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. 

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 in the class. 
Plus, Insurance Insider editor Fiona Robertson digests the highlights from first half earnings season in London, after another set of strong results for listed insurers.  

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 the polls.  

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 business. 

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 class of business in 2022. Syal said that a potential re-entry is not off the table, if the conditions are right.

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. 

Editor-at-large Adam McNestrie provides in-depth analysis for Lloyd’s strategy through to 2025, as Lloyd’s looks to become a $100bn marketplace. 

• The Corporation is going ‘big game hunting’ to attract major global insurers to the market.
• Lloyd’s is looking to capitalise further on the booming excess & surplus market in the US.
• Tensions could emerge around hitting growth ambitions and retaining strong underwriting results, as stellar performance is anticipated for 2023. 

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. Tune in to the podcast to get the latest on Blueprint Two, the state of regulation, and leadership diversity. 

Plus Insurance Insider's Abbie Wood brings you the latest from the cyber market and our perspective on the CrowdStrike situation.

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. 

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. 

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. 

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.

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.

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 quarter.

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. 

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 explains how the Corporation is continuing with its "elephant hunting" strategy, as it looks to attract more major corporates to the marketplace. 

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 underwriters are not pricing for these secondary perils – but says that remaining on top of these evolving risks is a key challenge.  

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 rating, although making money in the volatile Red Sea war market is challenging.

Plus, Insurance Insider's Fiona Robertson explains the fallout from Hurricane Milton, and Samuel Casey explains the latest dynamics in the beleaguered D&O sector. 

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 carrier has a large and growing specialty insurance operation, which is now set on boosting its geographic footprint, and taking advantage of risks linked to the energy transition. 

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 $1.5bn over the next five years. In particular, it provides the opportunity to increase its geographical spread and participate in broker facilities. Plus, during a week of climate protests in London, we interview Extinction Rebellion activists about why they are targeting the insurance industry. 

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 Conference. 

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 conditions will develop in 2025, why Markel is leaning into specialty, and how he thinks the industry can address its talent challenge. 

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 underwriters were lining up to participate on the facility.

Plus, Insurance Insider’s Adam McNestrie talks about why he thinks now is a dangerous time for the London market.

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 turmoil could contribute to elevated premiums in the longer term. And as pricing tailwinds reduce, innovation will come to the fore as a means of achieving growth through the next phase of the cycle. 

Also in this episode, Insurance Insider editor Fiona Robertson discusses the themes that could dominate the insurance market during 2025. 

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 remains a relatively new concept, making it fertile ground to add value through acquisition and integration. 

Plus, Insurance Insider’s Fiona Robertson explains how the property cat sector is set to be impacted by the devastating California wildfires.

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.

Underwriters have already moved to sub-limit certain perils, and this is making the investment landscape for renewable energy projects problematic. However, addressing this capacity shortfall represents an opportunity, and the renewables industry is still booming in the heartlands of the US .

Plus, Insurance Insider's Rebecca Perkins explains the insurance implications of several tragic plane crashes. 

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 market shifts?

Allan dives into the company’s strategy, detailing how Ki is evolving into a marketplace, creating new partnership opportunities, and driving growth through algorithmic underwriting. He also shares how Ki continues to outperform the market in terms of expenses while heavily investing in tech development. 

Plus, senior reporter Sam Casey sheds light on how the downstream energy market might feel the impact of over $1bn in claims just since the start of the year.

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 era of new start-ups. Plus, if you are looking to launch your own business, Topping lays out what BP Marsh looks for when it considers its next investment opportunity. 

 Also in this episode, Insurance Insider's lead reporter Rachel Dalton shares insights on how the California wildfires may influence Japanese treaty renewals.

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 to significantly transform the industry, with the only question being the pace of change. According to the CEO, those companies not investing in AI risk being left behind.

Plus, Insurance Insider’s Rebecca Perkins looks back on her trip to the Bermuda Risk Summit. 

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 alderwoman. Later this year, she will take on the prestigious role of Lady Mayor. Tune in to the latest episode of Behind the Headlines to discover how the City helps elevate the sector's international reputation and how regulators' competitiveness agenda is shaping the industry.

Also in this episode, Insurance Insider's Rachel Dalton dives deep into the long-term ambitions of insurers participating in broker facilities.

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 how he aims to build a diversified portfolio to weather market cycles. And although he sees “great attractions” in the Lloyd’s market, to begin with the business will focus on building as a Class 3B Bermudian reinsurer, without the distraction of launching a syndicate.

Plus, Insurance Insider editor Fiona Robertson discusses what Donald Trump’s tariffs might mean for the sector.

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 Headlines, she emphasizes that underwriting discipline—not reliance on investment returns—is key to maintaining profitability as the market cycle evolves. Warren also addresses the slow pace of progress in appointing women to senior roles, stressing that female leadership should not be viewed as a “social experiment.”

Meanwhile, Insurance Insider lead reporter Rachel Dalton unpacks the rising wave of broker M&A activity in Germany.

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 emerging threats can aid ongoing growth.

In this episode of Behind the Headlines, Dudley also shares insights on BMS’s evolving M&A strategy and explores how the insurance sector can harness data and analytics for broader societal benefit.

Plus, Insurance Insider US managing editor Thor Schier brings highlights from the RIMS conference in Chicago.

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 current leadership.

Plus, Insurance Insider's Abbie Day delivers timely analysis from the cyber market amid a sharp rise in cyberattacks on UK retailers.

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 coverholders, Maleary also lays out what it takes to build a successful MGA, and the challenges underwriters face striking out on their own.

Plus, Insurance Insider’s Rachel Dalton explains why a surge of M&A activity at Lloyd’s could be on the horizon. 

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 challenges facing cyber underwriters today, from softening rates to the lingering effects of last year’s CrowdStrike outage.

Plus, in this week’s news rundown, Insurance Insider’s Fiona Robertson breaks down how the Willis Re talent rebuild is gaining momentum.

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 whether it enters new classes via a Pine Walk MGA or through its central MGU. With its flexible capital structure—including Fidelis Insurance Group, third-party capacity deals, and its new Lloyd’s Syndicate—Coulson explains that Fidelis has a range of options to link capital with underwriting talent. 

Plus, Insurance Insider's Rachel Dalton explains the significance of CRC Group’s acquisition of Atrium.

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. With two-thirds of Chaucer’s business already written outside London, Milner reveals that further international growth is firmly on the agenda—whether through opening new offices or pursuing M&A opportunities.

Plus, Insurance Insider’s Adam McNestrie breaks down how Gallagher’s rapid rise is shaking up the dominance of the Big Three brokers.

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 and Dubai, and why he’s doubling down on lead underwriting rather than playing in the commoditized follow space. He also hints at the potential for a future Lloyd’s platform.

Plus, following a wave of disruption in the broking world, Insurance Insider’s Adam McNestrie unpacks Howden’s bold play for the US retail market.

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”.

This is why Assurex has opted to create its own London wholesaler, AG London, the subject of the latest episode of Behind the Headlines.

AG London president Will Ripley explained that AG London’s model means it won’t be competing with its distribution partners in domestic markets—an advantage in the current climate.

And in our news digest, Insurance Insider reporter Abbie Day explains why trade credit insurers are flooding into Lloyd’s.

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 scales firmly in buyers’ favor. His colleague, Steve Hofmann, CEO of Americas, highlights the resilience of reinsurer performance, with carriers absorbing the major California wildfire loss and still reporting underwriting profits.

Plus, Insurance Insider US director of research Amit Kumar breaks down Sompo’s $3.5bn acquisition of Aspen in our news review.

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 that he is leveraging decades of consulting experience and nearly nine years at the top of the Treasury to demonstrate to governments and regulators the vital role Lloyd’s plays in the global economy. Speaking at the Rendez-Vous de Septembre in Monte Carlo, he emphasized that Lloyd’s continues to champion innovation and must stay aligned with major economic shifts, including the rise of AI.

He also reflected on his work during the reconstruction and renewal process in the 1990s—a period he describes as a truly “existential crisis” for the market.

In this episode’s news discussion, Insurance Insider editor Fiona Robertson shares the key takeaways from the reinsurance conversations in Monte Carlo.

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 exposure and an outlet for excess capital. Meanwhile, Inigo CEO Richard Watson is preparing to release the firm’s “second album” – this time with permanent capital backing rather than the uncertainty of private equity.

Plus, Insurance Insider’s Rebecca Perkins unpacks the dynamics in the aviation market ahead of crucial Q4 renewals.

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 prepared to walk away from inadequately priced business, and underwriting profitability will always come first.

He explained that the company’s attitude is not top line driven, and he has no intention of deploying capital ‘for the sake of it’.

Plus, Insurance Insider’s Sam Casey explains what is fuelling the increasing interest in the active assailant market. 

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 navigate the increasingly complex risk landscape.

However, despite Liiba’s lobbying he believes the sector is still underappreciated by governments, and regulated disproportionately.

Plus, Fiona Robertson explains the competitive landscape in the Funds at Lloyd’s auction process.