“By combining responsible regulation, a modern captive insurance statute, and a team of customer-focused professionals, Tennessee continues to distinguish ourselves among captive domicile managers as the perfect place to call home when establishing a captive insurance domicile,” commented TDCI Commissioner Carter Lawrence.

“I am optimistic that the growth trend we’ve seen in little over half-a-decade will continue into the future as Tennessee’s reputation as a first-in-class choice for captive domicile managers grows.”

Within the department, the Captive Insurance Section manages oversight of the state’s captive insurance industry. This type of insurance allows companies to finance and manage their own risks by creating in-house insurance structures rather than purchasing coverage from outside insurers.

Since the state updated its captive insurance laws in 2011, Tennessee has steadily strengthened its position as a favorable location for captive formations. That progress continued in 2025, when five new captive insurers and 50 new cells were licensed. The totals now stand at 184 captives and 703 cells statewide.

Year-over-year figures show continued momentum, with active cells rising by 8% and overall risk-bearing entities increasing by 6% from 2024 to 2025. Premium volume also climbed significantly, reaching $4.2 billion in 2025 compared to $2.9 billion the year before.

“I commend our fantastic team of analysts who made customer service and connecting with prospective customers their focus in 2025 and beyond,” said TDCI Captive Section Director Mark Wiedeman. “I firmly believe that sustained year-over-year growth, good relationships, and connectivity with our customers will continue to incentivize other companies to use establishing a captive in Tennessee for their risk-financing needs.”

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In this role, Thompson will drive growth and strategic initiatives across Texas, Oklahoma, Mississippi, Louisiana, and Arkansas, reporting to Joseph Fitzpatrick, Head of Distribution for MSIG USA.

Thompson has over 20 years of experience in the insurance and financial services sectors, with a track record of building strong teams and expanding broker and client partnerships through tailored programmes and services.

Thompson served as Regional Vice President for the South-Central Region at Starr, where he was instrumental in expanding the team, strengthening broker partnerships, and advancing strategic growth initiatives across the region.

He also spent more than a decade with AIG in New York in senior client-facing and business development roles, working closely with brokers and corporate clients to structure complex insurance programmes and drive growth across a portfolio of highly sophisticated accounts.

He held the position of Vice President within Marsh’s private equity practice in New York, advising sponsors and portfolio companies on tailored risk solutions in a competitive market. His experience within large, complex organisations has shaped a disciplined, relationship-focused approach to supporting both clients and broker partners.

In his new role, Thompson will focus on reinforcing MSIG USA’s position as a data-informed specialty insurer, enhancing broker and client engagement, aligning distribution with underwriting capabilities, and supporting continued growth across the South-Central US.

“Matt Thompson brings the kind of market perspective that comes from operating both sides of the business,” added Joe Fitzpatrick, Head of Distribution for MSIG USA. “His history of impactful execution combined with his ability to engage in a meaningful and consistent way, will make an immediate impact across the South-Central region.”

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As technology redefines the competitive landscape for talent, Louisa Blain, Head of Insurance for Human Capital at Aon, argues that recruitment alone is no longer enough to close the widening capability gap.

“Insurance leaders are accelerating capability building to keep pace with digital disruption, but recruitment alone cannot close the gap. The industry is in urgent need of individuals who possess a blend of behavioural and technical abilities to better underwrite and provide relevant cover to customers,” Blain states.

According to Aon data, 43% of tasks are expected to be automated by 2030, and with most insurers accelerating automation, the sector needs to rethink how it attracts, develops, and deploys people to remain competitive.

Future success increasingly depends on building a workforce that combines deep technical expertise with digital proficiency, adaptability, and the behavioural skills required for ongoing transformation.

“Change is happening faster than ever. Strong leadership remains one of the most powerful levers for driving culture change, signalling the behaviours and mindset needed for transformation,” said Rupert Moore, CEO Reinsurance, APAC.

Insurance roles are evolving, demanding a blend of foundational technical skills and behavioural strengths like adaptability, curiosity, and a growth mindset.

This shift requires valuing both technical and behavioural capabilities equally, with insurers who recognise that hybrid profiles are the future being the most successful, Blain states.

Talent strategy with business goals are now tightly aligned, and profitability is now inseparable from the ability to build adaptable, high‑performing teams capable of responding to evolving risks and regulatory expectations.

As new entrants and adjacent sectors compete for the same data, cyber, climate, and analytics talent, insurers face increasing pressure to differentiate through culture, employee value proposition (EVP), and opportunities for growth.

According to Aon, 65% of candidates withdraw from the hiring process due to unattractive culture or EVP, signalling a need for modernised, purpose‑led employer branding.

Currently, Blair states that there are three critical roles that facilitate this transition:

Reimagined Insurance Practitioners – Traditional technical roles (underwriters, claims, actuaries) now require digital literacy, comfort with AI‑enhanced decision‑making, and cross-functional teamwork. Hybrid profiles – such as underwriters with ESG or claims with cyber expertise – are increasingly sought. Continuous reskilling is vital as insurers redesign jobs around tasks rather than rigid roles.

Industry Futurists – These experts translate emerging climate, cyber, geopolitical, and mobility risks into actionable business insight. Bridging disciplines like sustainability, climate science, data science, or technology, they collaborate with practitioners to ground innovative in real‑world insurance challenges. Futurists are said to be essential for product innovation, scenario planning, and advising leaders through uncertainty.

Change Orchestrators – Insurers need leaders who can drive organisation‑wide transformation, including transformation leads, HR strategists, and business readiness experts to break down silos, accelerate new work methods, embed digital and AI adoption.

These roles support capability uplift, talent mobility, and cultural change. With project‑based work becoming the norm, change orchestrators are essential to ensuring teams can pivot quickly and absorb new skills at pace.

Blain also noted that, with climate risk reshaping workforce needs, hybrid climate-insurance capabilities – combining risk modelling, regulation, and stakeholder engagement – will also be key. Yet they are in short supply, driving demand for structured development pathways.

The executive concluded: “To future‑proof their businesses, insurers must start with clear strategic alignment, adopt data‑driven workforce planning, and invest heavily in reskilling – especially across climate, cyber, and digital domains.

“With 59% of the global workforce requiring reskilling and 14% of roles at risk from automation, insurers must modernise career paths, refresh their EVP, and focus on potential and diversity when acquiring talent. Those who invest early in future‑fit talent will be best positioned to capture growth and manage increasingly complex risk.

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The two executives immediately assume their new roles, and will report to John DePeters, Executive Vice President, Head of Commercial Insurance & Specialty, COG.

McGregor and Forman will be responsible for driving the performance and growth of COG’s middle market capabilities, including refining segment-specific underwriting strategies for the commercial property and casualty portfolio.

Furthermore, they will work alongside Industry Practice leadership to expand the division’s offerings by leveraging advanced analytics and new technology.

“These appointments underscore the strength of our leadership talent and our ongoing commitment to invest in a world class commercial insurance platform with strong underwriting discipline and focused growth,” said DePeters. “Ben and Alex each bring deep technical expertise to their roles, and together they will be instrumental in scaling our capabilities.”

McGregor has more than 30 years of experience in the insurance sector, including 23 years with Chubb. During his tenure at Chubb, he has been responsible for leading and developing property portfolios across Australia, New Zealand, and Asia.

Most recently, he served as Head of Property and Terrorism for the United Kingdom and Ireland regions. He is a fellow of the Australian and New Zealand Institute of Insurance and Finance.

Forman has more than two decades of insurance industry experience. Prior to joining Chubb in 2020, he led teams at AIG and Swiss Re Corporate Solutions, where he served as Head of UK Retail Underwriting.

In his most recent role at Chubb, he oversaw the profitability and strategic growth of the UK, Ireland & South Africa casualty portfolio.

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Through the IQUW acquisition, Starr said, it has strengthened its position in London and established its managing agency as the ninth-largest at Lloyd’s.

The firm also highlighted its “significantly enhanced” reinsurance capabilities, noting that IQUW Re Bermuda and IQUW’s London reinsurance business will now operate as Starr Re.

The newly branded entity will write inward reinsurance, bolstering Starr’s ability to offer a diversified portfolio across multiple geographies and lines of business.

Starr Re will reportedly benefit from the group’s capital strength, enabling thoughtful capital deployment across market cycles and positioning the firm to better serve clients across the re/insurance market.

In 2025, IQUW wrote $1.88 billion of GWP, which is comprised of business written by IQUW (Syndicate 1856), ERS (Syndicate 218), the UK’s largest specialist motor insurer at Lloyd’s, and IQUW Re Bermuda (now Starr Re).

Syndicate 1856 will be rebranded as Starr, while ERS will continue to trade under its existing brand, given its strong and established presence. There will be no brand change to Starr’s Syndicate 1919.

Jeff Greenberg, chairman and co-chief executive officer of Starr, commented, “The completion of this transaction advances Starr’s strategy to build a global, diversified, best-in-class underwriting business. I am delighted to welcome our new colleagues to Starr.

“Together, we are a larger, more resilient platform with the scale and expertise to compete and win across global markets and deliver sustainable, long-term growth.”

Steve Blakey, president and chief executive officer of Starr Insurance Holdings, said, “We are thrilled to be bringing together our talented people and ensuring that our clients and brokers have the same seamless support and access to a broader suite of specialist solutions.

“As a combined organisation, we will remain relentlessly focused on delivering exceptional service for our brokers and clients across all elements of our business.”

Peter Bilsby, who will lead Starr’s international business, added, “The completion of this transaction is a proud moment for everyone who has contributed to building the IQUW Group since its inception.

“From the outset, our ambition was to create a high-performing, specialist platform defined by great talent and market-leading data and technology. Now, as part of Starr, we can take advantage of being part of a stronger and more diversified global organisation.”

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Kreuzer brings close to three decades of industry experience to the role, where he will be responsible for leading the company’s property and casualty operations across the region.

Jon Colello, President, PartnerRe, commented: “With nearly 30 years of reinsurance experience spanning underwriting, portfolio management, and senior leadership, Scott brings deep expertise and sound judgment that will further strengthen our Americas organization.”

Kreuzer is joining PartnerRe from Aspen Insurance Group, where he spent the last six years as Senior Managing Director, Americas. Prior to this, the executive was Head of Casualty at AXIS Reinsurance.

Previously, he served as a Vice President at both ACE Tempest Re and Allied World Reinsurance Company. Earlier in his career, Kreuzer served as Assistant Vice President at Gen Re, a role he held for five years.

Recently, PartnerRe posted a significant rise in net income for 2025, with a non-life underwriting profit of $364 million.

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The transaction is anticipated to close in the second half of 2026, subject to customary regulatory approvals and closing conditions.

Jim Williamson, President and Chief Executive Officer of Everest, stated: “This transaction represents a strong outcome for both organizations, our shareholders and our colleagues. The Canadian Retail team has built a high-quality, disciplined portfolio.

“This agreement enables us to realize compelling value and to transition our colleagues to a growth-oriented organization committed to expanding its commercial retail presence in the Canadian market.”

This transaction marks another move in Everest’s strategic repositioning and advances the carrier’s previously announced plan to exit the Commercial Retail Insurance space, following the 2025 sale of its global Retail Commercial Insurance renewal rights to AIG.

As Everest Canada was the firm’s largest remaining retail platform, its divestiture allows Everest to further sharpen its focus on its core Reinsurance, Global Wholesale, and Specialty Insurance businesses.

Williamson added: “Consistent execution against our stated strategy remains a priority. This agreement further aligns our portfolio with our core underwriting strengths and supports our objective of generating sustainable, risk-adjusted returns over time.”

“Everest has built a respected commercial business in Canada, powered by strong talent, deep specialty lines expertise, and a disciplined, entrepreneurial underwriting culture,” said Evan Johnston, President and Chief Executive Officer of Wawanesa. “We look forward to welcoming the Everest Canada team and investing in their proven model to further expand our ability to serve more Canadian businesses across an even broader range of industries.”

For Wawanesa, the deal is expected to “significantly strengthen” its role in the Canadian market by adding an extensive portfolio of specialty commercial insurance products. In fact, the firm expects the transaction to add some $305 million in annual commercial lines premiums, an increase of roughly 30% from the insurer’s current volume.

Further, once the acquisition completes, Everest Canada will enter into a Loss Portfolio Transfer reinsurance agreement with Everest Reinsurance Company. Under the LPT, exposure to all liabilities of Everest Canada with respect to insurance policies issued by Everest Canada prior to closing of the transaction will be retained by Everest, while Everest Canada will continue to administer claims with respect to these policies on behalf of Everest.

Additionally, Everest Canada and Everest will enter into a Transition Services Agreement, under which an Everest affiliate will provide certain transition services to Everest Canada for a period of time following closing of the deal.

Johnston added: “Wawanesa has bold ambitions for the future and a firm commitment to growing our commercial presence across Canada. The talent and expertise gained through this deal creates the momentum we need to serve more Canadian businesses across an even broader range of industries. This is a powerful strategic fit for our organization, significantly elevating our competitive edge and better positioning us to thrive in a rapidly evolving market.”

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As part of the leadership developments within Berkley Insurance Asia Marine team, Lee Ju-Ann will be taking on a newly created Senior advisory and Talent Development Leader role within the organisation.

“Ju-Ann has been the driving force behind our Marine franchise since its inception. Over the past decade, she has built the business from the ground up; assembling a talented team, earning deep market respect and establishing a portfolio that continues to grow from strength to strength,” a Berkley spokesperson stated.

Adding: “We are grateful for her outstanding leadership and delighted that she will continue to share her strategic insights and passion for developing talent at Berkley Insurance Asia.”

Kenneth Cheong initially joined Berkley Insurance Asia in 2025 as Deputy Head of Marine, Asia. Prior to this he served as Underwriting Manager, Marine Cargo for HDI Global SE Singapore, and was an Underwriter for HDI before that.

“Kenneth’s appointment reflects the calibre of team Ju-Ann has built. His expertise, market relationships and leadership make him the natural choice to lead the franchise into its next chapter,” said Berkley.

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Since the resurgence of conflict in the Middle East earlier this year, Autonomous noted that P&C stocks have shown little indication of investor concern around first-order insurance losses.

Instead, attention has centred on second-order macroeconomic effects, notably elevated oil prices and the potential for resulting shifts in monetary policy.

Even so, according to the report, barring a recessionary scenario, the overall impact on re/insurers should remain limited, with insurance brokers potentially seeing modest upside.

“War risk globally is well-tested, especially in the Middle East. Policy wording has been significantly refined and tightened over the last decade, and as such, direct insured losses are likely limited to war exposures on marine and some other lines. In addition, where possible coverage has been restricted or repriced on account of the conflict,” Autonomous explained.

Using the Russia–Ukraine war as a proxy, the firm estimates that total direct insured losses were in the region of $25 billion, broadly comparable to an average Category 3 hurricane.

Notably, a significant share of those losses, around $10–15 billion, related to stranded aircraft, a driver that does not appear to be a factor at this stage of the Middle East conflict.

Echoing the views of other rating agencies and analytical firms, Autonomous noted that any losses arising from the conflict are likely to be concentrated in specialty lines, segments that are typically highly syndicated and benefit from substantial reinsurance protection.

“To-date losses have been felt most in PVT lines, with several claims arising from strikes on energy assets in the region. But in our view, loss uncertainty remains greatest on marine war lines, with accumulation likely being the greatest risk. Losses on other specialty lines — aviation, BI, cyber, and trade credit — are possible but unlikely to break the bank,” the firm’s report concluded.

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Most recently, Babej served as Chairman and Interim Head of Banking at Citigroup before retiring in 2024.

Before this, he was the Chief Executive Officer (CEO) of Citi Asia Pacific, leading operations across multiple markets and overseeing a workforce of approximately 70,000 employees.

During his tenure at Citi, Babej helped the organisation through complex strategic initiatives, including the expansion of institutional and wealth management capabilities across the region.

In the past, he has also served as the Global Head of Financial Institutions at Citi, and has held senior roles at Deutsche Bank and Lazard.

Babej has deep expertise in advising on mergers, acquisitions, and capital markets transactions, with a particular focus on clients across financial services, insurance, and reinsurance.

Tony Cheng, President and CEO, RGA, commented, “Peter brings deep global financial services expertise and a proven record of leadership across complex institutions and markets.

“His experience advising and leading financial institutions through periods of transformation, combined with his extensive knowledge of insurance, capital markets, and Asia-Pacific operations, will be a great resource as RGA advances its long-term strategy and pursues opportunities worldwide.”

Stephen O’Hearn, Chair of the Board of Directors, RGA, added, “With more than three decades of experience at the intersection of banking, insurance, and financial advisory, Peter offers a global perspective that will further strengthen our Board.

“He has successfully led organizations through significant strategic initiatives; we are delighted to welcome him to RGA and look forward to benefiting from his insights and counsel.”

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