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.

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 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.

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. 

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.

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.

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. 

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.

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 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.

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 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. 

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. 

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. 

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.  

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. 

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.  

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.