Self-Funded With Spencer The 2025-2026 Stop-Loss State Of The Union | with Jay Ritchie
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Oct 21, 2025 In this conversation, Jay Ritchie, President and CEO of Tokio Marine HCC with over 30 years in stop-loss underwriting, shares crucial insights into the tightening stop-loss market for 2025-2026. He highlights the surge in multi-million dollar claims driven by NICU stays and gene therapies, the reasons behind climbing industry loss ratios, and the importance of treating stop-loss partners as collaborators, not commodities. Ritchie emphasizes the role of data in shaping future underwriting strategies and the benefits of active risk management through captives.
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Market Is Moving From Soft To Tight
- The stop-loss market is tightening and single-digit renewal increases for average-risk employers are gone.
- Jay Ritchie expects double-digit rate increases broadly going forward.
Oreo Golden Ticket Underwriter Story
- Jay told the Oreo golden-ticket stacking underwriting story to illustrate creative insurance ideas.
- Underwriters tested the promotion and set the payout based on real world stacking attempts.
Stop-Loss Simplicity Versus Healthcare Complexity
- Jay has a 32-year insurance career and leads Tokio Marine HCC A&H Group.
- He emphasizes stop-loss is simple in form but covers the complex U.S. healthcare risk.