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Weekly Articles
Insurance Market
Allstate More Than Triples Q3 Net Income to $3.7 Billion
Allstate reported third quarter 2025 net income of about $3.7 billion, driven by significantly lower catastrophe losses and strong underwriting performance in both auto and homeowners insurance. The insurer saw major improvements in combined ratios and underwriting income across its Property-Liability segment, supported by growth in written premiums, expanded distribution, and favorable reserve development.
Berkshire Hathaway Third Quarter 2025
Berkshire Hathaway reported third-quarter operating earnings of approximately US $13.5 billion, up from around US $10.1 billion in the prior year, with its insurance operations delivering a particularly strong increase in underwriting income. Simultaneously, the company’s cash and short-term investment holdings rose to a record level of about US $381.7 billion, underscoring ample liquidity for future investments.
CNA Financial Corporation reported third-quarter 2025 net income of US $403 million, or US $1.48 per diluted share, compared to US $283 million, or US $1.04 per share, in the same quarter last year. The company set a record for core income at US $409 million, or US $1.50 per share, driven by improved underwriting results (P&C underwriting gain of US $194 million) and reduced catastrophe losses (US $41 million vs US $143 million a year earlier).
Fairfax Financial Holdings Limited: Financial Results for the Third Quarter - Fairfax Financial
Fairfax Financial Holdings Limited reported strong financial results for the third quarter of 2025, driven by solid underwriting performance and robust investment gains. The company highlighted an improved combined ratio and continued growth in premium volumes, contributing to meaningful increases in book value and return on equity.
Hippo Reports Third Quarter 2025 Financial Results
Hippo Holdings Inc. saw its Q3 2025 gross written premiums rise 33% year-over-year to US $311 million, driven by strong growth in casualty and CMP lines. The company returned to profitability, with net income of US $98 million compared to a loss of US $9 million a year earlier, and an adjusted net income of US $18 million versus a US $1 million adjusted loss in Q3 2024.
Intact Financial Corporation reports Q3-2025 results
Intact Financial Corporation delivered 6-percent growth in direct premiums written for Q3 2025, powered by momentum in commercial and personal lines, and achieved a combined ratio of 89.8 percent. The company reported net operating income per share of $4.46, operating return on equity of 19.6 percent, and book value per share rose 14 percent to $103.16.
James River Announces Third Quarter 2025 Results
James River Group Holdings Ltd. reported a combined ratio of 94 percent for Q3 2025, a sharp improvement from 135.5 percent in the same period last year, driven by underwriting income and expense reduction initiatives. The company achieved an adjusted net operating income of US $0.32 per diluted share and a return on tangible common equity of 19.3 percent, while tangible book value per share rose 23.4 percent year-to-date.
Lemonade Announces Third Quarter 2025 Financial Results
Lemonade, Inc. reported Q3 2025 revenue of US $194.5 million, a 42 % increase year-over-year, with a net loss of US $37.5 million, narrower than the prior year’s loss of US $67.7 million. The company’s in-force premiums grew by approximately 30 % to US $1.16 billion, and its gross profit margin improved to 41 %.
Liberty Mutual Insurance Reports Third Quarter 2025 Results
Liberty Mutual Holding Company reported a third-quarter 2025 net income of US $2.223 billion, up from US $892 million a year earlier, supported by a consolidated combined ratio of 84.7 %. Despite an 8.2 percent drop in net written premiums to US $11,043 million, the insurer benefited from sharply lower catastrophe losses and strong investment performance.
Q3 2025: Global Insurance Market Overview | Aon
The insurance market remained buyer-friendly in Q3, with strong capacity and competition driving price reductions and broader coverage for well-managed risks, particularly in property, cyber and directors and officers. However, the market continues to operate as a set of micro-markets, and buyers are encouraged to use current savings to strengthen long-term resilience through better valuations, coverage consistency, risk engineering and strategic use of complementary risk transfer tools.
Q3 2025 Trading Statement - 07:00:10 06 Nov 2025 - HSX News article | London Stock Exchange
Hiscox Ltd reported growth in insurance contract written premiums of 5.9 % to USD 4,052.9 million for the first nine months of 2025, with its Retail business driving a 7.3 % increase to USD 2,013.0 million. The group noted its US segment slowed with broker-channel premiums down slightly, while its investment result reached USD 350.8 million and a $179.4 million share buyback was underway.
The Baldwin Group Announces Third Quarter 2025 Results | The Baldwin Group
The Baldwin Group reported Q3 2025 revenue of US $365.4 million, a 7.5 % increase year-on-year, and met EPS expectations at US $0.31 per share. The company noted strong embedded-insurance pipeline momentum and maintained a board-authorized share buyback program, while citing near-term headwinds from a delayed revenue recognition change and commission step-downs.
Zurich Insurance Group achieved record gross written premiums of US $38.9 billion in its Property & Casualty business for the first nine months of 2025, an 8 % increase year-on-year, alongside Life business premiums rising 11 %. The company’s estimated Swiss Solvency Test ratio stood at 257 % as of 30 September 2025, underscoring its strong capital position.
Reinsurance Market
Global InsurTech Report for Q3 2025 | GallagherRe
The Gallagher Re “Global InsurTech Report Q3 2025” notes that while the insurtech sector is entering a more selective phase of maturity, investor confidence remains strong especially for AI-centred firms. It highlights a shifting market where larger scaling ventures command the bulk of capital and smaller early-stage deals are facing tighter scrutiny as the industry pivots from rapid growth to sustainable technology deployment.
Greenlight Re Announces Financial Results for Third Quarter
Greenlight Capital Re Ltd. reported gross premiums written of US $184.4 million in Q3 2025, up 9.5 percent year-over-year, and net underwriting income of US $22.3 million, driving a combined ratio of 86.6 percent. Despite the strong underwriting performance, the company recorded a net loss of US $4.4 million for the quarter due to a US $17.4 million investment loss.
Hurricane Melissa to Trigger Jamaican Cat Bond, Reinsurance Losses
Fitch Ratings reports that although Hurricane Melissa likely triggered the US$150 million parametric catastrophe bond issued for Jamaica, it expects minimal disruption to the broader insurance-linked securities market.
Lockton Re has appointed Darsh Patel as Global Head of Transaction Structuring & Reserving Analytics and Jack McGregor as Head of Retrospective Reinsurance & Legacy Solutions for North America. These hires strengthen their capital-advisory team, enhancing capabilities in transaction structuring, reserving analytics, and retroactive/legacy reinsurance solutions across key markets.
Moody’s RMS estimates that Hurricane Melissa caused between $3 billion and $5 billion in private market insured losses, with a best estimate of $3.5 billion, primarily from severe wind damage in Jamaica. Economic losses in Jamaica may exceed the country’s GDP, as the storm caused widespread destruction to commercial buildings, hotels, and residential areas, with recovery expected to take several months or longer due to infrastructure challenges and underinsurance in many communities.
The Fidelis Partnership launches Construction Consortium for AI data centres
The Fidelis Partnership has launched a new construction consortium aimed at underwriting excess-layer risks associated with the construction of AI data centers, initially providing US $250 million of capacity. Beginning 1 January 2026, the consortium will expand further using capital from the Blackstone-backed Syndicate 2126 and build on Fidelis’s existing specialty portfolios including project finance, renewables and high-value property risk.
Trading update for Q3 2025 - 07:00:10 05 Nov 2025 - CRE News article | London Stock Exchange
Conduit Holdings Limited (ticker CRE) reported gross premiums written of US $1,039.1 million for the nine months ended September 30, 2025, up 8.5 percent year-over-year, with reinsurance revenues rising 12.6 percent to US $662.4 million. The firm also delivered a 5.4 percent investment return for the period and announced the resumption of its share-buyback program, re-affirming mid-single-digit return-on-equity guidance while noting continued softening in pricing.
Insured losses from Hurricane Melissa in Jamaica are estimated to range between $2.2 billion and $4.2 billion, according to Verisk. Most of the damage is attributed to strong wind impacts, with residential, commercial, and industrial properties driving the majority of the loss estimates.
Commercial Lines
6 in 10 Construction Workers Report Anxiety, Depression in Past Year
Nearly two-thirds of construction workers reported experiencing anxiety or depression in the past year, marking a significant increase from the previous year. While more workers are using mental health resources, many still feel stigma or discrimination, highlighting a growing need for industry-wide support and cultural change.
Diamond Head Specialty Underwriting, backed by Mission Underwriting, has launched a new management liability insurance offering aimed at U.S. small businesses, covering directors & officers, employment practices, and fiduciary liability. The program is available via wholesale brokers and supports businesses with up to $10 million in revenue, providing limits of up to $2 million and incorporating complimentary risk management resources.
NIP Group has expanded its Errors & Omissions coverage across five of its specialty insurance programs—PoolPro, MaintenancePro, AlarmPro, LandPro, and SitePro—with limits up to $1 million in partnership with Amwins. The enhancement allows brokers to provide broader protection for clients across multiple niche segments, strengthening both client value and market differentiation.
Rokstone CRU Expands into General Liability | Rokstone Underwriting
Rokstone CRU has introduced a new US-based general liability offering specifically tailored for large wood-frame construction projects, backed by A-rated capacity and complementing its existing Builders’ Risk business. With this expansion, Rokstone CRU positions itself as one of the few markets able to provide both Builders’ Risk and General Liability coverage for developer clients in the wood-frame sector.
Trident Marine Managers and Aspen Insurance Company Expand Underwriting Agreement – Ryan Specialty
Trident Marine Managers, a U.S. unit of Ryan Specialty, has expanded its underwriting agreement with Aspen Insurance Company to become the exclusive underwriter for Aspen’s marine hull and liability business, including primary and excess lines. The new arrangement will consolidate servicing of in-force policies, renewals and new business under Trident’s leadership, with Matthew Taucher joining as Director of Hull & Marine Liabilities
Litigation & Mass Torts
Pfizer Files Second Lawsuit Against Metsera, Novo Nordisk
Pfizer has filed a second lawsuit in Delaware federal court accusing Metsera, its controlling shareholders, and Novo Nordisk of engaging in anticompetitive conduct following Novo’s unexpected counter-bid for Metsera. Pfizer argues the move is intended to block a potential U.S. competitor in the growing GLP-1 obesity drug market, where Novo currently holds a dominant position.
Marsh Sues More Former Employees Over ‘Scheme’ to Open Howden US
Marsh has filed a new lawsuit against seven former senior employees now working at Howden US, alleging they conspired to take confidential information, solicit colleagues, and move client business to help rapidly build Howden’s U.S. retail broking presence. The suit follows an earlier case against Howden US leadership and comes as a court has already issued an injunction restricting some former Marsh executives from soliciting employees or clients.
Samsung Hit With $191.4M Jury Verdict in OLED Patent Trial
A Texas federal jury ordered Samsung Electronics to pay $191.4 million to Pictiva Displays for infringing patents related to improving OLED display resolution, brightness and power efficiency. The verdict adds to a series of recent large patent awards against Samsung, while Samsung maintains the patents are invalid and denies wrongdoing.
Weather Claims and Bad Faith in the Face of Climate Change
Courts are seeing more disputes over weather-related property claims as policyholders challenge insurers on issues like slow responses, inadequate investigations, and denied coverage following severe storms and climate-driven events. Legal experts note that bad-faith allegations are rising as insureds and their attorneys argue that insurers are not adapting claim practices quickly enough to the increasing frequency and intensity of catastrophes.
Emerging Risks & Technologies
BPL unveils Funded Solutions team - BPL
BPL has launched a new Funded Solutions team which will provide capital-management strategies such as cash-collateralized and insured risk-participation structures to banks, insurers, asset managers, and investors. The team is led by George Biddulph and Harriet Rowland-Clark and aims to expand the credit insurance market’s reach into institutional investment-grade assets.
Forrester: Cyber Insurance Will Grow by 15% in 2026
Forrester predicts that written cyber insurance premiums will increase in 2026 as widespread adoption of artificial intelligence expands the threat surface and enables more sophisticated cyberattacks. The report also notes that while AI and automation may help insurers reduce expense ratios, only larger carriers with strong strategy, data readiness and investment capacity are positioned to fully capitalize on these efficiencies in the near term.
Viewpoint: Are PFAS the New Asbestos? Getting Ahead of Forever Chemical Risk
PFAS chemicals are creating increasing liability exposure across industries, and companies that delay evaluating their risk may face significant future claims and cleanup costs. Brokers and insurers are encouraging clients to update contamination assessments, strengthen disclosures, and take proactive steps to manage PFAS risks before litigation pressures grow.
People Moves
Appointment of Chief Underwriting Officer
Conduit Holdings Limited has appointed Stephen Postlewhite as Chief Underwriting Officer of its reinsurance business Conduit Reinsurance Limited, effective 26 January 2026 and subject to Bermuda immigration approval. He will lead the company’s underwriting strategy and portfolio performance across property, casualty and specialty lines and manage its outwards reinsurance program.
AXA XL promotes Sabrina Lahrmann to Head of International Property, UK & Lloyd's
AXA XL has promoted Sabrina Lahrmann to Head of International Property, UK & Lloyd’s, with her tenure beginning on 1 November 2025. Based in London, Lahrmann will lead the underwriting strategy for AXA XL’s international property retail business in the UK and Lloyd’s market.
Chubb Announces John Lupica to Retire
Chubb Limited announced that John Lupica, Vice Chairman of the Chubb Group and Executive Chairman of North America Insurance, will retire effective December 31, 2025, after 25 years with the company. The company also named John Keogh, President and Chief Operating Officer of the Chubb Group, to take on the additional responsibility of Chairman for North America Insurance.
Hamilton Insurance Group, Ltd. - Hamilton Reports 2025 Third Quarter Results
Hamilton Insurance Group Ltd. reported third-quarter 2025 net income of US $136.2 million, or US $1.32 per diluted share, achieving an annualized return on average equity of 20.9 percent. The company’s combined ratio improved to 87.8 percent, gross premiums written rose 26.3 percent to US $698.8 million, and investment income also contributed meaningfully to performance.
H.W. KAUFMAN GROUP ANNOUNCES PROMOTIONS ACROSS ITS EXECUTIVE AND NORTH AMERICAN TEAMS - Kaufman
H.W. Kaufman Group announced a series of promotions across its Executive and North American teams following its 2025 Leadership Meeting. The moves reflect the company’s continued focus on developing internal talent and supporting its strategic growth plans.
The Baldwin Group has appointed Joe Valerio as Chief Operating Officer for its Insurance Advisory Solutions division. He will focus on strengthening operations and scaling the business, bringing nearly 30 years of experience in insurance brokerage leadership.
NAIC Announces Johnston Interim CEO as Anderson Departs
The NAIC announced that CEO Gary Anderson has stepped down, with Jeff Johnston, the organization’s Chief Regulatory Affairs Officer, appointed as interim CEO. Anderson, who previously served as Massachusetts insurance commissioner, had been in the role since March 2024, and the NAIC has not yet outlined plans for selecting a permanent successor.
Pen Underwriting appoints Michael Doyle as Chief Executive
Pen Underwriting has appointed Michael Doyle as Chief Executive Officer for its Ireland business, subject to regulatory approval, with his start date set for 1 March 2026. The newly created role will see Doyle drive the firm’s growth strategy in Ireland by scaling operations, broadening the product portfolio, and leveraging the broader Pen Underwriting network.
Uri Dallal appointed as Executive Vice President, Financial Lines, Howden US
Uri Dallal has been appointed Executive Vice President, Financial Lines at Howden US following a 16-year tenure at Aon where he led the New York market and regional teams in financial services and large-capital clients. He will partner with Ron Borys to build a national Financial Lines practice for Howden US and deepen its specialty lines presence across the country.
Vantage Risk Strengthens Leadership Team, Reinforcing Momentum in Partnership Capital and ILS
Vantage Group Holdings announced several leadership promotions across its Reinsurance and Partnership Capital & ILS platforms to support ongoing growth. The company also shared that its Partnership Capital platform has fully deployed 1.5 billion dollars in investor capital for the 2025 underwriting year, highlighting strong market confidence.
Westfield Specialty International appoints Anthony Baldwin as President
Westfield Specialty International has appointed Anthony Baldwin as President of its international business (subject to regulatory approval). He will be based in London, report to Jack Kuhn (Global President, Westfield Specialty) and will oversee all non-U.S. Specialty operations, drawing on his 30-year tenure at AIG in leadership roles across the UK, Europe and international financial lines.
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