Zurich Insurance Group posted nine-month P&C gross written premiums of $42.1 billion in its Q3 2026 trading update, up 7% on a like-for-like basis and a record for the group. Within that figure, the number most relevant to US brokers is US construction, which grew 17%, the highest growth rate of any line in the entire P&C business.
The driver is consistent with a broader trend: AI-driven demand for data center infrastructure has pushed US construction volumes to levels that make it one of the most active large-risk segments in the market. Zurich deployed more than 100 risk engineers specifically for data center projects, building on capabilities that span more than 20 US states. The nine-month figures confirm that momentum continued through the third quarter.
Overall P&C rates rose 1%, a figure that masks a significant split. Retail rates were up 4%. Commercial insurance rates fell 1%, driven specifically by the large property segment, where the release says Zurich is “selective on the business written” in softer conditions. That phrase signals active portfolio management rather than passive exposure to a softening market.
Outside large property, the picture is more nuanced. The release notes “initial indications of slower decline” in US financial lines and cyber, meaning the downward rate trajectory in those lines appears to be moderating after what has been a sustained soft period. For US brokers placing financial lines and E&S cyber, that stabilization signal is worth tracking into the fourth quarter.
US commercial GWP grew 2%, supported by crop and captives. The middle market segment maintained strong growth at double-digit rates in core US segments. Farmers Exchanges GWP grew 4%, with the surplus ratio rising 8.6 percentage points to 61.5%. That level reflects strengthening capitalization at the carrier-level business Zurich manages.
The acquisition of Beazley completed October 1, one day after the nine-month reporting period closed. Beazley holds a material position in the US excess and surplus (E&S) market across cyber, marine, and specialty lines. The combined specialty book is expected to write approximately $15 billion in GWP, with Zurich targeting more than $1 billion in incremental annual revenue by 2029 through cross-selling into its broader distribution network.
Kristof Terryn has been named chief executive officer of Beazley and Zurich Global Specialty, subject to regulatory approval. Adrian Cox has departed as Beazley’s CEO. The integration specifics, including how appetite evolves in the US E&S market, have not yet been disclosed.
Zurich’s Swiss Solvency Test (SST) ratio stands at 271%, up from 266% at the half year. This is a trading update, not a full results release. No combined ratio or operating profit figures are included.
