3 Things We Learned: IPOs, Hiring Surges, and Q1 Wins

Hi Friends!

We had another great week with the highlight being a big day at the IASA Mid Atlantic Chapter meeting. Next week, we will be in Dallas for the Target Markets Mid-Year meeting

This week’s headlines tell a clear story:
The insurance industry’s transformation is gaining speed. From a flurry of IPOs and strategic acquisitions reshaping the landscape, to Progressive’s bold hiring spree and new partnerships tackling emerging risks, to a strong showing in Q1 earnings across major carriers…

It’s clear that growth, innovation, and capital moves are defining 2025’s momentum.

Let’s explore the Three Things we learned this week:

IPOs and Acquisitions

After a lot of anticipation, Aspen Insurance Holdings officially launched its U.S. IPO, aiming to raise up to $341 million and targeting a valuation near $2.9 billion. The move represents a classic private equity exit and positions Aspen — with its blend of insurance and investment capabilities — alongside some of the industry’s most disciplined operators.

Also headed toward the public markets is American Integrity Insurance, a Florida-based homeowners carrier navigating one of the country’s most challenging underwriting environments. Their $106 million IPO underscores both the difficulty and the opportunity in high-risk property markets like Florida.

Not every capital raise is headed to IPO. Bain Capital is reportedly in talks to lead a $2 billion investment into Acrisure, giving the retail brokerage aggregator an alternative to an IPO while continuing to fuel its platform growth.

In the software space, Sapiens acquired AdvantageGo for £43 million. The deal expands Sapiens’ footprint in specialty lines and adds another modern underwriting workbench to its portfolio — part of a broader strategy to acquire ARR and deepen penetration in the MGA market.

And in a nod to the strength of the U.S. E&S market, CRC Group expanded its footprint by acquiring ARC Excess & Surplus, deepening its specialty capabilities while demand for non-admitted solutions continues to surge.

Expansion is Everywhere

Progressive made headlines this week with plans to hire over 12,000 people in 2025 — one of the largest workforce expansions in the industry this year. The roles span claims, tech, product, and customer service, and reflect Progressive’s continued focus on segmentation, data-driven pricing, and scale. The broader U.S. jobs report showed a strong labor market, and this move by Progressive offers a signal of insurer-level confidence in growth and operational performance.

Root Insurance also made a strategic move, partnering with Experian’s auto insurance marketplace. The platform now features over 30 carriers, including Progressive, but Root’s digital-first model could make it especially well suited for embedded distribution — a channel we expect to keep growing.

Elsewhere, expansion into emerging risks and hard-to-place segments continued. Floodbase and Yokahu announced a parametric flood program targeting New Orleans businesses — bringing fast, transparent coverage to a region that has historically struggled with insurance access. Our friends Trium Cyber and HITRUST teamed up to improve cyber underwriting by embedding assurance frameworks into risk assessment models. And Duck Creek’s partnership with hyperexponential signals further investment in pricing sophistication, AI-driven modeling, and future M&A potential in the insurtech ecosystem.

Key Earnings Report

This week brought a fresh wave of Q1 earnings — and a clear set of signals around discipline, capital strength, and segment-specific performance. Among brokers, Brown & Brown and Gallagher both reported strong organic growth and steady tailwinds from their acquisition strategies. Gallagher’s global footprint and Brown & Brown’s performance across key segments continued to reinforce the strength of the broker model.In the specialty carrier group, Arch Capital, Everest, Markel, and AXIS Capital all delivered strong quarters despite a challenging cat environment. Arch’s consistency stood out, as did Everest’s continued underwriting discipline under new CEO Jim Williamson. Markel leaned into the benefits of its diversified income streams through Markel Ventures, and AXIS showed solid progress in its specialty-focused strategy.Finally, Allstate returned to profitability, continuing its underwriting margin recovery strategy while Cincinnati Financial saw premium and investment growth but flagged ongoing exposure to weather volatility.

The message across the board: strong execution, steady performance, and operational discipline are keeping these carriers well-positioned heading into midyear.