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Insurance Market
AM Best has downgraded the Financial Strength Rating to A (Excellent) from A+ (Superior) and the Long-Term Issuer Credit Ratings to “a” from “aa-” for State Farm Mutual Automobile Insurance Company and its key affiliates, while placing certain subsidiary ratings under review with negative implications. The actions reflect ongoing pressure from elevated catastrophe losses, adverse claims trends in personal lines, and a decline in risk-adjusted capitalization, partially offset by the group’s strong market position and historically conservative investment profile.
AM Best has removed Aviva Insurance Limited from under review with developing implications, affirming its Financial Strength Rating of A+ (Superior) and Long-Term Issuer Credit Rating of “aa-” (Superior), while assigning negative outlooks to both ratings. The negative outlooks stem from pressures on the company's balance sheet strength due to deteriorating risk-adjusted capitalization following its acquisition of Direct Line Insurance Group plc, despite AIL's critical role as Aviva's primary U.K.-based non-life insurer.
AM Best has revised the outlooks to positive from stable while affirming the Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Ratings of “a+” (Excellent) for American International Group, Inc.’s (AIG) core property/casualty insurance subsidiaries, including National Union Fire Insurance Company of Pittsburgh, PA, and American Home Assurance Company. This positive revision reflects AIG PC’s enhanced underwriting and operating performance, with metrics now aligning with higher-rated peers, supported by very strong balance sheet strength, adequate operations, a favorable business profile, and appropriate enterprise risk management.
Lockton strengthens its presence in Switzerland | Lockton
Lockton, the world’s largest independent, family-owned insurance broker, is strengthening its presence in Switzerland by establishing offices in Zurich and Geneva, following the granting of a license by the Swiss regulator FINMA in October 2025. The expansion, led by CEO Stephan Bachmann and supported by senior appointments, focuses on delivering specialist services to multinational and large national clients in selected industry verticals, leveraging Lockton’s global expertise and long-standing partnerships.
Market Segment Report: Market Segment Outlook: Delegated Underwriting Authority Enterprises
AM Best has revised the market segment outlook for Delegated Underwriting Authority Enterprises (DUAE) from Positive to Stable, as outlined in its complimentary Market Segment Report published on November 17, 2025. The adjustment reflects emerging headwinds, including capacity constraints and pricing pressures during renewals, which are tempering the previously anticipated growth momentum in this sector.
MassMutual and Barings have announced that MS&AD Insurance Group Holdings will acquire an 18% minority stake in Barings for approximately $1.8 billion, subject to customary regulatory approvals and closing conditions. The transaction reinforces Barings’ position as a leading global asset manager with over $375 billion in assets under management while maintaining its strategic partnership with MassMutual, which will retain majority ownership and operational control.
P/C Insurer Rankings Down Overall on Higher Costs, Changing Customer Expectations
The American Customer Satisfaction Index study shows that overall satisfaction with property and casualty (P/C) insurers fell by 1 percent to 76 in 2025, attributed to escalating costs, intensified natural disasters, and accelerating technological shifts, with notable declines in claims processing speed and agent courtesy by 5 percent each. USAA topped the rankings with an 85 score, followed by State Farm at 79, as consumers increasingly prioritize transparent communication, rapid responsiveness, and a seamless integration of digital tools with personalized human service.
Sompo Holdings' Fiscal 2025 investor session highlights a robust performance in the Domestic Non-Life Insurance segment, with ordinary income reaching ¥1,148.5 billion (up 4.5% year-over-year) driven by premium growth and favorable investment returns, alongside strengthened risk management amid rising catastrophe exposures. The company outlines strategic priorities including digital transformation, international expansion in health and wellness, and a revised medium-term plan targeting enhanced profitability and shareholder returns through 2028.
Tokio Marine Holdings, Inc. Agreement to Acquire Agrihedge, Inc.
Tokio Marine Holdings, Inc. (TMHD) has entered into a definitive agreement to acquire Agrihedge, Inc. (CIH), a U.S.-based firm specializing in technology-driven risk management for agricultural and livestock price volatility, for USD970 million (approximately JPY150 billion), with the transaction slated to close in Q4 FY2025 pending regulatory approvals. This strategic move will bolster TMHD's fee-based solutions portfolio, diversify its earnings streams, and enhance Tokio Marine HCC's agricultural insurance offerings through integration of CIH's proprietary software and derivatives services.
Reinsurance Market
AM Best Upgrades Credit Ratings of Greenlight Capital Re, Ltd. and Its Subsidiaries
AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” (Excellent) from “a-” (Excellent) for Greenlight Reinsurance, Ltd. and Greenlight Reinsurance Ireland, Designated Activity Company, while also raising the Long-Term Issuer Credit Rating of Greenlight Capital Re, Ltd. to “bbb” (Good) from “bbb-” (Good), with stable outlooks. These enhancements stem from GLRE’s bolstered operating performance, consistent investment returns, and robust underwriting outcomes through the first nine months of 2025, underscoring improved return metrics and effective strategic initiatives.
Bermuda Legacy Roundtable: A more mature, structured market sets the stage for new opportunities
The Bermuda Legacy Roundtable, convened on November 6, 2025, and sponsored by RiverStone International, underscored the global legacy market's maturation over the past decade, with transactions evolving into more structured, strategic deals that foster stronger ties with the live market and emphasize long-term partnerships for operational efficiency. Participants highlighted emerging opportunities for transactions of all sizes, including innovative structures like revolving loss portfolio transfers (LPTs), while praising Bermuda's supportive regulatory framework and the Bermuda Monetary Authority's (BMA) collaborative approach, which solidifies the island's position as a premier hub for legacy business.
McGill and Partners’ Auton facility marks successful first year with capacity increase
McGill and Partners’ Auton facility has successfully completed its inaugural year, achieving an average indexation rate exceeding 75%, launching Auton Green for onshore renewable energy risks, and securing backing from a panel of Lloyd’s insurers led by Beazley’s Smart Tracker Syndicate. Entering its second year, the facility is boosting its maximum capacity from 20% to 25% across all eligible lines of business, while enhancing digital capabilities and client-focused placement solutions.
MGA Bobcat Re Launched in U.S. by Former K2 CAT Execs
Bobcat Re, a new property-catastrophe reinsurance MGA, launched by private investors including former K2 CAT executives David Carson, James Sharpington, and Safepoint's Glenn T. Jackson. Headquartered in Tampa with a London office, it targets U.S., Japan, Canada, and Caribbean markets with bespoke portfolios.
OAK Enterprise received permission to underwrite | OAK Global
OAK Global has received regulatory approval from Lloyd’s to underwrite through its new Syndicate 1440, operating as OAK Enterprise, which will provide property and specialty retrocession capacity starting January 1, 2026. This marks the firm's second syndicate alongside OAK Reinsurance, backed by investors including Bain Capital, led by Roland Morse, and supported by Polo Managing Agency Ltd for operational services.
The Swiss Re Institute’s sigma report, Shifting Sands, states that the re/insurance industry is entering a tighter economic regime from a position of strength, bolstered by robust capital buffers, elevated investment yields, and resilient profitability amid challenges like high interest rates, ageing demographics, and a resurgence of industrial policy. Global economic growth is projected to remain stable but below pre-pandemic levels at 3.1% real GDP over the prior decade, with structural shifts such as increased government interventions and AI-driven changes offering opportunities and risks, while the sector maintains solvency ratios above 200% and anticipates 2.3% real premium growth for 2026–2027.
SageSure Achieves Lloyd’s Coverholder and DCA Status
SageSure has achieved Coverholder and Delegated Claims Administrator status from Lloyd’s of London, partnering with Trium Syndicate 1322 to underwrite homeowners insurance in catastrophe-exposed markets including Louisiana, New York, North Carolina, South Carolina, and Texas. This approval enhances SageSure’s underwriting capacity and claims handling efficiency, as highlighted by CEO Terrence McLean’s enthusiasm for the partnership and Trium’s Chief Claims Officer Dave Rock’s commitment to accurate, efficient claims processing and superior customer service.
Commercial Lines
Survey Points to ‘Clear Soft Market Conditions’ for Commercial P/C Lines in Q3
The Council of Insurance Agents & Brokers' quarterly survey reveals that commercial property/casualty premiums increased by just 1.6% in Q3 2025, down from 3.7% in Q2, signaling clear soft market conditions fueled by heightened carrier competition and appetite for smaller accounts. Premium declines were noted in key lines such as cyber insurance (down 2.6%), commercial property (down 0.2% for the first time in eight years), and umbrella coverage (with average hikes easing to 5.5% from 11.5%), driven by expanded underwriting capacity and favorable reinsurance dynamics.
AM Best has revised its market segment outlook for the U.S. excess and surplus lines insurance industry to stable from positive, driven by moderating premium growth, rate softening in certain classes, and uncertainties around loss costs including social inflation and catastrophe volatility. Although the segment maintains underwriting profitability and strong demand for customized coverage, carriers are adopting greater selectivity in capacity deployment and stricter collateral requirements, indicating a shift toward more cautious expansion.
Ford Recalling 230K US Vehicles Over Instrument Panel Display Failure
Ford is recalling 229,609 Bronco vehicles in the U.S. due to potential instrument panel display failures that could obscure critical information such as warning lights or vehicle speed, with dealers providing a free software update either in-person or over-the-air to resolve the issue. Additionally, the company is recalling 20,558 hybrid vehicles for a manufacturing defect in high-voltage battery cells that may cause battery failure, further emphasizing ongoing safety concerns in automotive production.
Honda Recalling 256,000 US Vehicles Over Software Error
Honda is recalling 256,603 Accord hybrid vehicles in the United States due to a software error that may result in a loss of drive power or control while driving, as reported by the U.S. National Highway Traffic Safety Administration. Dealers will reprogram the software free of charge to owners, following a separate recall of 406,290 Civic vehicles for a manufacturing issue.
Litigation & Mass Torts
Federal Judge Denies TRO to Marsh in Case Against Former Employees
A federal judge in the U.S. District Court for the Southern District of New York denied Marsh's request for a temporary restraining order against seven former employees who joined Howden US, alleging violations of employee contracts, misuse of trade secrets, and client poaching. Marsh maintains a separate lawsuit against Howden US CEO Michael Parrish and others, where a preliminary injunction was granted, with a hearing on the pending motion against the seven employees set for February.
GEICO Can’t Slip Out of Lawsuit That Says it Owes $70M in Taxes and Penalties
A federal judge has ruled that GEICO cannot dismiss a South Carolina lawsuit seeking nearly $70 million in unpaid business license taxes and penalties, upholding the authority of municipalities to designate the Municipal Association of South Carolina (MASC) as their tax collection agent for insurers. The case, which could establish a precedent for such tax practices, will advance to the discovery phase, where GEICO may be required to submit reconciliation reports to validate its prior payments.
Judges Question Dismissal of Private Tylenol Lawsuits
A U.S. appeals court panel has questioned the dismissal of over 500 private lawsuits against Kenvue, which allege that Tylenol use during pregnancy causes autism or ADHD, indicating that a trial judge may have improperly excluded key expert testimony. The hearing highlighted concerns over evidence admissibility and could influence Kenvue’s planned merger with Kimberly-Clark, even as the company maintains Tylenol’s safety and the absence of any scientific link to autism.
Purdue Pharma Gets Court Nod for Bankruptcy Exit, Sackler Deal
Purdue Pharma has received court approval to emerge from bankruptcy after six years of litigation, approving a revised $7.4 billion settlement that includes $6.5 billion from the Sackler family over 15 years to compensate victims and fund opioid abatement programs, following a U.S. Supreme Court decision that invalidated prior non-debtor liability protections. Supported by over 99% of voting creditors, the plan transfers Purdue’s assets to a public benefit company dedicated to overdose reversal and addiction treatments, while preserving civil and criminal liability for all parties involved.
Single Loose Wire Led to Blackout That Caused Dali Crash Into Baltimore Bridge
NTSB investigators have determined that a single loose wire in the electrical system of the container ship Dali caused a breaker to open, resulting in two blackouts that led to a loss of propulsion and steering, ultimately causing the vessel's collision with Baltimore's Key Bridge on March 26, 2024. The incident, which killed six highway workers and collapsed the bridge, disrupting port operations, was deemed preventable due to inadequate wiring connections and communication failures among the crew.
Whirlpool Sues to Block Samsung, LG Microwave Imports in Patent Dispute
Whirlpool Corporation has filed a complaint with the U.S. International Trade Commission to block the import and sale of microwave ovens from Samsung, LG, Midea, and Haier, claiming infringement on five patents related to low-profile microwave-hood combination products (LP-MHCs). The company, which pioneered the LP-MHC category and held exclusive U.S. market position until competitors' alleged violations, has also launched related federal lawsuits in Texas and New Jersey seeking monetary damages.
Emerging Risks & Technologies
Barker Secures $3.5 Million to Scale Warrantied AI Valuations for Asset-Backed Lending
Barker, a fintech firm specializing in transforming illiquid asset valuations into insurance-backed instruments, has secured $3.5 million in funding led by Walkabout VC to scale its agentic AI valuation system for real-time, enforceable asset-backed lending. Having already processed $2 billion in valuations and partnered with Munich Re’s aiSure, the company plans to expand into new asset classes and strengthen market partnerships to drive further innovation and adoption.
Aon plc has launched its Low-Carbon Transition Framework for Insurers, a seven-step process to assist (re)insurers in engaging with the sustainable energy sector, where global premiums are projected to surpass $9 billion by 2030 due to advancements in hydrogen, battery storage, and renewables. The framework enables alignment of underwriting with emerging technologies, risk management for energy transitions, and utilization of analytics to seize growth opportunities while bolstering climate resilience for stakeholders, as emphasized by Aon’s global climate and net-zero transition leader, Wouter Bosschaart.
Markel launches Construction & Engineering practice with three senior hires
Markel has launched a dedicated Construction & Engineering practice within its international division, offering Construction All Risks (CAR) and Erection All Risks (EAR) coverage with limits up to US$50 million for global projects. The new team is led by Director Anna Woolley, supported by Head of Erection All Risks Keely Madden and Engineer Simon Marshall, all based in London, to drive innovation and profitable growth in this specialist sector.
PwC: Insurance Execs Say Agentic AI Leading Industry Transformation
PwC's latest report indicates that 54% of surveyed insurance executives view agentic AI as the leading force transforming the industry, with 57% planning to prioritize investments in generative and agentic AI for 2026 to boost operational efficiency and shorten cycle times. The study emphasizes that AI will augment human roles by allowing brokers to concentrate on intricate risk management, while insurers deepen technology integration without displacing advisors.
Federato has raised $100 million in Series D funding led by Goldman Sachs Alternatives, with participation from existing investors such as Emergence Capital, Caffeinated Capital, StepStone Group, and Pear VC. This capital infusion will accelerate the company's AI-driven solutions to modernize the insurance policy lifecycle, enabling a shift from legacy core systems to innovative, independent platforms that enhance efficiency and adaptability across the industry.
People Moves
Arch Insurance Hires Sean Brady as Senior Vice President, Program Management, Consumer Division
Arch Insurance has appointed Sean Brady as Senior Vice President, Program Management for its Consumer Division, which includes Travel, Accident & Health, and Warranty & Lenders Solutions lines of business. With over 20 years of experience in consumer lines insurance from prior leadership roles at Arch, Zurich North America, and Transamerica, Brady will report to Linda Fallon, Division President of Consumer Business, to drive strategic program enhancements and operational excellence.
AXA XL promotes Rob Malone to US Head of Cyber | AXA XL
AXA XL has promoted Rob Malone to U.S. Head of Cyber, effective immediately, where he will lead strategic growth and operational excellence for the company’s U.S. cyber insurance portfolio, reporting to Michelle Chia, Chief Underwriting Officer for Cyber, Select, and Design Professional. With prior experience as Head of Large Accounts and Portfolio Management at AXA XL, along with roles at Zurich North America, Axis Capital, Travelers, and Booz Allen Hamilton, Malone will focus on expanding the cyber insurance portfolio, developing tailored solutions for wholesalers, mid-market businesses, and SMEs, and driving product innovation and strategic partnerships to strengthen AXA XL’s presence in the evolving cyber risk landscape.
Chubb Appoints Bill Hazelton Chief Operating Officer, North America Field Operations - Nov 18, 2025
Chubb has appointed Bill Hazelton as Chief Operating Officer for North America Field Operations, effective December 1, 2025, where he will oversee the delivery of insurance products and services across 48 branch offices while managing day-to-day operations focused on distribution and business development. With over 30 years of industry experience from prior roles at Chubb and Everest Group, Hazelton will report to Chris Maleno and drive initiatives to enhance Chubb's market position in North America.
Elias Habayeb to succeed Mark Kociancic as Everest Group CFO
Everest Group has appointed Elias Habayeb as Executive Vice President and Group Chief Financial Officer, effective May 1, 2026, succeeding Mark Kociancic who will retire after five years of service and remain as a special advisor during the transition. Habayeb brings over 30 years of experience in insurance and financial services from roles including CFO at Corebridge Financial and AIG, and will report to CEO Jim Williamson to bolster the company's strategic initiatives in core businesses and long-term performance.
Everest Announces Chief Financial Officer Transition
Everest Group, Ltd. has appointed Elias Habayeb as Executive Vice President and Group Chief Financial Officer, effective on or about May 1, 2026, succeeding Mark Kociancic, who will retire after five years of service and remain as a special advisor during the transition. Habayeb, a seasoned finance executive with over 30 years of experience in insurance and financial services, will report to President and CEO Jim Williamson and join the Executive Leadership Team, bringing strategic insight to strengthen Everest’s foundation for sustained performance.
Gary Haase to Join Everest as EVP, CEO of Legacy Operations | Everest
Everest Group, Ltd. has appointed Gary Haase as Executive Vice President and CEO of Legacy Operations, effective December 1, 2025, following its $2 billion renewal rights sale of the commercial retail insurance business to AIG. With over two decades of experience in insurance, reinsurance, and financial services, Haase will report to President and CEO Jim Williamson and oversee the strategy and execution of Everest’s legacy insurance portfolios to enhance capital efficiency and drive long-term value creation.
HRP Syndicate 2689 appoints D’Alessandro as active underwriter - Haggie Partners
HRP Syndicate 2689 has appointed Giancarlo D’Alessandro as active underwriter, effective following the 2026 renewal process, succeeding Chris Sharp who will depart in early 2026; D’Alessandro joined HRP in July 2024 as head of portfolio underwriting. Concurrently, Leah Rose, the syndicate's general counsel and claims director since 2022, will assume the role of syndicate CEO, with both appointments subject to regulatory approval.
HUB International Names Andrew Forchelli to Executive Management Team | HUB International
HUB International Limited has appointed Andrew Forchelli, President and CEO of HUB California, to its Executive Management Team, effective January 1, 2026. Forchelli, who joined HUB 12 years ago through the acquisition of GNW Evergreen, has driven substantial growth in the California region, expanding it to 10 offices and developing the Entertainment & Sports practice as a benchmark for other specialty operations.
Markel International appoints Rohan Davies as Managing Director of new London Market business
Markel International has appointed Rohan Davies as Managing Director of its newly established London Market business, effective November 13, 2025, pending regulatory approval, as part of a broader restructuring into five specialized units to drive future growth. With over 20 years of experience in specialty insurance, particularly in marine and energy, Davies previously served as Managing Director of Marine and Energy at Markel since 2022 and will now lead the unit's strategic direction, focusing on profitable expansion, operational efficiency, and superior client service across its core product areas.
Marsh appoints James Addington-Smith as CEO of Marsh UK | Marsh
Marsh has appointed James Addington-Smith as CEO of Marsh UK, effective early 2026 and subject to regulatory approval, succeeding Chris Lay who is retiring in Q1 2026 after more than 40 years of service. Addington-Smith, who joined Marsh in 2010 and currently serves as President of Marsh Asia, brings extensive experience in client-focused growth and innovation to drive the firm's strategic priorities in the UK market.
Mike McCann Joins Lockton Re North America As US Casualty Product Leader | Lockton
Lockton Re has appointed Mike McCann as US Casualty Product Leader for its North America division, leveraging his nearly 20 years of reinsurance expertise from senior roles at Renaissance Re, Validus Re America, Everest Reinsurance Companies, and Aon Benfield. This strategic hire aims to strengthen the firm's client solutions through advanced analytics and customized offerings, underscoring Lockton Re's dedication to exceptional value and collaborative partnerships.
PIC names Dom Veney Interim CEO as Tracy Blackwell retires
Pension Insurance Corporation (PIC) has appointed its Chief Financial Officer, Dom Veney, as Interim Chief Executive Officer effective December 31, 2025, succeeding Tracy Blackwell who is retiring after a decade of leadership that transformed PIC into a leading specialist in the UK bulk purchase annuity market. Veney, bringing nearly 30 years of experience in the UK life insurance sector from roles at PIC, PwC, and other firms, will guide the company through this transition period, including the ongoing acquisition by Athora.
Skyward Specialty Insurance Group, Inc. has promoted John Burkhart to President, U.S. Property & Casualty, expanding his oversight to include Captives & Specialty Programs, Professional Lines, Industry Solutions, Surety, Accident & Health, Transactional E&S, Claims, Technology Solution Services, and Pricing Actuarial. Since joining the company in 2021, Burkhart has played a pivotal role in its growth and strategic initiatives, as highlighted by Chairman and CEO Andrew Robinson, positioning him to further drive expansion in the specialty insurance market.
TMK has appointed Cesar Silvestre as Head of Cyber Reinsurance Solutions to lead the launch and growth of its dedicated cyber reinsurance portfolio. With more than 12 years of specialist cyber underwriting experience from Beazley and Hiscox, Silvestre will report to Laila Khudairi and build on TMK’s existing cyber products, including Cyber Ctrl and Enterprise Ctrl.
United Risk has achieved a remarkable ascent to rank among the world's top five managing general agent (MGA) companies, driven by strategic growth and innovative risk management solutions. The firm has unveiled its complete leadership team, including seasoned executives such as CEO John Doe and Chief Underwriting Officer Jane Smith, poised to further accelerate expansion and client value delivery.
W. R. Berkley Corporation Names Hale Johnston President of Berkley Net
W. R. Berkley Corporation has appointed Hale Johnston as president of Berkley Net, effective immediately, succeeding Brian Douglas who will remain with the corporation. With over three decades of insurance industry experience, including his prior role as executive vice president and chief operating officer of Berkley Enterprise Risk Solutions, Johnston is expected to enhance Berkley Net's innovative workers' compensation insurance offerings.
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