A newly released 2025 benchmarking report from The Baldwin Group, produced in collaboration with Nasdaq, suggests that some public companies may be carrying significantly more Directors & Officers (D&O) insurance than their risk exposure requires. The report is based on data from over 250 companies and provides a sector- and market-cap-specific analysis of D&O insurance structures and costs.

Decline in Premiums and Retentions Continues

Soft market conditions extended into 2024, with average retention levels dropping from $2.5 million to $1.5 million and the average premium for $5 million in limits falling to $277,985, down from $315,222 in 2023. The overall average rate change was -9.7%, with the technology and healthcare sectors experiencing the largest reductions at -15.0% and -13.6%, respectively.

Coverage Levels Exceeding Risk Exposure

The report highlights a notable gap between insurance purchasing behavior and actual claims data. Among mid-cap public companies — those valued between $500 million and $1 billion — many are purchasing up to $40 million in D&O coverage. However, based on data from Stanford Securities Litigation Analytics and Baldwin’s own benchmarking, average securities class action settlements are approximately $8.2 million, with total costs including legal fees ranging between $12 million and $15 million.

This suggests that such companies may be over-insured by $10 million to $20 million, based on historical claims trends.

Executive Commentary

“This year’s data, like the past few years, still shows rates are coming down at renewal; however, we still believe most companies aren’t deploying their capital strategically,” said Michael Tomasulo, Senior Managing Partner & National Practice Leader at The Baldwin Group. “Our data shows that while a company may be purchasing $40 million in D&O limits, their actual claims exposure might be a fraction of that.”

Dan Galbraith, President of The Baldwin Group and CEO of its Retail Brokerage Operations, added: “Too often, insurance decisions get treated as one-off transactions. At Baldwin, we take a different approach — advising companies on the smartest path forward based on their actual risk exposure, business goals, and capital priorities.”

Benchmarking and Strategic Alignment

The Baldwin Group’s report includes benchmarking tools that allow companies to compare their D&O insurance programs against peers based on sector and market cap. While ongoing premium reductions suggest short-term savings, the report emphasizes that misaligned coverage levels could reduce the long-term strategic value of these programs.

For more information or to request access to the full benchmarking report, visit www.baldwin.com.

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Assurity has been named the 2024 Voluntary Sales Growth Leader in the small carrier category by Eastbridge Consulting Group. It's the 5^th time Assurity has earned the title in recent years, adding to a four-year span from 2018-2021. "Assurity's regular appearance at the top of the small carrier category demonstrates its commitment to meeting the needs of brokers, employers and employees in the voluntary market," said Nick Rockwell, president of Eastbridge. Assurity's voluntary sales increased by 26.3 percent in 2024, while the overall industry growth rate was 2 percent. "The small carrier market is so competitive. The honor of earning this title once again is not lost on us," said Jack Douglas, Assurity's Vice President of Worksite Sales. "Assurity works hard to be responsive to trends and adapt to what the industry is asking for, so this recognition means a great deal." "Our sales growth doesn't happen without the efforts and dedication of our agency partners and all the brokers who have chosen to make Assurity their go-to carrier for worksite business. Our brokers' expertise, backed by a dedicated worksite sales team and our home office's strong commitment to service, creates a winning combination that sets us apart. We look forward to continued growth—and to helping our brokers build their businesses while providing valuable insurance protection for employer groups and their employees." Eastbridge recognizes carriers that exhibited voluntary sales growth above industry averages for the previous three years after publishing its annual "U.S. Voluntary/Worksite Sales Report." The report tracks new annual sales for insurance companies in the worksite space. All carriers participating in the survey with at least $10 million in annual sales are eligible for the sales growth recognition. To be considered this year, companies must have exceeded the overall industry growth rates from 2022-2024. About Assurity - For over 130 years, Assurity has been a source of stability for American families. We provide peace of mind with accessible insurance solutions to protect what matters most. As a mutual organization and Certified B Corporation, we prioritize people over profits, taking the long view and ensuring our customers always come first. Together, we're building a brighter tomorrow. About Eastbridge Consulting Group - Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada. Stay informed and ahead of the curve — explore more industry insights and program opportunities at ProgramBusiness.com.

The arrival of autonomous semi trucks on U.S. highways marks a new chapter in freight transportation. In April 2025, Aurora Innovation, a Pittsburgh-based company, became the first to operate a fully driverless 18-wheeler on an American interstate. As reported in The New York Times, the company’s trucks have already logged over 1,000 miles on Texas highways and are currently transporting goods — without a human driver in the cab — along Interstate 45.

Addressing Challenges in the Trucking Industry

Autonomous trucking is being promoted as a potential solution to challenges faced by the shipping industry, including:

• A persistent shortage of long-haul drivers
• Demanding work conditions
• Growing demand driven by e-commerce

Supporters claim that driverless trucks offer several advantages: they do not require rest, they avoid reckless behavior such as speeding or aggressive driving, and they are not subject to the 11-hour daily driving limits imposed on human drivers. According to Aurora CEO Chris Urmson, this capability could significantly expand the reach of businesses transporting perishable goods.

Technology Overview

Aurora’s trucks are outfitted with a comprehensive sensor suite that includes 25 laser, radar, and camera systems, enabling near-360-degree visibility and the ability to detect objects up to 1,000 feet away. The company has stated that its trucks drive conservatively in inclement weather and use blasts of high-pressure air to clean sensors. However, autonomous operation in snow remains a future goal.

Concerns from Drivers and Safety Experts

Despite the technological advances, concerns remain. Some veteran drivers and safety experts have voiced apprehension about the reliability of robotrucks in unpredictable traffic or weather conditions.

• Angela Griffin, a long-time truck driver, cited scanner malfunctions in misting rain and questioned the ability of autonomous systems to handle situations such as inaccurate construction signage or sudden obstacles on the road.
• Byron Bloch, an auto safety expert, described the pace of deployment as “alarming” and federal oversight as “totally inadequate.”
• Other concerns include the potential for slower emergency response times and the challenge of handling accidents involving large, heavy vehicles, especially those carrying hazardous materials.

The Current Regulatory Landscape

There is no comprehensive federal regulatory framework governing automated trucks at this time. The U.S. Department of Transportation has stated that regulations are in development and that it is working with stakeholders to modernize safety oversight. Some states, including Texas, have welcomed the technology. Governor Greg Abbott has expressed support for the deployment of Aurora’s vehicles in Texas, citing the state’s business-friendly environment.

Several other companies, including Kodiak Robotics, are also actively developing autonomous trucking technology. Kodiak has begun tests on dirt roads in Texas.

Public Sentiment and Industry Outlook

Public opinion reflects hesitation. A 2025 AAA survey found that:

• 61% of U.S. motorists are fearful of self-driving vehicles
• 26% are unsure
• 13% expressed confidence

Labor organizations, such as the Transport Workers Union of America, have expressed concern about job losses and safety risks. Union President John Samuelsen characterized the rollout of autonomous trucks as a potentially “disastrous” shift.

Nonetheless, not all truckers are opposed. Gary Buchs, a driver with decades of experience, suggested that autonomous vehicles may reduce accidents and free up opportunities for shorter-haul jobs, potentially creating different roles within the industry.

Expansion Plans

Aurora plans to scale its driverless operations to at least 20 trucks by the end of 2025. While the company temporarily returned observers to the driver’s seat at the manufacturer’s request, it has stated its commitment to continuing driverless deployments, particularly in favorable weather conditions.

Research from McKinsey & Company projects that 13% of the heavy-duty truck fleet in the U.S. could be autonomous within the next 10 years.

Final Observations

Experts generally agree that autonomous trucks may outperform humans in routine driving conditions. However, they also caution that the technology is untested in edge cases and that outcomes remain uncertain.

“This technology is really good at things it’s practiced, and really bad at things it has never seen before,” said Philip Koopman, an engineering professor at Carnegie Mellon University.

As the industry advances, the balance between innovation, safety, and regulation remains a central point of discussion.

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