Three Things 🎃 : Everest’s Reset, Capital Shifts, and Continued Focus and Momentum

Posted on by Nick Coenen

Hi Friends!

Halloween was on Friday, and it was good to be home for trick-or-treating with the family after a stretch of busy travel. Now November is here, and the year’s final sprint begins. The insurance world didn’t slow down this week either — between headline deals, investment shifts, and a flood of Q3 earnings, there was plenty to unpack.

As we turn the calendar to November, these stories paint a consistent picture: carriers are refining their portfolios, investors are reallocating capital toward sustainable innovation, and earnings across the value chain remain strong. The themes of focus, discipline, and reinvention continue to define this market — and it’s clear that insurance is heading into year-end with confidence.

Let’s dive into the three things we learned.

 [1]

Everest Resets, AIG Expands

The week began with a jolt as Everest and AIG announced a multi-part transaction reshaping the commercial insurance landscape. Everest reported its third-quarter results while revealing plans to sell renewal rights for its retail commercial business to AIG, marking a decisive shift away from lower-margin retail lines. CEO Jim Williamson continues to streamline Everest’s focus on profitability and disciplined risk appetite, a cleanup effort that also included securing $1.2 billion in adverse development cover to strengthen reserves.

AIG, meanwhile, wasn’t content with just one headline. Later in the week, it surfaced as a key partner with Onex Corporation in a deal to acquire a controlling stake in Convex Group, creating a fresh ownership structure for one of specialty insurance’s most innovative carriers. These moves underscore AIG’s strategic appetite for specialty and reinsurance growth while Everest doubles down on its core strengths. The ripple effects will be felt across the re/insurance ecosystem — from rating agencies (AM Best placed Everest’s outlook on negative) to brokers navigating shifting carrier appetites.

 [2]

Capital Moves, Strategic Acquisitions, and AI Ambitions

On the investment front, the winds of change continued to blow. Munich Re Ventures announced plans to wind down after a decade of investing in over 40 insurtechs, a symbolic moment for corporate venture capital in insurance. Yet, innovation remains alive and well. Seneca raised $60 million to scale wildfire defense technology, and Aviva Ventures backed Indico Data, highlighting the growing niche focus on difficult-to-insure risks and operational efficiency tools.

Acquisition activity stayed hot: Palomar acquired Gray Casualty & Surety for $300 million, expanding its footprint into the surety segment, while Starr moved to acquire IQUW Group, signaling continued appetite for specialty capacity. EPIC Insurance Brokers bolstered its private client practice with the acquisition of Price Insurance, and Guidewire agreed to purchase ProNavigator to enhance its intelligent automation capabilities.

Amid it all, Acrisure once again managed to make the week’s tech headline, naming Benjamin Funk (formerly of Palantir) as its new Chief Technology & AI Officer. This move reinforces its position as one of the industry’s most tech-forward brokers.

Together, these moves reflect a capital market that remains highly active but increasingly selective; shifting from broad insurtech

 [3]

Strong Earnings Signal a Steady Market

Earnings season delivered another wave of results, offering a clear snapshot of where the market stands heading into year-end. Markel Group posted solid underwriting gains across its portfolio, while The Hartford reported record third-quarter earnings on the back of lower catastrophe losses and higher premiums. Arch Capital and RenaissanceRe both showed powerful reinsurance performance, with underwriting income of $871 million and $770 million, respectively — a reflection of disciplined pricing and favorable cat conditions. The Hanover joined the list of outperformers with record profits and ROE north of 21%.

The story was equally strong in the brokerage world. Brown & Brown, Aon, WTW, Gallagher, and Ryan Specialty all reported healthy growth driven by organic expansion and continued M&A activity. Gallagher saw revenues climb nearly 20%, while Ryan Specialty announced its latest acquisition of Stewart Specialty, adding to its expanding specialty platform. Collectively, these results show an industry that — despite economic and capital market volatility — remains resilient, profitable, and positioned for continued growth into 2026.