Aon appointed Andy Marcell to serve as CEO of Global Solutions
As CEO of Global Solutions, Marcell now leads Aon’s integrated Risk Capital and Human Capital capabilities across the firm’s Reinsurance, Commercial Risk
News
EMEA insurers maintain strong capital positions and buffers
Insurers based in Europe, the Middle East, and Africa (EMEA) maintain strong capital positions and buffers, enabling them to absorb external shocks effectively
Insurtech bolttech completed $147 mn Series C funding round
Insurtech firm bolttech has completed a $147 mn Series C funding round, bringing its valuation to $2.1 bn
Start Network and Aon launched new reinsurance mechanism
Start Network, a coalition of over 50 humanitarian organisations, and Aon, a global re/insurance broker, have launched a new reinsurance mechanism
Patrick Tiernan sets strategic focus on profitability as new Lloyd’s CEO
Patrick Tiernan, newly appointed CEO of Lloyd’s, outlined his vision for the marketplace by stating that the organisation must prioritise sustainable profitability
FCA revised enforcement insurance guidelines and expands transparency measures
FCA released a revised version of its enforcement guidelines, reducing the document by 250 pages through the removal of duplicate content and more concise formatting
U.S. annualized premium for individual life insurance reached $3.9 bn in Q1 2025
New annualized premium for individual life insurance in the U.S. reached $3.94 bn in the first quarter of 2025, marking an 8% increase compared to the same period in 2024
Florida Court backs Amerisure’s denial of condo defect claim, rejects $8.5 mn settlement
A federal court in Florida upheld Amerisure Insurance Co.’s denial of coverage in a dispute over construction defects at a condominium complex
BaFin reviews German insurers’ exposure to alternative assets
Germany’s financial regulator BaFin is reviewing the investment strategies of 30 to 40 insurance companies with unusually high exposure to alternative assets
EIOPA proposed guidelines on artificial intelligence use in insurance
European Insurance and Occupational Pensions Authority (EIOPA) has proposed draft guidelines on artificial intelligence use in insurance
Mid-May storms drive up U.S. insured losses to $4-7 bn
Severe convective storms across central U.S. states in mid-May, including destructive tornadoes and hail, likely caused insured losses between $4 bn and $7 bn
Canada launches changes to Life Insurance Capital Adequacy Test
Canada’s Office of the Superintendent of Financial Institutions (OSFI) launched three consultations and introduced changes to the Life Insurance Capital Adequacy Test
Louisiana Senate deferred proposed insurance bills to cut auto insurance rates
Louisiana Senate Judiciary A Committee deferred four proposed insurance bills after none of the authors appeared to present them
Dai-ichi Life acquires 15% stake in M&G to expand in the U.K. and Europe
Dai-ichi Life Holdings Inc. plans to acquire a 15% stake in M&G plc to expand its operations in the U.K. and European life insurance
New York court ordered Millennia Assurance to deposit $4.75 mn
New York court ordered Millennia Assurance Inc. to deposit $4.75 mn in collateral into a trust account after siding with New York Marine and General Insurance
Canada expands data pooling program that uses AI to detect potential fraud
The Canadian Life and Health Insurance Association (CLHIA) is expanding its data pooling program that uses artificial intelligence to detect potential fraud
Louisiana enacts sweeping auto insurance reforms to cut rates
Louisiana Governor Jeff Landry signed a six-bill legislative package aimed at lowering automobile insurance costs by limiting certain legal claims
Canadian life insurance new premium rose 13% YoY to C$508 mn
Canadian life insurance new annualized premium rose 13% year over year to C$508 mn in the first quarter of 2025
Peak Re established Peak Reinsurance North America
Peak Reinsurance has established Peak Reinsurance North America, a new subsidiary based in Bermuda. The company will focus on casualty reinsurance
California FAIR Plan paid $2.7 bn after receiving more than 5,000 claims from LA wildfires
California FAIR Plan paid $2.7 bn after receiving more than 5,000 claims from the Palisades and Eaton fires in Los Angeles
Sweden tightens insurance controls on Russian vessels in the Baltic Sea
Sweden is increasing oversight of insurance coverage for Russian vessels operating in the Baltic Sea. This was reported by Swedish radio outlet Ekot
Glenn Renwick, former CEO of Progressive, died following car accident
Glenn Renwick, the former President, CEO and Chairman of the Board of the Progressive Corporation, has died at age 69 following a car accident in Florida
Ryan Specialty acquired Irish MGU 360 Degree Underwriting
Ryan Specialty Holdings Inc. said it has acquired 360 Degree Underwriting, an Irish managing general underwriter
Georgia signed new law that expands how captive insurers can operate
Georgia Governor Brian Kemp signed a new law that expands how captive insurance companies can operate
MetLife appoints Jane Slusark as chief communications officer
MetLife appoints Jane Slusark as chief communications officer. She will manage global communications, covering internal messaging
California insurance department forms task force to set smoke damage standards
The California Department of Insurance (CDI) is forming a task force to develop clear rules for insurance coverage and cleanup procedures related to smoke-damaged homes
Swiss Re reported strong Q1 2025 results in P&C and L&H reinsurance
Swiss Re reported strong first-quarter results in both its property & casualty and life & health reinsurance businesses
Alberta approves no-fault auto insurance amid public & legal pushback
Alberta lawmakers have passed legislation to introduce a privately operated no-fault auto insurance model, focusing on a “care first” approach
Montana is changing how it taxes captive insurance companies
Montana is changing how it taxes captive insurance companies. A new law signed by Gov. Greg Gianforte replaces the flat-rate system with a tiered premium tax model
Insurtech XChange TEC INC to appeal Nasdaq delisting after market value shortfall
Insurtech XChange TEC.INC will appeal a Nasdaq delisting notice after failing to maintain the required $35 mn minimum market value
Lloyd’s urges underwriting discipline amid insurance market fragility
With risk-adjusted rate changes falling and economic conditions unclear, Lloyd’s is pushing its underwriters to stay focused, especially in the expanding delegated business sector
Lloyd’s corporate affairs Director Rebekah Clement to step down
Lloyd’s announced that Rebekah Clement will leave her role as corporate affairs director to take on a new opportunity outside the organization
Helvetia board approves Caser merger to strengthen position in Spain
Helvetia Group announced that its board of directors has approved a merger involving Caser, Helvetia Seguros, and Helvetia Holding Suizo
Massachusetts blocks workers’ comp rate hike, saving businesses $80 mn
Massachusetts Insurance Commissioner Michael Caljouw denied a proposed 7.1% rate increase from the Workers’ Compensation Rating and Inspection Bureau of Massachusetts
CLARA Analytics study shows AI can spot insurance fraud early
A recent study by CLARA Analytics shows that AI tools can flag possible fraud in property and casualty claims just two weeks after filing, much faster than traditional methods
Bupa CareConnect signs four strategic partnerships with global healthtechs
Bupa CareConnect, the Kingdom’s leading cooperative health insurance provider, announced the signing of four strategic partnership agreements with global health tech companies
New tariffs put Bitcoin miners in the U.S. under pressure
American Bitcoin miners are struggling after President Trump’s new tariffs focus on crucial hardware imports
CBO: Proposed ACA changes could cut insurance coverage and federal deficit
If the proposed changes to the Affordable Care Act marketplace move forward, 1.9 million more people could lose health insurance, and nongroup coverage could fall by 2.2 million annually
Policyholders push for probe into State Farm’s LA Wildfire claim delays
A group of policyholders affected by wildfires in Los Angeles is calling on Insurance Commissioner Ricardo Lara to act on his statement about a possible investigation
Marsh sues former aviation head and WTW over alleged employee poaching
Marsh USA LLC is accusing the outgoing head of its aviation and space practice group of conspiring with Willis Towers Watson executives to woo away a significant portion of its aviation brokers and clients
Iowa signed new law regulating auto glass repairs and insurance claims
Iowa Gov. Kim Reynolds signed a new Senate File 573 into law, establishing new regulations for auto glass repair and insurance claims
Insurtech Wefox sells Italian insurance subsidiaries
Wefox, an insurtech and managing general agent, announced it will sell all shares in its Italian subsidiaries—Wefox MGA and Wefox Services Italy
California Insurance Commissioner approved State Farm’s request for rate increases to 38%
California Insurance Commissioner Ricardo Lara approved State Farm General Insurance Co.’s request for interim rate increases ranging from 15% to 38%
U.S. Court issued split ruling on Boy Scouts’ $2.46 bn abuse settlement
The U.S. Court issued a split decision in a case involving two sets of insurers objecting to the Boy Scouts of America’s $2.46 bn sexual abuse settlement
Insurance Australia Group acquires RAC’s insurance business valued at A$1.35 bn
Insurance Australia Group reached an agreement with the Royal Automobile Club of Western Australia to acquire RAC’s insurance business in a deal valued at A$1.35 bn
CMA launches inquiry into Aviva’s £3.7 bn acquisition of Direct Line
The U.K. Competition and Markets Authority (CMA) has opened a merger inquiry into Aviva plc’s planned acquisition of Direct Line Insurance Group
FCA plans to update insurance regulations in the UK to cut outdated rules
The U.K. Financial Conduct Authority (FCA) plans to update insurance regulations to cut outdated or duplicative rules
Gallagher developed a $1 bn insurance industry solution to help airlines avoid grounding
Insurance broker Gallagher developed a $1 bn industry solution to help airlines avoid grounding their fleets immediately after a hostile nuclear detonation
Swiss Re reported a net income of $1.3 bn and ROE of 22.4% for Q1 2025
Swiss Re reported a net income of USD1.3billion and a return on equity (ROE) of 22.4% for the first quarter of 2025
Willis launched FinTech Plus — global insurance solution for fintechs
FinTech Plus offers a unified structure that addresses a wide range of financial exposures, now including comprehensive Cyber protection
MetLife, in partnership with Aura, launched digital cyber safety tool for children
MetLife, in partnership with Aura, has launched a digital safety tool designed to help parents monitor and support their children’s online activity
GenAI insurtech Sixfold launched new feature called Discrepancy Scan
Sixfold, a company focused on generative AI for insurance risk analysis, has launched a new feature called Discrepancy Scan
Insurance broker HUB International secured a $1.6 bn minority equity investment
HUB International, a leading North American insurance brokerage that provides employee benefits, business, and personal insurance products and services, has secured a $1.6 bn minority equity investment
Insurtech KatRisk acquired Gamma to strengthen location intelligence and risk capabilities
KatRisk, a provider of catastrophe risk modeling software for the insurance and financial sectors, has acquired Gamma
Hannover Re reported net income of €480 mn for Q1 2025, down 13.9% YoY
Hannover Re reported a group net income of €480 mn for Q1 2025, down 13.9%, driven by large losses in its property and casualty reinsurance segment
Munich Re reported Q1 2025 net result of €1.1 bn
Munich Re reported a net result of €1.1 bn for the first quarter of 2025, maintaining its full-year profit guidance of €6 bn despite incurring around €1.1 bn in losses
MGA Revau entered a strategic partnership with MGAs Brazos and Twenty Mile
Canadian P&C managing general agent Revau has entered a strategic partnership with Texas-based MGAs Brazos Specialty Risk Insurance and Twenty Mile Insurance Services
Monument Re transferred a €1.4 bn reinsurance portfolio to RGA Americas Re
Monument Re Ltd. has transferred a €1.4 bn legacy reinsurance portfolio to RGA Americas Reinsurance, following regulatory and board approvals
IHC launches AI-based reinsurance platform in Abu Dhabi
Institutional investor IHC announced the launch of a new artificial intelligence-based reinsurance platform, headquartered in the Abu Dhabi Global Market
Optio Group acquired Custodian Management, a UK-based MGA
Optio Group, an independent specialty managing general agent (MGA) platform, has acquired Custodian Management, a UK-based MGA
Aerospace and defense M&A reached 532 deals in 2025, as business aviation attracts private equity, family offices, and growth investors
Global insurance M&A stabilised, as insurers and brokers took a more strategic approach to acquisitions amid falling interest rates and a realignment of strategic priorities
Insurance brokers push debt-financed acquisitions amid slowing growth, Fitch warns credit risks rise but strong cash flow keeps leverage tolerable
Major deals have led global M&A activity in 2024, showing increasing confidence among dealmakers despite geopolitical and economic challenges