Must-Read National Insurance Journal Highlights for 2025
Mergers and acquisitions (M&A) dominated headlines in 2024 and continued to captivate readers in 2025. The three largest insurance brokers—Marsh, Aon, and Arthur J. Gallagher—announced or finalized multi-billion-dollar acquisitions last year, keeping insurance M&A a hot topic throughout the year.
However, M&A was just one of many subjects that caught the attention of Insurance Journal readers this year. Other trending topics included broker-poaching lawsuits, third-party litigation funding, the impact of tariffs on the insurance sector, John Neal’s unexpected departure, FEMA and national flood insurance issues, driver data sharing controversies, ongoing Johnson & Johnson talc product liability cases, cyber breaches, and the sunset of the Safeco brand.
The Top National Insurance Journal Stories for 2025
Brown & Brown to Acquire Risk Strategies, One80 Parent for $9.8 Billion
This headline garnered significant attention, and for good reason. In June, Brown & Brown Inc. announced an agreement to purchase Accession Risk Management, the parent company of specialty brokerage firm Risk Strategies and wholesaler One80 Intermediaries, for approximately $9.8 billion. Accession Risk Management Group ranked 8th on Insurance Journal‘s 2025 Top 100 Independent Property/Casualty Agencies list.
Other notable deals included Baldwin Group’s acquisition of CAC Group for about $1.03 billion, comprising $438 million in cash and 23.2 million shares of stock valued at $589 million. Baldwin Group also ranked ninth on Insurance Journal‘s Top 100 Independent Property/Casualty Agencies list.
Trucordia and World Insurance Associates were also active in 2025. Marsh McLennan Agency (MMA) expanded its portfolio with agencies across the U.S. Additionally, WTW’s acquisition of Newfront in late 2025 was valued at $1.3 billion. South Korea’s DB Insurance Co. agreed to purchase U.S. specialty insurer Fortegra Group for $1.65 billion.
M&A activity extended beyond agencies and brokerages. AIG acquired Everest’s retail commercial insurance renewal rights and jointly acquired Convex Group with Onex Corp. In August, Sompo Holdings announced that a subsidiary acquired Aspen Insurance Holdings for about $3.5 billion to enhance its geographical reach.
Aon, Marsh, WTW, and Brown & Brown Sue Howden’s New U.S. Retail Broking Business
Howden US faced multiple lawsuits alleging poaching, theft of trade secrets, and contract breaches. Notably, Howden had attempted to acquire Risk Strategies but, after failing to finalize a deal, allegedly sought to recruit employees from competitors. The latest lawsuit, filed by Brown & Brown, claims over 200 employees were lured away.
As Mike Parrish was introduced as Howden US’s CEO, his former employer Marsh filed suit against him and three others. Marsh subsequently filed additional lawsuits against several former employees who transitioned to Howden US.
Marsh also took legal action against Aon and Alliant regarding employee exits from its construction surety business, while USI accused Lockton and a former team leader of poaching workers.
The Quest Against Third-Party Litigation Funding
In 2025, the insurance industry continued to scrutinize third-party litigation funding (TPLF), with industry associations and executives arguing that it inflates litigation costs and, consequently, insurance premiums. This issue has attracted the attention of federal lawmakers, who have introduced legislation aimed at litigation reform, focusing on transparency in financing from foreign investors.
Related: 5-Year Cost of Litigation Funding to Commercial Insurers Could Top $25B | Can a More Unified Front Be Formed Against Legal System Abuse?
Despite the signing of President Trump’s significant tax bill, it did not include changes to the taxes that third-party funders pay.
A recent survey by the Independent Insurance Agents & Brokers of America (the Big I) revealed that most consumers are concerned that lawsuits drive up premiums, with an even larger majority believing the legal system is being exploited to inflate insurance costs.
Tariffs, Tariffs, Tariffs
Speculation surrounding the effects of President Trump’s import tariffs on the insurance industry was rampant. These tariffs could increase the price of essential goods for the insurance sector, such as construction materials. Although challenged in court, the tariffs were thought to push insurance rates higher and slow the global economy.
AM Best indicated that the tariffs would negatively impact the industry, while the trade group APCIA stated that tariffs would harm business owners and families.
All Good Things…?
One of the most discussed stories of the year was Liberty Mutual’s announcement to end the Safeco brand, which had served as Liberty Mutual’s brand for the independent agent channel since its acquisition in 2008. By 2026, the iconic logo will be replaced with Limu Emu and Doug, and memorabilia celebrating Safeco’s 100-year anniversary in 2023 will be archived.
John Neal – AIG Turmoil
AIG’s announcement of former Lloyd’s CEO John Neal joining as president of AIG’s General Insurance segment surprised many. Neal was initially named CEO of reinsurance at Aon at the start of 2025 but never began that role. In November, AIG announced that Neal would not be joining due to “personal circumstances.”
This development was part of ongoing turmoil within AIG’s General Insurance unit, which saw Don Bailey retire as head of commercial insurance in North America. David McElroy, a former leader of General Insurance, also retired in 2024 amid allegations of sexual assault, which he has denied.
Neal’s abrupt exit triggered an investigation at Lloyd’s of London regarding his alleged relationships with employees at both Lloyd’s and QBE.
Kick the Can on NFIP; FEMA Threats
Before taking office, President Trump threatened to abolish FEMA, and his administration attempted to withhold aid to states while terminating the Building Resilient Infrastructure and Communities program in April. However, a federal judge intervened in August. The agency saw two leaders depart in 2025, including David Richardson.
Related: ‘Abolishing FEMA’ Memo Outlines Ways for Trump to Scrap Agency | Disaster Survivors Wait Longer to Get Federal Aid
FEMA also administers the National Flood Insurance Program (NFIP), which expired on September 30. The program did not renew or issue new policies until it was reauthorized after a 43-day government shutdown. NFIP has been reauthorized over 30 times since 2017, leading some homeowners to consider private flood insurance options.
Judge Rejects J&J’s $10 Billion Baby Powder Settlement
Product liability cases remain a focal point for Insurance Journal readers, particularly those involving Johnson & Johnson’s talc products. A bankruptcy judge recently rejected the company’s proposed $10 billion settlement aimed at resolving thousands of lawsuits alleging that its baby powder and other talc products caused cancer. This ruling marked the third unsuccessful attempt by the company to utilize bankruptcy to settle mass talc litigation.
Class Action Accuses Toyota of Illegally Sharing Drivers’ Data With Progressive
A federal class action lawsuit has accused Toyota and its telematics data partner Connected Analytic Services (CAS) of unlawfully collecting and selling vehicle data from drivers without proper consent. This includes sensitive information such as location, speed, and braking data, which was allegedly shared with Progressive’s Snapshot program, even after drivers opted out of data sharing.
Insurance Sector Should Be on the Lookout for ‘Scattered Spider’ Hackers
Cybersecurity remained a pressing concern in 2025, as the insurance industry became a target for cybercrime. Experts warned that the notorious group Scattered Spider was focusing on major carriers through social engineering and phishing schemes. According to Google’s Mandiant threat intelligence, the group was linked to cybersecurity incidents at Erie Insurance, Philadelphia Insurance Cos, and Aflac.
Mergers and acquisitions (M&A) dominated headlines in 2024 and continued to captivate readers in 2025. The three largest insurance brokers—Marsh, Aon, and Arthur J. Gallagher—announced or finalized multi-billion-dollar acquisitions last year, keeping insurance M&A a hot topic throughout the year.
However, M&A was just one of many subjects that caught the attention of Insurance Journal readers this year. Other trending topics included broker-poaching lawsuits, third-party litigation funding, the impact of tariffs on the insurance sector, John Neal’s unexpected departure, FEMA and national flood insurance issues, driver data sharing controversies, ongoing Johnson & Johnson talc product liability cases, cyber breaches, and the sunset of the Safeco brand.
The Top National Insurance Journal Stories for 2025
Brown & Brown to Acquire Risk Strategies, One80 Parent for $9.8 Billion
This headline garnered significant attention, and for good reason. In June, Brown & Brown Inc. announced an agreement to purchase Accession Risk Management, the parent company of specialty brokerage firm Risk Strategies and wholesaler One80 Intermediaries, for approximately $9.8 billion. Accession Risk Management Group ranked 8th on Insurance Journal‘s 2025 Top 100 Independent Property/Casualty Agencies list.
Other notable deals included Baldwin Group’s acquisition of CAC Group for about $1.03 billion, comprising $438 million in cash and 23.2 million shares of stock valued at $589 million. Baldwin Group also ranked ninth on Insurance Journal‘s Top 100 Independent Property/Casualty Agencies list.
Trucordia and World Insurance Associates were also active in 2025. Marsh McLennan Agency (MMA) expanded its portfolio with agencies across the U.S. Additionally, WTW’s acquisition of Newfront in late 2025 was valued at $1.3 billion. South Korea’s DB Insurance Co. agreed to purchase U.S. specialty insurer Fortegra Group for $1.65 billion.
M&A activity extended beyond agencies and brokerages. AIG acquired Everest’s retail commercial insurance renewal rights and jointly acquired Convex Group with Onex Corp. In August, Sompo Holdings announced that a subsidiary acquired Aspen Insurance Holdings for about $3.5 billion to enhance its geographical reach.
Aon, Marsh, WTW, and Brown & Brown Sue Howden’s New U.S. Retail Broking Business
Howden US faced multiple lawsuits alleging poaching, theft of trade secrets, and contract breaches. Notably, Howden had attempted to acquire Risk Strategies but, after failing to finalize a deal, allegedly sought to recruit employees from competitors. The latest lawsuit, filed by Brown & Brown, claims over 200 employees were lured away.
As Mike Parrish was introduced as Howden US’s CEO, his former employer Marsh filed suit against him and three others. Marsh subsequently filed additional lawsuits against several former employees who transitioned to Howden US.
Marsh also took legal action against Aon and Alliant regarding employee exits from its construction surety business, while USI accused Lockton and a former team leader of poaching workers.
The Quest Against Third-Party Litigation Funding
In 2025, the insurance industry continued to scrutinize third-party litigation funding (TPLF), with industry associations and executives arguing that it inflates litigation costs and, consequently, insurance premiums. This issue has attracted the attention of federal lawmakers, who have introduced legislation aimed at litigation reform, focusing on transparency in financing from foreign investors.
Related: 5-Year Cost of Litigation Funding to Commercial Insurers Could Top $25B | Can a More Unified Front Be Formed Against Legal System Abuse?
Despite the signing of President Trump’s significant tax bill, it did not include changes to the taxes that third-party funders pay.
A recent survey by the Independent Insurance Agents & Brokers of America (the Big I) revealed that most consumers are concerned that lawsuits drive up premiums, with an even larger majority believing the legal system is being exploited to inflate insurance costs.
Tariffs, Tariffs, Tariffs
Speculation surrounding the effects of President Trump’s import tariffs on the insurance industry was rampant. These tariffs could increase the price of essential goods for the insurance sector, such as construction materials. Although challenged in court, the tariffs were thought to push insurance rates higher and slow the global economy.
AM Best indicated that the tariffs would negatively impact the industry, while the trade group APCIA stated that tariffs would harm business owners and families.
All Good Things…?
One of the most discussed stories of the year was Liberty Mutual’s announcement to end the Safeco brand, which had served as Liberty Mutual’s brand for the independent agent channel since its acquisition in 2008. By 2026, the iconic logo will be replaced with Limu Emu and Doug, and memorabilia celebrating Safeco’s 100-year anniversary in 2023 will be archived.
John Neal – AIG Turmoil
AIG’s announcement of former Lloyd’s CEO John Neal joining as president of AIG’s General Insurance segment surprised many. Neal was initially named CEO of reinsurance at Aon at the start of 2025 but never began that role. In November, AIG announced that Neal would not be joining due to “personal circumstances.”
This development was part of ongoing turmoil within AIG’s General Insurance unit, which saw Don Bailey retire as head of commercial insurance in North America. David McElroy, a former leader of General Insurance, also retired in 2024 amid allegations of sexual assault, which he has denied.
Neal’s abrupt exit triggered an investigation at Lloyd’s of London regarding his alleged relationships with employees at both Lloyd’s and QBE.
Kick the Can on NFIP; FEMA Threats
Before taking office, President Trump threatened to abolish FEMA, and his administration attempted to withhold aid to states while terminating the Building Resilient Infrastructure and Communities program in April. However, a federal judge intervened in August. The agency saw two leaders depart in 2025, including David Richardson.
Related: ‘Abolishing FEMA’ Memo Outlines Ways for Trump to Scrap Agency | Disaster Survivors Wait Longer to Get Federal Aid
FEMA also administers the National Flood Insurance Program (NFIP), which expired on September 30. The program did not renew or issue new policies until it was reauthorized after a 43-day government shutdown. NFIP has been reauthorized over 30 times since 2017, leading some homeowners to consider private flood insurance options.
Judge Rejects J&J’s $10 Billion Baby Powder Settlement
Product liability cases remain a focal point for Insurance Journal readers, particularly those involving Johnson & Johnson’s talc products. A bankruptcy judge recently rejected the company’s proposed $10 billion settlement aimed at resolving thousands of lawsuits alleging that its baby powder and other talc products caused cancer. This ruling marked the third unsuccessful attempt by the company to utilize bankruptcy to settle mass talc litigation.
Class Action Accuses Toyota of Illegally Sharing Drivers’ Data With Progressive
A federal class action lawsuit has accused Toyota and its telematics data partner Connected Analytic Services (CAS) of unlawfully collecting and selling vehicle data from drivers without proper consent. This includes sensitive information such as location, speed, and braking data, which was allegedly shared with Progressive’s Snapshot program, even after drivers opted out of data sharing.
Insurance Sector Should Be on the Lookout for ‘Scattered Spider’ Hackers
Cybersecurity remained a pressing concern in 2025, as the insurance industry became a target for cybercrime. Experts warned that the notorious group Scattered Spider was focusing on major carriers through social engineering and phishing schemes. According to Google’s Mandiant threat intelligence, the group was linked to cybersecurity incidents at Erie Insurance, Philadelphia Insurance Cos, and Aflac.
