Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has announced the appointment of Oliver Delvos as head of cyber and tech E&O (errors and omissions) for Europe. His appointment will become effective on 1 December 2025. The Liberty cyber and tech E&O Europe leadership role will see Delvos based in Germany, reporting to Liberty Specialty Markets president and chief underwriting officer for Europe Pierre-Edouard Fraigneau, and aligning with the global cyber office. Delvos will succe ...

Market Overview - The market is attempting to recover from recent losses, particularly in tech and crypto sectors, as investors await upcoming U.S. data before the Thanksgiving holiday [1] - Historically, Thanksgiving week has been positive for stocks, with the S&P 500 showing a median gain of 0.76% since 1945 [2] - Money markets indicate a 75% chance of the Federal Reserve cutting rates in December, influenced by dovish comments from policymakers [2] Investment Strategy - Lower interest rates typically reduce borrowing costs, encouraging business expansion and consumer spending, which is favorable for medium-term investments [3] - Investors should consider several factors when selecting companies, including stock performance, profitability, sales trends, debt levels, price-to-earnings ratio, and dividend payments [4] Methodology for Stock Selection - A Finviz screener was used to identify dividend stocks with over 10% average revenue growth over the past five years, focusing on companies with consistent sales growth [6] - Stocks with a five-year average payout ratio under 60% were selected, indicating a strong cash position [6] Company Highlights Merck & Co., Inc. (NYSE:MRK) - Merck has a 5-year average annual revenue growth rate of 10.5% and reported Q3 2025 revenue of $17.3 billion, up 4% year-over-year [9][11] - KEYTRUDA sales grew 10% to $8.1 billion, and the company expects worldwide revenue to reach between $64.5 billion and $65 billion [11] - New product approvals and a robust pipeline with over 80 active clinical trials support growth, with notable sales from Winrevair and Capvaxive [12][13] Arthur J. Gallagher & Co. (NYSE:AJG) - Arthur J. Gallagher has a 5-year average annual revenue growth rate of 10.54% and reported Q3 2025 revenue of $3.3 billion, up nearly 20% year-over-year [14][15] - The company has completed significant acquisitions, including Tompkins Insurance Agencies and AssuredPartners for approximately $13.8 billion [16][17] JPMorgan Chase & Co. (NYSE:JPM) - JPMorgan Chase has a 5-year average annual revenue growth rate of 10.65% and reported Q3 2025 revenue of $47.1 billion, up 10.4% year-over-year [18][19] - The company achieved a 20% return on tangible common equity (ROTCE), indicating strong profitability [19] - Recent agreements with fintech companies will enhance its data access capabilities [20][21]

11月25日，深圳金融监管局召开新闻发布会，通报了2025年1月至10月深圳银行业保险业的运行情况。 数据显示，深圳金融业整体保持平稳发展态势，规模稳步增长，重点领域支持持续强化，社会民生保障 功能显著增强，为实体经济高质量发展提供了有力支撑。 深圳金融监管局统计数据显示，截至2025年10月末，深圳金融监管局监管的银行业资产总额达14.36万 亿元，同比增长4.37%；负债总额13.97万亿元，同比增长4.44%。各项贷款余额9.91万亿元，同比增长 4.92%；各项存款余额10.00万亿元，同比增长4.95%。资产、负债、存贷款规模均稳居全国大中城市第 三位。 在保障社会民生方面，数据显示，今年1-10月，深圳辖内保险业积累的人身险及长期健康险责任准备金 余额达7580.97亿元，累计赔付支出616.64亿元。面对年内多轮台风暴雨灾害，深圳保险业迅速响应，前 10个月累计接到报案超5700件，估损金额超1.1亿元，充分发挥了经济"减震器"和社会"稳定器"的作 用。 保险业同样表现亮眼。前10个月，深圳保险业实现原保险保费收入1910.45亿元，规模位列全国大中城 市第三，同比增长12.20%，增速在一线城 ...

Core Insights - The article discusses the "2025 China Resident Pension Wealth Management Development Report," which analyzes the behavior of residents regarding pension wealth management and identifies opportunities for the financial industry while referencing international best practices [5][3]. Group 1: Changes in Pension Planning Concepts - The perception of pension planning is shifting from "whether to do it" to "how to do it," with a significant decrease in the percentage of young respondents (ages 18-34) who feel they are "still young and not in a hurry" from 78% in 2023 to 47% in 2025 [6][8]. - The reasons for not having pension plans vary by age group, with 38% of respondents aged 35-39 citing reliance on children for financial support as a reason for not planning [9]. Group 2: Pension Savings and Investment Trends - The average age for initiating pension planning is projected to be 37 years in 2025, consistent with previous years, indicating that the middle-aged demographic is crucial for wealth accumulation and pension preparation [10]. - Among respondents under 50, 85% are actively saving for retirement each month, reflecting a growing awareness and willingness to take action regarding pension savings [11]. Group 3: Investment Preferences and Asset Allocation - There is a growing willingness to invest in pension financial products for longer durations, with the average investment period increasing from 3.3 years in 2023 to 4.5 years in 2025 [16]. - The preference for safe investments remains strong, with bank deposits and insurance products being the most popular, while the proportion of respondents willing to invest in funds has increased by 8 percentage points over four years [19]. Group 4: Demand for Non-Financial Pension Services - Respondents' focus has shifted from merely accumulating funds to seeking diverse services such as health management, care services, and cultural leisure activities, indicating a broader understanding of retirement needs [23]. - The demand for health management and medical services is particularly pronounced, with younger respondents showing interest in institutional services and older respondents prioritizing home care and health management [26]. Group 5: Innovations in Pension Financial Products - The report highlights the role of policy in creating new opportunities for pension wealth management, with a growing variety of personal pension products and an expanding market scale [27]. - Financial openness is driving innovation in pension financial products and services, with international experiences and capital being integrated into the Chinese market [32]. Group 6: Comprehensive Pension Financial Services - The report outlines the development of a comprehensive pension financial service ecosystem by CITIC Bank, which aims to meet diverse pension financial needs through a range of products [45][46]. - The integration of technology, such as big data and AI, is emphasized as a means to enhance the safety and transparency of pension financial products [39].

Core Viewpoint - Everest Group, Ltd. has significantly underperformed the market and sector, with stock prices declining sharply following disappointing quarterly results, raising concerns about its growth prospects and earnings reliability [2][4][5]. Company Performance - Everest Group's stock has dropped 20.3% over the past 52 weeks and 14.5% year-to-date, contrasting with the S&P 500 Index's 12% returns and 14% surge in 2025 [2]. - The company's stock fell 11.4% in a single trading session after the release of Q3 results, which showed a modest topline increase of 79 basis points year-over-year to $4.3 billion, missing expectations by 2.9% [4]. - Net operating income per share decreased by 48.4% year-over-year to $7.54, falling short of consensus estimates by 43.7% [4]. Earnings Expectations - For the full fiscal year 2025, analysts project an adjusted EPS of $45.02, reflecting a 50.9% year-over-year increase, although the company has a history of disappointing earnings surprises [5]. - Everest has only surpassed bottom-line estimates once in the past four quarters, missing projections on three occasions [5]. Analyst Ratings - Among 18 analysts covering Everest Group, the consensus rating is a "Moderate Buy," consisting of five "Strong Buys," two "Moderate Buys," ten "Holds," and one "Strong Sell" [6]. - The mean price target for Everest Group is $368.53, indicating an 18.9% premium to current price levels, while the highest target of $446 suggests a potential upside of 43.9% [7].

Group 1 - Figure AI's former product safety chief Robert Grendel has filed a lawsuit claiming that the company's humanoid robots could cause skull fractures and alleges he was fired for raising safety concerns [1] - Grendel warned CEO Brett Adcock and chief engineer Kyle Edelberg about the robots' deadly performance, highlighting an incident where a robot caused a quarter-inch crack on a steel refrigerator door [1] - After submitting documented safety complaints, Grendel was terminated in September, claiming he was asked to prepare a safety roadmap for potential investors, which was later abandoned [1] Group 2 - The emergence of humanoid robots in crowded public events raises significant safety risks due to the lack of comprehensive international or industry standards, leading to compatibility and safety issues [3] - An incident at the 2025 World Humanoid Robot Games involved a robot colliding with an engineer, emphasizing the risks associated with humanoid robots [3] - The insurance industry faces challenges in providing risk coverage for robot companies, including complex risk assessments due to rapid technological advancements and the dynamic nature of risk characteristics [3][4] Group 3 - The lack of long-term risk data in the emerging field of robot insurance complicates accurate risk assessment and premium pricing, as traditional actuarial models are not directly applicable [6] - Insurers are developing innovative financial products to mitigate risks in the robot industry, with major companies like Ping An and China Pacific Insurance launching specialized insurance products for humanoid robots [6][7] - The insurance products available include property insurance, machinery damage insurance, third-party liability insurance, and cybersecurity insurance, aimed at covering various risks associated with robot operations [7] Group 4 - The first breakthrough in robot insurance occurred in early 2022 with the launch of the "Mobile Robot Quality Liability Insurance" by PICC, addressing various product quality issues [8] - In 2023, a pilot project in Changzhou provided insurance for local robot companies, demonstrating regional support for the robot insurance market [8] - By 2025, the insurance industry is transitioning from policy formulation to implementation, with various events and initiatives promoting insurance coverage for robots [10] Group 5 - Local governments are responding to the need for robot insurance, with policies in cities like Ningbo and Hainan promoting the development of humanoid robot application insurance [10][11] - Insurance products are being tailored to cover risks from design defects, operational failures, and cyberattacks, with a focus on third-party liability [11][12] - New insurance offerings include specialized products for exoskeleton robots and smart agricultural robots, indicating a growing market for tailored insurance solutions [12][14] Group 6 - The insurance industry views robot insurance as a means to provide comprehensive risk coverage across the entire lifecycle of humanoid robots, addressing various operational scenarios [15][16] - Insurers are adapting their pricing and claims processes based on accumulated data from existing industrial robots, but face challenges due to the rapid evolution of humanoid robots and the lack of historical data [16]

Lloyd’s Market Association (LMA), LIMOSS and Vitesse have agreed to extend the Lloyd’s faster claims payments (FCP) service for at least three years. The extended arrangement reinforces an “insured-first approach” that streamlines payments and return of capital to carriers’ balance sheets. The Lloyd’s FCP service has seen full enrolment from all managing agents. Under this agreement, Vitesse will continue to provide the FCP Service, which is integrated into Lloyd’s processes. LIMOSS will oversee the ma ...

Core Viewpoint - Major insurers are retreating from providing coverage for risks associated with artificial intelligence due to the potential for multibillion-dollar claims and systemic risk posed by correlated losses across multiple incidents [1][2][12] Group 1: Insurers' Response to AI Risks - Insurers like AIG, Great American, and WR Berkley are introducing explicit exclusions for AI-related risks, particularly concerning agents and language models [1] - The potential losses related to AI could reach several hundreds of millions of dollars, with the primary concern being the possibility of simultaneous, massive losses that cannot be mutualized [1][2] Group 2: Systemic Risk and Interconnectedness - The interconnected nature of AI systems creates a breeding ground for contagion, where a single error can propagate rapidly across a network, affecting thousands of users simultaneously [5][10] - Financial systems exhibit a "robust-yet-fragile" dynamic, where they can withstand numerous shocks but may collapse suddenly when a specific shock travels through interconnected channels [3][4] Group 3: Challenges in Insurability - Insurability relies on the law of large numbers, which requires events to be independent; however, cyber risks and generative AI create environments where losses are highly correlated and difficult to attribute [6][8] - Generative AI amplifies the structural fragility of cyber insurance, as a single defect or vulnerability can lead to widespread, identical losses across an entire sector [7][8] Group 4: Legal and Regulatory Implications - The issue of "AI liability" remains largely unexplored, with significant contractual asymmetry where AI providers limit their liability and transfer risk to users [19][20] - This creates a regulatory gap, a contractual gap, and an insurance gap, leading to a legal systemic risk characterized by diffuse responsibility and concentrated dependency [23]

AXA SA ( OTCQX:AXAHY ) ( OTCQX:AXAHF ) ( AXA:CA ) delivered a solid set of Q3 results; however, since our last update on the first-half figures, the share price has retreated by more than 10% (Fig. 1), which in ourBuy-side hedge professionals conducting fundamental, income oriented, long term analysis across sectors globally in developed markets. Please shoot us a message or leave a comment to discuss ideas.DISCLOSURE: All of our articles are a matter of opinion, informed as they might be, and must be treat ...

Core Viewpoint - AXA SA reported solid Q3 results, but the share price has declined by over 10% since the last update on first-half figures [1] Financial Performance - The company delivered a solid set of Q3 results, indicating strong operational performance [1] Market Reaction - Despite the positive Q3 results, the share price has retreated significantly, suggesting market concerns or external factors affecting investor sentiment [1]