General Insurance newsletter Friday 31st October 2025

Insurance News

The cost of not preparing your brokerage for sale - Lack of proper preparation directly impacts a business' sale value. This year, over $1.5 billion in potential deal value for brokers and MGAs is expected to be lost or eroded due to last-minute due diligence failures and unaddressed pre-sale deficiencies. Considering selling your brokerage? Our M&A team can help you boost EBITDA growth and strategically position your firm for sale. Learn more about our unique approach. (IDEX Consulting news, 'The cost of not preparing your brokerage for sale')
Does your compensation reflect your true value? - Access the IDEX Salary Calculator to access the latest salary data for your role. Our free tool provides precise industry benchmarks for your role, equipping you with accurate data to confidently negotiate a pay increase or evaluate your current earning potential. (IDEX Consulting news, 'Does your compensation reflect your true value?')
InsurTech market insights - The InsurTech market is poised for continued growth, creating a huge opportunity for traditional insurers to overhaul their product distribution strategies. Read IDEX's analysis on which product lines are growing and how businesses across insurance can capitalise on them. (IDEX Consulting news, 'InsurTech market insights')
Which AI solutions work for you? - Platforms like InsurGPT, Eigen Technologies, and Guidewire are totally reshaping the insurance industry. Are you maximising your team’s efficiency? Find out which cutting-edge AI insurance tech you should be implementing to boost productivity and stay competitive. (IDEX Consulting news, 'Which AI solutions work for you?')
Arthur J. Gallagher & Co. posted a 20% Q3 revenue jump to $3.33B—its 19th straight quarter of double-digit growth—driven by 4.8% organic gains and acquisitions (including the $13.8B AssuredPartners deal), with adjusted EPS at $2.32 and a declared $0.65 dividend. (Rod Bolivar, 31/10/2025, Insurance Business, 'Gallagher sees 20% Q3 revenue jump')
AXIS Q3 2025: combined ratio improved to 89.4% (insurance 85.9%, reinsurance 92.2%), net income $294M, insurance GPW up 11% and reinsurance up 6%, driven by stronger underwriting and portfolio enhancements; leadership updates include a new US Healthcare Re head and CFO transition in 2026. (Rod Bolivar, 30/10/2025, Insurance Business, 'AXIS sees combined ratio drop below 90%')
Markel Group Q3: insurance combined ratio improved to 93% with 11% GWP growth, driving a 55% surge in adjusted operating income to $428M; year-to-date insurance combined ratio at 95% with 11% AOI growth to nearly $1B, supported by higher investment income and strong cash flow. (Josh Recamara, 30/10/2025, Insurance Business, 'Markel Group's insurance segment posts strong Q3 underwriting gains')
Tokio Marine GX and Northcourt launched NC Fusion, the first Lloyd’s facility tailored to nuclear fusion risks, creating scalable coverage frameworks that address fusion’s distinct risk profile versus fission to support projects from R&D through commercial deployment as the sector accelerates. (Jonalyn Cueto, 30/10/2025, Insurance Business, 'Tokio Marine and Northcourt launch fusion insurance facility')
Fortegra Insurance UK has been added to the National Association of Insurance Commissioners (NAIC) Quarterly Listing of Alien Insurers, enabling UK MGAs and brokers to access US surplus lines business more easily, bolstered by its PRA/FCA authorisation and growing London market presence. (Kenneth Araullo, 29/10/2025, Insurance Business, 'Fortegra Insurance UK added to NAIC alien insurers list')
Mission, the global managing general agent (MGA) incubator, will support the Q4 2025 launch of Lumara Insurance, a UK commercial combined MGA led by former Covéa leaders David Aslin and Mark Greig, offering single-policy, modular cover for business insurance and motor trade combined to help brokers streamline placements amid a surge of new, innovation-focused MGA entrants in the UK market. (Kenneth Araullo, 29/10/2025, Insurance Business, 'Mission confirms support for latest UK MGA entrant')
Zurich Insurance Group launched the Zurich AI Lab, a multi-location research initiative with ETH Zurich and the University of St. Gallen to develop scalable AI solutions for insurance and publish industry research, led by CEO Mario Greco with executive sponsors Ericson Chan and Carlos Rey de Vicente. (Kenneth Araullo, 29/10/2025, Insurance Business, 'Zurich expands AI ambitions with new research lab')
UK professional indemnity underwriters face margin pressure as falling rates outpace stable claims severity; Markel’s Mark Plews urges underwriting discipline, regional market engagement, and clearer PI–cyber wordings amid inflation, regulatory scrutiny, fraud risks, and emerging AI exposures. (Bryony Garlick, 28/10/2025, Insurance Business, 'Specialist PI under pressure as rate declines outpace claims')
Descartes Underwriting joined the International Cooperative and Mutual Insurance Federation (ICMIF) as a supporting member to collaborate with mutuals on parametric solutions that close the climate protection gap, leveraging AI- and physics-based models amid rising catastrophe losses and low insurance penetration. (Kenneth Araullo, 28/10/2025, Insurance Business, 'Descartes Underwriting joins ICMIF to tackle climate risk')
Everest Group’s Q3 net income fell to US$255m from US$509m as the combined ratio rose to 103.4%, driven by US casualty reserve strengthening; reinsurance posted an 87.0% combined ratio versus 138.1% in insurance, with GWP down 1.2% to US$4.4bn and an ADC of up to US$1.2bn placed with Longtail Re to cover prior-year liabilities. (Kenneth Araullo, 29/10/2025, Insurance Business, 'Everest Group's profits halved as combined ratio rises in Q3')

Arch Capital reported Q3 net income of US$1.3bn, with insurance segment growth (NPW +7.3%, GWP +9.7%) and lower cat losses driving record operating income; reinsurance NPW fell 10.7% but earned premiums rose 6.5%, book value per share reached US$62.32 (+5.3% QoQ), and the company repurchased ~US$732m of shares. (Kenneth Araullo, 28/10/2025, Insurance Business, 'Arch Capital Q3 net income hits $1.3bn, driven by insurance gains')
Brown & Brown posted record Q3 revenue of $1.6bn (+35%), driven by acquisitions and 3.5% organic growth; margins narrowed with income before tax down 1.9% and margin at 19.4%, while adjusted EBITDAC rose 42% to $587m. The quarter included the $9.83bn Accession Risk Management (RSC Topco) acquisition and 5,000+ new hires as the broker expands globally. (Kenneth Araullo, 28/10/2025, Insurance Business, 'Brown & Brown sees record revenue, narrower margins in Q3')
Everest will sell renewal rights for its Global Retail Commercial Insurance book (~$2bn GWP across US/UK/EU/APAC) to AIG and refocus on Global Reinsurance and Wholesale & Specialty; it also secured a $1.2bn adverse development cover with Longtail Re on NA Insurance reserves (AY 2024 and prior), with Jason Keen named CEO of Global Wholesale & Specialty Insurance to drive E&S growth, pending regulatory approvals. (Josh Recamara, 28/10/2025, Insurance Business, 'Everest refocuses with AIG renewal rights sale and $1.2 billion reserve protection deal')
UK insurers are accelerating digital transformation, with 89% investing in digital initiatives according to the Association of British Insurers (ABI); AI, automation, personalisation, and on-demand models are reshaping pricing, distribution, and CX, while rising cyber risk, FCA focus on responsible AI, and legacy integration remain key challenges amid stronger UK cyber demand. (Josh Recamara, 28/10/2025, Insurance Business, 'UK insurers rapidly embracing tech innovations')
Howden reports a record 37 insurers participating in 2025/26 solicitors’ PII, signalling a softer market with heightened competition, wider excess layer capacity, and general rate declines—though premiums may still rise for fast-growing firms; 18‑month terms persist, cyber uptake is increasing, and underwriters are now probing AI use, while higher‑risk conveyancing-heavy practices remain less favoured. (Kenneth Araullo, 27/10/2025, Insurance Business, 'Law firms see softer market, more insurers in 2025 PII renewal: Howden')

Mergers and Acquisitions

AIG and Onex will take 35% and 63% stakes in Convex (valuing common equity at $7B), with AIG also entering a whole-account quota share from Jan 2026; AIG will additionally buy 9.9% of Onex and commit $2B to its funds, with both deals expected to close H1 2026. (Steven Byerley, 30/10/2025, Insurance Business, 'AIG, Onex forge strategic partnership with major investments in Convex Group')
Starr Insurance will acquire IQUW Group (syndicates IQUW and ERS plus IQUW Re Bermuda), making Starr’s managing agency the ninth-largest at Lloyd’s; the deal broadens reach in Bermuda, UK retail motor and London wholesale, with IQUW CEO Peter Bilsby set to lead Starr’s international business; closing expected H1 2026, subject to approvals. (Josh Recamara, 30/10/2025, Insurance Business, 'Starr Insurance agrees to acquire IQUW Group')

Moves

Following recent UK acquisitions and rebrands, Acrisure bolstered its UK retail leadership with David Cramp as Chief Revenue Officer, Rob White as Chief Risk and Compliance Officer and Rowanne Dicker as Head of UK Retail Markets and Placement, while MPS appointed Dr. Pallavi Bradshaw as medical director following Dr. Rob Hendry’s move to chief member officer, with Bradshaw starting in early 2026. (Rod Bolivar, 31/10/2025, Insurance Business, 'Following acquisitions, Acrisure and MPS announce new appointments')
Allianz UK appointed Vicky Yuill as distribution director for Allianz Personal Broker from December 2025, bringing over 20 years’ experience including head of insurance at Sainsbury’s Bank and leadership roles at Ageas and Kwik Fit Insurance Services; this follows Glyn Hughes’ appointment as managing director from February 2026, signaling a stronger push into personal lines broker distribution. (Josh Recamara, 30/10/2025, Insurance Business, 'Insurance moves: Allianz and AutoRek')
Amiga Specialty named Martin Mills—Millstream founder who built it into a leading travel and PA MGA before its 2015 sale to Nexus—as non-executive chair to bolster governance and fuel growth in travel and PA, per founder/MD Adam Kembrooke. (Josh Recamara, 29/10/2025, Insurance Business, 'Insurance moves: Amiga, FM, Ignite Specialty')
Ignite Specialty Risk made four hires to fuel UK/EU/US growth: Tim Woodgett (ex-Liberty Mutual, MS Amlin, Hiscox) as chief of staff to drive strategy, plus UK underwriting additions Ben Lim (portfolio manager, ex-Marsh), Angus Eames (technical underwriter, ex-ClientEarth/DLA Piper), and Matt Evans (promoted to technical underwriter); CEO Byron Sumner said the moves deepen expertise and enhance service quality as the firm scales globally. (Josh Recamara, 29/10/2025, Insurance Business, 'Insurance moves: Amiga, FM, Ignite Specialty')
IGI appointed London market veteran Malcolm Barnes as head of specialty treaty to expand its reinsurance presence from its 20 Fenchurch Street office; ex-Amlin Syndicate 2001 marine treaty lead, Barnes brings 35+ years across Lloyd’s, with CUO Chris Jarvis highlighting growth ambitions in marine, energy, and PV/terrorism specialty treaty lines. (Josh Recamara, 28/10/2025, Insurance Business, 'IGI appoints Malcolm Barnes to lead specialty treaty reinsurance in London')