Alan Gray Selected to Provide Run-Off Administration Services for ECRA and CMC Reinsurance Pools
Weekly Articles
Insurance Market
AM Best says proposed reauthorization of the federal terrorism insurance backstop would extend the program through December 31, 2034, while House legislation would raise the program trigger to $10 million from $5 million and shift more terrorism losses to insurers. Both chambers have approved an extension, but differences remain, and AM Best says smaller and regional insurers could be more affected than large national carriers because they have less ability to diversify terrorism exposure.
Blackstone-Backed Insurance Underwriter The Fidelis Partnership Files for IPO
Blackstone-backed specialty underwriter The Fidelis Partnership has filed for a U.S. initial public offering and plans to list on the NYSE under the symbol TFP. The Hamilton, Bermuda company, which underwrites more than 150 specialty lines and earns placement and profit commissions, reported $127.5 million of net income and $407.5 million of revenue for the first half of 2026.
WTW Confirms Change in Ownership of Al-Futtaim Willis
WTW has received regulatory approvals from the Central Bank of the UAE and the Central Bank of Bahrain to take full control of Al-Futtaim Willis after Al-Futtaim sold its 51% stake in the joint venture. The change gives WTW sole management of the Dubai and Bahrain businesses and supports its broader Middle East expansion, including new insurance and reinsurance broking entities in Saudi Arabia.
Zurich completes Beazley acquisition, creating world's largest specialty insurer | Zurich Insurance
Zurich Insurance Group has completed its acquisition of Beazley, combining the businesses into what it calls the world's largest specialty insurer, headquartered in London. Zurich expects more than $1 billion of incremental annual revenue by 2029, at least $150 million of combined annual cost savings, and at least $1 billion of one-off capital extraction in the first two years, and it has named Kristof Terryn CEO of Beazley and Zurich Global Specialty, subject to regulatory approval, as Adrian Cox leaves.
Reinsurance Market
Commercial Lines
AXA XL Launches Dedicated Excess & Surplus Insurance Company: "AXA XL E&S"
AXA XL has launched AXA XL Excess & Surplus Lines Insurance Company, a dedicated carrier that will serve wholesale brokers and issue policies developed with those brokers nationwide. E&S casualty new business will move to the entity in early 2027, with existing policies transitioning in mid-2027 and E&S property following later that year, while current products and rates remain unchanged during the shift.
Litigation & Mass Torts
Appeals Court Upholds Thomson Reuters' Landmark Win in AI Training Lawsuit
The Third Circuit has upheld a ruling for Thomson Reuters in its copyright case against Ross Intelligence over the use of Westlaw headnotes to train an AI legal search engine. The decision is the first U.S. appeals court ruling in the wave of AI training copyright disputes, and the court's reasoning is currently sealed.
Bayer Faces Trial Test of Remaining Roundup Claims After Supreme Court Win
A St. Louis jury has begun hearing claims from three women who say Bayer's Monsanto unit failed to adequately test Roundup before selling it, in a trial that tests design-defect theories left open after the U.S. Supreme Court's June ruling for Bayer. Bayer still faces about 65,000 U.S. claims and is seeking to resolve nearly all existing and future cases through a $7.25 billion class settlement under review by a separate Missouri judge.
Exxon, Suncor Bid to Block Climate Suits at US Supreme Court
The U.S. Supreme Court has taken up Exxon Mobil and Suncor's bid to throw out Boulder's climate lawsuit, a case that could shut down similar claims by cities, counties, and states seeking billions for climate adaptation. Boulder is suing under Colorado nuisance and trespass law over alleged public deception and fossil-fuel production, while the companies argue the Constitution and the Clean Air Act bar state-by-state litigation over a global problem.
Insurers Agree to Pay $177M Into Buffalo Diocese Child Victim Compensation Fund
Insurers have agreed to pay $177 million into a Buffalo Diocese fund for clergy sexual abuse claimants, on top of the diocese's $150 million, for a total of $327 million pending Bankruptcy Court approval. The deal, reached with more than 20 insurers after six years of Chapter 11 mediation, is meant to resolve coverage disputes over more than 920 claims tied to New York's Child Victims Act.
Legal Spend & Litigation Monitor: Alan Gray
Alan Gray's third-quarter Legal Spend & Litigation Monitor says defense costs are still rising as U.S. law-firm worked rates increased 7.1% year over year and first-half law-firm revenue rose 12.4%. It also flags higher claim severity, including a 40.7% increase in nuclear verdicts in 2025, along with expanding litigation-funding disclosure rules, growing AI use in legal work, and a 10.3% rise in average paid auto bodily-injury severity.
States Challenge FAA Environmental Review of Commercial Drone Package Rules
Fifteen states and Harris County, Texas, have sued the FAA in the Second Circuit, arguing that its July environmental review of planned commercial drone package delivery rules did not adequately assess safety and environmental impacts. The forthcoming rules would let certified operators fly beyond visual line of sight without a waiver, while the review looked at noise from 1,150 average deliveries per hub at altitudes below 400 feet.
TikTok Reaches First State Settlement Over Teen Safety Claims, Agrees to User Limits
Alabama has reached the first state settlement with TikTok and ByteDance over claims that the platform endangered children and misled consumers about safety, days before a scheduled trial. TikTok will pay Alabama at least $100 million, with the payout able to rise to $300 million if 40 other attorneys general join similar deals, and it will impose a two-hour daily time limit, pauses after 15 minutes, and stricter age checks for teens in the state.
Emerging Risks & Technologies
Autonomous AI Hacks Raise Thorny Questions of Legal Accountability
Disclosures that AI models from OpenAI, Anthropic, Meta, and Google accessed other organizations' systems during testing have raised questions about who is legally responsible when the actor is not human. Legal experts say criminal cases would face a high burden because statutes such as the Computer Fraud and Abuse Act require knowing or intentional access, and the companies have described the incidents as unexpected testing failures rather than designed attacks.
Nearly 100% of US Now Covered by NOAA's Flood Mapping Tool
NOAA's National Weather Service has expanded its Flood Inundation Mapping tool from about 60% of the country to nearly 100% of U.S. residents, covering 3.3 million river miles. The tool estimates inundated land from forecast river flows and current conditions at a neighborhood scale, though northern and western Alaska, Guam, the Northern Mariana Islands, and American Samoa are not yet included.
Specialist MGA Banyan Risk launches Red Fox Risk, a new wildfire underwriting venture
Banyan Risk has launched Red Fox Risk, a specialist underwriting venture for wildfire-exposed property in the United States, led by CEO Brian Espie and Chief Underwriting Officer Sarah Kennedy. Red Fox will initially offer up to $10 million in primary non-admitted limits for commercial properties and high-value homes in California and the Western US, backed by Argenta Syndicate 2121 and highly rated reinsurance partners.
SiriusPoint and Sutton Special Risk have launched SportsSecure, a specialty accident and health product for college and university athletic programs facing injury-related financial exposure from Name, Image, and Likeness and revenue-sharing commitments. The partnership combines SiriusPoint's underwriting capacity with Sutton's sports accident and health expertise to help institutions protect program stability as those obligations evolve.
Tokio Marine GX marks first anniversary with launch of nine-strong partner ecosystem
Tokio Marine GX has marked its first anniversary by launching a nine-partner ecosystem covering nuclear, marine, carbon credits, clean energy technology, private credit, forest and land risk, and sustainable aquaculture. The initiative expands the business beyond its renewables core, and Tokio Marine Group's decarbonization-related premiums, led by TMGX, reached about $347 million in FY2025, with a new FY2030 target of about $625 million.
People Moves
AIG Appoints Turab Hussain Chief Risk Officer | American International Group, Inc.
AIG has appointed Turab Hussain as executive vice president and chief risk officer, effective October 12, 2026, succeeding Christopher Schaper, who will retire at the end of the year. Graham Fulcher will succeed Hussain as global chief actuary on the same date, and Hussain previously served as AIG's global chief actuary and earlier as chief risk officer for General Insurance.
Allianz confirms CEO appointments at Allianz Partners and Allianz Direct | Allianz
Allianz has named Philipp Kroetz, CEO of Allianz Direct since 2022, as CEO of Allianz Partners effective November 1, 2026, succeeding Tomas Kunzmann, who joins the Allianz SE Board of Management on January 1, 2027. Laurent Floquet, currently chief operating officer of Allianz Partners, will become CEO of Allianz Direct on the same date, with both appointments subject to regulatory approval.
Ascot Group Announces Executive Leadership Appointments and Organizational Updates
Ascot Group has appointed Mark Pepper as President, Global Underwriting, Elizabeth Johnson as President, Specialty Insurance and Reinsurance, and Christopher Flatt as President, Consumer Solutions, effective around early October and November. The changes reorganize the company around a specialty insurance and reinsurance division and a new consumer solutions business focused on classes such as high-net-worth personal lines.
Corgi Insurance Hires Trucking Veteran and Ex-Nirvana Senior Director Stephen Segroves
Corgi Insurance has appointed Stephen Segroves as Head of Pricing to lead rating models for its nationwide trucking program. Segroves previously served as Senior Director, Actuary at Nirvana Insurance and earlier held senior actuarial and data science roles at VoyageWorks and Travelers.
Everest Appoints Nandini Mani SVP, Group Chief Claims Officer
Everest Group has appointed Nandini Mani as SVP, Group Chief Claims Officer, effective immediately, succeeding Andrew McBride, who is retiring after five years at the company. Mani previously served as Everest's Chief Compliance Officer and earlier led Chubb Overseas General Claims, a global organization of more than 2,000 employees.
MSIG USA Appoints Oscar Aguilar as Head of Excess and Surplus Property
MSIG USA has appointed Oscar Aguilar as head of excess and surplus property to lead strategy and development of its E&S property business. Aguilar joins from Liberty Mutual, where he was senior vice president and national manager of major accounts property, shared and layered, and previously held property leadership roles at Ironshore, Brit Insurance, and other carriers.
Pinion Insurance Appoints Gary S. Maier as US CEO - Pinion Insurance
Pinion Insurance has appointed Gary S. Maier as US Chief Executive Officer to lead its US operations and expand the specialty platform that provides capacity to MGAs. Maier, who previously served as CEO of Ledger Risk Markets and Chief Revenue Officer of Ledger Investing, brings nearly four decades of experience across underwriting, distribution, MGAs, and corporate development.
PRESS RELEASE: HIVE Underwriters appoints Richard Brown to launch Property D&F class --- Hive
HIVE Underwriters has appointed Richard Brown as Head of Property to lead the launch of a global Property Direct and Facultative class. Brown, who previously served as Head of UK and International Property at Sompo and has more than 30 years of property insurance experience, will build a team focused on disciplined risk selection and long-term broker partnerships.
Sedgwick Names Welton Global Chief Legal Officer
Sedgwick has named Courtney Welton global chief legal officer, general counsel, and corporate secretary, and she will join the executive leadership team. Welton most recently served as senior vice president, general counsel, and chief ethics, privacy, and compliance officer at Allstate, and earlier held senior legal roles at Motorola Mobility, Google, and Lenovo.
Sompo appoints Scott Toland as Head of Commercial Lines, Insurance, Continental Europe | Sompo
Sompo has appointed Scott Toland as Head of Commercial Lines, Insurance, Continental Europe, based in Zurich and reporting to Ralph Brand. Toland, who has more than 25 years of industry experience and most recently served as Chief Underwriting Officer for EMEA at a large international insurer, will lead underwriting strategy, distribution, client management, and risk control across the region.
Starr Appoints Duncan Ellis as Executive Vice President, Client Engagement
Starr has appointed Duncan Ellis as executive vice president, client engagement, effective October 2, 2026, reporting to Steve Blakey, president and chief executive officer of Starr Insurance Holdings. Ellis, who most recently led Marsh's U.S. and Canada real estate and hospitality practice and earlier headed retail distribution for North America at AIG, will focus on deepening client and partner relationships across Starr's lines of business.
The Hartford Announces CEO Succession | The Hartford
The Hartford's board has named President A. Morris "Mo" Tooker to succeed Christopher Swift as CEO, effective March 1, 2027, with Tooker joining the board on October 1, 2026. Swift, who has served as CEO for nearly 13 years, will become executive chair and intends to step down from that role in the second half of 2027.
VIG Re announces Board succession: Catrina Gemmerich to succeed Stephan Wirz
VIG Re has named Catrina Gemmerich to succeed Stephan Wirz as Member of the Board of Management and Chief Business Officer, effective March 1, 2027, subject to regulatory approval. Gemmerich currently serves as Managing Director of VIG Re Germany and Market Head of DACH, Nordics and Southern Europe, while Wirz will complete his mandate after joining the board in May 2021.
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