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Weekly Articles
Insurance Market
9M25 Activity Indicators | AXA
AXA reported that gross written premiums and other revenues rose 7 percent to €89.4 billion in the first nine months of 2025, with Property & Casualty premiums up 5 percent and Life & Health premiums up 9 percent. The group’s Solvency II ratio stood at 222 percent, up 2 points from the first half, reflecting strong capital and balance-sheet resilience.
American International Group (AIG) has secured the renewal rights to approximately US $2 billion of retail insurance portfolios from Everest Group across the U.S., U.K., Europe and Asia-Pacific starting January 1 2026. Under the agreement, Everest retains all existing liabilities and claims management responsibilities while AIG takes over future premiums and client relationships.
AIG to partner with specialty insurer Convex and asset manager Onex in $5B deal | Fortune
AIG will invest in Convex alongside Onex, acquiring a significant stake in the specialty insurer and aligning closely with its management team to access its high-growth underwriting platform. The transaction reflects AIG’s shift toward specialty risk and pharmaceutical capabilities in the global insurance market.
Alm. Brand A/S - Interim report for Q3
Alm. Brand A/S reported Q3 2025 insurance service profit of DKK 535 million, with a combined ratio of 82.2 percent and insurance revenue up 7.5 percent. The company raised its full-year guidance for both insurance service and investment results and posted a solvency coverage ratio of 254 percent at 30 September
Aon Reports Third Quarter 2025 Results - Oct 31, 2025
Aon plc reported total revenue of US $3.997 billion in Q3 2025, a 7 percent increase from a year ago, with operating income jumping 31 percent to $816 million and adjusted operating income up 15 percent to $1.051 billion. Diluted EPS rose 34 percent to $2.11 per share, and the company generated $1.148 billion in operating cash flow, marking strong execution of its growth and margin expansion strategy.
Arch Capital Group Ltd. - Arch Capital Group Ltd. Reports 2025 Third Quarter Results
Arch Capital Group Ltd. reported net income available to common shareholders of $1.34 billion, or $3.56 per share, a significant increase compared to the prior year. After-tax operating income reached $1.04 billion with an annualized operating return on average common equity of 18.5 percent. The consolidated combined ratio improved to 79.8 percent, driven by strong reinsurance performance with a 76.1 percent combined ratio and $482 million in underwriting income. Book value per share rose to $62.32 as of September 30, 2025, up 5.3 percent from the previous quarter.
Arthur J. Gallagher & Co. - Arthur J. Gallagher & Co. Announces Third Quarter 2025 Financial Results
Arthur J. Gallagher & Co. delivered a third-quarter revenue of $3.33 billion, up from $2.77 billion a year earlier, backed by double-digit growth in its brokerage and risk-management segments. Organic revenue rose 4.8 percent, adjusted EBITDAC margin reached 32.1 percent, and acquisition-generated revenues exceeded $450 million in Q3 2025.
AXA and Avantia Group announce multi-year extension to partnership
AXA UK has renewed its longstanding partnership with Avantia Group in a multi-year deal, continuing to provide capacity for Avantia’s HomeProtect direct-to-consumer home insurance brand in the United Kingdom. The agreement underscores AXA’s commitment to growth in the non-standard home insurance segment and supports Avantia’s expansion plans—led by its AI-driven claims model and agile digital underwriting platform.
AXIS Capital Holdings Limited reported third-quarter net income available to common shareholders of US $294 million (US $3.74 per diluted share) and operating income of US $255 million (US $3.25 per diluted share). The company achieved a combined ratio of 89.4 percent, underwriting income of US $188 million (up 39 percent), and book value per diluted common share rose to US $73.82 as of September 30, 2025.
Buffett’s Berkshire Cash Hits $382 Billion, Earnings Soar
Berkshire Hathaway’s cash hit a record $381.7 billion in Q3 as operating earnings rose 34%, driven by strong insurance results. Despite gains, Buffett made no major investments, sold $6.1B in stocks, and paused share buybacks. Geico profits fell, and Pilot posted a loss, raising investor concerns amid Buffett’s upcoming retirement.
Cincinnati Financial Reports Third-Quarter 2025 Results
Cincinnati Financial Corporation reported third-quarter 2025 net income of $1.122 billion, or $7.11 per share, up from $820 million, or $5.20 per share, in the same quarter in 2024. Operating income (non-GAAP) for the quarter doubled to $449 million, driven by underwriting profit and a favorable $152 million decrease in catastrophe losses. Their property-casualty combined ratio improved to 88.2 percent (versus 97.4 percent a year ago), earned premiums rose 12 percent, and book value per share reached a record $98.76 at September 30, up $9.65 since year-end.
Global Indemnity Group, LLC reported third-quarter operating income of US $15.7 million (US $1.08 per diluted share), an increase of 19 percent from the same period in 2024, while net income available to common shareholders was US $12.4 million (US $0.86 per share). The company’s current accident-year underwriting income rose 54 percent to US $10.2 million and gross written premiums grew 9 percent to US $108.4 million, with the combined ratio improving to 90.4 percent from 93.5 percent a year ago.
IGI’s Financial Strength Rating Upgraded to “A” (Strong)/Stable by S&P Global Ratings
IGI (International General Insurance) has had its financial strength rating upgraded by S&P Global Ratings from A- to A (Strong) with a stable outlook. The upgrade reflects IGI’s consistent outperformance, robust underwriting results, and strong capitalization across its Bermuda, UK and Europe operations.
MAPFRE S.A. reported a net profit of €829 million for the first nine months of 2025, a 26.8 % increase year-on-year, and improved its non-life combined ratio to 92.6% (-2.2 points). The group saw premiums rise 3.5 % to €22.4 billion (7.8 % at constant exchange rates), returned shareholders an interim dividend of 7 cents per share (+7.7 %), and posted a shareholder equity of over €8.9 billion, a 4.9 % increase.
Markel Group reports 2025 third quarter and nine-months results
Markel Group Inc. reported operating revenues of US $3.93 billion for Q3 2025, up 7 percent year-on-year, and adjusted operating income increased 24 percent to US $621 million. The company’s cornerstone insurance segment posted an 11 percent increase in gross premium volume and a combined ratio improvement of more than four points to 93 percent.
QIC Net Profit before Pillar II Tax increases by 23% - Qatar Insurance Group
Qatar Insurance Company (QIC) reported net profit before Pillar II global tax provisions of QAR 645 million for the first nine months of 2025, up 23 percent from the same period in 2024. Net profit after tax rose 12 percent to QAR 588 million during the same timeframe.
Ryan Specialty Reports Third Quarter 2025 Results :: Ryan Specialty (RYAN)
Ryan Specialty Holdings, Inc. reported third-quarter 2025 revenue of $754.6 million, up 24.8% year-on-year, with an organic growth rate of 15.0%. Net income surged to $62.6 million (or $0.20 per diluted share), while adjusted EBITDAC climbed 23.8% to $235.5 million and adjusted net income increased 15.9% to $131.7 million with adjusted EPS of $0.47.
Sale of Stewart Specialty Risk Underwriting
B.P. Marsh & Partners has sold its 28.2% stake in Canadian Managing General Underwriter Stewart Specialty Risk Underwriting Ltd. to Ryan Specialty for CAD $51.9 million (£27.8 million) in cash, achieving an internal rate of return of 89.8% and a 21% uplift from its July 2025 valuation. The company plans to use the proceeds to fund new and follow-on investments in early-stage financial services businesses while maintaining its capital allocation strategy, which includes potential special dividends and share buybacks.
SiriusPoint Reports Third Quarter 2025 Results with Core
SiriusPoint Ltd. reported a core combined ratio of 89.1 % for Q3 2025 and underwriting income of $69.6 million, reflecting an 11 % improvement from the prior year. The company posted diluted earnings per common share of $0.73, achieved a return on equity of 17.7 %, and delivered gross premiums written growth of 26 % for its Core business.
Skyward Specialty Insurance Group Reports Third Quarter
Skyward Specialty Insurance Group reported third-quarter 2025 net income of US $45.9 million, or US $1.10 per diluted share, up from US $36.7 million a year earlier. Gross written premiums rose 51.6 percent to US $606.5 million, the combined ratio improved to 89.2 percent, and book value per share increased 20 percent to US $23.75.
Starr Announces Acquisition of IQUW Group
Starr has entered into a definitive agreement to acquire IQUW Group, which has approximately US $1.9 billion in gross written premiums and includes two Lloyd’s syndicates and a Bermuda-based reinsurance platform. The acquisition will expand Starr’s underwriting capabilities and position its Lloyd’s-managing agency to become the ninth-largest at the Lloyd’s market once the deal closes in the first half of 2026.
The Baldwin Group Q3 2025 Market Pulse: A Disciplined Market Emerges
The Baldwin Group’s Q3 2025 report indicates that while pricing continues to soften across commercial property lines, insurers are gravitating toward a more disciplined deployment of capital, focusing on quality risks and underwriting returns. Casualty lines remain under pressure due to claim-severity increases and legal burdens, suggesting that successful players will be those who selectively underwrite and maintain loss control discipline.
The Hanover Insurance Group, Inc. reported net income of $178.7 million, or $4.90 per diluted share, in the third quarter of 2025, up from $102.1 million, or $2.80 per share, in the same quarter last year. Operating income came in at $185.6 million, or $5.09 per diluted share, while the combined ratio improved to 91.1 percent (88.1 percent excluding catastrophe losses).
WTW Reports Third Quarter 2025 Earnings | Willis Towers Watson
Willis Towers Watson (WTW) reported adjusted net income of US $301 million for Q3 2025, or US $3.07 per share, surpassing analyst expectations and reflecting strong performance in its risk-broking segment. Revenue from that unit rose 7% to US $1.01 billion while total company revenue was roughly flat at US $2.29 billion, driven in part by the prior year’s sale of TRANZACT.
Reinsurance Market
AM Best Revises Outlooks to Negative for Everest Group, Ltd. and Its Subsidiaries
Everest Group, Ltd. has had its outlooks revised to “negative” from “stable” by AM Best, although its financial strength rating of A+ (Superior) and various issuer credit ratings have been affirmed. The change reflects heightened uncertainty over the company’s business profile and enterprise-risk management following a US $478 million reserve charge, largely tied to its retail commercial insurance operations.
Best’s Commentary: Jamaica's Insured Losses From Hurricane Melissa Likely to Fall to Reinsurers
AM Best reports that insured losses from Hurricane Melissa in Jamaica are expected to remain low due to very limited insurance penetration, but that most of the losses will be borne by reinsurers because Caribbean-based insurers rely heavily on reinsurance. The commentary highlights that property business in the region is underpinned by reinsurance partnerships and questions remain about how the event will affect reinsurance pricing.
Convex Group has entered a new ownership structure in which Onex Corporation will hold a 63 percent equity stake and AIG will acquire a 35 percent stake, valuing Convex’s common equity at approximately US $7 billion. As part of the agreement, AIG will participate in a whole-account quota share of Convex’s business from January 1 2026, marking a strategic investment into specialty underwriting and reinsurance.
Enact Mortgage Insurance Enters Into a Forward XOL
Enact Mortgage Insurance Corporation has entered a forward excess-of-loss (XOL) reinsurance transaction through its Diversified Credit Risk Transfer Program, securing approximately US $170 million of coverage from a panel of third-party reinsurers. The structure enhances Enact’s capital efficiency, supports growth in its mortgage insurance book, and strengthens its risk-transfer framework for current and future business.
Everest Secures $1.2 Billion Adverse Development Cover | Everest
Everest Group, Ltd. has entered into a retroactive reinsurance agreement, effective October 1, 2025, that provides a gross limit of US $1.2 billion to cover adverse reserve development on its North American insurance business for accident years 2024 and prior. The two-layer cover is supported by Longtail Re (an affiliate of Stone Ridge Holdings Group), attaches approximately US $5.4 billion of liability reserves, and includes co-participation by Everest.
Investors expect Jamaica hurricane to trigger ‘catastrophe bond’ payout
Investors anticipate that a catastrophe bond could pay out as much as US $150 million following the impact of Hurricane Melissa in Jamaica, reflecting how extreme weather events are increasingly triggering insurance-linked securities. The episode underscores how event-based risk transfer mechanisms are playing a critical role in global reinsurance dynamics.
RenaissanceRe reported third quarter 2025 net income of $907.7 million and operating income of $733.7 million. The company achieved a combined ratio of 68.4 percent, an adjusted combined ratio of 66.6 percent, total investment results of $750.2 million, and book value per share growth of 9 percent.
SCOR | Third quarter 2025 results
SCOR SE posted net income of €217 million for Q3 2025, driven by an 80.9 % combined ratio in P&C (thanks to low natural catastrophe activity) and a solid Life & Health insurance service result of €98 million. The group’s IFRS 17 economic value rose 12.7 % at constant economics to €8.5 billion and its estimated solvency ratio stood at 210 % as of 30 September 2025.
The Impact of Nuclear Verdicts on Casualty Claims
Nuclear verdicts—jury awards over $10M—are rising sharply, fueled by shifting juror attitudes, litigation funding, and legal changes. This surge reshapes insurance reserving, pricing, and litigation strategy, with ripple effects across the economy. Insurers must adapt with proactive claims management, underwriting, and advocacy to manage escalating liability risk.
WCL Launches Industry-First Digital Treaty Placement Platform in Bermuda
Web Connectivity Limited (WCL) has launched its enabledPlacing digital platform for treaty risk placement in Bermuda, consolidating submissions from multiple brokers into a single standardized interface and using ACORD ePlacing standards. The platform is live with initial participants Ark Bermuda, Vantage Risk and Aon’s reinsurance business, and is aimed at improving efficiency, transparency and data-flows in reinsurance placements across the Bermuda market.
We remain bullish on property cat reinsurance ahead of Jan renewals, says Arch CEO
Arch Capital Group Ltd.’s CEO, Nicolas Papadopoulo, expressed bullish sentiment on the property-catastrophe reinsurance market ahead of the January 1 renewals, citing strong margins and selective opportunities. Despite higher cedant retention creating headwinds, Arch remains confident in the risk-adjusted returns available in property-cat treaties.
Commercial Lines
Mission announces upcoming launch of eighth UK MGA - Mission
Mission Underwriting has announced it will support the launch of its eighth UK MGA, Lumara Insurance, planned for Q4 2025. The new MGA will specialise in UK commercial combined and motor-trade products and will be led by David Aslin and Mark Greig.
NHTSA Says Ford Recalling 175,000 Vehicles in US for Moonroof Defect
The U.S. National Highway Traffic Safety Administration (NHTSA) has announced that Ford Motor Company will recall nearly 175,000 vehicles — including certain Ford Expedition, Lincoln Navigator, and F-Series models — because their moonroof wind deflectors may detach during use, posing a safety hazard. The recall requires dealers to inspect and repair the defect free of charge for affected owners.
Emerging Risks, Insurtech & Technologies
Catastrophe Model Insight | Aon
Aon’s Impact Forecasting unit now offers more than 135 probabilistic and scenario catastrophe models covering 12 perils and nearly 90 territories, enabling insurers and reinsurers to analyze financial impacts across natural-hazard and emerging-risk exposures using its ELEMENTS platform. The model suite supports automated event response, integration with third-party tools (such as the OASIS Loss Modeling Framework), and customization of hazard and vulnerability inputs—helping clients improve underwriting precision, exposure management and capital-allocation decisions.
Insurers Begin Restricting Privacy Coverage in Response to Evolving Risk
Cyber insurers are beginning to narrow coverage and impose more restrictions on privacy-liability policies after years of aggressive pricing and capacity growth. The shift reflects mounting concern over evolving data risks, litigation exposure and mounting losses in the cyber-insurance market.
McGill and Partners has partnered with Artificial Labs to build a fully integrated digital broking platform that will manage the entire placement lifecycle—from submission through to bind and downstream processing. The initiative supports McGill’s digital-first strategy, aiming to free brokers from administrative tasks so they can focus more on client relationships and market engagement.
mea Platfrom Announces New AI Products to Replace Core Insurance Industry Workflows. mea platform
mea Platform has released mea Operations, a suite of insurance-specific agentic AI tools designed to replace core workflows across carriers and brokers including underwriting intake, claims handling, finance operations and broking functions. The platform is built on its Insurance Knowledge Graph and claims it can reduce operating costs by up to 50 percent while improving combined ratios through automation and faster decision-making.
Zurich is reimagining the future of insurance with ambitious new AI Lab | Zurich Insurance
Zurich Insurance Group has launched the Zurich AI Lab, collaborating with University of St. Gallen and ETH Zurich’s Agentic Systems Lab across St. Gallen, Zurich, and Singapore to accelerate transformative artificial-intelligence solutions in insurance. The initiative aims to combine academic freedom with Zurich’s industry expertise to create scalable, responsible AI applications that redefine how insurance is delivered and experienced.
Litigation & Mass Torts
J&J Talc Cancer Suits Jump 17% After Failed Settlement Effort
Johnson & Johnson is now facing approximately 73,570 lawsuits alleging its talc-based baby powder caused cancer, a 17 percent increase from year-end 2024 after its attempt at a global settlement was rejected. Legal experts warn the growing caseload could push J&J to revisit settlement talks and raise its ultimate liability exposure to as much as US $11 billion.
OpenAi Sued for Trademark Infringement Over Sora’s ‘Cameo’ Feature
Cameo has filed a trademark lawsuit against OpenAI in California federal court, claiming that the “Cameo” feature in OpenAI’s Sora video app infringes its brand by causing consumer confusion. The suit alleges that OpenAI’s use of the name, which allows users to create virtual likenesses called “Cameos,” directly competes with Cameo’s celebrity video platform and undermines its identity, while OpenAI maintains that no company can claim exclusive ownership of the word “cameo.”
Opioid Distributors Can’t Shake $2.5 Billion Suit After Ruling
A federal appeals court ruled that the three largest U.S. opioid distributors must face a $2.5 billion lawsuit for allegedly creating a public nuisance in Cabell County, West Virginia by over-distributing painkillers between 2006 and 2014. Despite earlier favorable rulings, the court found that state law permitted the claims and that the trial judge had erred by dismissing the case.
The Impact of Nuclear Verdicts on Casualty Claims
Jury awards exceeding US$10 million, often called “nuclear verdicts,” are increasing in both frequency and size, fundamentally altering how casualty insurers assess and manage liability risk. Insurers face higher claim severity, wider social inflation, and shifting jurisprudence, prompting more proactive reserving, settlement strategy changes and litigation risk mitigation.
Universal Music Settles Lawsuit With AI Startup Udio
Universal Music Group has settled its copyright lawsuit with AI music startup Udio and entered into a partnership to develop a new subscription-based music creation and streaming platform launching next year. The platform will use AI trained on licensed Universal music, ensuring artists like Taylor Swift, Billie Eilish, and Elton John are compensated through new licensing and revenue-sharing agreements that aim to create a responsible and sustainable AI-driven music ecosystem.
People Moves
Andrew Aldwinckle joins Liberty Mutual Re as International Casualty CUO
Liberty Mutual Reinsurance has appointed Andrew Aldwinckle as Chief Underwriting Officer for its International Casualty business, effective February 1, 2026. He will be based in London, oversee the global international casualty portfolio and report to Chantal Rodriguez.
Everest Announces Agreement to Sell Retail Commercial Insurance Renewal Rights to AIG
Everest Group has entered into a definitive agreement to sell the renewal rights for its global retail commercial insurance business to American International Group (AIG), covering the U.S., U.K., Europe and Asia Pacific and representing approximately USD 2 billion of gross written premiums. The deal enables Everest to sharpen its focus on its core global reinsurance and wholesale & specialty insurance divisions while AIG will write the acquired business within its existing balance sheet structure.
ICW Group names Lynn Moretti as Chief Claims Officer
ICW Group Insurance Companies has appointed Lynn Moretti as Chief Claims Officer, where she will lead the insurer’s national claims operations and drive innovation and efficiency across all product lines. Moretti brings over 25 years of claims leadership experience—including roles at AmTrust Specialty, Selective Insurance, and Liberty Mutual—and has relocated from London to join the team in San Diego.
John Tiesi Joins Canopius as US Head of Financial Lines | Canopius
Canopius Group has appointed John Tiesi as U.S. Head of Financial Lines, effective October 29, 2025. Tiesi brings over 25 years of underwriting experience in financial and professional liability, most recently serving in leadership roles at Marsh and previously at Zurich North America, where he oversaw middle-market financial institution portfolios.
Liberty Mutual Reinsurance strengthens international casualty with appointment of CUO
Liberty Mutual Reinsurance has appointed Andrew Aldwinckle as International Casualty Chief Underwriting Officer, effective February 1 2026. He will be based in London, report to Chantal Rodriguez, and lead underwriting strategy and growth for the company’s international casualty portfolio across regions including the UK, Europe, Singapore, Australia, and Latin America.
New Appointments Signal Canopius’ Commitment to Growth in APAC | Canopius
Canopius Group has appointed Michelle Rudd as Chief Operating Officer for APAC and Vanessa Hall as Casualty Underwriter in Sydney. These key hires reflect the firm’s ongoing investment into its Asia-Pacific operations and its intent to strengthen regional operational and underwriting capabilities.
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