Insider Selling Cluster Widens Across Insurance, Biotech and Diagnostics

Insider transaction flow skewed decisively toward distribution. The headline item was AIG executive chair Peter Zaffino's disposal of more than $18 million in stock, the largest single ticket in the batch and notable given the insurer's position near cycle-strong pricing. Guardant Health's chief people officer followed with $7.6 million, Amgen SVP Rachna Khosla with $1.35 million, and Septerna's president and COO with $1.1 million. Smaller sales at Red Cat Holdings ($310,600, director) and Knight-Swift ($115,000, director) rounded out the tape. Buying was effectively absent: Mink Brook Asset Management's $4,612 purchase of DLH Holdings is a rounding error against roughly $28 million of disclosed selling. The standard caveat applies — a meaningful share of large-cap executive sales run through 10b5-1 plans and carry limited signaling value in isolation. What matters is breadth. Selling spanning insurance, large-cap biopharma, genomics, trucking and defense-adjacent drones, on a single session, is more consistent with valuation-driven de-risking than with company-specific news. Investors should treat it as a sentiment marker rather than a directional trade.