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Weekly Articles
Insurance Market
AM Best’s latest Market Segment Report shows that U.S. property/casualty mutual insurers generated $26.0 billion in net income in 2024, reversing a $10.8 billion loss the prior year, thanks to stronger pricing adequacy. Rising underwriting expenses, especially commissions, were offset by higher net investment income fueled by increased interest rates, which supported the turnaround in results.
DB Insurance to Acquire U.S.-based Insurer Fortegra
DB Insurance will acquire U.S. specialty insurer Fortegra from Tiptree and Warburg Pincus for about $1.65 billion in cash, marking the largest U.S. entry by a Korean non-life insurer. Fortegra, which wrote $3.07 billion in gross premiums in 2024 and earned $140 million net, operates across all 50 U.S. states and eight European countries and will help DB expand into surety, warranty, and specialty P&C markets.
Neptune Insurance seeks up to $423.7m in IPO
Neptune Insurance is reportedly seeking to raise as much as $423.7 million through an initial public offering, a move that would support capital growth and expansion. The IPO effort signals the company’s ambitions to scale operations and potentially deepen its role in underwriting markets.
US P&C insurers boost profitability in H1'25 despite cat losses: Moody's
Moody’s reports that U.S. property and casualty insurers posted $27 billion in net income in the first half of 2025, a 13 percent increase from a year ago, even as catastrophe losses reached $16.1 billion. The gains were driven by improved personal auto results, stronger investment income, and reserve releases that offset wildfire losses.
Reinsurance Market
Casualty insurance pricing remains high, specialty and non-US markets offer opportunities: TD Cowen
TD Cowen reports that casualty insurance pricing remains well above historical norms and that specialty casualty and non-U.S. markets are viewed as promising avenues for growth. The analysis also flags pressure in commercial auto, mixed views on U.S. financial and cyber lines, and concerns about reserve adequacy from the 2021–22 accident years
Lockton Re has become the first reinsurance broker to adopt CyberCube’s new Exposure Manager (XM) product, giving it a unified, quantitative view of clients’ cyber portfolio health. The tool allows Lockton Re to benchmark risk, pinpoint portfolio blind spots, and enhance advisory and transaction strategy across cyber exposures.
The Fidelis Partnership announces new MGA, Imala Re, launches Miami office
The Fidelis Partnership, via its MGA platform Pine Walk, has launched a new MGA called Imala Re and will open its first U.S. office in Miami on October 1, which will serve as Imala Re’s headquarters. The MGA will specialize in Latin American and Caribbean treaty reinsurance across property, motor, and marine lines using catastrophe excess, risk excess, and quota share structures.
There are challenges, but reinsurance conditions remain favourable: Lockton
Lockton observes that property reinsurance rates are softening from their 2023 highs but insists the market remains buyer-friendly as capacity stays strong and reinsurers maintain discipline. The broker notes that casualty treaty pricing is steady though profitability is uncertain, and cyber capacity is expanding as reinsurers seek new quota share and excess limits opportunities.
Commercial Lines
AM Best: Commercial Auto Liability Drags Down Segment and it Could Get Worse
Commercial auto liability has posted underwriting losses for the 14th consecutive year, with a $6.4 billion loss in 2024, according to AM Best. While physical damage business remained profitable, the divergence in performance threatens to erode overall results if liability losses continue to worsen.
Arrow launches Tech E&O Underwriting Practice with Bridgehaven Capacity - Arrow Risk Management
Arrow Risk Management has teamed up with Bridgehaven Specialty UK to launch a new Tech E&O underwriting practice led by Graeme King. The practice will write combined Tech E&O and cyber coverage for organizations producing technology products and services, leveraging Arrow’s MGA operational platform.
Commercial insurance market holds steady but pressure points are emerging: Lockton
The U.S. commercial insurance market remains relatively stable with most major lines seeing competitive pricing, but underwriters are getting more selective about the risks they take. Lockton warns that liability lines are under particular strain from social inflation and rising injury awards while D&O and cyber may be entering a phase of re-tightening.
Fidelis Partnership announces new MGA, Imala Re, and launch of Miami office
The Fidelis Partnership, via its MGA platform Pine Walk, has launched Imala Re, a reinsurance MGA writing Latin America & Caribbean treaty business, and opened its first U.S. office in Miami to serve as the MGA’s headquarters. Ivan Vega, with more than three decades in LatAm reinsurance, will lead Imala Re as CEO and Chief Underwriter, backing a portfolio of property, motor, and marine treaty capacity in catastrophe and quota share structures.
Ryan Specialty Launches Clach Casualty Underwriting Managers – Ryan Specialty
Ryan Specialty has introduced a new MGU, Clach Casualty Underwriting Managers, focusing on casualty insurance for construction and habitational real estate risks, distributing exclusively through U.S. wholesale brokers. Led by industry veteran Adam Schnell, Clach Casualty offers monoline primary and excess solutions (including general liability wraps and New York contractor/owner programs) backed by rated capacity.
Specialty Program Group Consolidates 5 Brands Under SPG Wholesale
Specialty Program Group LLC is consolidating five of its brands, Monarch E&S, Beacon Hill Associates, SWIS, Capitol Special Risk, and JDM & Associates, into a single division called SPG Wholesale to simplify operations and unify resources. The legacy brand names will be retired and the consolidation is intended to strengthen specialty market access, carrier relationships, and expertise under one platform.
Emerging Risks & Technologies
Carrying Safes, Driving Cars Through Doors: The World of Cannabis Claims, Exposures And Risks
The article outlines how cannabis businesses’ heavy reliance on cash makes them attractive targets for crime and explains steps insurers and operators are taking to strengthen security and underwrite risk more effectively. It also highlights a bipartisan push by 32 state attorneys general for the SAFER Banking Act of 2025 to shield financial service providers from liability when serving state-authorized cannabis businesses.
Cyber security resilience 2025 | Allianz Commercial
While cyber claims frequency in H1 2025 was roughly in line with prior years, severity dropped by over 50% and large loss events (> €1 million) declined ~30%, partly thanks to stronger security and preparedness at larger organizations. Allianz also notes rising losses from data exfiltration, contingent business interruption, and privacy litigation, while projecting the global cyber insurance market will nearly double to ~$30 billion by decade’s end.
Davies unveils new AI workbench to accelerate underwriting decisions
Davies has launched a new AI Underwriting Workbench platform designed to modernize and scale underwriting by providing a unified dashboard, automating manual workflows, and integrating with existing policy, claims, and document systems. The tool aims to raise hit ratios by 3–5 % and cut internal costs by 25 % while eliminating 70-80 % of manual underwriting tasks.
McGowan has acquired Limit.com, a digital wholesale brokerage built around AI and online underwriting for cyber liability and technology E&O. Limit will continue operating under its brand within McGowan’s platform, with all staff retained, helping McGowan expand its tech-driven distribution and risk management offerings.
‘Most Prevalent’ Chinese Hacking Group Targets Tech, Law Firms
A Chinese hacker group tracked as UNC5221 has been carrying out an advanced cyberespionage campaign targeting U.S. tech firms and law practices, often spying undetected for over a year. Google researchers say the group is one of the “most prevalent” malicious actors in the U.S., exfiltrating source code, emails, and sensitive intellectual property to gain strategic advantage.
Rebooting growth: Howden's 2025 cyber insurance report
Howden’s 2025 Cyber Report reveals that while cyber insurance has been one of the industry’s fastest-growing lines, premium rates are now falling and competition is intensifying, even as the base of insured exposures is expanding too slowly. The report also estimates that cyberattacks cost companies in France, Germany, Italy, and Spain about €307 billion over 2020–25, and projects that for a firm with €500 million in revenue, a robust cyber policy can deliver a 19 percent return on investment over ten years.
Stellantis Detects Breach at Third-Party Provider for North American Customers
Stellantis reported unauthorized access at a third-party service provider supporting its North American customer service systems, exposing basic contact information but not financial or highly sensitive personal data. The company said it has launched its incident response protocols, notified affected customers, and alerted authorities while warning about potential phishing risks.
The Hartford Bolsters Cyber Insurance for Small Businesses
The Hartford has rolled out its CyberChoice First Response cyber insurance product nationwide (excluding AK, VT, and LA) through its ICON platform, enabling agents and brokers to quickly quote and bind tailored cyber coverage for small businesses alongside other policies. The offering covers ransomware loss, data restoration, regulatory inquiries, and more, and integrates directly with The Hartford’s Spectrum BOP to simplify purchase for clients.
TMK launches next-generation Cyber Ctrl suite
Tokio Marine Kiln has rolled out an upgraded Cyber Ctrl product suite, including a new Professional Ctrl option that blends cyber and technology/E&O exposures. The enhancements remove key exclusions, add more breadth around business interruption and AI risks, and aim to underpin TMK’s capacity appetite in both cyber and tech markets.
Travelers: Confidence High in Guidance From Cyber Insurers; Work to Do on Take-Up
According to Travelers’ 2025 Risk Index, 86% of business leaders say they are confident in cybersecurity guidance from insurers, though only 63% report actually carrying cyber insurance. While many organizations recognize cybersecurity’s importance, large proportions of small and medium firms remain uninsured, highlighting a significant growth opportunity for insurers.
Viewpoint: Enhancing Digital Claims With Behavioral Science
Insurers are being encouraged to enhance digital claims processes by integrating behavioral science, which can help predict customer behavior and improve communication. Using principles like nudges, social influence, and simplified decision frameworks can increase adoption of digital tools, reduce fraud, and strengthen overall policyholder trust.
Litigation & Mass Torts
Amazon, FTC Reach $2.5 Billion Deal in Prime Subscription Case
Amazon agreed to pay $2.5 billion in penalties and refunds and to overhaul its Prime cancellation process as part of a settlement with the FTC over allegations it misled customers and made cancellations difficult. The company will pay $1 billion in civil penalties and refund $1.5 billion to affected customers while executives are barred from engaging in deceptive subscription practices for ten years.
Attorneys Urge Court Overseeing Tylenol Autism Lawsuits to Reconsider
Families appealing the dismissal of lawsuits claiming that Kenvue’s Tylenol or generic acetaminophen caused autism are asking the 2nd U.S. Circuit to reconsider in light of new public commentary from the Trump administration advising pregnant women to avoid the drug. The plaintiffs contend the administration’s stance underscores potential issues of separation of powers and scientific credibility while the defense maintains there is still no established causal link.
Google, Flo Health to Pay $56M in Period-Tracking App Privacy Case
Google and Flo Health have agreed to pay a combined $56 million to settle claims that they violated the privacy of Flo app users by sharing sensitive menstrual and pregnancy data, with Google paying $48 million and Flo paying $8 million. The case, which also involved Flurry and Meta, alleges violations of the California Invasion of Privacy Act, with Meta found liable after trial and planning to appeal.
If Amazon Tricked Customers into Joining Prime, Execs Could Face Personal Liability
A federal trial has begun to determine whether Amazon misled customers into Prime subscriptions and made cancellation difficult, with the FTC alleging violations of consumer protection laws. Executives Neil Lindsay and Jamil Ghani are named as individual defendants and may face personal liability if the court rules against Amazon.
Insurer Says Tech Services Firms Should Pay for Insured’s Ransomware Damages
ACE American Insurance Co. is suing to recover $500,000 in ransomware losses it paid on behalf of a staffing company, claiming the cloud services and cybersecurity firms it hired were negligent in their protections and response. The complaint points to failures such as not enforcing multi-factor authentication and misclassifying intrusion alerts as factors that worsened the attack.
Insurers Fighting $345M Georgia School Abuse Award, With Policy Wording at Issue
Insurers are contesting a $345 million settlement ordered in a case involving alleged child sexual abuse at Darlington School, arguing that policies written in the 2000s should not cover decades-old claims. At oral argument, a key issue emerged over whether ambiguous policy language inadvertently extended coverage beyond the intended temporal limits.
Judge Throws Out Trump’s $15B Lawsuit Against New York Times
A federal judge dismissed Trump’s $15 billion defamation suit against the New York Times and Penguin Random House, ruling the complaint was overly verbose and lacked the concise structure required by federal procedure. He allowed 28 days for a revised complaint capped at 40 pages.
Starbucks Workers Sue Over Company’s New Dress Code
Starbucks employees in Illinois and Colorado, supported by the union, have filed class-action lawsuits challenging a recently implemented dress code, alleging the policy violates labor laws. Parallel complaints have also been filed with California’s labor agency, and if it declines action, the workers plan to file a class action in that state as well.
US jury trends underscore need for broader reforms: Swiss Re
Swiss Re’s 2025 Behavioral Social Inflation Study finds that U.S. juror sentiment has shifted strongly toward plaintiffs and that this trend is influencing verdicts in measurable ways. The analysis highlights that in serious injury cases, jurors tend to assign high compensation similarly to small and medium enterprises as they do to large corporates, which underscores rising uncertainty and pressure in the liability market.
People Moves
Balavant Insurance Group has appointed Michael Sothen as Chief Financial Officer and Omeed Kazemi as Chief Operating Officer. Sothen will oversee financial reporting, internal controls, acquisitions, and operational finance, and Kazemi will focus on strategic growth initiatives, M&A integrations, and driving operational excellence across the company.
Canopius Bolsters Credit Risk Team With Norm Kimber Appointment | Canopius
Canopius has appointed Norm Kimber as Credit & Political Risk Underwriter, with the role to take effect in Q1 2026. With over 30 years’ experience across insurance and public sector roles, he joins from Swiss Re and will report to Patrick Sheriff in London.
Chris Newman has been named CEO of ACORD Solutions Group and will lead its work to enhance global interoperability and digital data exchange across the insurance industry. He previously helped expand ACORD and ASG globally and will now guide the next phase of growth for the organization’s enterprise data solutions.
Coface appoints Christina Montes De Oca as CEO of North America | Coface
Coface has appointed Christina Montes De Oca as Chief Executive Officer of its North America region, overseeing operations in the U.S., Canada, and Mexico. She joins Coface’s Executive Committee, reports to Group CEO Xavier Durand, and succeeds Oscar Villalonga who is leaving the company.
ICW Group Names Jake Sokol Head of Excess Casualty for New Business Unit, ICW Specialty | ICW Group
ICW Group has named Jake Sokol as Head of Excess Casualty for its new specialty business unit, ICW Specialty, where he will lead the launch of its first product offering. He brings over 20 years of experience in excess casualty underwriting, most recently serving as Vice President and Head of National Accounts for Excess Casualty at Everest Insurance.
Lockton Re has appointed Ed Le Flufy as its new Global Head of Cyber, based in London. He will lead the development of a global cyber team and strengthen Lockton Re’s capabilities in cyber risk by combining traditional insurance, ILS markets, analytics, and risk consulting expertise.
Ryan Gill appointed Bspoke Group CEO and restructure creates new Retail Division - BSpoke Group
Ryan Gill has been named CEO of Bspoke Group, succeeding Tim Smyth, who will transition to Deputy Chair. Under this restructuring, Bspoke is establishing a dedicated retail division combining brands such as Police Mutual, Forces Mutual, Bspoke Lifestyle, and Bspoke Private Clients.
XS Brokers Promotes Wirkus to CEO, McVicker President
XS Brokers has promoted Erik Wirkus to CEO and named Sean McVicker as its new President. Wirkus had been serving as President since 2019 and McVicker previously led national brokerage property/casualty practice.
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.
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