Insurance Insider - Behind the Headlines

What is the focus of the reinsurance market heading into the annual Rendez-Vous de Septembre in Monte Carlo? According to Marsh Re’s Vicky Carter, the abundant capital in the market is an opportunity for clients to explore innovative capital structures. Speaking on Behind the Headlines , Carter explained how new reinsurance vehicles in Lloyd’s are a win-win for investors and insurers, and is putting pressure on the conventional reinsurance market. Carter also reflected on her work supporting rising professionals in the reinsurance market, and the impact AI is having on early-stage careers. And in this week’s news discussion, Insurance Insider’s editor-in-chief discusses what is unique about the latest incarnation of the soft market.

Following a string of major M&A transactions over the past year, are we past the peak of the M&A cycle? According to Howden Capital Markets & Advisory’s Leo Beckham and Bill Cooper, we should expect to see deals keep on coming. The investment bankers told Behind the Headlines that they are still operating in a “double-sided coin” M&A market – with ongoing buyer and seller interest. The discussion also delves into the innovative new capital structures in the Lloyd’s market, which are attracting an ever more sophisticated cadre of investors into London. Plus, Insurance Insider’s editorial team discuss what a summer of extreme heatwaves means for the insurance sector.

QBE Re has doubled in size since 2020, and plans to double its scale again by 2030 to underwrite $6bnn of business. But how can this continued expansion be achieved in a market undergoing significant softening? According to QBE Re managing director Nick Hankin, the business is not relying on one or two big bets, but is targeting broad-based expansion across product and geography. He told Insurance Insider that QBE Re benefits from harnessing the data and broker partnerships of the wider QBE group, as well as its capital strength and balance sheet. And in this week’s news discussion, Insurance Insider editor Fiona Robertson explains what is influencing the rapid growth in the London smart follow market.

Government-backed terrorism reinsurer Pool Re was established in 1993 to respond to commercial market failure caused by the IRA’s bombing campaign. Since then, the terror threat landscape has changed hugely, and Pool Re has evolved with it. Approaching its next strategic review with the Treasury, what are the top priorities for the organisation? CEO Tom Clementi tells Behind the Headlines that Pool Re will continue to push for more business to return to the private market, reducing exposure for the taxpayer. And with insurance penetration still low for smaller firms, Pool Re is aiming to incentivise insurers to improve terrorism coverage for SMEs. Meanwhile, in an editorial discussion Insurance Insider’s Fiona Robertson explains Allianz’s growth aspirations in Lloyd’s.

Following a period of dwindling market share for London in reinsurance, reinsurer start-up activity has returned to the Square Mile. One such business is Cathal Carr-led Oak Global, which launched in 2024 and now boasts two syndicates. But why choose to launch in Lloyd’s? Carr told Behind the Headlines how Lloyd’s provided a unique access to capital which was transformational in its launch phase. Discussing market conditions, he said that the soft reinsurance market was operating with “recency bias” following several years of benign claims activity. In addition, Insurance Insider’s Rachel Dalton and Sam Casey discuss a spike in claims activity in the energy market.

The enhanced underwriting premium in London, including the smart follow market, has swelled to over $5bn of premium. But what is next for the rapidly evolving smart follow sector in the next phase of the market cycle? In the latest episode of Behind the Headlines , InsurX CEO Gilbert Harrap explains how the company is now rolling out its smart follow technology with lead markets. The company is also continuing to expand into new sectors such as construction. Plus, Insurance Insider’s Samuel Casey explains the marine insurance implications of the peace deal in the Middle East.

With cross class facilities having proliferated in London in recent years, how will these structures fare in the next phase of the cycle? Arch has been a major participant in this corner of the market, and Arch Insurance International CEO Hugh Sturgess is optimistic about the long-term performance of the structures. He told Behind the Headlines that facilities are a major net benefit for London, achieving vital efficiency gains and brining new business into the market. In a wide-ranging discussion, he also charts how the company has grown across Europe, and how Arch put the groundwork in early to establish a strategy for the softening market conditions. And for this week’s news discussion, Insurance Insider’s Abbie Day tackles the complex emerging issue of silent AI.

What’s next for Convex following its rapid expansion and $7bn deal with Onex and AIG last year? In his first major interview since the transaction, CEO Paul Brand tells Behind the Headlines how Convex’s lean operating model is built to withstand the pressures of the soft market. Brand also details the rationale for the carrier’s play in the MGA market, and reflects on his longtime executive partnership with Stephen Catlin. And in this episode’s news discussion, Fiona Robertson explains the emerging tensions in the fast follow market.

Matthew Wilson’s life was upended when he received a shock blood cancer diagnosis whilst working as CEO of Brit. Since then, he has thrown himself into fundraising to support research for multiple myeloma, founding the Matthew Wilson Multiple Myeloma Fund and chairing Blood Cancer UK. Speaking with Behind the Headlines, Wilson charts the journey of his diagnosis and treatment, and explains how the philanthropic support of the insurance industry has helped to hugely boost funding for multiple myeloma research. And during the inaugural hosting of London Risk Week, Lady Mayor Dame Sue Langley explains how the London market must keep on adapting to retain its status as a specialist global hub.

How are marine insurers dealing with the geopolitical turmoil impacting global shipping? According to Skuld CEO Ståle Hansen, insurers are adjusting to a new norm of international tensions, and navigating a complex regime of sanctions. The executive joins Behind the Headlines to discuss the unique mutual model of P&I clubs and Skuld’s commercial diversification strategy, as well as reflecting on the company’s involvement in the Lloyd’s market in the 2010s. With the marine class facing its largest claim ever from the Baltimore Bridge disaster, Hansen explained that the incident proves the necessity of the global structure of marine risk sharing with the reinsurance market. Plus, Insurance Insider’s Abbie Day explores how the cyber market is evolving coverage as AI changes the risk landscape.

The reinsurance market made huge strides to structurally transform structures and attachment points in recent years. But as the market softens, is discipline being maintained? According to Jason Richards, CEO of P&C reinsurance UK and Ireland at Swiss Re, the market is holding firm on structure, and it is essential to continue this focus. In a wide-ranging interview for Behind the Headlines he also discusses reinsurer considerations in the Middle East conflict, cyber risk, data centres, and casualty reserving. Plus, Insurance Insider lead reporter Samuel Casey debriefs on what the huge Baltimore Bridge loss will mean for mariners.

What comes next for AdA Underwriters as it steps onto the Lloyd’s stage? Launched in 2023 with an initial focus on the upstream energy market, AdA has since expanded into adjacent specialty classes. This year, it reached a major milestone by graduating to a full Lloyd’s syndicate. But the bigger question now is how far it can go. CEO Natasha Jodrell has made clear that the ultimate ambition is to build an independent managing agency, while continuing to attract top-tier underwriting talent. Against the backdrop of ongoing conflict in the Middle East and continued volatility in global energy markets, she also pointed to a renewed industry focus on energy security. In this episode’s news discussion, Insurance Insider editor in chief Catrin Shi shares her take on AdA’s trajectory and the broader implications of Lloyd’s evolving strategy.

How has the London insurance market responded to the conflict which has engulfed the Middle East? According to Chris Jones, CEO of the International Underwriting Association, the marine war market has stepped up, and has been offering coverage throughout the crisis, despite the obvious challenges. Chris lifts the lid on how these situations unfold behind the scenes, and highlights that it is safety rather than unavailable insurance which is contributing to the breakdown of trade flows in the Persian Gulf. In addition, Insurance Insider editor at large Adam McNestrie provides unparallelled insight into the latest strategic challenges for Howden as it pursues its quest to conquer the US market.

With £187bn of premium written in 2024, £61bn contributed to UK GDP, and a revitalised reinsurance ecosystem, is the London market in danger of getting too comfortable? According to Caroline Wagstaff, CEO of London Market Group, strong performance is no excuse for complacency. In the latest episode of Behind the Headlines , Wagstaff argues that London insurers must continually develop new products to maintain their reputation as innovators, while also addressing demographic challenges by attracting a new generation of talent. In the fortnightly news discussion, Abbie Day, senior reporter at Insurance Insider , takes a deep dive into what the data centre boom really means for insurers.

Are data centres really the biggest growth opportunity the insurance industry has ever seen? They’ve burst into the spotlight in recent months, but just how material is this new source of business? According to Joe Peiser, Aon’s CEO of Commercial Risk Solutions, data centres represent the single largest opportunity the industry has ever faced. Speaking on Behind the Headlines , Peiser explains why the sheer scale of these projects — and the insurance limits they demand — is unlike anything the market has seen before. He also makes the case that alternative capital will be essential to sustaining this growth, as traditional insurance capacity alone won’t be enough. Plus, Insurance Insider editor Fiona Robertson breaks down the latest twists in Zurich’s bid to acquire Beazley.

Have you ever wondered what goes into launching a new syndicate at Lloyd's? The latest Behind the Headlines guest Paul Andrews helped bring three new syndicates to market at the start of the year, and in this episode explains how to navigate the process. According to Andrews, there is a healthy pipeline of start-up activity in Lloyd's in 2026, but budding syndicates need to bring something new to the table in order to succeed. Plus, Insurance Insider's Rachel Dalton comments on a dramatic week in London M&A following Zurich's offer to buy Beazley.

What is the strategic thinking behind The Fidelis Partnership’s unique business model? According to CEO Richard Brindle the firm is now increasingly perceived by balance sheet reinsurers as a distributor, as opposed to a direct competitor. He tells Behind the Headlines that the diverse structure – including backing from a listed balance sheet, plus two Lloyd’s syndicates and MGA incubator Pine Walk – is the best thing he has built in his career The firm is ploughing ahead with its strategy to expand in high growth global markets beyond insurance’s traditional heartlands – an area where he says the wider industry’s track record has been “woeful”. In a typically forthright interview, the serial entrepreneur also shares his views on the 1.1 reinsurance renewals, opportunities linked to data centres, and the work ethic in the City. Plus, Fiona Robertson discusses the Insurance Insider editorial team’s predictions for the major themes to shape 2026.

What were the defining moments that shaped the insurance market in 2025? In a bonus episode of Behind the Headlines, Insurance Insider's Editor at Large Adam McNestrie provides his unparallelled insight into what he sees as the key developments influencing the sector. The changing of the guard at Lloyd's, Howden's ambitious launch into the US market, and a breakneck cycle of carrier M&A transactions are all on the agenda. Tune in to hear the perspective of a journalist who has occupied a front row seat breaking news on all of these subjects.

How do you harmonise distribution strategies in a rapidly evolving marketplace? Sara Farrup took over as head of global markets at Axis at the beginning of the year, assuming leadership of one of the largest syndicates in Lloyd’s and a major market maker in areas including cyber and renewable energy. In an interview with Behind the Headlines , Farrup explained that it’s essential for fast-follow and open-market strategies to align, as well as being thoughtful about which coverholders to partner with to drive value. And in this episode’s news discussion, Insurance Insider editor Fiona Robertson digests the latest market message issued by Lloyd’s. Sam Casey: 0:04 Hello and welcome to Behind the Headlines, brought to you by Insurance Insider. I'm Sam Casey, and thanks for tuning in to the latest episode. Remember, you can subscribe to the podcast either on our website or on your podcast platform of choice. This week's guest is Sarah Farrah, Head of Global Markets as Axis Capital. Amongst the subjects we touch on in this is the delegated authority space where Axis is an active participant. Sara told me that to operate in the area successfully, it's essential to have alignment with the company's wider open market strategy. SPEAKER_02: 0:35 Partnering with those trusted colleagues gives you diversification of product geography segment, but you need to understand who you're partnering with, and it's a trusted relationship that is guided by understanding the data, how that aligns with your open market strategies, and really being clear on what it gives you because it's very easy to get carried away. Sam Casey: 1:03 First up, Lloyd's recently delivered its quarterly market message, which is the focus of this episode's news discussion. I'm joined now by Insurance Insider editor Fiona Robertson. Fiona, thanks for coming back on the show. Fiona Robertson: 1:15 Always a pleasure, Sam. Sam Casey: 1:16 So we had Lloyd's delivering their quarterly market message last week. It's always a good opportunity to gauge the feeling in the market and see what their priorities are. What were the overall messages and priorities which Lloyd's and Rachel Turk were communicating this time around? Fiona Robertson: 1:36 I think really the key takeaway was this sense from Rachel Turk of asking underwriters or Lloyd syndicates not to kind of hurry themselves into the soft market any faster than they need to. So she was acknowledging the sort of competitive pressures that they face and the fact that they have to be competitive when they're quoting, but also kind of just urging them to sort of hold back where they can or just make sure they're still trying to stick to their business plan. So I think that was probably the key takeaway for me. Sam Casey: 2:07 And as it got a bit more granular, it seems like the one class of business which was laboured out in particular for a bit of a recommend was the property DNF space. Why was it that that was in her sights? Fiona Robertson: 2:20 Yes, yes. I suppose there's always one class that gets that kind of must-do better grade. Probably feels a bit like being back in school, I'm sure, for all the underwriters when they hear the market message. So I think the DNF market really it just comes down to the pace of change, is the uh message that came across. And that is one that we've been reporting on through the year, obviously. And I think the speed of rate reductions in the property markets have just taken some people by surprise and been one of the defining changes in the market over the past year. So it's it's not surprising. And I think the messaging was yes, there might still be margin. This is all coming off from a high, so we can handle it. But looking ahead, if that pace was to keep up, I think that is just what they we