General Insurance newsletter Friday 1st May 2026

Insurance News

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Gallagher reports a 28% revenue increase in Q1 2026 to $4.72 billion, driven by the AssuredPartners acquisition, 5% organic growth, and strong performance in brokerage and risk management, marking its 24th consecutive quarter of double-digit adjusted EBITDAC growth. (Josh Recamara, 1/5/2026, Insurance Business, 'Gallagher leans on AssuredPartners deal to power Q1 earnings jump')
AIG reports a strong Q1 2026 with an 80% year-on-year increase in adjusted after-tax income to $1.15 billion, driven by 24% growth in net premiums written, improved underwriting income, and a lower combined ratio, showcasing the success of its restructuring and growth strategies in North America, international markets, and global personal lines. (Josh Recamara, 1/5/2026, Insurance Business, 'AIG supercharges profit as underwriting income more than triples in Q1')
The UK’s Prudential Regulation Authority (PRA) supports HM Treasury’s legislative reforms to modernise the risk transformation regime, aiming to establish the UK as a competitive captive insurance hub by 2027, with plans to attract corporate capital, create jobs, and bring offshore captives onshore. (Kenneth Araullo, 1/5/2026, Insurance Business, 'PRA backs UK captive insurance overhaul, eyes global hub status')
Talanx reports a strong start to 2026 with Q1 net income of €774 million, surpassing analyst expectations, and maintains its €2.7 billion full-year guidance. The German insurer, which achieved record net income of €2.48 billion in 2025 despite significant natural disaster losses, continues to benefit from portfolio adjustments, infrastructure investments, and a tightened combined ratio of 89.1%. (Kenneth Araullo, 30/4/2026, Insurance Business, 'Talanx sticks with €2.7 billion guidance after strong Q1 start')
Aviva's Broker Barometer reveals 95% of UK insurance brokers expect growth in 2026, prioritising client retention (64%) over new acquisitions (59%), amidst challenges like softening rates, regulatory pressures, and a shift towards digital and AI-driven strategies. (Kenneth Araullo, 30/4/2026, Insurance Business, 'Broker confidence hits near-record high as growth strategies shift – Aviva')
Brown & Brown partners with Progeny Underwriting to offer an exclusive agricultural insurance proposition in the UK, combining core farm and motor cover with specialist products like livestock disease and management liability. Backed by a three-year delegated authority agreement with MSIG Europe SE, AXA XL, and HB Underwriting, the partnership aims to provide brokers with comprehensive, capacity-backed solutions tailored to the needs of farmers and rural businesses. (Josh Recamara, 30/4/2026, Insurance Business, 'Brown & Brown strikes agri scheme deal with Progeny Underwriting')

Markel Group reports a quarterly loss of $273 million, driven by a $727.6 million net investment loss as its equity portfolio declined by 5.2%. Despite this, the insurance unit delivered strong results, with a combined ratio improvement to 93% and a 77% surge in underwriting profit. Strategic exits, including the sale of its global reinsurance book and a shift in its classic-car business, impacted gross written premiums, but underlying growth remained robust. (Kenneth Araullo, 29/4/2026, Insurance Business, 'Markel slides to quarterly loss as equity portfolio sinks')
Brown & Brown reports a 35.4% revenue increase in Q1 2026, reaching $1.9 billion, driven by acquisitions like the $9.8 billion Accession Risk Management Group deal. However, organic revenue growth remained flat, contrasting with mid-single-digit gains by competitors like Marsh and Aon. The brokerage's income before taxes rose 24.8%, but margins narrowed slightly, reflecting a challenging growth environment. (Kenneth Araullo, 28/4/2026, Insurance Business, 'Brown & Brown Q1 revenue jumps 35%, but organic growth flatlines')
Cyber insurers, including Clear Group, are reassessing AI risks, focusing on policy wordings and exclusions rather than pricing. Concerns about Anthropic's "Mythos" model highlight potential for increased claims due to faster vulnerability discovery. While systemic losses remain speculative, insurers are preparing for structural shifts in coverage. (Bryony Garlick, 28/4/2026, Insurance Business, 'Cyber insurers reassess AI exposure as Mythos shifts focus to policy coverage')
Miller Insurance Services reported £314 million in revenue for 2025, a 15% increase driven by acquisitions like AHJ and Bruzon. The firm expanded its reinsurance platform, integrating new markets and announcing plans to acquire Dubai-based Shields Reinsurance Brokers. With over 180 new hires and a refreshed brand identity, Miller continues its focus on strategic growth and client value. (Rod Bolivar, 28/4/2026, Insurance Business, 'Miller reports £314 million revenue after acquisitions drive reinsurance growth')
Aon CEO Greg Case emphasises that a strong people strategy is essential alongside AI adoption in the insurance industry. While AI drives efficiency, Case warns against reducing early-career hiring, advocating for skills-based talent development to address the industry's talent gap. He highlights the need for insurers to invest in training and retooling employees to fully leverage AI's potential. (Matthew Sellers, 27/4/2026, Insurance Business, 'Aon CEO to insurance leaders: your AI strategy is only half the equation')
The UK is progressing toward a regulatory framework for captive insurers, with a consultation expected in summer 2026. Artex highlights the benefits of a UK-domiciled regime, including simplified operations, reduced reliance on offshore solutions, and tailored risk management options. This development could enhance access to local services and leverage post-Brexit regulatory flexibility. (Camille Joyce Lisay, 27/4/2026, Insurance Business, 'UK moves closer to captive insurance regime')

Mergers and Acquisitions

Howden has acquired Maven Financial Planning, a Galway-based advisory firm, to expand its financial advisory platform in Ireland. This acquisition strengthens Howden's presence on the west coast, adding life and pensions advisory capabilities. Maven's team will integrate into Howden, enhancing services for individual, SME, and corporate clients while supporting Howden's ambitious growth strategy. (Josh Recamara, 30/4/2026, Insurance Business, 'Howden acquires Maven Financial')
Optio Group has acquired Construction Guarantee Underwriters Limited (CGU), an Irish specialist in construction surety and performance bonds. This acquisition marks Optio's first on-the-ground presence in Ireland and aligns with its European growth strategy. CGU's expertise in construction surety strengthens Optio's capabilities, providing tailored solutions for contractors and project stakeholders amidst challenging market conditions. (Josh Recamara, 30/4/2026, Insurance Business, 'Optio targets European growth with Irish construction surety buy')
UK life insurers demonstrate resilience amid a record-breaking M&A wave, with Solvency II coverage ratios holding steady between 170% and 250%, according to KPMG. Major deals included Aviva's £3.7 billion acquisition of Direct Line Group, Brookfield Wealth Solutions' £2.4 billion purchase of Just Group, and Athora Group's £5.7 billion buyout of Pension Insurance Corporation. Other notable transactions involved Royal London, Chesnara, M&G, and Standard Life, reflecting a sector reshaped by private capital and consolidation. (Kenneth Araullo, 29/4/2026, Insurance Business, 'UK life insurers hold firm as record M&A wave reshapes sector – KPMG')

Moves

Willis Re appoints Richard Jones, a veteran with nearly four decades of reinsurance experience, to lead its new Singapore platform and drive strategic growth across Asia. Jones, previously Chairman of APAC at Gallagher Re and CEO of Asia Reinsurance Solutions at Aon, also spent over 30 years at Guy Carpenter in roles including CEO, Singapore, and Chairman of Asia-Pacific, bringing extensive expertise in treaty and facultative business, property-catastrophe, casualty, and specialty lines. (Josh Recamara, 1/5/2026, Insurance Business, 'Willis Re targets Asian growth with senior hire in Singapore')
The Chartered Insurance Institute (CII) strengthens its executive team with Ben Turner as Executive Director of Member Engagement and Will Holt as Executive Director of Learning. Turner, promoted from Director of Engagement Strategy, brings 15 years of leadership experience across professional bodies, while Holt, joining from the Institute of Chartered Accountants in England and Wales, has a strong background in professional education and training, including roles in entrepreneurship and revenue development. (Josh Recamara, 1/5/2026, Insurance Business, 'Chartered Insurance Institute strengthens executive team with dual hire')
DWF appoints David Abbott as Managing Partner of its Insurance Services division, succeeding interim leader Matthew Doughty; Abbott, a veteran in reinsurance, political risk, and energy, has held key roles in the Lloyd's Market Association and the International Association of Claims Professionals, as the firm continues its global expansion and growth in London, North America, and Australia. (Kenneth Araullo, 1/5/2026, Insurance Business, 'DWF taps David Abbott to lead fast-growing Insurance Services division')
Zurich UK appoints Mark McCausland as COO to spearhead strategic initiatives, enhance customer and distributor focus, and lead operational evolution. With over 30 years of experience, including his role as Global Head of Transformation at Chubb, McCausland brings expertise in operational modernisation and leadership across international insurance markets. (Josh Recamara, 30/4/2026, Insurance Business, 'Insurance moves: Zurich UK, Allianz and ACORD')
Allianz UK announces leadership changes to enhance its commercial operations. Nick Hobbs steps down as Chief Distribution Officer after 25 years, transitioning responsibilities to Alex Ktenidis, currently Director of Digital and Allianz Legal Protect (ALP). Eibhlin Swan will take over as Director of Digital and ALP, bringing her expertise from leading claims strategy and customer experience. Claire Buck moves to the newly created role of Director of Strategy, Enablement, and AEIS, overseeing Allianz Engineering Inspection Services. Adam Lloyd continues as Chief Underwriting Officer, adding technical pricing to his remit, while Graham Stait remains Director of UK markets. These appointments, effective May 1, 2026, are subject to regulatory approval. (Josh Recamara, 30/4/2026, Insurance Business, 'Insurance moves: Zurich UK, Allianz and ACORD')
ACORD appoints Tim Ellis as Managing Director – UK, tasking him with advancing ACORD Data Standards and supporting digital transformation in London and global (re)insurance markets. Ellis, a London market veteran with over 25 years of experience in standardised data exchange, previously served as Operations Director at Web Connective Limited. Meanwhile, Clarissa Montecillo transitions to ACORD Solutions Group as Global Head of Consulting and Advisory, launching an expanded practice to accelerate digitalisation across the insurance industry. (Josh Recamara, 30/4/2026, Insurance Business, 'Insurance moves: Zurich UK, Allianz and ACORD')
CFC appoints Isabel Finn as Head of Cyber Exposure and Proactive Risk, a newly created role aimed at enhancing how cyber risks are identified, understood, and mitigated. Finn, with a background in cyber security and exposure analysis, will focus on translating incident data and threat intelligence into actionable insights for brokers and clients. Previously at Canopius, FTI Consulting, and Darktrace, she brings expertise in aligning technical cyber risks with real-world loss prevention. (Josh Recamara, 29/4/2026, Insurance Business, 'CFC appoints Isabel Finn to newly created cyber exposure leadership role')
Apollo expands its specialty division with the launch of a sports and entertainment (S&E) class, appointing Paul Thomas, a veteran in sports, media, and entertainment underwriting, to lead the unit. This move integrates S&E with Apollo's contingency and accident & health offerings, creating a unified platform for brokers and clients. The initiative reflects a strategic focus on niche segments and aims to address evolving risks in the S&E space, including extreme weather, cyber threats, and reputational issues. (Josh Recamara, 29/4/2026, Insurance Business, 'Apollo builds out specialty arm with sports and entertainment expansion')
Miller appoints Graham Wynes, a veteran from Lockton, as Head of Claims to strengthen its leadership amid rising claims complexity and litigation risks. Wynes, with over 14 years as Lockton's Head of Claims and a legal background, will lead Miller's global claims function, focusing on service quality and technical standards. This move reinforces Miller's position in specialist classes like energy, marine, and financial lines, where claims are highly technical and contentious. (Josh Recamara, 29/4/2026, Insurance Business, 'Miller names Lockton veteran Graham Wynes as head of claims')
Beazley appoints Sundeep Khera, a veteran from AXA XL, as Head of Marine to lead its Marine, Accident & Political Risks division. Khera brings three decades of marine expertise, including innovations like carbon credit solutions for marine hull. This move aligns with Beazley's expansion into war-risk underwriting, including a new Lloyd's consortium offering $1 billion in capacity for Hormuz transits, and its focus on adapting to shipping technology and the energy transition. (Kenneth Araullo, 28/4/2026, Insurance Business, 'Beazley taps AXA XL veteran to lead marine push')
Malcolm Payton, a veteran broker with over 40 years of experience, leaves Gallagher Specialty to join Price Forbes as a Senior Executive. Starting December 2026, Payton will focus on commercial strategy and market engagement, leveraging his extensive background in facultative reinsurance and leadership roles at Gallagher, Capsicum Re, and Guy Carpenter. (Rod Bolivar, 28/4/2026, Insurance Business, 'Malcolm Payton exits Gallagher for senior role at Price Forbes')
Jaime Swindle, former CEO of Geo Underwriting, joins Jensten Group as Chief Executive of Product and Distribution. This new role aligns with Jensten's restructuring and growth plans, supported by Bain Capital. Swindle will oversee product development and distribution strategy, contributing to Jensten's goal of tripling underwriting premiums within four years. (Rod Bolivar, 28/4/2026, Insurance Business, 'Jensten appoints Jaime Swindle to lead distribution')