Hi , and welcome to the very first edition of 150 Media’s Monday Must-Read Memo!

Every Monday we’ll share our best performing stories and insights investors and executives didn’t skip (most-clicked on) across our five industries:

• Private Equity

• Healthcare

• Insurance

• Consumer

• Sports M&A 

Currently read by over 200,000 investors and execs every week, our mission is to deliver useful trends and information, scannable in just a few minutes of your time.

Don’t hesitate to respond to this email with feedback and we hope you enjoy our Monday Must-Read Memo!

— 150 Media Team

London’s Still the Boss Of Offshore Risk

When oil prices rise, insurers smile—12 to 18 months later. Offshore energy insurance premiums surged to $4.6B in 2023, tracking the rebound in deepwater drilling and rig reactivations.

But there’s a catch: upstream losses (think hurricanes, blowouts, geopolitical messes) still routinely outpace premiums. 

What hasn’t changed? London still runs the show. Lloyd’s and the IUA account for 65% of the global market, writing most complex risks tied to oil rigs, wind farms, and undersea infrastructure. That said, Brazil, Mexico, and even Japan are quietly building share. The U.S.? Just 0.2% of the market. Most risk is either self-insured or handled through captives—because, of course it is. Looking ahead, the real squeeze isn’t just pricing, it’s capacity. Climate risks, bigger claims, and a tight reinsurance market mean premiums are rising—but so are headaches.

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Military Healthcare: A Lifeline of Stability for Those Who Serve

While civilian healthcare continues to wrestle with rising costs and patchy access, military healthcare has quietly remained one of the most stable coverage systems in the U.S. Over the past decade, military insurance programs like TRICARE have insured between 3.4% and 4.7% of Americans, weathering political swings, economic cycles, and pandemic pressures with only a modest dip in 2017.

TRICARE doesn’t just serve active-duty members, it extends care to retirees, survivors, reserve families, and even overseas personnel, making it one of the most far-reaching government-backed health systems in the world. In fact, retired beneficiaries now outnumber active-duty users, a stat that reflects how much value the system places on lifelong coverage for those who served.

The data also speaks volumes: while 11.1% of nonveterans are uninsured, that figure drops to just 4.7% among veterans. That’s not a fluke, that’s a case study in how centralized, well-funded healthcare can work.

And yet, as millions of military families rely on both military-run clinics and private-sector partnerships, the challenge isn’t just coverage—it’s scale, efficiency, and prescription access. With over 101M outpatient visits annually and prescription fulfillment failures topping 1.6M, even the strongest systems need tuning.

Bottom line: Military healthcare isn’t just a benefit, it’s proof that universal access with broad reach is achievable. And for investors eyeing government health contracts, veteran services, or infrastructure in adjacent sectors, this system offers more than just care, it’s a model.

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Gift Cards & Tax Refund Season—A Retailer’s Cheat Code

Tax refund season is basically Black Friday in slow motion—except instead of trampling each other for door busters, consumers are flush with cash and ready to spend strategically. The average refund this year? $3,138, and while 48% will stash it away, a solid chunk will still splurge on shopping, home goods, and travel​.

Retailers looking to cash in should take a Gift Card First approach:

• Delayed Spending = Future Sales – Many consumers hesitate to spend refunds all at once. Gift cards let them commit funds to your store while keeping flexibility.

• Bigger Basket Sizes – Shoppers tend to spend over 40% more than the value of their gift cards, boosting revenue.

• Bonus Offers Work – “Buy a $100 gift card, get a $20 bonus” turns one-time shoppers into repeat customers.

Want a refund-ready strategy? Start pushing digital gift cards now—before those tax returns disappear into savings accounts and car repairs.

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Monthly Data Dive: Private Equity Goes Nuclear (Literally)

In 2024, PE investment in advanced nuclear hit $783.3M—more than the previous 15 years combined. Why? AI. The machine-learning gold rush is expected to double data center power demand by 2030, and there’s only one scalable, 24/7, carbon-free power source: nuclear. Cue the rise of small modular reactors (SMRs) and Generation III+ tech. Firms like Ares and NGP are piling in, alongside Amazon and Alphabet. It’s not just a bet on clean energy—it’s a long-term infrastructure play disguised as a climate strategy. The AI boom may have trained on GPUs, but it runs on uranium.

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The Trillion-Dollar Match: Sports as Wall Street’s Next Big Asset

The global sports industry is putting up MVP numbers, growing from $462B in 2023 to a projected $1T+ by 2033 (CAGR: 7.48%). With private equity doubling down, 2024 saw $31.64B in deals, led by Silver Lake’s $21.49B takeover of Endeavor.

The NFL’s decision to open the door (slightly) to PE funds is another game-changer. Investors can now own up to 10% of a team—not exactly a controlling stake, but a massive shift for the league. Meanwhile, women’s sports are surging, with NWSL teams selling for record numbers.

The bottom line? Sports are no longer just entertainment—they're prime investment assets, and Wall Street knows it. The question is, how long before teams start trading like stocks?

Group Level Term Insurance: Steady Climb Ahead

The U.S. group level term insurance market is on a steady upward trajectory, with annual growth clocking in at 6.3% through 2030. What was a $7.32B market in 2024 is projected to hit $10.57B by the decade’s end, reflecting rising demand for employer-sponsored coverage.

Why it matters: As costs rise and life insurance ownership trends evolve, insurers will need to navigate pricing, underwriting, and retention strategies to keep up with shifting consumer expectations. With sustained growth in sight, expect competition in the group benefits space to heat up.

Alphabet Goes Full Wiz: Google’s $32B Cloud Security Gambit

Alphabet just bet $32 billion on cloud security, acquiring cybersecurity unicorn Wiz in what’s now the company’s largest M&A deal ever, and the biggest globally in 2025 so far. If approved, Wiz will slot into Google Cloud, pushing the tech giant from partner to direct combatant with Palo Alto Networks, CrowdStrike, and Fortinet.

Wiz, a fast-scaling startup in multicloud and AI-era security, gives Google instant street cred in an increasingly lucrative battlefield. Oppenheimer analysts say the move could vault Google into the top 10 global security vendors. It also positions Google Cloud as a clear frontrunner in securing complex, multi-cloud environments, a growing enterprise priority.

This is also a regulatory test run: New FTC chair Andrew Ferguson may bring a lighter touch than Lina Khan, but a $32B Big Tech buy is still likely to draw scrutiny.

One thing’s clear, Google isn’t playing defense. It’s suiting up for a full-court press in cloud security’s biggest arena.

The Titan of American Finance Passes

On this day in 1913, John Pierpont Morgan, better known as J.P. Morgan, died in Rome, Italy, at the age of 75. A towering figure in the world of finance, Morgan shaped the American economy in the late 19th and early 20th centuries.

From stabilizing the U.S. economy during the Panic of 1907 to founding iconic corporations like U.S. Steel, General Electric, and International Harvester, Morgan was more than a banker—he was a force of industrial transformation. By the early 1900s, he controlled over 5,000 miles of American railroads and played a crucial role in consolidating major industries.

His legacy lives on in both finance and art, including the Morgan Library & Museum in New York City.

"Go as far as you can see. When you get there, you’ll be able to see farther.”

J.P. Morgan