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.

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 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.

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 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’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.

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.

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.

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. 

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.

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 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.