Hi, Friends!
This week was quieter than usual, but we still spotted some important headlines you’ll appreciate knowing about. For this edition of “3 Things,” we’ll keep it concise and highlight what we believe are the biggest stories shaping the insurance world.
Ready? Let’s jump into the three things we learned this week!
Mitsui Sumitomo Acquires a Stake in W.R. Berkley
Mitsui Sumitomo Insurance (MSI) plans to buy a 15% stake in W. R. Berkley Corporation through third-party transactions. The Berkley family, which owns about 16% of the company, isn’t selling any shares.
Once MSI reaches a 4.9% stake, it will vote in line with the Berkley family’s recommendations. If MSI’s ownership exceeds 12.5%, the family will support MSI in securing a board seat. This signals a long-term strategic partnership and shared global growth goals.
MSI has been expanding its presence in the U.S. insurance market, recently acquiring Transverse. This latest move strengthens its position, following the path of other Japanese insurers like Tokio Marine and Sompo.
Ategrity and Ethos Signal IPO Momentum
We’re seeing more IPO activity this year, and this week, two insurance companies made big moves toward going public. Despite market ups and downs, insurers are turning to the stock market for funding, supported by the industry’s financial strength and stability.
One traditional player and one tech-driven newcomer are in the spotlight. Ategrity Specialty Insurance has filed for an IPO and plans to trade on the NYSE under the ticker “ASIC.” The company focuses on small and mid-sized businesses in the excess and surplus (E&S) market, generating $344 million in revenue in 2024 with $437 million in gross written premiums. With an A- financial rating and backing from majority owner Zimmer Financial, Ategrity appears well-positioned for the public markets.
Meanwhile, Austin-based insurtech startup Ethos is reportedly considering an IPO. Valued at $2.7 billion in 2021, Ethos boasts 50% year-over-year revenue growth and is known for its fast, no-medical-exam life insurance model. This move comes as investor interest in tech-driven insurance companies is picking up.
Executive Transition at Argo
In 2025, the insurance industry is seeing a lot of changes in its top leaders. Companies are picking new executives to help them deal with a tricky market and keep growing. This shows how important it is for them to have skilled people in charge.
This week, Argo Group shared some news about its leaders. Chris Donahue, who used to be the Chief Financial Officer (CFO), is now the Chief Executive Officer (CEO). He’s replacing Jessica Buss, who helped guide the organization through the Brookfield transaction. Donahue started at Argo when Brookfield bought the company, and he’s worked at big investment firms like Lazard and Morgan Stanley before. The new CFO is David Chan, who was the Chief Accounting Officer and has experience at AmTrust, Moody’s, and PwC. These changes might mean Argo is trying to sharpen its focus and plans under Brookfield’s control.