Ep238 James Vickers: 1.1.25 - Not a Blind Soft Market

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Jan 10, 2025

James Vickers, Chairman of Gallagher Re International, brings over 40 years of reinsurance broking experience to the table. In this engaging discussion, he dives into the intricate dynamics of the reinsurance market during the annual renewal. Vickers emphasizes the balance between client needs and reinsurer appetites, revealing that the landscape is more nuanced than often portrayed. He highlights the crucial role of data in managing portfolios, the impact of climate change, and the importance of genuine partnerships in navigating today's evolving risks.

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INSIGHT

Renewal Overview

The 1-1 reinsurance renewals were calmer than reinsurers anticipated, with buyers regaining some control.
Reinsurers aimed for growth due to increased capital from retained earnings, but growth opportunities were limited.

INSIGHT

Differentiation in the Market

The reinsurance market rewarded clients who could effectively present their portfolios and specific needs.
Differentiation among reinsurers and clients played a key role, rather than blanket rate changes.

ADVICE

Data and Analytics for Better Results

Leverage data and analytics to demonstrate a granular understanding of your portfolio to reinsurers.
Showcasing strong internal operations and a feedback loop from claims can improve reinsurance outcomes.

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Today’s Episode is half of a duo of special podcasts released simultaneously that are looking to summarise the 1.1 reinsurance renewals.

In previous years I have compiled these interviews into a documentary-style episode to work as a précis, but this year I enjoyed my interactions so much that I really didn’t want to be chopping them up into clips, so I have produced two separate episodes instead.

Both my guests will be familiar to regular listeners and they both bring very different, very complimentary qualities. For a full picture of the renewal and the current state of the reinsurance market I highly recommend you listen to both

This Episode is with James Vickers, Chairman of Gallagher Re International, who has been at the forefront of the reinsurance broking world for over forty years.

The other, Episode 237, is with David Flandro, Head of Industry Analysis and Strategic Advisory at Howden Re. With David we examine all the broad macro factors washing across the reinsurance market and get a great feeling for the big picture.

But in this podcast with James we get into much more micro detail.

This satisfying discussion examines the annual close encounter between clients’ wants and needs and reinsurers’ appetites as well as their red lines.

A listen will tell you that this market is not as black and white as a quick read of some of the simple headlines about declining prices might have you believe. There are many shades of grey and an enormous amount of differentiation is happening between reinsurers and their customers

James is on exceptional form and in this episode he doesn’t duck any of my questions and we don’t leave any stones unturned.

If you want to be really well informed you need to talk to someone as personable and in the know as James – come and join us!

Gallagher Re has published its comprehensive 1.1 First View report entitled Differentiation Rewarded.

Make sure you Read it along with this Episode

LINKS:
We thank our naming sponsor AdvantageGo:
https://www.advantagego.com

We also thank audio advertiser, The Insurance Network (TIN), organiser of the highly-successful TINtech events series. This week they are advertising their successful TINtech London Market event, which will be happening on 4th February 2025.