SOMPO × ASPEN$3.5B
GALLAGHER × ASSUREDPARTNERS$13.4B
P&C COMBINED RATIO~99%
MEDIAN CARRIER ROE~11%
BAIN × LINCOLN FINANCIAL$825M / 9.9%
HIPPO HOME LOSS RATIO121%
ASPEN IPO · AHL$2.76B
STATE FARM CA RATE+17%
SOMPO × ASPEN$3.5B
GALLAGHER × ASSUREDPARTNERS$13.4B
P&C COMBINED RATIO~99%
MEDIAN CARRIER ROE~11%
BAIN × LINCOLN FINANCIAL$825M / 9.9%
HIPPO HOME LOSS RATIO121%
ASPEN IPO · AHL$2.76B
STATE FARM CA RATE+17%
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Issue No. 04 · Q4 2025 · Private Equity × Insurance

The business of insurance, decoded.

PE tightens its grip as Sompo takes Aspen for $3.5B and Gallagher lands AssuredPartners at $13.4B — while a fresh crop of carriers tests the public window.

Tyler Schapiro, CFA, CPAOCT 13, 20257 MIN READ
$0.0B
SOMPO / ASPEN
$0.0B
GALLAGHER / ASSUREDPARTNERS
~0%
P&C COMBINED RATIO
Editorial

“We make the business of insurance impossible to ignore.”

By the numbers
$0B
US P&C direct premium (2024)
0.0%
Median carrier ROE, 2025E
0.0%
Combined ratio, 2025E
$0B
PE capital in insurance (10 yr)
Data as art

The numbers behind the headlines

Combined ratios, ROE, capital returned. Engineered charts that make the sector legible at a glance.

Benchmarks · P&C carriers

Combined ratio holds the line as ROE recovers

Combined ratio Median ROE
96981001021040%5%10%2019202020212022202320242025E
2025E CR
0.0%
2025E ROE
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5-yr Δ ROE
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Archive

Every post, filed and searchable

Deep Dive

The carriers that set the standard

Chubb

NYSE: CB
Discipline is a strategy, not a slogan — it shows up in the combined ratio every quarter.

Scale, underwriting discipline, and global diversification aren't buzzwords on Chubb's book — they're the moat.

Tyler Schapiro, CFA, CPA
0.0%
COMBINED RATIO
0.0%
ROE (TTM)

AIG

NYSE: AIG
We returned $8.1 billion of capital to shareholders through repurchases and dividends.

From its 1919 founding through the crisis and back; today the story is capital return.

Tyler Schapiro, CFA, CPA
1919
FOUNDED
$0.0B
CAPITAL RETURNED
What we cover

Five lenses on the business of insurance

01

Capital Markets

IPOs, valuations, and market performance.

02

Private Equity

M&A activity, platform strategies, and exits.

03

Insurance Economics

Underwriting trends, financial metrics, and benchmarks.

04

Risk Trends

Regulation, climate, and emerging risks.

05

Deep Dives

Company analysis. Strategic perspective.

The Owning Risk Briefing

Insurance intelligence, without the noise

Capital markets moves, deals, and the numbers behind the headlines, read by the people who actually price and buy the risk.

Join 4,000+ underwriters, investors, and CROs

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From the desk of
Tyler Schapiro, CFA, CPA — Founder & Editor of Owning Risk

Tyler Schapiro

CFA · CPA — Founder & Editor

Making the business of insurance understandable — concise, independent, data-driven research for the investors and executives who move capital.

Owning Risk is a premium insurance industry intelligence publication covering capital markets, private equity activity, carrier fundamentals, and the economics that drive the sector. Insurance is one of the world's largest and least understood financial sectors. Better information leads to better capital allocation.

01
Data driven
02
Independent
03
Institutional