Gallagher Re released its Mortgage Market Report for Q4 2025. The quarterly report reviews the major economic drivers shaping the mortgage market and highlights the performance of credit risk transfer. It also includes an origination quality index derived from Freddie Mac’s ACIS and STACR programs.

Economic indicators from the quarter suggest a supportive environment for mortgage activity. Gross Domestic Product grew by 1.0% during the quarter and rose 2.0% year over year. Meanwhile, the unemployment rate increased slightly to 4.3%. At the same time, personal income per capita climbed to a record $76.3K per household, up $1.8K. The labor force participation rate held steady at 62.3%, aligning with levels seen from 2015 through 2018.

Interest rate conditions shifted during the quarter. Treasury yields and mortgage rates declined, which the report links to a more accommodative Federal Reserve policy stance. The Federal Reserve implemented two 25-basis-point rate cuts in the period. However, the report states that future reductions remain uncertain because the Federal Reserve continues to base decisions on incoming data. In addition, a government shutdown delays the release of several key indicators, which adds uncertainty to near-term rate expectations.

On the origination and securitization side, the report notes subdued volumes. Quarterly GSE securitization volumes remained near 10-year lows. Even so, Freddie Mac’s market share stayed steady at more than 50%. The estimated credit risk transfer-eligible share of new securitizations also remained near an all-time high, at roughly 80%. These figures outline the competitive and structural conditions for CRT participation as of 2026.

Home price trends showed modest growth in the quarter. National home prices rose 0.3% during Q4 and increased 1.6% year over year. Looking across states, 44 of 51 states, including Washington, D.C., recorded annual home price appreciation. The report cites a range from a 3.0% decline in Florida to an 8.4% increase in Connecticut. The most substantial annual growth clustered in the Northeast and Midwest.

Overall, Gallagher Re’s Q4 2025 Mortgage Market Report presents an economy with steady income gains and easing rates, alongside low securitization volumes and varied but broadly positive home price movement across most states. The report positions these factors as the key conditions shaping mortgage market performance at the end of 2025.

AmTrust Financial Services and Blackstone Credit & Insurance have launched a new independent company, ANV Group Holdings Ltd., after completing a strategic transaction that spins off a portfolio of AmTrust’s managing general agencies and fee-based businesses. The companies initially announced the transaction in September, and they completed it after receiving regulatory approval.

A New Independent MGA Organization

Through this transaction, AmTrust’s MGA operations in the United States, the United Kingdom, and Continental Europe will operate together under the ANV banner. In addition, AmTrust and ANV entered into a 10-year capacity agreement. Under this agreement, AmTrust will continue to underwrite the existing books of business offered through the MGAs now included in ANV. The agreement covers seven AmTrust subsidiaries: ANV Specialty, Risico, Collegiate, ANV Nordic, Arc Legal, Qualis, and Abacus.

Specialty Products Under the ANV Platform

The MGAs within ANV provide a broad portfolio of specialty insurance products. These include cyber excess and surplus, directors and officers, transaction risk insurance, professional indemnity, legal expense, mortgage and structured credit, warranty, agricultural workers’ compensation, income protection, accident and health, and niche property coverages. These property offerings serve both residential and commercial clients.

Leadership Appointments

ANV Group Holdings will be led by Adam Karkowsky, formerly president of AmTrust, who has been appointed chairman and CEO. Meanwhile, the leadership team also includes Joseph Brecher as chief financial officer, Jacob Decter as chief operating officer, and Aaron Basilius as head of MGAs US. Each of these leaders previously held senior roles at AmTrust.

Executive Perspectives

Barry Zyskind, chairman and CEO of AmTrust, said the transaction builds on the foundation of AmTrust’s global MGA platform and positions ANV for further growth. He also said he looks forward to ANV achieving profitable portfolio growth and continuing to provide strong underwriting and service. Additionally, he stated that AmTrust will continue to work with ANV and participate in its future success through a significant retained equity interest.

Adam Karkowsky, chairman and CEO of ANV, said that ANV is launching an independent, diversified multinational MGA platform built on deep insurance expertise and a shared operational history. He added that the company is well-positioned to create meaningful growth and long-term value with continued support from AmTrust and Blackstone.

Strategic Direction Going Forward

ANV will focus on scaling its specialty and affinity insurance offerings for brokers, partners, and clients across the US, UK, and Europe. At the same time, the company expects to acquire and incubate MGAs and develop new products within its platform.

AmTrust’s Ongoing Involvement

AmTrust serves clients in more than 60 countries. After the transaction, AmTrust will retain a significant equity interest in ANV and will continue providing underwriting capacity for ANV’s MGA operations.

The U.S. Department of Agriculture announced major updates to federal crop insurance on December 5, 2025. U.S. Secretary of Agriculture Brooke L. Rollins said the changes will reduce red tape for farmers, modernize long-standing policies, and expand access to risk protection starting with the 2026 crop year. USDA is implementing these updates through the Expanding Access to Risk Protection (EARP) Final Rule, which streamlines requirements across multiple crops, responds to producer feedback, and reinforces the department’s stated focus on supporting farmers and ranchers.

Secretary Rollins said the rule aligns with the Trump Administration’s approach to deregulation and aims to deliver relief by modernizing the crop insurance system. She added that USDA intends to make it easier for farmers and ranchers to protect their operations.

Reducing Regulatory Burdens

USDA outlined several policy changes intended to simplify compliance and administration.

Improving Land Access Through Prevented Planting Relief

USDA removed the “insured” requirement from the “1 in 4” rule for prevented planting payments. However, producers must still show that the land was planted and harvested, or adjusted for an insurable cause of loss, in one of the previous four years.

Streamlining Production Reporting

Policyholders who switch Approved Insurance Providers can now submit production reports directly to their new provider. USDA said this will reduce confusion and paperwork.

Expanding Direct Marketing Options

Beginning with the 2027 crop year, USDA will allow insurance under the Dollar Plan for direct-marketed fresh market tomatoes and peppers. The department said this change reflects specialty crop business practices in Northeastern states.

Simplifying Dispute Resolution

In line with Executive Order 14192, Unleashing Prosperity Through Deregulation, USDA removed the “automatic nullification” rule and shifted fact-finding authority to the courts. The department stated that this reduces administrative burdens on policyholders and Approved Insurance Providers.

Deregulating Coverage Dates

USDA removed termination, cancellation, and end-of-insurance dates from federal regulations and placed them in policy provisions. The department said this change allows more flexible, county-level updates.

Additional Policy Updates

USDA also highlighted several updates tied to legislation, revenue protection, and crop-specific adjustments.

One Big Beautiful Bill Act Implementation

USDA incorporated provisions from Manager’s Bulletin 25-006.
• The department extended beginning farmer and rancher eligibility from 5 to 10 crop years.
• USDA updated additional premium subsidy rates to 15 percent for years 1 and 2, 13 percent for year 3, 11 percent for year 4, and 10 percent for years 5 through 10.

Revenue Protection Clarifications

USDA stated that harvest prices will equal projected prices when insufficient data prevents use of the approved methodology. In addition, the rule creates a reimbursement process for policyholders who paid additional revenue protection premiums in those cases.

Crop-Specific Improvements

• Fresh market tomatoes: USDA extended the end of the insurance period by one month in Tennessee and South Carolina to better cover late-season hurricanes. This change applies beginning with the 2027 crop year.
• Fresh market peppers: USDA added insurance dates that align with northern growing seasons to support Dollar Plan expansion into Northeastern states.
• Safflower: USDA moved the contract change date from December 31 to November 30. The department said this aligns safflower with other spring crops and simplifies enrollment.

Effective Dates and Public Comment

USDA said the EARP Final Rule became effective on November 30, 2025. The rule applies to crops with a contract change date on or after that date for the 2026 crop year. It also applies to the 2027 crop year, where specified. USDA will accept public comments on the rule until January 27, 2026.

Guidance for Producers and Industry Context

USDA advised producers to contact their local crop insurance agent or visit the Risk Management Agency website for guidance on how the updates may affect coverage options. The department also noted that RMA provides federal crop insurance and education programs, offers coverage for more than 130 crops, and updates policies based on producer feedback.

Novidea released new survey findings that indicate widespread dissatisfaction with legacy insurance management technology and a near-term push to modernize. In its 2025-2026 report, Scaling for the Future: The State of Insurance Management Platforms, Novidea shares results from a survey of 200 global C-suite insurance leaders. The report focuses on how firms view their current core platforms, what changes they plan to make, and what obstacles stand in their way. It also details how leaders believe their platforms support artificial intelligence today.

Survey Shows Widespread Frustration With Legacy Platforms

The survey found that 95% of insurance professionals face “significant” challenges with their existing legacy core technology platforms. Data-related concerns ranked as the most pressing issues. Respondents cited data security and privacy as the top challenge at 35%, followed by data quality at 33%. Additionally, leaders highlighted high upgrade costs at 32% and high maintenance costs at 26%. They also reported integration difficulties at a rate of 25%.

Novidea described these results as evidence of an urgent need for technological modernization across the insurance industry. The company stated that the report is especially relevant for organizations planning to acquire a new core platform or replace modules in their current systems over the next one to three years.

Leaders Plan Near-Term Technology Change

Although leaders reported facing steep challenges, many also stated that they plan to take action. The survey found that 73% of insurance executives plan to upgrade their core insurance management technology within the next three years.

Among those leaders planning for change, the report revealed two primary approaches. First, 40% are considering a total “rip and replace” of their existing platform. Second, 60% prefer an incremental approach and plan to replace specific modules rather than the entire system.

Firms Target Specific Modules for Replacement

For leaders taking a module-by-module approach, the survey identified the areas most likely to change. Document management ranked as the top module targeted for replacement at 31%. Next, contract builder followed at 29%. Placing platform and claims management tied at 27% each. These results highlight the workflow areas that leaders perceive as most in need of modernization.

Change Projects Face Investment and Internal Barriers

The report also outlined the most prominent obstacles leaders face when trying to execute change projects. Respondents cited lack of investment in new technologies as the top barrier at 27%. Employee resistance to change followed at 23%.

Novidea added detail on where resistance appears most strongly. Of executives who identified employee resistance as a top barrier, most came from small and mid-sized insurance organizations. Only 15% of respondents from companies with more than 5,000 employees selected employee resistance as a leading issue.

Existing Processes Create Multiple Operational Issues

Nearly all respondents said their current processes create problems. Specifically, 99% reported multiple issues tied to existing workflows. The most frequently cited problems were analytical reporting and visualization, at 26%, and claims tracking, at 26%. These findings demonstrate that operational friction extends beyond the core platform itself and into daily work activities.

Survey Highlights Current AI Enablement

The report asked leaders whether their insurance management platform enables them to utilize AI benefits. In response, 71% said their platform enables them to benefit significantly from AI. Another 28% said they benefit somewhat. Only 1% reported no benefit.

The survey also found that larger insurance organizations derive greater value from AI capabilities than smaller firms, indicating that larger players tend to lead in AI integration. At the same time, the report stated that every organization, regardless of size, must maintain accurate data.

Novidea Perspective on Industry Modernization

Julie Shafiki, Chief Marketing Officer at Novidea, said the findings show the insurance industry at a major technological crossroads. She noted that many leaders recognize the need to modernize and are planning changes. However, she also noted that they face barriers, including concerns about system compatibility and internal resistance.

Shafiki stated that Novidea aims to reduce these pressures by offering a cloud-native, end-to-end insurance management platform with open APIs. She said the platform is designed to address common barriers to transformation and to bring value to customers as they grow their business.

Novidea has the full report available for download through its website.

Ryan Specialty, a leading international specialty insurance firm, has announced the completion of its acquisition of Stewart Specialty Risk Underwriting Ltd., also known as SSRU. SSRU is a managing general underwriter based in Toronto, Canada. It specializes in underwriting large-account, high-hazard property and casualty solutions. As a result of the acquisition, SSRU is now part of the Ryan Specialty Underwriting Managers division, or RSUM, within Ryan Specialty.

Ryan Specialty previously announced the acquisition on October 25, 2025. The later release confirms that the deal has moved from announcement to completion.

Background on SSRU and Its Market Position

In the earlier press release, Ryan Specialty said it had signed a definitive agreement to acquire SSRU. The company explained that Stephen Stewart founded SSRU in 2016. Since that time, SSRU has established itself as a Canadian MGU with expertise in manufacturing, utilities, real estate, construction, and oil and gas.

Ryan Specialty also stated that SSRU built a robust distribution network that includes many global retail brokers. In addition, SSRU has capabilities across all 13 Canadian provinces and territories. The press release noted that SSRU’s breadth of expertise and consistent underwriting results have attracted the backing of multiple A-rated carriers.

Leadership Statements About the Acquisition

Ryan Specialty shared comments from company leaders and from SSRU’s president and CEO. Pat Ryan, Founder and Executive Chairman of Ryan Specialty, said that Ryan Specialty is excited to welcome Stephen Stewart and the SSRU team. He described the transaction as strategic, and he said it expands Ryan Specialty’s capabilities in Canada. He also said the deal increases the total addressable market Ryan Specialty serves. In addition, he stated that the Ryan Specialty platform will enhance the value SSRU delivers to its clients and trading partners.

Tim Turner, CEO of Ryan Specialty, said SSRU is an exceptional organization with a proven track record of disciplined underwriting and strong broker relationships. He added that the acquisition allows Ryan Specialty to expand its Canadian market presence at scale. He also said the company is pleased to welcome Stephen Stewart and his team.

Miles Wuller, CEO of Ryan Specialty Underwriting Managers, said SSRU’s talent, underwriting acumen, and innovation align with RSUM’s commitment to offer carrier trading partners unique and high-quality insurance risks. He also stated that SSRU’s deep sector knowledge and national reach position RSUM to deliver a broader product offering into Canada. He added that RSUM looks forward to working with SSRU to deliver greater value to brokers, agents, and carriers across North America.

Stephen Stewart, President and CEO of SSRU, said joining Ryan Specialty Underwriting Managers marks a milestone for SSRU and for the Canadian specialty market. He said SSRU plans to bring its expertise to a broader platform while maintaining the independence and discipline that define its approach. He also stated that the partnership positions SSRU to grow responsibly and continue delivering for clients, brokers, and carrier trading partners across Canada.

Financial and Deal Information Provided

Ryan Specialty reported that SSRU generated approximately CAD $18 million of operating revenue for the 12 months ended September 30, 2025. The press release noted that this figure has not been audited. It also stated that, using current exchange rates, CAD $18 million equates to USD $13 million in operating revenue.

The company did not disclose the terms of the deal. However, it said the transaction was expected to close in the fourth quarter of 2025. Ryan Specialty also stated that Marsh Berry served as exclusive financial advisor to SSRU.

About Ryan Specialty

Ryan Specialty was founded in 2010. It operates as a service provider of specialty products and solutions for insurance brokers, agents, and carriers. The firm provides distribution, underwriting, product development, administration, and risk management services. It acts as a wholesale broker and as a managing underwriter with delegated authority from insurance carriers.

Ryan Specialty stated that its mission is to provide industry-leading innovative specialty insurance solutions for insurance brokers, agents, and carriers.

About Ryan Specialty Underwriting Managers

Ryan Specialty Underwriting Managers is an industry leader in delegated authority underwriting services. Its family of MGUs and national programs has the expertise and authority to design, underwrite, bind, and administer a diverse portfolio of risks. RSUM said that its value proposition originates with more than 950 industry professionals. These professionals are supported by centralized technical support and policy lifecycle administration, along with a broad distribution network of retail and wholesale brokers.

RSUM stated that it has serviced clients and trading partners in North America, the UK, Europe, and Asia Pacific since its establishment in 2010.

Brownyard Group, a Specialty Program Insurance Manager headquartered in Bay Shore, New York, marked its 75th anniversary on December 3, 2025. The company paired this milestone with a renewed commitment to innovation and the launch of a fresh, new brand look. As it recognizes its long history in specialty insurance, Brownyard also emphasized its focus on adapting to industry needs and serving niche markets across the United States.

Celebrating a 75-Year Milestone

Brownyard Group President Tory Brownyard called the anniversary a rare achievement and highlighted the balance between honoring the past and preparing for the future. He said the company feels proud of its history and wants its refreshed brand to reflect reliability along with the ability to adapt to changing specialty insurance needs. This statement aligned with the company’s broader message that it continues to evolve while maintaining long-standing values.

Growth Alongside the Specialty Insurance Market

Over its 75 years, Brownyard grew from a single insurance program into a nationally recognized specialty insurance leader. The company built its reputation on deep industry expertise, specialized coverages, and strong service. During the same period, the specialty insurance market changed significantly. It moved from a niche offering to a vital part of the global insurance industry. Throughout this evolution, insurance agents remained trusted guides who helped clients understand and select policies. Brownyard described its own progress as keeping pace with these industry shifts. It said it leverages technological advancements to improve operational efficiency and to provide more extensive and personalized offerings.

A Legacy That Began in 1950

William (Bill) H. Brownyard founded the company in 1950. At the start, Brownyard introduced a groundbreaking insurance program for security professionals. The company described this program as the first of its kind in the nation. From that foundation, Brownyard expanded steadily. Today, Brownyard holds recognition as the longest-running, family-owned program administrator in the United States. It serves ten niche industries across all 50 states. These industries range from security services to cemeteries to beauty services, including both manufacturers and salons.

A Refreshed Brand and Digital Experience

To mark the anniversary, Brownyard introduced an updated visual identity. The company rolled out a refreshed logo, updated colors, and a new website. Brownyard said this new look reflects its rich history while also nodding toward the future. The redesigned website, brownyard.com, aims to deliver a more modern look and feel. In addition, the company said it creates a simpler user experience. Brokers and clients can use the site to explore programs, access resources, and request quotes.

About Brownyard Group

Brownyard Group operates as a national program administrator. It develops and provides specialized insurance programs for select industries. These industries include security, pest and wildlife control, alarm services, private investigation, cosmetics, lawn care, libraries, cemeteries, and the beauty industry. Since 1993, Brownyard has also operated Brownyard Claims Management. This in-house facility provides full-service claims handling and loss prevention resources. The company continues to operate from its headquarters in Bay Shore, New York.

The U.S. oncology market is expanding rapidly as cancer cases increase and healthcare providers adopt more advanced treatment approaches. The market size reached $72.79 billion in 2024 and is projected to reach $81.34 billion in 2025. Current projections indicate that the market will grow to approximately $211.78 billion by 2034, reflecting a compound annual growth rate of 11.75% from 2025 to 2034. This growth aligns with the increasing number of cancer diagnoses and the accelerating demand for personalized, effective therapies.

Multiple factors support this expansion. First, the incidence of cancer continues to increase, particularly among older adults. As a result, demand remains strong for oncology-related drugs, therapies, and long-term treatment solutions. At the same time, hospitals, clinics, and other oncology facilities are developing and adopting new technologies through an active research and development environment. Investment in precision medicine is also growing, which supports wider use of therapies tailored to genetic mutations or molecular markers. In addition, new targeted drug classes are entering the market, and a favorable regulatory environment helps accelerate commercialization through FDA-approved pathways and oncology programs. Moreover, expanded access to screening, improved diagnostic tools, and greater awareness of early detection continue to drive market momentum.

Treatment approaches are also shifting. Many organizations are moving away from standard drug therapies and toward innovative options that aim for greater accuracy and lower toxicity. For example, biologic drugs, such as monoclonal antibodies and monoclonal antibody conjugates, are experiencing broader adoption. Similarly, cellular and gene therapies, including CAR-T therapies, are gaining prominence in oncology care. Technology reinforces these shifts. Digital diagnostics, artificial intelligence tools for cancer screening, remote patient monitoring, and tech-supported evaluation of treatment outcomes are improving precision. Additionally, pharmaceutical companies and academic research organizations are working together more closely, which reduces the time required to move new cancer drugs through clinical trials and into clinical use.

However, the market faces a significant challenge. Novel personalized medicine therapies, including CAR-T treatments and long-course care, involve very high costs. Patients often carry substantial financial burdens even when third-party payers provide insurance coverage. Limited access to specialized treatment centers in rural or underserved regions also affects affordability and availability, creating obstacles to the broader use of next-generation solutions.

Regional performance shows apparent differences. The West led the U.S. oncology market in 2024, with a nearly 34% revenue share. Substantial biotechnology investment, supporting infrastructure, and dense pharmaceutical and research activity contribute to this leadership, with California and Washington recognized for clinical trials and collaboration in cancer innovation. Meanwhile, the South is expected to experience rapid growth during the forecast period. Expanding cancer care networks, population growth, improved healthcare facilities, stronger demand for early diagnosis, and rising demand for advanced treatment all support this trend. Efforts to build oncology capacity in Texas, Florida, and Georgia also reinforce growth in the region.

Several segments stand out. Breast cancer accounted for approximately 22% of the market in 2024. Targeted therapy accounted for nearly 28% of the revenue share, while monoclonal antibodies represented almost 30% of the market. Hospitals and cancer specialty centers dominated the end-user market with a share of around 48%, while hospital pharmacies led the distribution with about 41%. Looking ahead within the forecast period, leukemia is projected to be the fastest-growing cancer type, and immunotherapy, CAR-T cell therapies, gene therapies, academic and research institutions, and specialty pharmacies are expected to expand rapidly from 2025 to 2034.

The Baldwin Group announced on December 2, 2025, that it will buy rival insurance broker CAC Group in a $1.03 billion cash-and-stock deal. According to the company, this move continues a recent wave of large mergers in the U.S. insurance brokerage industry, where consolidation has accelerated.