Good morning, ! It’s Wednesday and in today’s issue we dive into the insurance implications of the aging population and life expectancy growth. Liabilities in life insurance companies reached $4T in 2024, and Gallagher completed a $1.2 billion deal with Woodruff Sawyer.

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DATA DIVE

Longevity Boom: Insurance’s Quiet Time Bomb

The world’s getting older — fast. The global 65+ population has ballooned by 436% since 1960, and by 2050, OECD countries could face 60 retirees for every 100 workers. For life insurers, this isn’t a forecast; it’s a siren. Longer lifespan means longer payout periods, pricier policies, and legacy actuarial models suddenly looking like museum pieces. But it’s not all doom: demand for hybrid products (think life + long-term care) is spiking, and aging markets like Japan and China are ripe for expansion. Bottom line: insurers must pivot from death-benefit merchants to longevity architects. (Read Or Listen To Full Report)

TREND OF THE WEEK

Steady Long-Term Growth in Life Insurance Pension Liabilities

Over the long term, liabilities in life insurance companies' pension entitlements have grown substantially, exceeding $4 trillion by 2024. This reflects consistent upward momentum, supported by reserve credits from reinsurers. The trend highlights strong industry growth despite market fluctuations, underscoring the sector's expanding role in long-term financial security.

Stagflation Risks: Potential Headwinds for Life Insurers: A prolonged stagflation scenario—marked by persistent inflation and stagnant growth—could erode consumer demand for life insurance products, increase lapse rates, and pressure profitability through higher operational costs. (More)

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For questions, reach out to Mike Brown, Head of Investor Relations: [email protected]

MARKET MOVERS

INSURTECH CORNER

Insurtech Heats Up: Mega Deals and Global Momentum in 2025

The insurtech market is showing no signs of cooling off, with 2025’s top 10 deals painting a vivid picture of global appetite for innovation. Quantexa takes a commanding lead, raking in $175M, nearly five times the next largest round. The message is clear: data-driven underwriting and fraud prevention are top of mind for investors betting big on risk analytics.

Beyond Quantexa’s splash, the list reveals broad geographic spread and category diversity. From Hovi ($40M) in healthcare data integration, to South Africa’s Naked ($38M) on digital auto coverage, and Azos ($31M) in Brazil playing the digital life insurance game, capital is flowing across continents and customer segments.

The underlying theme? Smarter underwriting, deeper customer insights, and embedded insurance solutions are what’s drawing capital in droves. Even in a tighter funding environment, the conviction in scalable insurtech models is undeniable.

Bottom line: Insurtech winners are scaling fast, and investors are still very much in the race. Let’s break down the global plays… (More)

DEAL OF THE WEEK

Gallagher Snaps Up Woodruff Sawyer in $1.2 Billion Power Move

Arthur J. Gallagher & Co. is not slowing down. The insurance brokerage heavyweight has closed its $1.2 billion acquisition of Woodruff Sawyer, edging out rivals WTW and Brown & Brown in a tightly contested process. With this deal, Gallagher continues its aggressive expansion playbook, targeting sectors like management liability, construction, and real estate to deepen its U.S. property and casualty footprint.

Woodruff Sawyer brings some serious weight to the table: $268 million in pro forma revenue and $88 million in EBITDAC, including synergies. Gallagher is valuing the business at 4.5x revenue and 13.6x EBITDAC, keeping pace with recent brokerage market multiples. Crucially, the integration blueprint is all about continuity, Gallagher plans to retain Woodruff Sawyer’s leadership and over 600 employees, a clear signal of long-term value capture.

This isn’t just a one-off move. Fresh off its $13.5 billion acquisition of AssuredPartners in late 2024, Gallagher is cementing its reputation as the most aggressive consolidator in the insurance brokerage world. With Woodruff Sawyer’s strength in directors & officers liability and niche risk advisory, Gallagher is poised to broaden its client base and fortify its West Coast dominance.

Bottom line: Gallagher isn’t just growing, it’s strategically stacking its portfolio, deal by deal. (More)

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MACROECONOMICS

Trade War Escalation: Panic Spreads, Valuations Buckle

Valuations stumbled, panic flickered, and global markets got a brutal reminder: when the US and China throw economic punches, the real economy takes the hit. Trump's tariff frenzy, escalating levies on Chinese imports to a staggering 125%, has throttled trade flows between the world’s two largest economies. Beijing's counterattack? 84% tariffs and a diplomatic full-court press to woo Europe and Asia. 

The result is a war of attrition, draining corporate confidence and choking valuations across sectors. Supply chains rerouted overnight, inventories piled up, and investors hit the sell button — hard. For the real economy, this means higher prices, factory slowdowns, and in China’s case, the threat of mass layoffs. As decoupling accelerates, the market mood feels less like a correction and more like a prelude to a cold economic winter. (More)

INTERESTING ARTICLES

InsurTech’s Secret Power: The Hidden Force Behind Surging Insurance M&A

Trade Tariffs? No Problem. Why M&A Deals Are Powering Ahead Anyway

Q1 M&A Deals Surge: US Insurance Brokers Hit 127—Here’s What’s Fueling the 11.4% Jump

TWEET OF THE WEEK

"Success is not just about making money. It's about making a difference"

Kathy Calvin