• London continues to provide competitively priced accident and health solutions, with increasing capacity and stable rates.
• High-risk international personal accident and travel remains in high demand, especially for territories such as Russia/Ukraine and Israel/Gaza, for which London continues to provide coverage.
• With M&A activity on the rise, we can also help to build insurance solutions with products designed to protect clients' acquisitions.
• London's accident and health space continues to grow and cater for all levels of risk, whether through sizeable open market placements or delegated solutions.

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JULIAN ADDO

• The US has seen a distinct increase in high-profile shooting events, which is leading risk managers and governing boards to assess the value of the product and integrated crisis management/response services through a different lens.
• Purchasing activity has increased, with pricing having been built into budgets from prior investigation of markets by brokers and their clients.
• Pricing is refined to match the exposed risk and the territory, rather than blanket state-wide pricing. This leads to more appropriate and affordable premium levels.
• Miller's active assailant facility offers bespoke coverage and tailored wordings that match the specific needs of individual clients.

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James Floyd

• The London cargo insurance market continues to exhibit softening conditions which are developing even faster than expected.
• Increased capacity continues with underwriters now in place in most, if not all the new syndicates and MGAs announced over the last few months.
• Heightened competition with downward pressure on pricing remaining strong, with rate reductions increasingly common across most industry sectors.
• Greater appetite for diversified, distressed and complex risks and new business to the market.  
• A number of factors all contributing to a favourable environment for insureds and brokers alike.

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OLIVER LOMBARD

• The trends observed in February 2025 have continued into the current period, with international markets—particularly Lloyd’s—providing rate relief, while local markets are generally targeting flat renewals on their portfolios.
• Notably, local markets are now showing greater availability of aggregate for new business, driven by significantly more favourable treaty renewals. This marks a welcome shift from the limited support seen in recent years.
• That said, rates in the Caribbean are proving more resilient than in most other regions. This reflects both the historically constrained capacity in the region and the distinctive nature of its risk profile and trading environment.
• From a timing perspective, the beginning of the windstorm season has begun to restrict international capacity, especially in respect of new business, which is now expected to remain limited in the short term until the season concludes in November.

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Toby Pearcy

• We have seen new Casualty market entrants in Sevanta, Faraday, Munich Re, Rokstone and Crux.
• Aggressive income targets are further increasing pressure on rate with rate cuts of 20%+ on renewals in some areas aside from classes where there is still limited appetite such as cross border transportation. 
• It presents lots of opportunities to provide competitive solutions on new business with the broadest terms and conditions, but also highlights the need to ensure that marketing renewals is given due consideration to ensure the same outcome as if it were a new business opportunity.
• The domestic market remains competitive to ensure they retain and grow their market share.

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Joe Andrews

• The London and Bermuda markets continue to have a healthy appetite. The US Casualty market remains strong across the primary general liability and excess offering, with new capacity and carriers arriving in 2025.
• Outside of certain flat renewals year-on-year, we are seeing continued average rate increases of 5-10%.
• Manufacturing, rail, and construction remain core appetite for London and Bermuda, and we are seeing more success in multi-year structured swing deals for large trucking and standalone wildfire exposed risks.
• A challenging landscape with ‘nuclear’ auto verdicts becoming more prevalent, though there are opportunities for London with retractions in domestic capacity.

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MARK WEST

• General rating environment continues to soften for target business although at a slower pace when compared to our February Market update. This is true from both a cancellation and non-appearance perspective. Adverse weather rates continue to buck the trend where they remain flat, compared to festivals where rating continues to rise. Terrorism cover remains competitively priced with broad terms and conditions.
• Appetite to write contingency business in London remains strong. All insurers are looking to grow, which is leading to tailored terms and conditions as well as expanding their product offering and looking for new distribution channels. Cyber and communicable disease have been difficult since Covid-19, but both products are now available. Cyber has been gaining more traction due to new products being launched.
• Capacity continues to increase via new entrants and existing markets increasing their line sizes. This is expected to continue throughout 2025 with various MGUs (both London based and abroad) looking to expand their offering to include contingency.

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CARL BAXTER

• The cyber market has experienced a stabilisation in rates and is still in a good state for buyers. With an influx of new entrants to the underwriting market, there is fierce competition amongst insurers to win and retain business.
• Simultaneously, the current landscape is characterised by heightened risk. Many insurers have reported a substantial increase in the frequency of ransomware attacks. However, this rise in risk has not had a negative effect on pricing since the hard market which highlights the foundations are now in place for a mature market.
• Market capacity has increased with some insurers able to now deploy USD10m - USD15m lines. This is helping to boost the attractiveness of the London market and maintain a competitive advantage compared with other international markets.
• Insurers, in general, are demonstrating a willingness to expand their appetite for international territories and thereby increase the volume of non-US business they manage. Moreover, a growing number of insurers are planning to move into primary positions.
• Policy coverages have remained consistent with insurers offering full limits on the ‘core’ cyber insurance coverages, with sub-limits for supplemental coverages such as cyber-crime. Carriers are taking a more ‘lenient’ approach to cyber security controls by not imposing ransomware coinsurance unless they deem it absolutely necessary, i.e. if an insured’s security controls fall below minimum standards.
• London is having success on traditionally challenging risks such as manufacturers, architect and engineering firms, healthcare, municipalities, school boards, law firms, and risks with high PII count.

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DANNY COOPER

• The midstream sector experienced heightened competition and ongoing M&A activity throughout 2024. While M&A activity has stabilised in the first half of 2025, midstream companies remain focused on expanding their footprints, meaning we are likely to see further activity in the latter part of 2025 and into 2026.
• Over the past year, there has been a significant influx of capacity into the midstream energy insurance market, particularly for LNG.
• Certain upstream insurers are increasingly seeking premium income from midstream businesses due to the potential of profitability in the midstream sector.
• As underwriters continue to look at midstream as a targeted growth area, brokers are expected to be able to navigate a more competitive market environment, in turn resulting into a softening of the rating cycle. Clean midstream renewals are anticipated to benefit from rate reductions of 5% to 10%, though there may be pressure on policy conditions, particularly regarding coverage extensions with insureds.
• The increase in capacity has led to heightened competition and downward pressure on rates, creating a favourable rating environment for buyers.
• While there is less expectation of sharply rising inflation costs and values, attention remains firmly on ensuring insureds have accurately addressed their asset values. Third-party valuations continue to provide both insurers and clients with confidence in the accuracy of values, mitigating the risk of claims exceeding the presented values.
• Clients demonstrating growth—whether through the addition of assets transitioning from construction to operational during the policy period or through the acquisition of new assets—are the accounts most likely to benefit from the increased market capacity and in turn favourable rate reductions.

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JOE RIDLEY

Positive profitability trends in Q2 2025:

• Downstream insurers are seeing signs of profitability, marking a welcome shift after a volatile rating environment and the challenging loss year of 2022.
• Improved results allow underwriters to adopt more competitive premium rates.

Potential challenges to optimism:

• Recent significant incidents, particularly within the refining sector, may dampen optimism due to the frequency of such occurrences globally.
• Underwriters continue to focus on consistent portfolio management, with competition for business remaining measured.

Growing insurance capacity:

• Profitability and favourable underwriting results are attracting increased capacity from both existing providers and Managing General Agents (MGAs).
• The knock-on effect of this means that there is now *circa USD 4.5 to USD 5.5bn available which is up from USD 3.75bn/4.25bn.
• MGAs are introducing modest but meaningful capacity into the market, contributing to downward pressure on prices.
• Signs of softer ratings for Downstream clients are already emerging, with better positions anticipated in 2025.

Factors influencing soft market conditions in 2025:

• The energy industry must demonstrate well-managed risks and favourable claims records.
• Natural catastrophe exposure and corresponding limits need to be reviewed.
• Effective management of these factors will shape the market trajectory for 2025.
• Clients who comply with insurance market requirements are likely to benefit from true differentiation.

*Note that each risk exposure will attract different appetite to deploy capacity by underwriters. 

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ADAM BARBER-MURRAY

Dan Fraser

• Downward pricing pressure on power generation risks continues despite significant losses on battery storage (BESS) and coal fired power plants. Disruption in the wider broker market will further fuel pricing pressure due to retendering and subsequent inevitable price reductions as market capacity continues to grow.
• Nuclear activity continues to gather momentum with approvals on small modular reactors (SMR) and reversal of retirements for palisades plant. This significantly reverses the nuclear trend of the last decade and is firmly back on the map. This is mirrored internationally, with the UK approving two new blocks at Sizewell and government sharing in ownership.
• Although ESG stances remain strong, these can be adapted by the need to maintain grid stability and energy security. A recent Spanish/Portuguese outage, allegedly driven by a surplus of renewable power and an inability to load shed, has heightened the need for generation mix not just capacity.
• Demand for power in the US continues to grow significantly, partly driven by the huge capacity demands of artificial intelligence and crypto currency. Once again, this is not purely about capacity but also the need for that capacity to be consistent and stable.
• Price volatility within the US grids continue to create challenges for the business interruption (BI) product.

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Nick RNJAK

• The continued abundance of capacity, amplified by new entrants to the upstream market in 2024 and capacity increases by existing insurers in 2025, has resulted in a competitive market across many upstream sectors throughout 2025.
• We’re seeing more markets willing to step up into leadership positions in order to boost their incomes.
• More challenging areas of the upstream portfolio such as SWD operators and fracking contractors can continue to be difficult to place due to lack of appetite, however pricing has not been significantly impacted in the last 12 months.
• With a well thought out, strategic market approach, clients with large premium volumes and good track records can push for significant reductions. 
• Within North America specifically, onshore operators should be seeing opportunities to make premium savings where they can demonstrate good records and a growth trajectory.
• GOM & NWS exposures are seeking more standalone parametric options to compliment and supplement programmes. The traditional GOM NWS market remained fairly flat throughout the year.

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ADAM TAYLOR

• Financial institution general partnership liability (GPL) is fiercely competitive in London at the moment for US-based insureds, with London insurers competing on both pricing and coverage, with discounts from 10-20% compared to what domestic insurers are offering (can fluctuate based on size of risk, expiring T&Cs). Capacity up to USD30m from a ground-up basis.
• Financial institution bond/crime for US and international institutions, with the launch of the new Miller crime proposal form, is increasingly competitive in London. Full ransomware coverage and social engineering (with and without authorisation), with retentions starting at 100k each and every loss.
• The public D&O space is stable, rates around 10% decrease year-on-year for US domiciled business, 10-15% for internationally domiciled (but US exposed) business. Coverage remains at the forefront and significant coverage enhancements are being made year-on-year whilst maximising savings. Entity investigation coverage, both formal and informal, is being widely offered on both US and non-US domiciled placements, which is available exclusively in the Miller ABC form.
• More information on both our ABC and DIC forms can be found through our new series of videos Mollie King. 

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• The London Fine Art and Specie market is currently experiencing moderate renewal rate reductions, driven by increased market capacity.
• This expansion is attributed to a wave of underwriter transitions, the establishment of new Fine Art and Specie (FAS) teams within existing syndicates, and the emergence of new Managing General Agents (MGAs).
• Collectively, these developments have introduced additional capacity, applying downward pressure on rates across the board. Lloyd’s of London continues to lead as the preferred market for distressed, challenging, catastrophe-exposed, and capacity-driven risks.

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Lance Thorpe

Giovanni Sard

• Rates remain high across the board with underwriting results not supporting any reduction.
• Company markets are showing more appetite than Lloyd’s.
• Appetite is consistently conservative. Due to increasingly difficult domestic conditions, we and the market generally, have seen a huge influx of submissions. Underwriters have generally chosen to slim appetite to larger business only.
• In the last 12 months, we have seen the underwriters consider broader exposures opportunistically outside of LTC and hospitals. This includes risks with correctional exposure (minimum retention of USD250,000 on correctional risks).
• The focus internally is on risks where domestic markets are struggling and where potential issues with concurrent retroactive date (i.e. post risk being part of a risk retention group). Recent wins have largely been on distressed placements with London providing the only solution.
• Targeting insureds who are looking to increase retentions and reduce risk transfer in exchange for premium relief is in scope for underwriters. This lends itself specifically to large organisations such as LTC networks and hospital risks.

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CHARLES CARR

• The London hull & machinery market is experiencing a soft market cycle. Excess capacity has driven this development, mainly coming from new or growing MGAs over the past 12 months.
• We continue to see growth in Miller’s exclusive marine pollution product (MARPOL), with some of our largest owners/managers taking a keen interest in it.
• The brown water/offshore support/supply space has continually grown in London, with some leading markets shifting their historical blue water focus to accommodate the fast-growing area. Due to the make-up of the tonnage, this is especially potent with clients based in North America.
• Looking forward, the hull & machinery market in London is becoming increasingly more competitive due to the surplus in capacity. This is really challenging the local markets in North America. We expect this will not slow down, with new MGAs planning to open this year.
• Miller’s exclusive marine property facility, focused on US shoreside property that provides CAT exposure coverage, continues to be of significant interest to clients, particularly in the Pacific Northwest region. This also provides an excellent introduction into other marine lines.
• Ports & Terminal capacity continues to grow within the London market, with underwriter movements and MGA capacity coming through.
• US freight broker/forwarders/chassis facility rates continue to develop as market remains tight.

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Miles Davies

• Market conditions are good for advertising, film, and TV business and specialist underwriters are providing good capacity, competitive rates and best in class wordings.
• Global AdWrap programmes remain challenging and require highly specialised broker knowledge and experience.

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Susana Bramwell

• Warranty & Indemnity (W&I) insurance rates across Europe and the Middle East continue to soften despite the rise of both claim frequency and severity.
• Pricing remains broadly similar to what we have seen in the previous half-year, with ballpark rates (premium expressed as % of limit) still floating around 0.75% - 0.85% for European operational businesses. We have seen an increase in engagements on lower-mid market UK transactions in which rates are even lower (0.55% – 0.75%), this is due to significant competition arising from new entrants into the market operating within this niche. Multinational cross-border transactions still attract higher rates averaging between 0.9 – 1.2%, and we’ve seen an uptick in African transactions of late where pricing has landed around 3% - 4% for operational businesses. This is a stark contrast to the rates of 5% - 7% that were market standard in previous years.
• UK and European market retentions remain as low as 0.25% of the enterprise value.
• Claims: 2024 saw a record number of claims paid out with a record aggregate quantum in the W&I market. This sentiment continues to overflow into 2025 as we are continuing to see an increased number of claims for breaches of accounts warranties, in particular undisclosed customer churn and incorrect revenue recognition in accounts.

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Andrew Johnson

• The parametric insurance market is experiencing increased interest and adoption, driven by the need for quicker payouts and more predictable claims processes in the face of escalating natural disasters and climate change impacts. Several London market syndicates, specialist MGAs and insurance companies have launched parametric divisions since the start of 2024, and we expect this to continue into 2025.
• The range of risks covered by parametric insurance has significantly expanded, extending beyond traditional natural catastrophes to include events like wildfires, crop failures, and cyber risks.
• Hybrid parametric insurance solutions are being designed with traditional insurance policies to help close the protection gap, providing bespoke solutions to meet client needs.

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ALICE GLENISTER

• People security risks (including kidnap & ransom) continue to be a coverage being considered at the c-suite level to demonstrate the duty of care to all employees globally.
• London markets have adapted coverages to include risks such as blackmail and stalking, especially crucial for high-net-worth individuals and families with a public profile.
• Coverage continues to be offered on a worldwide 24-hour basis, including for employees in war-torn locations.
• Capacity levels remain high, and Miller works closely with key markets and their response teams. Rates continue to be competitive, especially for long–term agreement deals.
• Increasing demand from crypto-currency firms for people security risks solutions is being met by Miller’s risk partners in London.
• Insurance providers have innovatively designed sector-specific products to encompass more potential risks. They provide an additional tier of defence to clients' internal security and risk management teams.

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Grace Tricker

• The contraction of the US domestic market in CAT-exposed regions has created a unique opportunity for Lloyd’s of London to step in and provide essential capacity for these challenging risks, where the US domestic market appetite has dwindled.
• A notable development is the inception of a new Miller Private Client Lineslip on 1st September, offering USD100m in capacity.
• This initiative is tailored to address the needs of clients seeking personal Fine Art, Jewellery, and contents coverage in these high-risk geographies, reinforcing Lloyd’s position as a key player in this specialised market.

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Katie Small

• The market has seen some softening throughout 2024 and the first six months of 2025. 
• There is still significant appetite from our Lloyd’s markets for this class and Miller are continuing to achieve a lot of success albeit working against a more challenging market.
• There is plenty of capacity available in Lloyd’s, both through Miller exclusive facilities and in the open market. High limits can be deployed extremely quickly.
• Lloyd’s continues to be the ‘go to’ market for non-standard and harder to place opportunities seeking bespoke solutions.
• Canadian domestic market has also seen some softening however, our book is continuing to grow, having had particular success in Quebec.

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Martin Pipe

• The US Property insurance market continues to favour insureds, with sustained improvements in pricing, terms, and conditions, particularly for accounts with favourable loss records.
• Increased competition across both US and London markets is driving aggressive underwriting, resulting in deductible reductions, broader sublimits, and more flexible terms.
• The London market continues to expand property capacity through new entrants, sidecars, and algorithmic platforms, enabling syndicates to write larger shares and simplify programme structures with fewer layers.
• Catastrophe exposed business including wind, earthquake, and wildfire continues to see stable to softening conditions. Rate reductions are achievable for well managed risks, although wildfire-exposed accounts face tighter underwriting and unchanged or modestly firming terms.
• High-risk sectors such as habitational, manufacturing, food processing, and flood-exposed occupancies remain reliant on the London market. However, capacity is growing, and accounts with strong loss controls are benefitting from the current marketplace.
• Underwriting remains data driven and disciplined. Detailed information around valuations, risk maintenance and risk mitigation measures are essential to obtaining the best outcomes. Engineering reports and risk narratives continue to carry significant weight in negotiations, especially in some of the higher risk sectors.

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MAR SALOM

• We are currently experiencing a favourable market for clients as the softening of property rates continues to lean in insureds' favour. Insurers are showing a greater appetite for well performing accounts. This is translating into more negotiable deal structures and tailored solutions.
• Strong competition, both from domestic carriers and London based markets, is fuelling a more assertive approach among underwriters. This has led to noticeable shifts in broader coverage offerings. Markets are open to reviewing reduced deductibles and increased sub-limits.
• New insurer entrants in London continue to enter the market with direct capacity and some excess of loss markets are now considering primary layers. 
• Growth targets are driving a competitive marketplace where insurers have to be creative to retain their renewal book.
• Risks with high loss ratio continue to seek a solution from the London market when local capacity walks away.

• The US Sports disability market continues to see significant losses, including the long-term injury to New York Yankees pitcher, Gerrit Cole, and NFL players, Dak Prescott and Deshaun Watson.
• Overall, disability market conditions continue to soften with new entrants bringing additional capacity however, they are unlikely to be targeting US sports due to its volatility.
• Ground breaking changes to National Collegiate Athletic Association (NCAA) rules mean that student athletes are now able to be paid by their college, creating additional requirements for athlete disability coverage in US schools.

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NICK FAINT

• Pricing for US terrorism risks is still very competitive and is consistently able to beat TRIA allocations, particularly for CAT exposed business and those with sub-standard occupancies.
• There is strong appetite from underwriters who wish to compete with domestic standalone terrorism carriers.
• Lender requirements for non-certified terrorism coverage are increasing, making the standalone terrorism market the go-to route to meet this need.
• With increasing political instability globally, civil unrest and violence are at an all-time high. We are seeing increased volumes of strikes, riots, and civil commotion (SRCC) submissions. Should all-risk insurers seek to impose SRCC exclusions on certain risks or occupancies, our market is here to provide a standalone solution for this coverage.

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JAMES FLOYD

• Property: Insurers are more selective on new risks and in some cases reducing capacity at renewal. Capacity continues to be a challenge on heavier non-target trades. Detailed submissions with adequate COPE information is key to securing best terms. Cladding and non-standard use premises pose additional complications when placing risks.
• Employers’ liability/general liability: Inflationary rate increases are being requested at renewal, although expiring terms are achievable on well running risks. There is strong appetite amongst insurers to write well managed risks.
• Motor (Auto): Insurers are applying inflationary increases to cover increased claims costs. Appetite to write new business remains strong as (private car) fleet sizes continue to reduce. The electric vehicle (EVs) market continually evolves, but due to the higher propensity for total losses, insurers are limiting their exposures, when underwriting larger fleet risks. The increase in theft of high value, ‘keyless’ vehicles, is resulting in more onerous terms.
• Personal accident and travel: There is strong appetite amongst insurers to write new risks and renewal terms are competitive. There have been several new entrants further increasing capacity.

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MATTHEW NAGLE