The Voice of Insurance

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

Most of the time most of the people working in insurance and reinsurance are way too busy doing their jobs to stop and think and engage with the big ideas that are driving the markets they operate in. One of the great luxuries of being a journalist is that it is our day job to talk to the people with the big ideas and report back to you. And these days with the podcast medium you get to be right in the room with me when I talk to those people and you can hear and learn for yourself first hand. This 1st January reinsurance renewal pricing fell sharply: that’s interesting in itself, but it’s far more interesting to be able to talk to someone whose job it is to work out what made that happen and what this means for the rest of the year and beyond. We can all see when it has rained but it’s far more useful to know what forces are driving the weather and get some idea of whether we need to pack umbrellas for the morning commute tomorrow. David Flandro is the Head of Industry Analysis and Strategic Advisory at Howden Re. To put it simply he is one of the smartest people in our business and his job is to analyse and think hard about our sector and tell us and his clients what he sees. And if you’ve heard him on the podcast before you’ll already know that he’s also great fun to spend time with. Howden Re have an excellent 1.1 Renewal report out – it’s called Re-balancing. There’s a link to the report in the notes below. I recommend you stop and download it now and give it quick read. Then come back and listen to the podcast and then re-read the report. It’s really comprehensive and will prime you for the year ahead in globally important topics, way broader than just insurance and reinsurance. If your New Year’s Resolution was to learn more about how the industry you work in really works and how it really fits in with the global economy then this one is for you. LINKS: Howden Re’s Re-Balancing report can be found here: https://www.howdengroupholdings.com/sites/default/files/2025-12/howden-re-balancing-2026-FINAL.pdf A shout out should also go the report authors, Julian Alovisi and Peter Evans. We thank our naming sponsor AdvantageGo: https://www.advantagego.com

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.

Jeff Radke, CEO of Accelerant, shares insights on the company's rapid growth and recent IPO. He emphasizes the significance of creating a tech-enabled risk exchange that unites MGAs and capital providers efficiently. The discussion highlights how Accelerant allows insurers to access diversified risk and the importance of data analytics in underwriting. Radke explores the evolving role of owned carriers and predicts global expansion into markets like LATAM and Asia. AI's impact on operational efficiency is also a key theme, showcasing how technology is reshaping the insurance landscape.

Andre Finn, Chief Strategy Officer of Intellegri and founder of Schemus, dives into advanced capital modeling innovations. He discusses the transformative Big Hypothesis Model, enhancing risk assessment and introducing insurable products for currently uninsurable perils. With a groundbreaking 86,400x speed improvement in modeling, Finn explains its potential for real-time capital insights and better pricing strategies. He reflects on industry adoption challenges while highlighting a cultural shift toward innovation and its significant implications for investors and actuaries.

Pina Albo, CEO of Hamilton Insurance Group, returns to chat about Hamilton's impressive IPO and the recent AM Best upgrade. She shares her insights on the insurance market’s evolution, emphasizing growth in casualty reinsurance and the strategic shift towards delegated underwriting. Pina explains how technology and AI are pivotal in Hamilton’s operations, from enhancing underwriting efficiency to fostering a strong company culture. Her candid perspectives offer a refreshing take on navigating today’s competitive insurance landscape.