General Insurance newsletter Friday 20th February 2026
Insurance NewsExpert M&A services: Connecting buyers with trusted business opportunities - IDEX’s M&A services leverage 200+ years of combined experience, a network of 40,000 businesses, and over 40 successful deals since 2019 to connect buyers with the right opportunities. Their seven-step process ensures a careful and methodical approach, helping businesses expand, merge, or enter new markets with trusted partners. (IDEX Consulting news, 'Expert M&A services: Connecting buyers with trusted business opportunities')Develop your EVP strategy with IDEX - IDEX’s Employer Value Proposition (EVP) focuses on helping people achieve both personal and professional goals. Built on six key pillars - leadership development, an inspiring ecosystem, recognition and rewards, work-life balance, authenticity, and contributing to a growing business - the EVP emphasises fostering individual success. By prioritising flexibility, career growth, and a supportive culture, IDEX creates an environment where people can thrive and achieve what they once thought impossible, aligning personal aspirations with professional achievements. (IDEX Consulting news, 'Develop your EVP strategy with IDEX') Compare your compensation with industry standards - The IDEX Salary Calculator offers accurate salary data for hundreds of roles within General Insurance and Financial Services. It allows you to quickly assess whether you’re being paid fairly by comparing your compensation package to industry peers. (IDEX Consulting news, 'Compare your compensation with industry standards')The InsurTech paradox: Unlocking opportunities for insurers - While insurers focus on AI and automation, the real opportunity lies in leveraging digital platforms to access untapped customer segments. With the InsurTech market projected to grow to $609.50 billion by 2034, insurers can capitalise on embedded insurance, specialty lines, and innovative partnerships to drive growth. By reimagining distribution and embracing technology, insurers can close protection gaps and transform previously unprofitable segments into billion-dollar opportunities. (IDEX Consulting news, 'The InsurTech paradox: Unlocking opportunities for insurers')Westfield Specialty reported record gross written premiums of $1.93 billion in 2025, driven by portfolio diversification and talent acquisition, while appointing Will Chen as US CFO. Chen, a 30-year insurance veteran with senior roles at Ascot, Argo Group, AIG, Gallagher, and Zurich, will oversee US financial strategy as the company prepares for a major European expansion in 2026. (Jonalyn Cueto, 20/2/2026, Insurance Business, 'Westfield Specialty reports record growth and announces leadership expansion')Insurance premium tax (IPT) revenues reached £872 million in January 2026, tracking towards a record £8.97 billion for the financial year, driven by rising demand for private medical insurance amid calls for reform to improve affordability. (Kenneth Araullo, 20/2/2026, Insurance Business, 'IPT revenues track toward another all-time high as January haul reaches £872m') QBE achieved a net profit of over $2 billion in FY25, driven by strong underwriting results, premium growth exceeding guidance, reduced catastrophe claims, and steady investment income, signalling improved portfolio performance and increased shareholder returns. (Daniel Wood, 19/02/2026, Insurance Business UK, ‘QBE lifts profits above US$2 billion with best underwriting result in years’)Aon's survey reveals that while AI adoption accelerates across EMEA, nearly two-thirds of businesses are only "somewhat prepared" for AI-linked cyber risks, with just 18.5% assessing AI-specific exposures; the findings highlight a need for stronger threat modeling, risk integration, and upskilling to address rising AI-powered cyber threats, which accounted for over 80% of social engineering attacks in 2024. (Kenneth Araullo, 19/2/2026, Insurance Business, 'EMEA firms embrace AI but lag badly on cyber readiness - Aon')Zurich Insurance Group reported record 2025 results with a 14% rise in operating profit to $8.9 billion and a 17% increase in net income to $6.8 billion, driven by strong performance across all segments; the results come as Zurich pursues an £8 billion takeover of Beazley, a deal aimed at leveraging Beazley’s Lloyd’s platform and cyber insurance expertise. (Kenneth Araullo, 19/2/2026, Insurance Business, 'Zurich delivers record results across all segments as Beazley deal looms')Aegon reported a 50% drop in H2 2025 net profit to €375 million due to non-operating charges, despite a 15% rise in full-year operating profit to €1.7 billion; the insurer plans a €350 million relocation to the US by 2028, rebranding as Transamerica, while reviewing its UK arm, which could fetch up to £3 billion. (Kenneth Araullo, 19/2/2026, Insurance Business, 'Aegon's H2 profit plunges nearly 50% as non-operating charges bite')Brokers are targeting the mid-market, a segment caught between global brokers focusing on marquee accounts and SME specialists relying on standardisation. Firms like Specialist Risk Group (SRG) are addressing this gap with tailored advisory services, reflecting a global trend as carriers like Chubb and Zurich invest in mid-market strategies to capture its $150 billion potential. (Daniel Wood, 19/2/2026, Insurance Business, 'Why brokers see a global opening in the mid-market')Pinion Insurance has launched as a specialty platform targeting MGAs in the US, UK, and Europe, backed by $180 million from Barings. Founded by industry veterans Neil McConachie, Philip Vandoninck, and Laura Baird, Pinion aims to leverage proprietary technology to enhance underwriting visibility and capitalise on the $114 billion US MGA market. (Kenneth Araullo, 18/02/2026, Insurance Business America, ‘Barings backs Pinion Insurance launch as MGA premiums surge’)HWF Partners' latest report reveals nearly half (48.51%) of W&I insurance claims result in payouts, with notifications often driven by unforeseeable risks like seller fraud and third-party claims. Financial sponsors account for 50% of claims but receive 60% of payouts, reflecting their leverage in the maturing W&I market. (Josh Recamara, 18/2/2026, Insurance Business UK, ‘HWF: Nearly half of W&I claims pay out as ‘unknowable’ risks drive notifications’)HDI Global has identified the US as a key growth driver in its Xcelerate29 strategy, focusing on specialty lines like aviation, crisis management, and credit insurance. The insurer, which achieved €10 billion in revenue and a 90% combined ratio in 2024, plans to expand into Southeast Asia and the Middle East while leveraging AI-supported underwriting and claims processes. (Kenneth Araullo, 18/2/2026, Insurance Business UK, ‘HDI Global names US central lever in revamped strategy into specialty lines’)According to the Association of British Insurers, UK insurers faced a record £6.1 billion in property claims in 2025, marking the fifth consecutive year of losses. Weather-related claims rose 14% to £1.2 billion, while subsidence and flood payouts also surged. Despite rising claims, premiums continue to decline, exacerbating the industry's financial strain. (Kenneth Araullo, 18/2/2026, Insurance Business UK, ‘UK insurers face fifth straight year of losses as property claims hit new high’)According to ORX's 2026 Operational Risk Horizon Report, cybercrime and third-party risks are the top operational priorities for insurers, driven by rapid technological advancements and supply chain complexities. The report highlights a shift toward short-term risk management, with 69% of firms identifying cyber scenario analysis as a major challenge. (Insurance Business Josh Recarma, 17/2/2026, Insurance Business UK, ‘ORX: Cyber and third-party risks top 2026 operational risk priorities’)Utmost achieved a record £9.7 billion in inflows in 2025, a 43% increase from the previous year, driven by the integration of its Luxembourg business and the sale of its UK bulk purchase annuity arm. Assets under administration rose to £116.3 billion, with strong demand for long-term wealth products across markets. (Mav Rodriguez, 17/2/2026, Insurance Business UK, ‘Utmost inflows jump 43% to £9.7 billion in record year’)BIBA’s 2026 Manifesto highlights brokers' frustrations with complex regulations, calling for simplification and proportionality. Key issues include outdated rules like ICOBS and PROD, burdensome reporting requirements, and confusion around Consumer Duty. The manifesto also emphasises the need for practical guidance for smaller firms and progress on diversity. (Bryony Garlick, 17/2/2026, Insurance Business UK, ‘BIBA’s 2026 manifesto echoes brokers’ regulatory frustrations’)In further news...Ben Stokes will close the BIBA Conference 2026 in Manchester with a keynote address on May 14, sharing insights on leadership and handling high-pressure moments. The two-day event, themed “Time:To,” will feature seminars on cyber insurance, AI, and emerging risks, with over 10,000 delegates and 220 exhibitors expected. (Mav Rodriguez, 17/2/2026, Insurance Business UK, ‘Ben Stokes to close BIBA Conference 2026’)The MGAA has revamped its Programme of Learning & Insights to address regulatory, technical, and market challenges for MGAs. The updated structure includes three strands: Professional Optics for market insights, Compass Spotlight for horizon scanning, and Learning Insights for in-depth operational training. The programme aligns with CII standards and supports compliance in a more regulated market. (Josh Recamara, 17/2/2026, Insurance Business UK, ‘MGAA unveils revamped learning programme’)Gallagher Bassett's 2026 study highlights a structural shift in North American claims costs driven by social and medical inflation, catastrophe losses, and AI adoption. Carriers are responding with AI-powered risk assessment, dynamic pricing, and fraud detection, but face challenges like talent shortages and rising claims complexity. (Josh Recamara, 17/02/2026, Insurance Business America, ‘North American carriers warned of “structural” claims cost shift in 2026 Gallagher Bassett study’)Political and credit risk insurance is evolving to address global instability, with underwriters like Pernix Specialty adapting to longer tenors, bespoke structures, and rising geopolitical risks. Coverage now includes regulatory attrition, sanctions, and hybrid warfare, while new structures like repack notes help manage high-interest environments. Demand is driven by geopolitical volatility, including the Russia-Ukraine conflict. (Bryony Garlick, 16/2/2026, Insurance Business UK, ‘How political and credit risk insurance is adapting to global instability’)MS&AD Insurance Group reported ¥5.91 trillion in revenue for the nine months ending December 2025, a 12.9% increase year-on-year. However, its flagship Mitsui Sumitomo Insurance unit faced challenges, including regulatory penalties and governance issues, leading to a 10% drop in net income. International operations, meanwhile, saw a 51.2% profit surge. (Kenneth Araullo, 16/2/2026, Insurance Business UK, ‘MS&AD’s ¥5.91 trillion revenue masks trouble at flagship Mitsui Sumitomo unit’)Tokio Marine reported ¥899.3 billion in net income for the nine months ending December 2025, driven by growth in international and domestic life businesses. However, domestic non-life profit weakened due to rising claims costs and competition. International operations contributed significantly, with ordinary income reaching ¥3.381 trillion. (Kenneth Araullo, 16/2/2026, Insurance Business UK, ‘Tokio Marine leans on overseas growth as domestic non-life profit weakens’)Sompo Holdings reported a significant profit increase for the nine months ending December 2025, with net income rising to ¥518.3 billion, up ¥267.4 billion year-on-year. Growth was driven by stronger insurance and finance results across domestic and overseas segments, with international operations contributing ¥247.4 billion in net income. (Josh Recamara, 16/2/2026, Insurance Business UK, ‘Sompo Holdings posts strong nine-month earnings on improved insurance and finance results’)Lawyers are urging UK businesses with unresolved COVID-19 business interruption claims to act before limitation periods start expiring in March 2026. Many claims risk being time-barred if proceedings are not initiated. The warning follows the 2021 Supreme Court ruling that clarified non-damage BI coverage. (Josh Recarma, 16/2/2026, Insurance Business UK, ‘Lawyers warn of ticking clock on unresolved COVID business interruption claims’)Mergers and AcquisitionsSwiss Re Corporate Solutions has acquired QBE's global trade credit and surety portfolio, excluding its French Bonds business, to strengthen its credit and surety platform. The move allows QBE to reallocate capital towards core growth priorities, while Swiss Re gains a profitable portfolio and experienced team to expand its offerings. The deal is subject to regulatory approval. (Daniel Wood, 20/2/2026, Insurance Business, 'Swiss Re Corporate Solutions buys up QBE's trade credit and surety portfolio')Sompo Holdings secured regulatory clearance to proceed with its acquisition of Aspen Insurance Holdings, advancing a deal that materially expands its global re/insurance footprint and strengthens its specialty platform.(Josh Recamara, 19/02/2026, Insurance Business UK, ‘Sompo clears regulatory hurdles for Aspen acquisition’)QuestGates-owned QGLaw acquired Miles Fanning Legal to broaden its specialist claims and legal services capability, reinforcing vertical integration across insurance litigation and loss adjusting support.(Josh Recamara, 19/02/2026, Insurance Business UK, ‘QuestGates unit buys Miles Fanning Legal’)Specialty Program Group (SPG) has merged Anova Marine Insurance and Logistiq Insurance Solutions into a unified cargo and logistics platform. The integration combines Anova's ocean cargo expertise with Logistiq's domestic transportation and risk intelligence, addressing rising cargo volumes and loss severity. The platform offers end-to-end solutions for freight forwarders and logistics providers. (Josh Recamara, 18/02/2026, Insurance Business America, ‘SPG merges Anova and Logistiq into one platform’)Talanx AG has acquired full ownership of Polish insurers Warta and TU Europa, ending a 14-year partnership with Meiji Yasuda Life Insurance. The move strengthens Talanx's position in Central and Eastern Europe, a key growth market, and simplifies capital management while enhancing access to earnings and dividends. (Josh Recamara, 18/2/2026, Insurance Business UK, ‘Talanx takes full control of Warta and TU Europa’)Ardonagh Group has acquired a majority stake in Hong Kong's Risk Management Insurance Brokerage (RMIB), expanding its presence in the Asia-Pacific region. This move is part of Ardonagh's aggressive acquisition strategy, which includes 68 deals in 2024, and strengthens its position in global property and casualty markets. (Kenneth Araullo, 16/2/2026, Insurance Business UK, ‘Ardonagh snaps up Hong Kong’s RMIB as deal spree reshapes APAC’)Chesnara has agreed to acquire Scottish Widows Europe SA for €110 million, marking its entry into the Luxembourg life insurance market. The deal, expected to complete by the end of 2026, will generate approximately €250 million in cash over the lifetime of the policies, with €100 million in the first five years. (Mav Rodriguez, 17/2/2026, Insurance Business UK, ‘Chesnara to acquire Scottish Widows Europe for €110 million’)Zurich Insurance Group has secured an extension until March 4, 2026, to finalise its proposed £8 billion acquisition of Beazley plc. The deal, which offers a 62.8% premium on Beazley's January 16 closing price, remains subject to regulatory approvals and antitrust scrutiny. (Kenneth Araullo, 16/2/2026, Insurance Business UK, ‘Zurich secures more time for £8 billion Beazley takeover’)McKinsey's 2025 M&A report highlights a 43% rise in global deal value to $4.7 trillion, driven by big-ticket deals and tech-focused acquisitions. Insurance M&A trends include portfolio optimisation, private equity activity, and a focus on AI and analytics to enhance underwriting and claims processes. (Josh Recamara, 16/2/2026, Insurance Business UK, ‘Big deals, tech ‘arenas’ and PE: McKinsey maps the new M&A landscape for insurers’)MovesChubb appointed Scott Henck as its new Chief Actuary, effective April 1, succeeding Paul O'Connell, as the company targets double-digit earnings growth in 2026. Henck, a 30-year industry veteran and Fellow of the Casualty Actuarial Society, has been with Chubb since 2002 and served as Chief Actuary for North America since 2019, bringing deep technical expertise to maintain Chubb's strong underwriting performance. (Kenneth Araullo, 20/2/2026, Insurance Business, 'Chubb names Scott Henck as new chief actuary in global leadership shakeup')Markerstudy has appointed Tony Welch as Chief Procurement Officer, where he will oversee all procurement activities. With over 25 years of experience, including senior roles at Lloyd’s, Close Brothers, JLT Group, Accenture, and Willis Towers Watson, Welch will focus on enhancing supplier governance, optimising risk management, and integrating digital capabilities. (Jonalyn Cueto, 20/2/2026, Insurance Business, 'Insurance moves: Markerstudy and Gallagher')Gallagher has announced leadership changes within the Romero Group following its integration of AssuredPartners. Jonathan Webb, with nearly 40 years of experience and formerly Marsh's Managing Director for Scotland, has been appointed Regional Managing Director, succeeding Simon Mabb, who transitions to an advisory role. Additionally, Fiona McQuillan, a 15-year Gallagher veteran, has been promoted to Commercial Director, tasked with expanding products and services across multiple offices. These appointments aim to strengthen leadership and drive growth within the merged business units. (Jonalyn Cueto, 20/2/2026, Insurance Business, 'Insurance moves: Markerstudy and Gallagher')Arch Insurance International has promoted Antony Hope to D&O Underwriting Manager and Sangeetha Mani to FI Underwriting Manager within its executive assurance division. Based in London and reporting to Maggie Munns, Hope, who joined Arch in 2019 as a Class Underwriter, previously held underwriting roles at Markel International, Argo, and DUAL. Mani, who joined Arch in 2021 as a Senior Underwriter, brings prior experience from underwriting roles at Travelers. Both will oversee their respective portfolios and focus on broker engagement and portfolio growth. (Josh Recamara, 19/2/2026, Insurance Business, 'Insurance moves: Arch Insurance, Consilium, Sixfold and Fadata')Consilium has strengthened its claims team with three senior appointments. Nicole Crowhurst joins as Associate Partner from Evolin Broking, bringing 33 years of experience in international property, marine, professional indemnity, cyber, and reinsurance claims, with prior roles at Aon and Guy Carpenter. Louise Biddell, with 22 years of expertise in international casualty, property, and subrogation claims, joins as a Senior Associate, having held positions at Lockton, Xchanging, SCOR, and AIG. Kristin DeSouza, also a Senior Associate, brings 24 years of reinsurance experience, including handling casualty, medical malpractice, general liability, property, and professional indemnity claims, with previous roles at Besso, Aon, and Swiss Re. (Josh Recamara, 19/2/2026, Insurance Business, 'Insurance moves: Arch Insurance, Consilium, Sixfold and Fadata')Insurtech Sixfold has named Tony Rosa as Chief Data & Analytics Officer following its $30 million Series B round. Rosa, formerly Chief Data & Analytics Officer at Ignyte Insurance and Senior Analytics Leader at NSM Insurance Group, brings 15 years of experience in insurance data and underwriting strategy. (Josh Recamara, 19/2/2026, Insurance Business, 'Insurance moves: Arch Insurance, Consilium, Sixfold and Fadata')Markel Insurance has promoted Colin Wildey, previously Head of Risk since 2022, to Chief Risk Officer for Markel International (pending regulatory approval), where he will focus on integrating risk into decision-making; Wildey previously served as UK Chief Risk Officer and Group Head of Risk and Capital at Fidelis Insurance. (Josh Recamara, 18/2/2026, Insurance Business UK, ‘Insurance moves: Markel and Gallagher’)Gallagher has appointed Adriana Carvalho Assuncao as a Director in its private equity and M&A practice, enhancing its tax and transactional risk expertise in Europe; she joins from KPMG, where she spent over a decade advising on cross-border tax matters, including six years in London specialising in M&A, corporate reorganisations, and international tax structuring. (Josh Recamara, 18/2/2026, Insurance Business UK, ‘Insurance moves: Markel and Gallagher’)Aviva has appointed Kerry Myles as Branch Manager for its reconfigured South East region, effective March 16, to strengthen its regional presence; joining from Gallagher, where she was Regional Head of Client Service and Operations, Myles brings leadership experience from roles at Gallagher and Allianz, and will oversee operations across Kent, Sussex, Surrey, Southampton, and Thames Valley, reporting to Jake Algar. (Kenneth Araullo, 16/2/2026, Insurance Business UK, ‘Insurance moves: Aviva, Specialty MGA’)Specialty MGA has appointed Neil Tayler as Senior Underwriter to build its accident and health (A&H) portfolio, leveraging his 30 years of experience, including nearly a decade at Canopius specialising in A&H products; operating under MNK Group, Tayler will focus on broker relationships and underserved niches, aligning with the group's strategy to expand specialist lines and capacity, including its recent launch in Brazil. (Kenneth Araullo, 16/2/2026, Insurance Business UK, ‘Insurance moves: Aviva, Specialty MGA’)Not subscribed yet? Subscribe for the latest news, market trends, and weekly insights - all delivered straight to your inbox.All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.
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