPTIS Partners. Despite this slowdown, experts anticipate an uptick in activity later this year, driven by private equity-backed firms preparing to enter the market and the potential for large-scale transactions like the pending $13.45 billion acquisition of AssuredPartners by Gallagher.
QBE Insurance Group reports Q1 results
QBE Insurance Group reported a 7% increase in gross written premium for Q1 2025, with strong growth in its International and North American divisions, despite a ~$100 million drag from the runoff of non-core lines. The company confirmed its full-year outlook, expecting mid-single-digit premium growth and a combined operating ratio of approximately 92.5%, while noting that catastrophe claims totaled ~$420 million year-to-date, including impacts from events such as the LA wildfires and North American storms.
Verisk Reports First-Quarter 2025 Financial Results | Verisk
Verisk Analytics Inc. (NASDAQ: VRSK) reported first-quarter 2025 revenue of $753 million, marking a 7.0% increase year-over-year, or 7.9% on an organic constant currency basis. This growth was driven by strong demand for Verisk’s insurance-focused analytics and decision-support solutions. The company’s operating profit rose 10.2% to $320 million, with adjusted EBITDA reaching $373 million, representing a 49.5% margin. Verisk also returned $300 million to shareholders through share repurchases and dividends during the quarter.
Zurich starts new cycle with solid growth and strong capitalization | Zurich Insurance
Zurich Insurance Group reported a strong start to its 2025–2027 financial cycle, with first-quarter gross written premiums rising 5% in its Property & Casualty segment and 18% in Life, driven by rate increases and demand for unit-linked and protection products. The Farmers Exchanges also saw a 5% increase in gross written premiums, while Zurich's Swiss Solvency Test ratio improved to 256%, reflecting robust capitalization despite challenges such as California wildfires.
Reinsurance Market
AXA XL Re's premiums increase 12% to €1.4bn in Q1'25
AXA XL Reinsurance reported a 12% year-over-year increase in premiums, reaching €1.4 billion in the first quarter of 2025, driven by favorable pricing in casualty lines and business ceded through Insurance-Linked Securities (ILS) . This growth contributed to AXA Group's overall 7% rise in gross written premiums and revenues, totaling €37 billion for the quarter.
BlackRock dives into new AI-heavy reinsurance co with ex-Aviva/AIA CEO
A new reinsurance venture in Abu Dhabi, led by IHC and BlackRock, launches with over $1B in equity and plans to manage $10B in liabilities. Headed by Mark Wilson, the firm will use AI-driven underwriting and reflects the UAE's push to diversify its economy and lead in global finance.
Global InsurTech Report for Q1 2025 | GallagherRe
Gallagher Re's Q1 2025 Global InsurTech Report highlights a 90.2% quarter-over-quarter surge in global InsurTech funding, reaching $1.31 billion, with AI-centered companies accounting for 61.2% of deals ($710.86 million) and P&C InsurTechs raising $1.13 billion—the highest since Q3 2022. The report also notes a significant increase in B2B P&C InsurTech deals, rising from 26 in Q4 2024 to 43 in Q1 2025, marking the highest level in over a decade.
Greenlight Re Announces First Quarter 2025 Financial Results – Greenlight Re
Greenlight Capital Re Ltd (NASDAQ: GLRE) reported a net income of $29.6 million ($0.86 per diluted share) for Q1 2025, up from $27.0 million in Q1 2024, with gross premiums written increasing 14.1% to $247.9 million and net premiums earned rising 4.3% to $168.5 million. Despite a net underwriting loss of $7.8 million due to California wildfire losses, the company's investment portfolio, particularly the Solasglas fund, achieved a 7.2% return, contributing to a 5.1% increase in fully diluted book value per share to $18.87
Hamilton Insurance Group, Ltd. - Hamilton Reports 2025 First Quarter Results
Hamilton Insurance Group reported a net income of $80.9 million for Q1 2025, achieving a 13.7% annualized return on average equity, despite incurring $142.8 million in net losses from California wildfires. The company saw a 16.8% year-over-year increase in gross premiums written, totaling $843.3 million, and benefited from strong investment returns of $167.3 million, which helped offset underwriting losses that led to a combined ratio of 111.6% .
SCOR First quarter 2025 results
SCOR SE reported a net income of €200 million for Q1 2025, achieving an annualized return on equity of 18.7% and a 6.8% increase in Group Economic Value at constant economics. The company's solvency ratio improved to 212%, supported by strong performances in both Property & Casualty and Life & Health segments, as well as an elevated investment income yield of 3.5%.
SiriusPoint Ltd. reported a net income of $57.6 million for Q1 2025, marking its tenth consecutive quarter of underwriting profits, with a Core combined ratio of 95.4% and a return on equity of 12.9%. Despite a $59 million impact from California wildfires, the company achieved 20% growth in net premiums written, driven by strong performance in its Insurance & Services segment. Additionally, SiriusPoint's book value per diluted common share increased by 3.5% to $15.15, and both AM Best and Fitch upgraded their outlooks to Positive.
Trisura Group reports first quarter 2025 results
Trisura reported strong Q1 2025 results with $34.2M in operating income, 18.4% operating ROE, and an 82.7% combined ratio. Growth in Primary lines (+28.1%) and higher investment income drove performance. Book value per share rose 23.5% to $17.16, and the capital position remains strong with just 10.7% debt-to-capital.
Commercial Lines
Top Risks Facing Large Businesses in 2025 | Sentry Pulse Report
Sentry Insurance's 2025 Large Business Risk Report reveals that 82% of C-suite executives at large companies are experiencing increased stress compared to the previous year, primarily due to supply chain disruptions (45%) and economic uncertainty (39%). Additionally, 60% of these leaders anticipate their businesses will remain flat or shrink in 2025, prompting many to implement cost-control measures such as requiring employees to work longer hours and increasing investments in workplace safety.
Viewpoint: Challenging P/C Market Generates Opportunities for Surplus Lines’ Writers
The U.S. surplus lines insurance market experienced a 12.1% year-over-year premium increase in 2024, continuing a trend of double-digit growth driven by heightened demand for coverage in high-risk areas like California, Florida, and Texas. This growth is attributed to admitted insurers retreating from volatile markets due to escalating weather-related losses and inflationary pressures, prompting surplus lines carriers to fill coverage gaps, particularly in homeowners and commercial property lines.
Waiting for the flip: Why product recall insurance demand isn't surging - yet
Despite a surge in product recalls and increasing risks associated with consumables, demand for product recall insurance remains subdued, primarily due to the absence of mandates from major retailers like Walmart and Costco. Although underwriting processes have become more streamlined and accessible, widespread adoption is hindered by regulatory delays and a lack of structural incentives for smaller manufacturers to prioritize recall coverage .
Emerging Risks & Technologies
Artio brings early-stage carbon insurance to market as official Lloyd’s coverholder — Artio
Artio has become the first insurer approved by Lloyd’s to underwrite carbon projects at their earliest development stages, offering coverage before project activities commence. Backed by insurers Tokio Marine HCC, Markel, and Apollo, Artio leverages proprietary risk models to provide comprehensive insurance for early-stage carbon projects, aiming to unlock investment in high-quality, scalable climate solutions.
AXIS launches cyber and liability coverage for Canadian companies with $2bn revenue
AXIS Capital Holdings Limited has introduced the AXIS Cyber Technology and Miscellaneous Professional Liability (ACTM) policy, offering customizable cyber and specialist liability coverage for Canadian companies with up to $2 billion in revenue. This comprehensive policy combines cyber incident response, technology errors and omissions, and miscellaneous professional liability coverages to address evolving digital risks and streamline insurance solutions for businesses across various sectors in Canada.
Coalition 2025 Cyber Claims Report Finds Ransomware Stabilized but Remains Costly for Businesses
Coalition's 2025 Cyber Claims Report reveals that while ransomware claim frequency and severity decreased slightly in 2024, it remains the most costly cyberattack type, with average ransom demands dropping 22% year-over-year to $1.1 million. Business email compromise and funds transfer fraud accounted for 60% of claims, with Coalition recovering $31 million for policyholders and noting that prompt reporting significantly improves recovery chances.
GI Partners has partnered with insurance veterans Brad Emmons and Brian Hanuschak to launch a tech-enabled Managing General Agency (MGA) platform aimed at acquiring and scaling a diversified portfolio of MGAs across various insurance lines. Emmons, co-founder of Orchid Underwriters, and Hanuschak, former CEO of Victor Insurance Managers, bring over five decades of combined experience to the venture, which will focus on underwriting excellence, technology-driven operations, and superior service delivery to carriers, brokers, and policyholders.
Global InsurTech Report for Q1 2025 | GallagherRe
Gallagher Re's Global InsurTech Report for Q1 2025 highlights a significant 90.2% quarter-over-quarter increase in global InsurTech funding, reaching $1.31 billion, with 61.2% ($710.86 million) directed toward AI-focused companies. The report emphasizes the auto/motor insurance sector, noting that since 2012, approximately $10.98 billion has been invested in auto InsurTechs, encompassing both technology providers for (re)insurers and companies originating auto business as MGAs or carriers.
Why Trump’s Plan to Stop Tallying Weather Losses Matters to the Insurance Industry
The Trump administration has directed the National Oceanic and Atmospheric Administration (NOAA) to discontinue updates to its Billion-Dollar Weather and Climate Disasters database, ceasing the tracking of major weather-related economic losses. This decision has raised concerns within the insurance and reinsurance industries, as the database has been a crucial resource for assessing disaster risks and informing policy decisions.
Litigation & Mass Torts
Burger King Must Face Lawsuit Over Whopper Ads
A federal judge has ruled that Burger King must face a lawsuit alleging it misled customers by depicting its Whopper sandwich as significantly larger in advertisements than in reality, with claims that the burger appeared 35% larger and contained more than double the meat. Judge Roy Altman found it plausible that reasonable consumers could be deceived by such portrayals, distinguishing this case from similar lawsuits against McDonald’s and Wendy’s that were previously dismissed.
Corporations and Disparate Impact Liability
Donald Trump has issued an executive order directing federal agencies to cease enforcing laws that prohibit policies and practices with unintended discriminatory effects, known as "disparate impact" liability. This move eliminates a key mechanism historically used to address systemic discrimination in areas such as employment, housing, education, and lending, prompting concerns from legal experts and civil rights advocates about potential increases in unintentional yet harmful disparities.
Court Approves $750 Million Settlement for Survivors of Abuse by Gynecologist
A New York Supreme Court has approved a $750 million settlement for 576 former patients of Columbia University and New York-Presbyterian hospitals who were sexually abused by Dr. Robert Hadden over two decades. This brings the total payouts related to Hadden’s misconduct to over $1 billion, including previous settlements and a $100 million fund established in 2024, with the claims filed under New York's Adult Survivors Act, which extended the statute of limitations for civil cases.
Delta Must Face Passenger Lawsuit Over Massive CrowdStrike Outage
A federal judge has ruled that Delta Air Lines must face a proposed class action lawsuit from passengers who allege the airline failed to provide full refunds after canceling or delaying flights due to a massive computer outage in July 2024. The outage, caused by a flawed software update from cybersecurity firm CrowdStrike, led to approximately 7,000 flight cancellations and is estimated to have cost Delta $550 million in lost revenue and added expenses.
EU Changes to Sustainability Law Risk Company Lawsuits, Legal Scholars Say
The European Union's proposal to ease sustainability reporting requirements—such as removing the obligation for large companies to implement transition plans toward climate goals—has drawn criticism from 31 legal scholars who warn it could increase corporate exposure to climate-related lawsuits. These academics argue that without binding regulations, companies may face heightened liability risks, citing ongoing cases against firms like TotalEnergies and Eni as examples of potential legal challenges
Judge Allows Testimony That Abbott, Mead Johnson Baby Formula Caused Disease
A federal judge has ruled that expert testimony will be allowed in lawsuits alleging that cow’s milk-based formulas made by Abbott Laboratories and Mead Johnson can cause necrotizing enterocolitis (NEC), a potentially fatal intestinal disease in premature infants. While the judge dismissed the first scheduled trial due to insufficient causation evidence, the decision to permit expert testimony enables over 700 similar federal cases to proceed, despite the companies' denial of liability and ongoing debate within the medical community regarding the link between formula and NEC.
Raytheon to Pay $8.4M for Non-Compliance with Cybersecurity Requirements
Raytheon Company, along with RTX Corporation and Nightwing Group LLC, has agreed to pay $8.4 million to resolve allegations of violating the False Claims Act by failing to comply with cybersecurity requirements in Department of Defense contracts between 2015 and 2021. The settlement addresses claims that Raytheon and its then-subsidiary did not implement necessary cybersecurity controls on internal systems handling sensitive defense information, with whistleblower Branson Kenneth Fowler Sr. receiving over $1.5 million from the settlement.
UnitedHealth Sued by Shareholders Over Reaction to Backlash From Executive’s Killing
UnitedHealth Group is facing a proposed class-action lawsuit from shareholders who allege the company concealed the negative business impact following the December 2024 killing of UnitedHealthcare CEO Brian Thompson. The lawsuit claims that UnitedHealth maintained an overly optimistic profit forecast despite internal shifts away from aggressive claims denial strategies amid public backlash, leading to a 22.4% stock drop and $119 billion in lost market value after the company revised its 2025 earnings outlook in April.
People Moves
Aon Promotes Lyons to Bermuda CEO of Reinsurance
Aon has promoted Amanda Lyons to CEO of its Bermuda Reinsurance operations, recognizing her extensive experience and leadership within the company. Lyons will oversee Aon's reinsurance strategy and client services in Bermuda, a key global hub for the industry.
Berkshire Hathaway Specialty Insurance (BHSI) has entered the UK programs market and appointed Robert Munden as Head of Programs, UK. With over 30 years of insurance industry experience and strong relationships with managing general agents (MGAs), Munden will lead the development of BHSI’s programs business in the UK and support its expansion across Europe, leveraging the company's expertise in property, casualty, marine, executive and professional lines, and accident and health insurance.
Everest Appoints Jonathan Mesagaes as Reinsurance Head of Renewable Energy | Everest
Everest Reinsurance has appointed Jonathan Mesagaes as Head of Renewable Energy, reporting to John Hyland, Head of Underwriting and Marine. Mesagaes, who joined Everest in 2007, brings over two decades of experience in underwriting, risk management, and actuarial pricing, and has previously served as Senior Marine Underwriter, Chief Risk Officer, and Head of Actuarial Function in Ireland.
Jim Dunn joins Marsh as US Construction Practice Leader | Marsh
Jim Dunn has been appointed as Marsh's U.S. Construction Practice Leader, bringing over 30 years of experience in the construction insurance sector. Based in Atlanta, he will report to Michael Pellegrini, U.S. and Canada Specialty Leader, and will guide Marsh's efforts in providing risk management advice and insurance solutions to U.S.-based construction clients.
Origin Specialty Underwriters Agency Announces Executive Leadership Changes
Origin Specialty Underwriters has named Charlie Acosta as President and appointed Matthew Schardt as Head of Casualty, bringing extensive underwriting leadership from firms like AIG and CNA. These changes, along with Daniel Rossen continuing as Head of Property, are intended to support the company’s growth in the excess and surplus insurance market.
Patrick Tiernan appointed as Lloyd’s CEO - Lloyd's
Lloyd’s of London has appointed Patrick Tiernan as its new Chief Executive Officer, effective June 1, 2025, succeeding John Neal, who is departing for a senior role at Aon. Tiernan, who joined Lloyd’s in 2021 as Chief of Markets, brings nearly 30 years of insurance industry experience, including senior positions at Aviva, StarStone, and Zurich.
Warren Buffett hands Berkshire Hathaway CEO role to Greg Abel
Warren Buffett, the 94-year-old chairman and CEO of Berkshire Hathaway, announced he will step down as CEO at the end of 2025, with Vice Chairman Greg Abel succeeding him effective January 1, 2026. Buffett will remain as chairman of the board, while Abel, who has overseen Berkshire’s non-insurance operations since 2018, is expected to uphold the company's long-standing investment philosophy and decentralized management approach.
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