The Voice of Insurance

As the global insurance market becomes more competitive, the first place to notice the change is usually the wholesale segment, because it’s always at the margins where all the most dynamic pricing action occurs. But whilst falling rates can prove a headwind to growth, as long as submission flows hold up and deals keep being done a more competitive market can be a more attractive one for new business because it is more welcoming to innovative ideas. Today’s guest is perfectly placed to see what is happening because he runs a business with around $4 billion dollars of wholesale premiums running through it. So that’s why I’m delighted to welcome Nick Abraham CEO of Amwins Global Risks (AGR) to the show. As the International subsidiary of one the dominant trio of major US wholesale brokers, after entering the London Market via strategic M&A, over the past decade AGR has grown its position rapidly to become a major force in the London and global wholesale markets The discussion is very rich and deep in places but it is also broad-ranging, moving from detail on AGR’s overall strategy to the specific opportunities and challenges of current market conditions and the possibility of shifting alliances relating to retail broker consolidation, all the way through to the likely long-term impact of technological change on the way wholesale business will be transacted in the future Nick is a charming and eloquent guest who is easy-going, fun and engaging. He is full of passion for the job and this shines though in our interview. All this makes for a really enjoyable and informative Episode. LINKS: We thank our naming sponsor AdvantageGo: https://www.advantagego.com

Terry McLean, insurance entrepreneur and founder of SageSure who built a cat-exposed homeowners specialty through underwriting, tech, and capital partnerships. He recounts founding the firm after major hurricanes. He explains choosing coastal and cat-exposed risks, underwriting filters, scaling across states, using ILS and Lloyd’s for capital, and a long-term, disciplined growth philosophy.

Todays’ guest has done something that only happens once in a generation. He’s helped found a new insurance industry trade body. Most insurance trade groupings tend to feel as if they have been around forever. Rightly so, because in various shapes or forms most of them have. New bodies only tend to be born because something has changed in the market that requires them to come into existence. Here the big change is the growth in MGAs on the continent of Europe and the new trade body is called FASE, the Federation of European MGAs or more correctly in its French and Latin-language friendly version, the Fédération des Agences de Souscription Européennes. Today’s guest is FASE’s Executive Director Willliam Pitt and this podcast is all about finding out what has brought about FASE’s inception and what needs in the European MGA community it is intending to serve. William has had a remarkable career in insurance on both sides of the underwriting desk as well as in consultancy, insurance marketing and indeed insurance journalism. He is both passionate and articulate about the forum that FASE is looking to provide for the industry and the fundamental drivers behind the seemingly inexorable growth in this part of the global insurance value chain. This makes for a really informative and thought-provoking discussion. You’ll learn a lot and by the end of this podcast you’ll be wondering why FASE didn’t come into existence far sooner. NOTES: FASE's annual conference, the MGA Rendezvous will take place at the Hotel Arts in Barcelona on May 11 and 12 2026. https://fasemga.com/rendezvous LINKS https://fasemga.com/ We thank our naming sponsor AdvantageGo: https://www.advantagego.com

Today’s podcast forms the second and final update on the fascinating 1.1 reinsurance renewals we have just been through. Whereas Episode 283 with David Flandro was all about delivering a high-level analysis of the global macro picture, this one is designed to focus in on detailed market specifics from a reinsurance broker’s perspective. For that we need a broker of great renown and great experience. And that’s why I’m delighted that Lara Mowery, Chief Commercial Officer at Gallagher Re has been able to talk to me. Lara fits the bill perfectly and is not far off entering her fourth decade at the frontline of the global reinsurance market. I have been interviewing her on and off stage for over 15 of those years and she has always combined a great ability to capture the essential temperament of the state of the market with the skill to communicate what she sees to others in a straightforward, no-nonsense way. With Lara I have always come away with the impression that what you see is what you get. You may remember I spoke to her briefly as part of last year’s Monte Carlo Special documentary podcast, but I am absolutely over the moon to be able to devote a full Episode to her for the first time. Gallagher Re has a great 1.1 report out as part of its long-running First View series. These have become an institution and have been required industry reading for over 20 years. This one is no exception and is called Options and Opportunities. In this podcast Lara is on excellent form and a listen will give you a strong and detailed idea of current market dynamics and what course reinsurance has set itself upon for the rest of 2026 and beyond. LINKS: Gallagher Re’s Options and Opportunities First View report can be found here: https://www.ajg.com/gallagherre/-/media/files/gallagher/gallagherre/news-and-insights/2026/january/gallagherre-first-view-options-and-opportunities.pdf We thank our naming sponsor AdvantageGo: https://www.advantagego.com

David Flandro, Head of Industry Analysis at Howden Re, shares sharp insights into recent declines in reinsurance pricing. He discusses the unusual renewal dynamics and emphasizes that capital supply, rather than demand, is driving lower rates. David explains how changes in geopolitical factors and economic trends affect pricing floors. He also highlights structural growth drivers, like AI and data centers, affecting demand. With a balanced view, he reassures listeners that current rates are healthy—setting a fascinating tone for industry outlooks.

Atul Roy, an investor in digital infrastructure at Cordiant Capital, and Lindsay Shipper, Head of North American Commercial Property at Beazley, dive into the booming data centre market. They discuss the staggering $5-6.5 trillion investment, driven by AI's demand for processing power. Lindsay highlights rising property limits and the rush in development creating insurance gaps. The conversation covers the need for customized insurance solutions and the environmental impacts of high-density server racks and battery risks, revealing both immense opportunities and challenges ahead.

As an insurance journalist, sometimes I think we in our profession must be a leading indicator for the industry. When we are breaking news it certainly feels that way. But at other times it often feels like we are a lagging indicator. Today’s podcast is a case in point. From about 6 years ago the insurance media picked up on a long-term trend and told its story. The story was that transacting reinsurance within the Lloyd’s market was something that was on the wane. Somehow Lloyd’s had lost its attractiveness and its market share was in major decline, indeed perhaps terminal decline. But no sooner had that narrative become commonplace did events make us look somewhat foolish. Today’s guest is a prominent leader of a resurgence of the use of Lloyd’s as a platform for building a reinsurance business. Cathal Carr is CEO of Oak Global, a new business underwriting global reinsurance and retro from within the Lloyd’s platform. Before founding Oak, Cathal had a stellar career with RenaissanceRe spanning two decades, so his reinsurance pedigree is impeccable. In this podcast we get into the heart of what Oak is all about, but as we do we quickly uncover some long-term reinsurance demand trends that Cathal believes will drive his business and the reinsurance sector long into the future. Cathal is highly regarded among his peers and is representative of a new generation of insurance leadership now breaking through and setting up their own businesses. As such our discussions around how to design and attempt to future proof a new reinsurer in the age of cloud computing and nascent AI are fascinating and highly recommended listening. So listen on for an exceptionally well-rounded interview with the founder one of the market’s newest and most exciting young business. LINKS: We thank our naming sponsor AdvantageGo: https://www.advantagego.com

Simon Wilson, CEO of Markel Insurance, shares his insights following major transformations at the company. With a renewed focus on specialty insurance, he emphasizes the importance of a 'founder's mentality' to empower employees and streamline decision-making. Wilson dives into the role of AI in enhancing underwriting efficiency and discusses the strategic shift from reinsurance to targeted growth through MGAs. Listen in as he candidly addresses US market challenges and Markel's ambitious vision to become a preeminent specialty insurer.

Today’s guest is a living example of the London Market being a place where global talent can come and enjoy a varied and fulfilling career that doesn’t have a glass ceiling. He arrived in London over thirty years ago as a risk engineer and now oversees insurance businesses writing over $2.5 billion in premiums and employing around 400 people. Luis Prato is President of Liberty Specialty Markets in the UK & the Middle East and North Africa as well as being CEO of Liberty Managing Agency at Lloyd’s. Because he is an engineer by training he is exceptional in his grasp of the technical side of underwriting and insurance operations. But he is extremely well rounded and has absorbed and internalised the culture of personal relationships and mutual trust that underpins the London subscription market and allows it to keep reinventing itself. Luis instinctively knows that outperformance in underwriting is a combination of both science and art. He has the engineer’s analytical mindset to bring rigour and structure to his methods, but also knows that if change comes at the expense of the people who make the market what it is, it won’t succeed. So, as the market simultaneously softens, digitises, and adopts AI and varying degrees of automation, this is a compelling and highly relevant conversation that brings us right up to date. Luis is optimistic about the immediate, medium- and long-term prospects for the London Market and after listening to someone as technically gifted, credible and down-to-earth as he is talking in these terms, I think you will be too. NOTES I made a mistake when I mentioned Luis’s colleague Matthew Moore. Matthew last appeared on the show in his capacity as Chair of the London Market Group, that is the LMG, not the Lloyd’s Market Association - the LMA, which is what I said. LINKS: We thank our naming sponsor AdvantageGo: https://www.advantagego.com

In this conversation with Greg Hendrick, CEO of Vantage, listeners dive into the impressive growth of the company, forecasted to write $1.6bn in premiums. Greg shares insights on the art of underwriting and portfolio construction, highlighting key market trends in excess and surplus lines. The discussion unfolds around the impact of AI in underwriting and the strategic roles of MGAs. Greg also touches on Vantage's future prospects for M&A and a potential IPO, bringing his extensive expertise to the forefront.