Oct 19-25, 2025

Insurance Market

Bishop Street Underwriters Launches MGA Incubator; Hires‍

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.

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Brown & Brown agrees to acquire MGA Pardus Underwriting Limited - Brown & Brown‍

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.

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Chubb Reports Third Quarter Net Income‍

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.

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Global commercial insurance rates fall 4% in Q3 2025, marking the fifth consecutive quarterly decrease | Marsh 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.

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Global Indemnity Group, LLC Announces Transfer to Nasdaq Stock Exchange‍

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.

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GTCR Completes Investment in JMG Group - GTCR

‍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.

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Insurers prepare for another year of uncertainty, says BlackRock‍

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.

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Triple-I calls for mitigation measures amid misconceptions about risk-based insurance pricing‍

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.

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US P&C rating upgrades rise slightly in H1’25, downgrades hold steady: AM Best‍

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.

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W. R. Berkley Corporation - Investor Relations‍

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 %.

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Reinsurance Market

Catastrophe Bonds’ Huge Market Gains Put Reinsurers on Backfoot - Bloomberg‍

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.

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Chubb won't chase property cat reinsurance: CEO Evan Greenberg‍

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.

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Clear evidence re/insurance industry is still cyclical: W. R. Berkley CEO‍

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.

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Diversification key for reinsurer growth in current market conditions: Gallagher Re’s Egan‍

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.

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E+S Rück anticipates stable market environment for 2026 - Hannover Re‍

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.

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Geopolitics, Volatility and Consequences for the (Re)insurance Sector‍

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.

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Peak Re welcomes KKR and Quadrantis Capital as minority investors | Peak Re‍

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.

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Rise of secondary perils key but reinsurance market ‘looks healthy’ ahead of 1.1, says AXA XL Reinsurance’s Romagne‍

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.

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‍Strategic Momentum Builds as Conditions Align in Global Insurance M&A‍

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.

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Commercial Lines

B.P. Marsh & Partners Plc Half-year Results‍

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.

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Commercial insurance rates fall in Q3'25 as competitive market proves advantageous: Marsh‍

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.

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Ford Recalling 1.4 Million US Vehicles Over Faulty Rear-View Cameras‍

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.

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Growth Momentum Continues for Program Business: TMPAA‍

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

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Pacific Insurance Rates | Market Index | Marsh‍

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.

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Emerging Risks, Insurtech & Technologies

‍85% of insurers negatively impacted by third-party risks: Dun & Bradstreet

‍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.

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AWS Outage a ‘Moderate Incident,’ Another Near Miss for Insurance Industry‍

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.

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Casper launches Tundra Specialty – casper-specialty.com‍

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.

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CyberCube Reveals Insurance Loss Estimate for AWS “Amazonk” Outage‍

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.

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CyberCube States AWS Outage Highlights Systemic Risk from Cloud Concentration‍

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.

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KBRA Releases Research – Beyond the Coastline: Insurers Confront Evolving Weather Risk Paradigm‍

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.

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Litigation & Mass Torts

‍Can a More Unified Front Be Formed Against Legal System Abuse?‍

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.

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Consumers Seek $2.36 Billion From Google After Privacy Verdict‍

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.

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Hospital Insurer Files for Bankruptcy, Citing Child Sex Abuse Claims‍

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.

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‘Massive Legal Siege’ Against Social Media Companies Looms‍

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.

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Rivian to Pay $250 Million to Settle Legal Suit Over Price Hikes‍

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.

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People Moves

Acrisure Re Strengthens Programs Offering with Appointment of Dan Morrison - Haggie Partners‍

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.

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Aon Appoints New Leaders to Drive Collaboration and Broking Expertise in EMEA Reinsurance‍

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.

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Board appointments to drive market and trading focus | Allianz Commercial‍

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.

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Brown & Brown agrees to acquire MGA Pardus Underwriting Limited - Brown & Brown‍

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.

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Brown & Brown, Inc. names Chief Operating Officer Steve Hearn president of Retail segment - Brown & Brown

‍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.

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Everest names Anthony Vidovich as EVP and General Counsel‍

Everest Re Group has appointed Anthony Vidovich as Executive Vice President and General Counsel. He will oversee legal affairs for the company.

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Howden US appoints Ben Hanback as Executive Vice President‍

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.

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James Mitchell Appointed Chief Underwriting Officer, IQUW Bermuda - IQUW‍

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.

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LM RE NAMES BLOSCHE HEAD OF NORTHERN EUROPE - Haggie Partners‍

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.

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Lockton Appoints Mike Gaudet to Lead Business Development for U.S. Energy Practice | Lockton‍

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.

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Mike Dalby appointed as CEO, Howden Consumer & Local Commercial‍

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.

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NOVATAE RISK GROUP NAMES KIMBERLY JENKINS AS NEW COO‍

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.

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QBE names Chris Killourhy Group CFO - Reinsurance News‍

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.

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SiriusPoint Announces Will Nihan as IMG CEO‍

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.