Alan Gray Selected to Provide Run-Off Administration Services for ECRA and CMC Reinsurance Pools
Weekly Articles
Bishop Street Underwriters has launched a new platform, Bishop Street Program Managers (BSPM), to act as an incubator for managing general agents (MGAs) and target specialty underwriting niches. The platform leverages Bishop Street’s infrastructure, capital, and insurer partnerships to rapidly bring new MGAs to market and accelerate growth.
Brown & Brown has agreed to acquire Pardus Underwriting Limited, a UK-based MGA specializing in property owners and commercial combined insurance products. Pardus’s leadership team will remain and continue operations from its current locations, and the deal completes Brown & Brown (Europe) Ltd’s strategy to bolster its specialist underwriting capabilities for broker partners.
Chubb Limited reported strong third-quarter results driven by lower catastrophe losses, improved underwriting margins and higher investment income. The company achieved a record low combined ratio of 81.8 percent and saw core operating income rise to US $7.49 per share.
According to Marsh’s Global Insurance Market Index, global commercial insurance rates declined on average by 4 percent in the second quarter of 2025, marking the fourth straight quarterly drop. The rate decrease is driven mainly by elevated competition and higher market capacity, though casualty insurance rates continue to rise globally.
Global Indemnity Group, LLC announced it will transfer the listing of its Class A common shares from the New York Stock Exchange to the Nasdaq Stock Market Global Select Market, with trading expected to begin on November 4, 2025 under the ticker “GBLI”. This move is described as supporting the company’s emphasis on technology, business innovation, and growth within the insurance and reinsurance sectors.
JMG Group, a UK-based insurance broker, has secured a significant equity investment led by GTCR and Synova, with the aim of accelerating its growth via acquisitions, talent investment, and platform development.
BlackRock’s 14th annual Global Insurance Report finds that insurers are facing another year of economic uncertainty, with inflation ranked as the top macroeconomic concern and only a small share planning to take on more investment risk. Despite the cautious outlook, many insurers are maintaining or increasing allocations to private markets and adopting more flexible asset management models to enhance portfolio resilience.
The Insurance Information Institute (Triple-I) issued an Issues Brief highlighting misconceptions about risk-based pricing in property/casualty insurance and warning that regulatory actions limiting such pricing could undermine market stability. The brief recommends modernizing building codes, incentivizing mitigation measures and enhancing collaboration between insurers and governments to keep coverage affordable while maintaining insurer financial resilience.
In the first half of 2025, U.S. property/casualty insurers saw credit rating upgrades tick up slightly to 18, while downgrades held steady at 20. Despite ongoing pressures from inflation and higher reinsurance costs, most rating actions (about 80 percent) were affirmations, and commercial lines carriers were largely cited for strong underwriting discipline and positive pricing momentum.
W. R. Berkley Corporation reported strong second-quarter results in 2025, with net premiums written reaching a record US $3.4 billion and an annualized return on equity of 19.1 %.
A recent Bloomberg article reports that the growing dominance of catastrophe bonds is challenging traditional reinsurers as primary insurers increasingly bypass reinsurers in favor of these alternative risk-transfer vehicles. Estimates show that primary insurers now sponsor about 58 % of all cat bonds compared with 48 % two years ago, signaling a structural shift in how catastrophe risk is being managed.
Chubb Limited CEO Evan Greenberg stated that Chubb will not pursue property catastrophe reinsurance unless the pricing and terms are appropriately disciplined. He emphasized that the company views reinsurance as a strategic trade and is prepared to reduce volume when conditions cannot meet its profitability standards.
W. R. Berkley Corporation CEO Rob Berkley has emphasized that the reinsurance industry remains strongly cyclical, particularly highlighting softening margins in property catastrophe as competition intensifies. He noted that while margin still exists it is clearly eroding and warned of further pricing decline leading into January 1 renewals.
Gallagher Re’s Head of International Property, Dave Egan, emphasises that diversification is essential for reinsurer growth given today’s market characterised by strong capital levels and competitive pressure. He notes that reinsurers who extend beyond traditional catastrophe lines into specialty risks, aggregated cover, and parametric solutions are better positioned to deepen client relationships and balance portfolios.
E+S Rückversicherung, Hannover Re’s German subsidiary, expects continued growth and a stable reinsurance market for the January 2026 renewals, even as some property and casualty segments show signs of softening. The company anticipates strong demand for catastrophe coverage and improvement in the German motor sector while emphasizing disciplined underwriting and adequate pricing.
Rising geopolitical tensions, including trade disputes, supply chain disruptions, and regional conflicts, are creating greater volatility for the reinsurance sector and amplifying existing economic risks. Guy Carpenter advises that insurers strengthen resilience through diversification, advanced analytics, agile investment, and scenario planning to better navigate this uncertain environment.
Peak Reinsurance Company Limited announced that KKR and Quadrantis Capital have joined as minority investors, acquiring approximately 11 percent and 2 percent stakes respectively. The investment strengthens Peak Re’s capital position and supports its long-term growth strategy in Asia and other emerging markets while Fosun International remains the majority shareholder.
At the 2025 Baden-Baden Reinsurance Meeting, AXA XL Reinsurance CEO Bertrand Romagne highlighted the growing significance of secondary perils—like wildfires, floods, and severe storms—which are now as impactful as primary catastrophes. He stressed the need for better risk understanding, citing wildfire research that links improved building codes to increased property survival. With rising loss activity, demand for catastrophe cover is high ahead of the January 1, 2026 renewals. Romagne emphasized strategic partnerships, portfolio discipline, and client-focused solutions.
Guy Carpenter reports that global reinsurance and insurance M&A activity is accelerating as conditions such as stabilizing interest rates, ample capital, and moderating pricing support strategic growth. The firm notes that acquirers are increasingly targeting capabilities in cyber, climate resilience, distribution platforms, and specialty underwriting, with growing private equity interest in MGAs and technology-driven insurance firms.
B.P. Marsh & Partners reported a strong first half of 2025 with total shareholder return of 9.5% and a 7.1% increase in net asset value to £349.5 million. The group achieved a £32.1 million profit before tax, completed several new investments in specialty insurance and finance businesses, sold Sterling Insurance in Australia, and distributed £8 million in dividends while maintaining a solid liquidity position of £52.6 million for further growth.
According to Marsh’s Global Insurance Market Index, global commercial insurance rates declined by 4 percent on average in the second quarter of 2025, continuing the trend of falling rates after seven years of increases. The report notes that the decline is driven primarily by increased insurer competition and growing market capacity, though casualties—with rising claims and jury awards—remain a structural pressure.
Ford Motor Company is recalling approximately 1.4 million vehicles in the U.S. due to faulty rear-view cameras that may display distorted, intermittent, or blank images when the vehicle is in reverse. The recall involves 2015-2020 model-year Explorer, Escape, Mustang, Flex, Fiesta, C-Max, Taurus, Fusion and Lincoln MKT/MKZ cars and includes an extended warranty on rear cameras for additional vehicles.
The program business sector in commercial insurance is expanding at a much faster pace than the overall market, with premiums growing from $17.5 billion in 2010 to over $110 billion in 2024. Administrators report high profitability and active innovation, with niche underwriting, speed to market and technology being key growth drivers
In the Pacific region, commercial insurance rates declined 11 percent in the third quarter of 2025, the steepest drop among global regions. Property insurance rates fell by 14 percent, casualty by 7 percent, financial and professional lines by 10 percent and cyber by 10 percent in the region.
A recent survey by Dun & Bradstreet found that 85 percent of UK insurers and brokers have experienced negative impacts from third-party risks, including security breaches, supply-chain disruptions, financial losses and reputational damage. The report also highlights that while many firms have increased spending on areas like cybersecurity and fraud prevention, they still lack confidence in their data quality and ability to assess non-financial risks.
An outage at Amazon Web Services (AWS) lasting about 15 hours has been classified as a moderate incident for the insurance industry, as it underlines the systemic risks tied to concentrated cloud-service providers. Analysts say the event serves as a near miss that highlights the need for clearer contingent business interruption coverage and more diversified cloud-platform exposure.
Casper Specialty UK has launched a new brand, Tundra Specialty, dedicated to covering risks in the renewable energy sector, with underwriting expected to begin by the end of 2025. The new MGA unit will operate under Casper’s platform but maintain its own brand and strategy, aiming to meet growing demand as the transition to clean energy accelerates.
CyberCube estimates that insured losses from the recent AWS outage, referred to as Amazonk, will range between 38 million and 581 million dollars, with a modest loss ratio impact for cyber insurers. The analysis indicates that more than 2,000 large organizations and nearly 70,000 smaller companies were affected, particularly within the technology and financial services sectors.
The widespread AWS outage exposed the systemic risk created by reliance on a small number of cloud-service providers, particularly when a failure occurs in a heavily utilized region. Analysts believe the event signals key implications for insurance underwriters and models around cyber, contingent business interruption and technology resilience.
The review by Kroll Bond Rating Agency (KBRA) highlights how insurance companies face a shifting weather-risk paradigm where secondary perils such as severe convective storms and wildfires are now causing significant insured losses, prompting major underwriting and reinsurance-market changes. The analysis notes that reinsurers have tightened terms and raised prices leading primary insurers to retain more net weather-loss exposure, that risk modeling is evolving but still challenged, and that alternative risk-transfer mechanisms such as parametric coverage and insurance-linked securities are playing a growing role.
A recent panel discussion highlighted how companies like Uber are using RICO lawsuits to combat legal system abuse and third-party litigation funding (TPLF) that is inflating claims costs. Industry observers noted that TPLF could create a 4–5 percent drag on loss ratios for insurers over the next five years due to higher claim values and systemic coordination by plaintiffs’ counsel.
Google faces an additional $2.36 billion forfeiture request after a $425 million jury verdict found it secretly collected user data despite privacy settings. Plaintiffs argue the initial award is inadequate given ongoing harm. Google denies wrongdoing, plans to appeal, and seeks to overturn the verdict and decertify the class of affected users. The judge will decide on disgorgement.
A Bermuda-domiciled captive insurer affiliated with New York hospitals has filed for bankruptcy under Chapter 15 and initiated liquidation proceedings after it became insolvent due to mounting child sexual abuse lawsuits filed under New York’s Child Victims Act. The company’s loss reserves nearly doubled in a short period and management concluded that it cannot raise enough funds to meet its obligations to policyholders.
Thousands of lawsuits are being consolidated against major social media companies including Meta, Snap, ByteDance and Alphabet, alleging that their platforms were intentionally designed to addict users and cause youth mental health issues. Courtrooms across the U.S. are preparing for preliminary trials as the defense of Section 230 immunity falters and the cases move toward potentially multibillion-dollar outcomes.
Rivian agreed to a $250 million settlement to resolve investor claims it withheld key information before its 2021 IPO, including plans to raise vehicle prices. Without admitting wrongdoing, the EV maker will pay via insurance and cash. Rivian says settling allows focus on launching its R2 model in 2026. The move follows new layoffs affecting 4.5% of its workforce.
Acrisure Re has appointed Dan Morrison as Senior Vice President. He will be based in New York, report to President Michael Cross, and lead carrier- and reinsurer-partnership development as well as program expansion for the U.S. delegated underwriting team.
Aon has appointed Andrew Secker as EMEA Chief Client Officer and Daniele De Bosini as EMEA Chief Broking Officer for Reinsurance Solutions to support its reinsurance growth strategy in the region. Secker will focus on optimizing client service delivery across EMEA, while De Bosini will strengthen the connection between client needs and global reinsurance capacity, both reporting to Tomas Novotny, EMEA CEO and Chairman of International for Reinsurance Solutions.
Allianz Commercial announced new board appointments designed to deepen market-facing engagement with clients and brokers globally. The changes include the addition of senior leaders responsible for regional and distribution strategies, underscoring the firm’s push for growth in key segments.
Brown & Brown, Inc. (Europe) has agreed to acquire Pardus Underwriting Limited, a UK-based MGA specializing in property owners and commercial combined products. The leadership team at Pardus will remain in place, and the acquisition is intended to expand Brown & Brown’s specialist underwriting capabilities.
Brown & Brown, Inc. has appointed Steve Hearn as President of its Retail segment while he continues in his role as Chief Operating Officer. Hearn will also lead all the company’s operations outside of North America across both Retail and Specialty Distribution segments, reinforcing the firm’s global growth strategy.
Everest Re Group has appointed Anthony Vidovich as Executive Vice President and General Counsel. He will oversee legal affairs for the company.
Howden US has appointed Ben Hanback as Executive Vice President to support its U.S. retail operations. Hanback joins from Aon and will be based in Nashville, Tennessee, reporting to CEO Mike Parrish.
IQUW Bermuda has appointed James Mitchell as its Chief Underwriting Officer (CUO), with his role effective immediately. He joins from Guy Carpenter where he served as Managing Director, Global Specialties and North American Treaty and previously held senior roles over a 13-year span at RenaissanceRe in Bermuda and London; in his new position he will lead IQUW’s global reinsurance underwriting and support the development of its technical culture and broker relationships.
Liberty Mutual Reinsurance (LM Re) appointed Andreas Blosche as Head of Northern Europe, effective immediately, succeeding the retiring Hans Van Oort. Blosche, based in Cologne, brings three decades of reinsurance experience and will oversee property and casualty operations across the region while reporting to the firm’s Chief Underwriting Officer, Eric Sugier.
Lockton has appointed Mike Gaudet as Strategic Business Development Leader for its U.S. Energy Practice. With nearly three decades of industry experience—most recently at Marsh—he will drive growth and deepen client relationships in the power, renewables, and utility sectors.
Howden Group Holdings has appointed Mike Dalby as CEO of its Consumer, Local & Commercial division, where he will lead the growth strategy and operations for the group’s retail insurance businesses.
Novatae Risk Group has appointed Kimberly Jenkins as its new Chief Operating Officer. In this role she will lead operations, business strategy and infrastructure enhancements to drive profitable growth and elevate client and employee experience.
QBE Insurance Group has appointed Chris Killourhy as its new Group Chief Financial Officer, effective January 1 2026 and subject to regulatory approval. Killourhy, who has been with QBE since 2015 and previously served as Managing Director of QBE Re, will oversee the company’s global financial strategy, capital management, and investor relations.
SiriusPoint Ltd. announced that Will Nihan will become Chief Executive Officer of its wholly-owned subsidiary International Medical Group (IMG) effective November 3 2025. Mr. Nihan joins from Travelex Insurance Services where he served as President and CEO and brings prior leadership experience at Zurich Global Ventures, Prudential Financial and AIG.
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.
