Insurance Insider - Behind the Headlines

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 investo...

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.

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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 ins...

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...

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 im...

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...

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 m...

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 La...

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 e...

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...

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...

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...

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 In...

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...

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 o...

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 insuranc...

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 Inside...

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 expansion into new classes.

He explains how the war market has learned from the Ukraine event, but there is still more work to do.

And during...

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 not yet done and underwriters need to keep pushing.

Plus Insurance Insider’s Rachel Dalton explains the takeaways from a frenzied period of Lloy...

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 L...

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...

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.

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 regulato...

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...

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 pres...

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 Llo...

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 p...

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 Fi...

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 Robert...

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...

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 cyberatta...

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...

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 p...

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...

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...

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, I...