5 Minute Takes

Pushing 1 January renewals late in the season can undermine outcomes, said Maamoun Rajeh, President, Arch Capital Group. During an interview at the PwC Insurance Summit, Rajeh called for a bifurcated market approach combining strategic partnerships and a collaborative price discovery process months before renewals.

During an interview at the PwC Insurance Summit, SiriusPoint CEO Scott Egan highlighted the danger of pricing cycles. As pressure mounts after a quiet cat quarter, he urged reinsurers not to create pricing cycles by chasing volume at the expense of long-term industry attractiveness and risk adequacy.

PwC Partner Matt Britten predicts a wave of dealmaking in 2026, driven by diversified third-party capital from hedge funds, private equity and more. With reinsurers seeking growth and new asset classes emerging, the market is set for increased activity and innovation, he said during an interview at PwC's Insurance Summit.

An expected $600bn of capital flowing into the financial services industry in the coming years is focused on innovation and can reshape the insurance industry, said Arthur Wightman, territory leader, PwC Bermuda, during an interview at PwC's Insurance Summit.

The continued growth in cat bonds and third-party investment brings new options for risk transfer, diversifies investor pools and boosts returns, said Andy Marcell, CEO, Aon Global Solutions, during an interview at the PwC Insurance Summit.

"We don't want to run away from that risk. We want to run to the risk as long as we can quantify it," said Christian Dunleavy, President, Aspen, during an interview at the PwC Insurance Summit.

"We are unique in that for every line of business we write, we have both an owned balance sheet and a third-party capital solution to bring to customers," RenaissanceRe CEO Kevin O'Donnell said during an interview at the PwC Insurance Summit in Bermuda.

Reinsurance investments surged past 50 deals in Q3, Freddie Scarratt, Global Deputy Head of InsurTech, Gallagher Re, said during an interview at the PwC Insurance Summit in Bermuda. He said 75% of the deals were AI-driven.

Over the next six to eight months, MSIG USA will continue its US expansion with new hires and new products, including launching cyber coverage, said Peter McKenna, CEO of MSIG USA, at RISKWORLD in San Diego.

Heading into hurricane season, the property insurance market continues to face the impact of inflation and severe convective storms, said Martin Neuhaus, president, Munich Re Facultative & Corporate North America at RISKWORLD in San Diego.

Businesses are looking for comprehensive, specialized product and service solutions in addition to indemnity coverage, said Kristin Towse, executive underwriting officer, Markel Specialty, at RISKWORLD in San Diego.

It’s critical that insurers help clients to evolve and manage new and different risks stemming from AI, said Lucy Pilko, CEO of the Americas for AXA XL at RISKWORLD in San Diego.

Data tools are helping businesses better understand and manage risk beyond just buying insurance, said John Merkovsky, global head of risk and analytics, WTW, at RISKWORLD in San Diego.

Growth in the E&S market is expected to continue, as risks are continuing to become more complex and difficult to place in the admitted market, said Adrian Cox, CEO, of Beazley at RISKWORLD in San Diego.

Businesses that have faced multiple years of rate increases are finding relief through innovative solutions including captives and telematics, said Mo Tooker, head of commercial lines, The Hartford, at RISKWORLD in San Diego.

E&S has thrived around innovation and will continue to grow in 2024 and 2025, said Chris Sparro, CEO of North America, Sompo Commercial and P&C Insurance at RISKWORLD in San Diego.

Insureds are finding relief from hard market cycles by turning to captives and self-insurance, said Katie McGrath, CEO North America Swiss Re Corporate Solutions at RISKWORLD in San Diego.

Cyber attacks are increasing and becoming more complex, and large companies are facing more attacks, said Mario Vitale, president, Resilience at RISKWORLD in San Diego.

A survey of 600 CFOs found cyber security, macroeconomic pressures, geopolitical risk, and talent acquisition and retention were key concerns among CFOs, said Joan Woodward, president, Travelers Institute.

From transactional insurance to traditional property and casualty insurance, the active private equity space is seeking more complex and bespoke insurance, said Seth Gillston, private equity industry practice leader, Chubb at RISKWORLD in San Diego.

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.

Lloyd’s Blueprint Two will modernize the market’s systems and expand its presence globally, said Aidan O'Neill, CEO at DOCOsoft.

Places in the market where companies should still be defensive include emerging risks such as geopolitical risk, climate, and economic uncertainty, said Christian Dunleavy, Group Chief Underwriting Officer, Aspen.

High excess cyber in the U.S. have seen rates drop by 20-30%, but pricing is expected to stabilize by the third quarter, said Ari Chatterjee, chief underwriting officer

In conversation with Karen Clark, co-founder and CEO of KCC

Swiss Re's head of facultative P&C reinsurance for EMEA discusses the current state of the market, and how the hard treaty market impacts facultative.

Swiss Re's chief casualty underwriter discusses the biggest challenges facing the casualty industry today.

Alfonso Valera offers his thoughts on the recent Rendez-Vous de Septembre conference, and his expectations for the coming 1.1 renewals.

Jens Melhorn discusses how secondary perils have impacted the property underwriting business in EMEA.

Swiss Re's head of P&C reinsurance for southern and western Europe discusses the ongoing renewals discussions in the region.

The CEO of BMS Re talks about the company's move into the MGA program business, and offers his thoughts on the state of the market.

Jack Hickey discusses the evolution of the MGA and the most interesting trends in the space today.

Meg Green asks interviewees at Target Markets in Scottsdale AZ whether there is a risk of program business expanding too rapidly.

Leah Ohodnicki talks about the last six months in property, and growth opportunities in casualty.

JP Wiley answers the question of what the biggest problem facing the insurance industry is today.

The CEO of Euclid and the president of the Target Markets advisory board discusses the P&C market today, and the impacts of interest rates on MGA valuations.

Tim Attia talks about Slice's journey from insuring gig workers to becoming a more general liability underwriter.

Dave Halfpenny offers his thoughts on the impact of inflation this year, and how climate change has the potential to impact accident and health.

Allen Cashin discusses the flight to quality in the programs market, and the implications for MGAs.

Patrick Charles offers his thoughts on the market for program business today, and SiriusPoint's strategy to grow in this space.

Steve Dresner talks about current reinsurance market conditions, and the market shift towards hybrid carriers.

Erik Matson talks about growth in the MGA market, and offers his thoughts on what is contributing to today's vibrant market.

Artur Klinger discusses the key topics ahead of renewal season, and his expectations for how 1.1 renewals will go this year.

Tomas Novotny shares his expectations for the 2023 Baden-Baden Reinsurance Meeting, following on from the Rendez-Vous de Septembre in Monte Carlo.

Thorsten Steinmann talks about how conversations that took place at Monte Carlo will influence discussions at Baden-Baden this year.

Marcus Gonzales offers his thoughts on how trends in the US casualty market are making ripples in other markets around the world.

Bertrand Romagne discusses Monte Carlo, the mood of the market going into Baden Baden, and remaining challenges to be addressed by reinsurers.

Glen Manjos offers his thoughts on the cyber insurance market today.

Ashley Heline, AVP Marketing & Producer Management at Argo Group, discusses how the insurance talent shortage creates opportunities for young professionals to step up – and how the resources at Ascend With Argo can help them do just that.

Argo Group’s Alyssa Joubert, VP, Marketing and Distribution, discusses building relationships in hybrid work settings – and shares how Ascend With Argo can help producers and underwriters develop the skills to form meaningful connections.

David Corry, SVP, Head of Argo Environmental, shares advice on exploring specialties in insurance. The industry needs specialists – and Ascend With Argo has resources to help you find your niche.

Mary Henderson talks about rate softening over the last 18 months, and the impact of bank insolvencies on the market.

After five years of double digit growth, the E&S market is thriving. We asked our interviewees if they expect that growth to continue, and if there are any potential pitfalls

Doug Wordekemper offers his thoughts on the current financial lines insurance market.

Connie Germano offers her thoughts on reserve releases, claim inflation, and preparing for casualty catastrophes.

The executive director of the WSIA offers his thoughts on the current state of the E&S market, and the association's annual event's continued future in San Diego.

Danny Kaufman talks about Burns & Wilcox's $100m tech rollout, and AI's potential usefulness for the insurance industry.

Duffy Koller offers his perspective on the E&S casualty space, and the current challenges being faced.

Jon Knouse speaks to Meg Green about how macroeconomic conditions are impacting the property space.

Steve Fomchenko discusses the current state of the E&S property market.

Andy Borst talks about demand trends, focusing on property and entertainment, and about growth plans for Paragon.

Markel's chief wholesale officer offers her thoughts on the current state of play in the E&S market.

Aspen's CEO for the US and chief underwriting officer talks about how the pandemic has changed the insurance industry.

Mark Brown offers his perspective on PFAS, or 'forever chemicals', and trends in demand for environmental coverage.

Jeff Roth talks about trends in personal and commercial auto space.

Ahead of WSIA in San Diego, Sarah Maxwell from Markel offers her point of view on the impact of social and economic inflation on the casualty space.

The CEO and co-founder of hyperexponential talks to Meg Green about his takeaways from the Rendez-Vous de Septembre this year.

We asked some of our live interviewees about how the challenging economic environment and counter-party risk is impacting them.

We asked some of our live interviewees about whether there are any risks that cannot be insured.

See a number of our interviewees offer their thoughts on what can be done to close the protection gap.

David Connolly talks about embedded insurance and how insurers and reinsurers can innovate in this space.

Scott Egan talks about the strategic refocusing of SiriusPoint since he came on board, and offers his thoughts on 1.1 renewals.

Bob Reville talks about PFAS, or 'forever chemicals', their impact, and how insurers and reinsurers are responding.