5 Minute Takes

Zurich North America is collaborating with other industry leaders to educate defense attorneys, said Keith Daly, chief claims officer, Zurich North America.

In conversation with Gary LaBranche, RIMS CEO

Bob Forness, Chief Executive Officer, MultiStrat, says collateralized casualty reinsurance is expanding to offer multi-program facilities for MGA aggregators, carriers and brokers. It can also evolve to offer both retrospective and prospective cover, he says.

After three years of downward pressure on pricing, demand for Directors & Officers liability insurance is rising this year, leading to a flattening of the market in 2024, says Tim Usher Jones, Founder and CEO at Banyan Risk Ltd.

MGAs are one of the largest growth areas in both reinsurance and insurance, because they allow for specialization, says Brian O'Hara, chairman, Frontstreet Advisors and co-founder and former CEO of XL Capital. “The more you can specialize in risk, the better you can understand it,” he says.

The eight new companies that entered the state in 2023 show that legislative reforms are bearing fruit, says Mike Yaworsky, Florida Insurance Commissioner.

As Bermuda prepares to implement its global minimal tax, the government has worked closely with businesses with a goal of reducing other taxes, says David Hart, CEO, Bermuda Business Development Agency. “It’s exciting this notion that Bermuda can and will compete on other areas outside of tax,” he says.

Liz Henderson, Head of Climate Risk Advisory and Catastrophe Analytics, Aon, says one of the biggest evolutions she’s seen in the last two years is how commercial clients are seeking climate data to better understand and manage risk.

Neil Hitchcock, Chief Reinsurance Officer at Bermuda Brokers Limited, says he expects the US program business space, including hybrid fronting companies, to continue to grow because the model allows a firm alignment of interests between reinsurers and cedants.

AXIS addressed its balance sheet issues and posted strong earnings in 2023, said Vincent Tizzio, AXIS President & CEO.

Machine Learning has “purpose and path” within wider re/insurance space, but AI is likely to impact insurers before reinsurers, said Sal Tucci, Founder and CEO, Jireh.

Underwriting discipline and the demand for larger limits is expected to continue to fuel growth opportunities in 2024, said Kathleen Reardon, Chief Executive Officer, Hiscox Re & ILS.