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Buffalo Niagara’s financial and insurance sectors are facing a wave of change driven by federal policy shifts, volatile market conditions, and rising sustainability expectations. On June 12, the Buffalo Niagara Partnership hosted its 2025 Finance & Insurance Industry Leaders Forum (ILF) to examine how sector leaders are responding to new challenges and preparing for a more resilient, regulated future.

The conversation underscored the central role these sectors play in enabling regional growth, while also addressing the systemic barriers and risks that continue to impact businesses, consumers, and financial institutions alike.

Policy Shifts and Economic Signals

The forum opened with a government affairs update from Josh Veronica, Director of Government Affairs at the Buffalo Niagara Partnership. His presentation focused on federal legislative and regulatory changes impacting financial institutions and insurance providers, including ongoing discussions around banking access, data privacy, and economic competitiveness.

Following the policy overview, Brandon Berman, Vice President of Equity Research at Bank of America, provided a market analysis of the U.S. banking landscape, identifying current trends, risks, and opportunities for institutions in the region. His remarks reflected both the strength and uncertainty that characterize today’s financial system, from interest rate policy to deposit flows and digital disruption.

Insurance in the Era of Volatility

As business owners and individuals continue to see rising insurance costs, Doug Benz, President of New Buffalo Insurance and a member of Big I Insurance, examined the "new normal" in insurance markets, where inflation, risk modeling, and claims trends are forcing providers to rethink how coverage is priced and delivered.

His analysis highlighted the regulatory and actuarial factors contributing to cost increases, as well as the importance of maintaining clear communication between insurers and policyholders in a rapidly shifting environment.

Global Trade and Emerging Markets

Ross Hofherr, Co-Lead of the International Trade Group at Harris Beach Murtha, explored the impact of new federal tariffs on businesses across sectors, as well as the legal and financial considerations for cannabis-related businesses navigating a complex regulatory environment. His remarks emphasized the need for compliance, foresight, and strategic financing in emerging and internationally exposed industries.

Small Group Dialogue: Exploring Common Barriers

Attendees closed the session with small group discussions focused on three critical questions:

What are the most common barriers to banking access for businesses and individuals in the region?
How are government mandates influencing the rise in insurance costs?
Which federal policy changes are likely to have the most impact on employers in 2025 and beyond?

The discussion produced insights on credit access, risk tolerance, compliance costs, and how policy changes ripple through the financial system and into local communities.

Why It Matters

As Buffalo Niagara businesses navigate tighter financial conditions and growing policy complexity, access to capital and affordable risk coverage will be central to their sustainability. The insights shared at this ILF reinforced the need for strategic adaptation, regulatory clarity, and industry collaboration in preparing for what lies ahead.

The BNP’s ILF series continues throughout 2025, providing a platform for industry leaders to share knowledge, identify solutions, and shape the region’s economic direction.

Stay tuned for insights from upcoming ILF sessions. Want to be part of the conversation? Learn more about BNP’s Industry Leaders Forum here.