Insurance Insider - Behind the Headlines
Get the inside scoop on the major stories shaping the London Market through discussions with the journalists who broke them, with insights from industry professionals on what these developments mean for the (re)insurance sector.
Episodes
Behind the Headlines: Arch’s Hugh Sturgess on the ‘win, win, win’ of facilities
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, ach
Behind the Headlines: Paul Brand on Convex’s next phase of growth
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 partners
Behind the Headlines: Ex-Brit CEO Matthew Wilson on the power of insurance philanthropy
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 p
Skuld's Ståle Hansen on managing maritime volatility
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
Behind the Headlines: Swiss Re’s Jason Richards on reinsurer retention discipline
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 al
Behind the Headlines: Natasha Jodrell on AdA Underwriters’ specialty diversification
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 bu
Behind the Headlines: IUA’s Chris Jones on marine war market’s Iran response
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
Behind the Headlines: Parsyl’s Ben Hubbard on AI-empowered underwriting
Behind the Headlines: LMG’s Caroline Wagstaff on why London must not stand still
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
Behind the Headlines: Aon’s Joe Peiser on the sheer magnitude of data centre growth
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 th
Behind the Headlines: PoloWorks' Paul Andrews on the start-up opportunities in Lloyd's
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 somethin
Richard Brindle: the unique matrix of The Fidelis Partnership
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
Insurance Insider's Adam McNestrie on the stories that shaped 2025
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
Axis’s Sara Farrup on aligning fast follow and open market strategy
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
Hive's Underwriters' Bruce Carman on navigating turbulence in aviation
Nobody likes flying in turbulence, and in recent years aviation insurers have faced their fair share of upheaval.First there was the major claim stemming from the war in Ukraine, and following that a string of claims for the all-risk market in 2025.Launched in 2017, Hive Underwriters has built out despite these challenging conditions, and its CEO Bruce Carman told Behind the Headlines he is eyeing
MS Re’s Charlie Goldie on building a reinsurer to manage volatility
MS Re has undergone a period of significant growth in recent years, and expects to top $4bn of GWP in 2025. CUO Charlie Goldie explains on Behind the Headlines that the company’s strategy is to deliver value creation for its parent over the long term, partnering with insurers on a cross-class basis to manage volatility. He said that conditions in casualty reinsurance are improving, but the work is
Behind the Headlines: Liiba’s Christopher Croft on why brokers are the engine room of growth
How do struggling governments across the globe tackle stagnating economic growth?According to Cristopher Croft, CEO of the London & International Insurance Brokers’ Association, the specialty broking sector is key to unlocking economic potential.He tells Behind the Headlines that brokers are more than just transactional cogs in deals, they are risk management experts which help companies navig
Behind the Headlines: IGI’s Waleed Jabsheh eyes ongoing expansion in reinsurance
IGI’s premium income has almost doubled since it listed in 2020, but how can growth still be achieved in a soft market?President and CEO Waleed Jabsheh tells Behind the Headlines that there is still fertile ground to expand its ‘relatively small’ reinsurance portfolio, and that the company is targeting specialty treaty business.But as the soft pricing cycle ramps up, the executive said that he is
Behind the Headlines: Radian’s Rick Thornberry and Richard Watson on Inigo’s ‘second album’
What’s driving the wave of shifting ownership structures in the Lloyd’s market? The M&A cycle underway at Lloyd’s is reshaping the landscape, with new models emerging. One recent example is the combination of a mortgage and Lloyd’s specialty insurer, following Radian’s $1.7bn acquisition of Inigo.Radian CEO Rick Thornberry describes it as a “winning combination,” offering non-correlating expos
Behind the Headlines: Lloyd’s chair Sir Charles Roxburgh on creating a preeminent market for the future
How does Lloyd’s plan to secure its future as a leading global marketplace?Lloyd’s chair, Sir Charles Roxburgh, joined the market in May with a full in-tray—most notably, the task of appointing the next CEO. Now, with a fresh leadership team in place, he is working alongside CEO Patrick Tiernan to cement Lloyd’s position at the forefront of the insurance world.Roxburgh told Behind the Headlines th
Behind the Headlines: Aon's Alfonso Valera and Steve Hofmann pre-Monte Carlo briefing
What’s next for the reinsurance market as Monte Carlo approaches?Conference season is here, and reinsurers are preparing to descend on Monte Carlo for the annual Rendezvous de Septembre — the traditional starting gun for 1 January renewal discussions.In this week’s Behind the Headlines, Aon Reinsurance Solutions International CEO Alfonso Valera says an influx of reinsurance capital has tipped the
Behind the Headlines: Dean Hildebrandt and Will Ripley on the broking void filled by AG London
What happens when a global broker network decides to fill a gap in the London market itself?Assurex Global is a worldwide network of over 100 independent brokers, placing around $50bn of premium. Partners in the network pump about $4bn of premium into the London market, and according to CEO and president Dean Hildebrandt, the ongoing consolidation in the London wholesale space had created a “void”
Behind the Headlines: Paul Greensmith on HW Kaufman’s global growth drive
What does it take to turn a family-run insurance group into a global powerhouse?That’s the question HW Kaufman is tackling head-on. The parent company of RB Jones and Burns & Wilcox has global ambitions—and it’s brought in international CEO Paul Greensmith to lead the charge.In this episode of Behind the Headlines, Greensmith shares how he’s driving strategic growth in key markets like London
Behind the Headlines: Chaucer CEO Richard Milner on building a global brand beyond London
What’s next for one of Lloyd’s largest syndicates as it sets its sights beyond London?Chaucer is a long-established force in the London market, with its flagship Syndicate 1084 underwriting more than $2bn in business—making it one of the largest at Lloyd’s. Now under the leadership of CEO Richard Milner, who took the helm last year, the China Re-owned group is shaping a bold new five-year strategy
Behind the Headlines: Richard Coulson on expanding and diversifying Fidelis's Pine Walk platform
How is The Fidelis Partnership choosing to launch into new insurance classes as it rapidly expands? The Pine Walk MGA platform has grown significantly in recent years and now writes over $900mn of business. As The Fidelis Partnership continues to diversify its portfolio, deputy group CUO and CEO of insurance Richard Coulson told Behind the Headlines that the company is "agnostic" about w
Coalition's Tom Draper on the ransomware threat in cyber
Is the ransomware threat really getting worse – or just more visible? A spree of cyber attacks targeting major UK retailers has thrown ransomware back into the spotlight. But according to Tom Draper, UK managing director at Coalition, it’s not that threats are rising — it’s that companies are operating in an increasingly complex cyber crime ecosystem.In Behind the Headlines, Draper unpacks the key
Behind the Headlines: Pro Global’s Danny Maleary on the MGA explosion coming to Europe
Is the huge growth experienced by the MGA sector run out of steam?Not so, according to Danny Maleary, CEO of MGA incubator Pro MGA Global Solutions.Malearly told Behind the Headlines that there are major opportunities for MGA expansion in markets where the model is comparatively immature, such as Europe and the Middle East.With decades of experiencing helping underwriters to found and grow coverho
Behind the Headlines: Neil Eckert on ‘evolution not revolution’ at Conduit Re
What’s next for Conduit Re’s strategy following a leadership shake-up?New CEO Neil Eckert tells Insurance Insider that his vision is one of “evolution, not revolution” — with plans to build on the carrier’s core reinsurance strengths.In this episode of Behind the Headlines, the serial entrepreneur shares the origin story of Conduit Re and how his past ventures, including Brit, are shaping his curr
Behind the Headlines: BMS’s Richard Dudley on growth opportunities in a soft market
Are intermediaries facing tougher times as the broking supercycle winds down?Following several years of rapid growth, the softening market is making expansion more challenging for intermediaries. However, BMS group chief broking officer Richard Dudley remains highly optimistic about BMS’s growth prospects. He shares that rather than focusing on a “finite universe of risk”, providing solutions for
Behind the Headlines: Liberty’s Jane Warren on protecting underwriting margin and female leadership
What does it take to stay profitable as the insurance cycle shifts — and why is leadership diversity still lagging in the London market?Jane Warren, active underwriter at Liberty Specialty Markets, board member of the Lloyd’s Market Association and London Market Group, and a member of the Council of Lloyd’s, brings a wide-angle lens to all facets of the London market.In this episode of Behind the
Behind the Headlines: David Croom-Johnson on writing Mereo’s first $100mn of premium
Why have reinsurance start-ups remained so rare in recent years, even as underwriting conditions have improved?Mereo Advisors is one of the few carriers to successfully raise capital, although Mereo Insurance CEO and CUO David Croom-Johnson told Behind the Headlines that the process was at times “torturous”.Croom-Johnson explains how the business has now written its first $100mn of business, and h
Behind the Headlines: Gallagher's Dame Sue Langley on competitive regulation and the power of the City
What does the bustling insurance industry of today have in common with the coffee shops of the seventeenth century?While underwriters and brokers now operate from towering skyscrapers, some of the City's oldest traditions endure. The City of London Corporation continues to oversee the governance of the square mile, with Gallagher's executive chair, Dame Sue Langley, playing a key role as
Behind the Headlines: Acrisure Re’s Simon Hedley on casualty and investment in AI
What are the potential consequences for businesses amid escalating loss costs in the US casualty market? According to Acrisure Re CEO Simon Hedley, the class of business may begin to deliver some healthy results for businesses who have got a handle on the situation, and developed a well-priced, diversified portfolio. He also told the Behind the Headlines podcast that artificial intelligence is set
Behind the Headlines: BP Marsh's Dan Topping on the ingredients for a successful investment
Is the MGA start-up boom here to stay?According to BP Marsh's chief investment officer Dan Topping, the answer is a resounding 'yes'. The seasoned investor tells Behind the Headlines that he is still seeing significant inbound interest from entrepreneurial underwriters looking to strike out on their own. He also explains how the trend towards broker consolidation may yet spawn an er
Behind the Headlines: Mark Allan on making Ki ‘like a marketplace’ in its independent era
How does a young insurance company surpass growth expectations and successfully reposition itself in the market as a fully independent player?In this episode of Insurance Insider’s Behind the Headlines, CEO Mark Allan opens up about Ki Insurance's journey from launch in 2021 to a premium powerhouse. Now fully independent from Brit, Ki is at a pivotal moment—so how will its model fare as the m
Behind the Headlines: Nardac's Jatin Sharma on the Moss Landing battery loss shaking underwriter confidence
The renewable energy sector is a major growth opportunity for the insurance industry but the loss experience has been challenging. This was underlined last month by another major battery fire at the Moss Landing complex in California, which will cost insurers hundreds of millions of dollars. According to Nardac CEO Jatin Sharma, the event has shaken the confidence of the underwriting community. Un
Behind the Headlines: Wildfire latest and Optio Group’s Deepak Soni on targeting European M&A
What is fueling the intense mergers and acquisitions activity in the MGA space, and how is it shaping the competitive landscape?In this episode of Behind the Headlines, Specialty MGA Optio Group CEO Deepak Soni discusses the opportunities in the European market and how the European MGA space is growing but not yet fully mature. He also shares his insights into how distribution via coverholders rem
Behind the Headlines: Howden Re’s David Flandro on reinsurance passing the pricing peak
Following several years of stellar returns for reinsurers, what does this year's January renewal pricing swing mean for clients?In this episode, Howden Re’s David Flandro brings his decades of experience monitoring market cycles to bear as he considers where the market could go next.Whilst capacity is ample and capital flowing into reinsurance markets, high catastrophe exposure and global tur
Behind the Headlines: Aon's Tracy-Lee Kus on shifting London market conditions
What is the fate of rating conditions in the coming year and how are major players preparing?Head of Aon’s Global Broking Centre, Tracy-Lee Kus has a unique insight into conditions in the London market. In this episode of Behind the Headlines, she explains how rating conditions will be on the downward slope for 2025. And following the expansion of Aon Client Treaty, Tracy-Lee reveals that underwri
Behind the Headlines: Markel’s Simon Wilson on the structural shift toward facilities
The proliferation of broker facilities has been a growing trend – but is it just a symptom of the market cycle?According to Simon Wilson – president of Markel International – the current move to facilitisation is a “structural shift” driven by tech and algorithmic capabilities. These structures are here to stay.Tune in to the latest episode of Behind the Headlines to hear how Wilson thinks market
Behind the Headlines: Insurance Advisory Partners' Tony Ursano on tailwinds in the M&A market
What should we expect in the world of deal-making in 2025? According to Tony Ursano of Insurance Advisory Partners, the stage is set for a spree of transactions. In Lloyd's, it's a question of when, not if deals will take place. Meanwhile, the MGA market remains "red hot". Plus, Insurance Insider editor Fiona Robertson discusses the key messages from the London Market Conferenc
Behind the Headlines: Aviva's Matt Gordon on how Probitas is a 'massive enabler' for specialty growth
Lloyd's ambitions to attract large corporates to the marketplace is well known. But how has one of its major coups - the re-entry of Aviva via the acquisition of Probitas - impacted growth?Underwriting director for specialty and property investors Matt Gordon explains how the Lloyd's platform is a "massive enabler" of the carrier's ambitions to grow its specialty book to $
Behind the Headlines: Navium Marine's Clive Washbourn on why MGAs are the fighter jets of insurance
How do you build a $400mn MGA? Navium Marine CEO Clive Washbourn told Behind the Headlines that his business is a "fighter jet" out hunting for deals. Navium has built scale by taking on risk "in a fairly aggressive way" with large line sizes available to deploy. Whilst the marine market is now coming under pressure, Washbourn still thinks there is "robustness" in rat
Behind the Headlines: Milton latest and Munich Re's Dominick Hoare on geographic expansion in specialty
How is the market positioned to withstand Hurricane Milton?In this episode of Behind the Headlines, Insurance Insider editor Fiona Robertson gives an early take on what this devastating storm may mean for the market.Also in this episode, Samuel Casey sits down with Dominick Hoare, group chief underwriting officer for Munich Re Specialty Markets. Munich Re may be famed as a reinsurer, but the carri
Behind the Headlines: Hiscox Re’s Nick Orton on evolving international cat risks
We may be in the midst of US hurricane season, but international catastrophe losses can emerge at any moment. And frequently over the past couple of years, surprise losses have been driven by secondary perils: with Canada, Europe, Dubai and New Caledonia all among the zones of interest this year. Hiscox Re & ILS’s head of international Nick Orton rebuts the idea that international cat underw
Behind the Headlines: Bruce Carnegie-Brown on embracing innovation and Lloyd's marketplace aspirations
Lloyd's of London is the world's oldest and most famous insurance marketplace, but how does it remain relevant to the 21st century economy?Listen in as Lloyd's chairman Bruce Carnegie-Brown examines the need to 'double down on innovation' to curb impact from the burgeoning intangible asset risks and how the industry can approach this new landscape.In addition, Bruce explai
Behind the Headlines: Duncan Dale on expansion plans following landmark CVC deal
Listen in as Dale Underwriting's CEO Duncan Dale discusses expansion plans following landmark CVC deal and gives his views on the casualty market. Dale also outlines his ambition to partner with third parties through the company's managing agency. Plus, Insurance Insider Editor-in-Chief Catrin Shi brings you the latest on the property market following the launch of a new Marsh facility.
Behind the Headlines: GCube's Fraser McLachlan on short term hurdles and long term renewables opportunities
Insuring the transition is frequently touted as a major growth opportunity, but when it comes to renewable energy, complications abound. Natural catastrophe, evolving technology, and data scarcity all add to the complexity of underwriting in the class. GCube's Fraser McLachlan has been operating in the renewables sector over several market cycles, and gives his insight on the latest dynamics
Behind the Headlines: LMA's Sheila Cameron on the value of the Underwriting Room; and CrowdStrike latest
What is the purpose of the Underwriting Room in the post-Covid working world? According to Lloyd's Market Association CEO Sheila Cameron, the Room remains the "beating heart" of the London insurance ecosystem, and there is "overwhelming support" to maintain it. In her role at the LMA, Sheila has a unique insight into what is top of the agenda for all 55 managing agents. Tu
Behind the Headlines: Aegis London's Alex Powell on underwriting through the cycle; and Japanese broking update
Listen in as Aegis London CEO Alex Powell discusses how to underwrite profitably through the cycle, the carrier’s growth in the cyber market, and the company’s future strategy. Also in this episode, Insurance Insider's Rachel Dalton discusses developments in the Japanese broking market.
Behind the Headlines: Liberty’s Luis Prato on the art of risk selection; and Catrin Shi on a $100bn Lloyd's
Listen in as Luis Prato, president of the UK and MENA for Liberty Specialty Markets, discusses the role of London within Liberty’s global business, the future strategy of the carrier, and the art of risk selection as a driver for performance.Also in this episode, Insurance Insider Editor-in-Chief Catrin Shi brings you the latest on Lloyd's strategy to build a $100bn market.
Behind the Headlines: City parliamentary candidate Edward Lucas gives the political perspective on insurance
In this episode, Liberal Democratic parliamentary candidate for the City Edward Lucas discusses the importance of financial services in the political debate. Plus, Insurance Insider's team brings you the latest on R&Q's provisional liquidation and large solar losses in the United Arab Emirates.
Behind the Headlines: Hiscox’s Kate Markham on AI deployment and green underwriting in Lloyd’s
In this episode, Hiscox London Market CEO Kate Markham discusses the carrier's AI lead underwriting project with Google Cloud, and the opportunity the insurer sees underwriting energy transition business in the Lloyd's marketplace. And Insurance Insider lead reporter Rachel Dalton explains the status of casualty reserving in the London market.
Behind the Headlines: Ian Gormley on the key takeaways from RIMS, and BMS expansion plans in 2024
Listen in as BMS UK CEO Ian Gormley shares key takeaways from RIMS, changing dynamics in the property E&S market, and BMS expansion plans in 2024.Also in this episode, Insurance Insider ILS Editor-in-Chief Fiona Robertson discusses the findings from the London Market Group's London Matters report, and why casualty was top of the agenda in the latest Lloyd's market message.
Behind the Headlines: Rating conditions gear-shift and Inigo's Watson & Kaye on its next phase of growth
Listen in as Inigo CEO Richard Watson and head of reinsurance Alice Kaye discuss the use of data and AI in underwriting, the possibilities of entering the casualty treaty market, and all options being on the table for future capital events.Also in this episode, Insurance Insider Editor-in-Chief Catrin Shi shares her perspective on the unexpected change in rating conditions emerging in the second q
Behind the Headlines: Israel escalation and Convex's Paul Brand on building and running a $4bn (re)insurer
Convex CEO Paul Brand discusses building and running a $4bn (re)insurer. And Insurance Insider's Rachel Dalton provides an update on Dubai flooding and reinsurance coverage in the Middle East.
Behind the Headlines: 1.4 recap and Howden Re's Sandy Warne on political violence in a 'world on fire'
Insurance Insider lead reporter Rachel Dalton runs down the key highlights of the 1.4 reinsurance renewals as capacity returned to the market. Howden Re's head of terrorism and political violence Sandy Warne explains how the political violence insurance market is responding to a period of war and geopolitical upheaval, in a year when around 40% of the world's population are heading to th
Behind the Headlines: Baltimore Bridge fallout and CFC’s George Beattie on the carbon market
In this episode:The latest from the marine market as it weighs up the implications of the bridge collapse in Baltimore. Early indications are the claim could eclipse losses from Costa Concordia, stretching into the billions. We also hear from, head of innovation at CFC George Beattie as he breaks down the opportunities CFC sees in the carbon market, following its recent entry into the class of bus
Behind the Headlines: Lloyd's results 2023 and Tokio Marine Kiln's Syal on the record
In this episode:Insurance Insider editor in chief Catrin Shi helps unpack Lloyd’s preliminary 2023 results, and offers her perspective on Aviva’s acquisition of Probitas. Incoming chief underwriting officer at Tokio Marine Kiln Vivek Syal gives his outlook for the business and broader underwriting conditions. We also discuss the Tokio Marine Kiln’s view on treaty reinsurance, after it exited the c
Behind the Headlines: Lloyd's 2025 strategy and WTW's Swift on the waning hard market
Alistair Swift – head of global lines of business, corporate risk and broking at WTW – tells Behind the Headlines we are past the peak of the hard market. Underwriters are like black cab drivers and are only ever going to talk the market up. Growth ambitions are increasing competition and putting pressure on rates. A desire to expand is being driven by broadly adequate rates across most classes. E
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