Top National Insurance Journal Stories of 2025

Mergers and acquisitions were among big stories last year and they continued to catch the attention of readers in 2025.

The three largest insurance brokers — March, Aon and Arthur J. Gallagher — announced or closed multi-billion-dollar acquisitions in 2024. Within the last 12 months, insurance M&A remained a hot topic.

But M&A was one of many topics readers of Insurance Journal clicked on and shared this year. Others included: numerous broker-poaching lawsuits; third-party litigation funding; the affect of tariffs on the insurance industry; John Neal’s fall; the Federal Emergency Management Agency and national flood insurance; sharing of driver data; ongoing J&J talc product liability; 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

Surely the size of this deal was among the reasons this headline received many clicks. In June Brown & Brown Inc. said it entered into an agreement to buy Accession Risk Management, the parent company of specialty brokerage firm Risk Strategies and wholesaler One80 Intermediaries, for about $9.8 billion. Accession Risk Management Group ranked 8th on Insurance Journal‘s 2025 Top 100 Independent Property/Casualty Agencies list.

There were many other deals, such as Baldwin Group’s recent buy of CAC Group for about $1.03 billion consists of $438 million in cash and 23.2 million shares of its stock valued at $589 million. The Baldwin Group ranked ninth on Insurance Journal‘s list of Top 100 Independent Property/Casualty Agencies.

Trucordia and World Insurance Associates were very active in 2025. Marsh McLennan Agency (MMA) picked up agencies scattered over the U.S. Also see WTW’s late 2025 acquisition of Newfront in a deal worth $1.3 billion. South Korea’s DB Insurance Co. agreed to buy US specialty insurer Fortegra Group for $1.65 billion.

M&A wasn’t limited to agencies and brokerages. AIG acquired Everest’s retail commercial insurance renewal rights, and it had a joint acquisition of Convex Group with Onex Corp. In August, Sompo Holdings said a subsidiary acquired Aspen Insurance Holdings for about $3.5 billion to further its geographical reach outside of its home territory.

Aon, Marsh, WTW, and Brown & Brown Sue Howden’s New U.S. Retail Broking Business

Howden US was not the only brokerage to be sued on allegations of poaching, theft of trade secrets, and breaches of contract but it certainly is the latest. Interestingly, according to court documents, Howden had tried to buy Risk Strategies (actually, this too was a top story of 2025). When it couldn’t work a deal, it allegedly went ahead with it’s U.S. invasion by allegedly scheming to take employees of competitors. The newest of the lawsuits is one filed by Brown & Brown, who allege over 200 employees were lured away.

As Mike Parrish was being introduced as the CEO of Howden US, his old employer Marsh filed suit against him and three others. Marsh followed with another suit against seven additional former employees, and it sued a former specialty marine head. All former employees left for Howden US.

Marsh this year also sued Aon and Alliant over the exit of employees within its construction surety business. USI said Lockton and a former team leader poached workers.

The Quest Against Third-Party Litigation Funding

In 2025, we continued to learn more about third-party litigation funding (TPLF) thanks to campaigns by the insurance industry trades associations and company executives—all of whom say the practice increases the cost of insurance by driving up costs of litigation. The issue has gained the attention of federal lawmakers, who have introduced some legislation for litigation reform. Companion measures in the House and Senate look to shed light on litigation 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?

When President Trump’s huge tax bill was signed into a law, it did not include changes to the taxes third-party funders pay.

According to a new survey from the Independent Insurance Agents & Brokers of America (the Big I), most consumers are worried that lawsuits increase premiums, and an even larger majority of consumers think the legal system is being used in ways that drive up insurance costs.

Tariffs, Tariffs, Tariffs

No other topic caused as much speculation as the effect President Trump’s import tariffs would have on the insurance industry. Changing the dynamics of international trade could increase the price of goods that are key to the insurance industry, such as construction materials. While the tariffs have been challenged in court, their impact have been thought to push insurance rates higher, and slow the global economy.

AM Best said the tariffs would negatively hurt the industry. Trade group APCIA said tariffs would hurt business owners and families.

All Good Things…?

One the most seen, forwarded, and commented-on stories of the year had to with when Liberty Mutual announced it was ending the Safeco brand, which had been Liberty Mutual’s brand for the independent agent channel to sell home, auto and specialty business since Safeco was acquired by the Boston-based insurer in 2008. Come 2026, the logo, which had once adorned a Major League Baseball ballpark, will be replaced with Limu Emu and Doug. Novelties commemorating Safeco’s 100-year anniversary in 2023 will be stored away.

John Neal – AIG Turmoil

It was a surprise enough when AIG announced former Lloyd’s CEO John Neal was joining as president to lead AIG’s General Insurance segment. After all, Neal at the start of 2025 was named CEO of reinsurance at Aon.

Neal never started the Aon position and never made it to his start day of Dec. 1 with AIG either. In November, AIG said the company and Neal reached a “mutual agreement” that he would not join AIG due to “personal circumstances.”

The news seemed to just be the latest within the hierarchy of AIG’s General Insurance unit, which saw Don Bailey retire as head of commercial insurance in North America. David McElroy, who once led General Insurance, also retired in 2024. This year it was revealed the announcement of McElroy’s retirement came just days after he was questioned by police about an alleged sexual assault in Vermont. McElroy was charged late last year with sexual assault. He was arraigned early this year and has pleaded not guilty.

Neal’s sudden departure set off an investigation at Lloyd’s of London. Neal allegedly had a relationship with a Lloyd’s employee and did the same at QBE, where he was previously CEO.

Kick the Can on NFIP; FEMA Threats

Before taking office, President Trump has threatened to abolish the Federal Emergency Management Agency (FEMA). His administration threatened with withhold aid to states and terminated the Building Resilient Infrastructure and Communities program, overseen by FEMA, in April but was stopped by a federal judge in August. The agency saw two leaders, most recently David Richardson, depart in 2025.

Related: ‘Abolishing FEMA’ Memo Outlines Ways for Trump to Scrap Agency | Disaster Survivors Wait Longer to Get Federal Aid

FEMA is also the administrator of the National Flood Insurance Program (NFIP). The program expired at the end of Sept. 30 and it did not renew or issue new policies until the program was reauthorized (at least until the end of January) after a 43-day government shutdown. NFIP has been reauthorized more than 30 times since 2017. The lapse caused some homeowners to contemplate private flood insurance options.

Judge Rejects J&J’s $10 Billion Baby Powder Settlement

Product liability cases are always popular among the IJ audience and there aren’t (and longer) than the liabilities tied to Johnson & Johnson’s talc. Here, a bankruptcy judge rejected Johnson & Johnson’s proposed $10 billion settlement intended to resolve tens of thousands of lawsuits alleging baby powder and other talc products caused cancer. The ruling marked the third failed attempt by the company to use bankruptcy to settle mass talc litigation.

Class Action Accuses Toyota of Illegally Sharing Drivers’ Data With Progressive

A federal class action lawsuit accused Toyota and telematics data partner Connected Analytic Services (CAS) of unlawfully collecting and selling vehicle data from drivers’ cars without proper consent, including location, speed, braking and other telematics information. The suit claims Toyota shared this data with Progressive’s Snapshot program, even after a driver opted out of data sharing when seeking insurance.

Insurance Sector Should Be on the Lookout for ‘Scattered Spider’ Hackers

Cyber is always a hot topic but in 2025, the insurance industry became a target. Industry experts warned the notorious cybercrime group Scattered Spider turned its attention to the U.S. insurance industry, targeting 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.