Hi Friends!
As we wind down Spring conference season and transition to the summer season, we’re still watching some big developments unfold. This past week, the Scout Insurtech Conference drew an impressive turnout of industry leaders and innovators, featuring a format similar to Target Markets. There were over 500 tech providers and insurance organizations showcasing their offerings and great networking opportunities to share ideas.
Next week, we head to New Jersey for the IASA’s Metro NY/NJ Chapter annual spring meeting and golf outing. I am joining industry leaders in a panel discussion to talk about Emerging Trends. Then the summer will bring a break before the major conferences coming up this fall.
This week’s headlines point to a market that’s staying active, but more intentional. Carriers and investors continue to back specialty plays, with capital flowing into targeted distribution and embedded models. Executive reshuffles are aligning around strategy and control. Even as E&S growth shows signs of moderating and AI oversight tightens, the industry is setting its sights on long-term positioning.
Here are the Three Things We Learned this week:
Ledgebrook, CNA, and ICW Group Show Us E&S Momentum Exists—but With Focus
Despite signs of an E&S market cooldown in recent industry reports, the latest moves from Ledgebrook, CNA, and ICW Group indicate that momentum remains — albeit more targeted, strategic, and focused on long-term positioning.
Ledgebrook announced the close of an oversubscribed Series C round, backed by an existing institutional investor. The raise reinforces investor appetite for fast, tech-native E&S platforms that offer underwriters flexibility and modern infrastructure without the constraints of legacy systems.
CNA introduced Cardinal E&S℠, a new brand designed to sharpen its identity in the non-admitted space. The move reflects a more focused approach to distribution and signals CNA’s more profound commitment to specialty risk.
ICW Group launched ICW Specialty under its VerTerra Insurance platform, naming Tracey Estes as CUO to lead the Atlanta-based buildout. With Excess Casualty expected in 2026, the move marks a deliberate step into new specialty lines beyond the company’s traditional workers’ comp and reinsurance focus.
Smart Capital Still Finds Its Targets
Even in a tighter funding landscape, capital continues to back distribution-first models and platforms with real operating discipline. Vertical Insure raised $8.5 million from investors including Greenlight Re to expand its embedded platform, which lets vertical SaaS providers offer insurance products natively within their ecosystems. “We’re building the rails for niche software platforms to offer insurance in the right context, at the right time,” said CEO Brock Noland — a reflection of the growing appetite for infrastructure that blends seamlessly into the buying journey.
Meanwhile, Slide’s IPO delivered a strong signal to the market, debuting with a $2.6 billion valuation — the largest insurance IPO of the year so far — and demonstrating that investors are still bullish on tech-enabled carriers with premium scale and profitability in sight. And Trucordia, which we recently covered, completed its debt refinancing, securing the financial runway to continue executing on its growth and capital strategy.
Control Becomes the Watchword: AI Oversight and Strategic Leadership Shifts
The push-and-pull around AI regulation came to a head this week as industry groups pushed back against a proposed moratorium on state-level oversight. Just days after the NAIC released its long-anticipated model bulletin, insurers made it clear they’re not looking to delay — they’re looking for clarity. The bulletin urges carriers to establish documented AI governance programs and conduct regular impact assessments, stating, “Consumers deserve protections from AI systems that may be inaccurate, unfairly discriminatory, or unsafe.” The conversation has shifted from if to how regulation will take shape — and how quickly organizations can operationalize compliance.
Strategic leadership appointments this week mirrored that same pivot toward clarity and execution. Elizabeth Geary was named President & CEO of Tokio Marine HCC’s North America P&C business, signaling a renewed focus on core commercial lines. At Hamilton, a broader executive realignment includes Adrian Daws taking over as CEO of Hamilton Re, along with other executive movements. These moves highlight how insurers are positioning leaders with cross-functional experience to navigate underwriting complexity, scale digital operations, and ensure readiness for the future.