Advertise on podcast: The Reinsurance Podcast

If AI makes software cheaper to build, why would an insurer buy a reinsurance placement platform? Tom Spier, Chief Commercial Officer at Supercede, joins Ben Rose in Baden-Baden to discuss which tools insurers might build themselves and why placement tracking depends on what their brokers already use. They also discuss the pressure on traditional reinsurers, the cost of bringing the market together in Baden-Baden, and whether AI cover will become part of existing policies or grow into a class of its own. EPISODE LINKS: Tom Spier on LinkedIn: https://www.linkedin.com/in/tomspier/ Supercede: https://supercede.com/ OUTLINE & TIMESTAMPS 00:00 Introduction 00:20 Ben and Tom in the Baden-Baden courtyard 00:57 What people are saying between meetings 01:51 Traditional reinsurers and the squeeze on distribution 03:18 Brokers, underwriting and alternative capital 04:36 Will the market keep coming back to Baden-Baden? 06:57 Can AI become a standalone insurance class? 08:51 How Supercede uses AI in its own work 09:58 Supercede’s growth ahead of 1/1 11:11 What insurers might build in-house 11:45 Why broker and cedent adoption matters CONNECT WITH US: Say Hello: [email protected] Website: https://www.supercede.com LinkedIn: https://www.linkedin.com/company/supercedehq Twitter: https://twitter.com/SupercedeHQ YouTube: https://www.youtube.com/@SupercedeHQ RSS Feed: https://anchor.fm/s/7e741c8c/podcast/rss

Could widespread adoption of the same AI tools create a single point of failure across an entire profession? Jonathan Kimber, Head of International Casualty & Cyber Treaty at MS Amlin, joins Ben Rose in Baden-Baden to explore that emerging accumulation risk. They discuss US casualty losses crossing borders, the value of cyber excess-of-loss protection without a major catastrophe, and why faster data capture only helps reinsurers if information reaches their systems. Jonathan also explains what he looks for in cedents and why client relationships and claims expertise remain central as technology advances. EPISODE LINKS: Jonathan Kimber on LinkedIn: https://www.linkedin.com/in/jonathan-kimber-54656592/ MS Amlin: https://global.msamlin.com/ OUTLINE & TIMESTAMPS 00:00 Introduction 00:20 Jonathan Kimber returns to Baden-Baden 00:52 Pricing pressure, capacity and evolving exposures 01:47 US casualty losses and international implications 03:40 Motor claims costs and class actions 05:02 Cyber’s protection gap and evolving reinsurance products 06:39 The value of cyber excess-of-loss cover 08:00 AI coverage and shared points of failure 10:05 Better data for casualty and cyber portfolios 12:27 What reinsurers look for in cedents 14:04 AI, efficiency and the relationship business 15:05 Continuity, consistency, clients and claims CONNECT WITH US: Say Hello: [email protected] Website: https://www.supercede.com LinkedIn: https://www.linkedin.com/company/supercedehq Twitter: https://twitter.com/SupercedeHQ YouTube: https://www.youtube.com/@SupercedeHQ RSS Feed: https://anchor.fm/s/7e741c8c/podcast/rss

How much data-centre risk is accumulating through credit insurance? Eran Charit and Kazimierz Layton of Lockton Re join Ben Rose in Baden-Baden to explain how small positions across individual insurers can become a meaningful aggregate exposure. They discuss the financing behind the AI boom, why geopolitical shocks can take months to reach credit portfolios, and growing demand for retrocession as risks become more concentrated. The conversation also covers alternative capital, MGA underwriting, the outlook for 1/1 renewals and using AI to accelerate analysis while retaining human judgement. EPISODE LINKS: Eran Charit on LinkedIn: https://www.linkedin.com/in/eran-charit/ Kazimierz Layton on LinkedIn: https://www.linkedin.com/in/kazlayton/ Lockton Re: https://global.lockton.com/re/en OUTLINE & TIMESTAMPS 00:00 Introduction 00:20 Eran and Kaz return to Baden-Baden 01:20 Why alarming headlines can coexist with strong results 02:38 How geopolitical shocks filter into credit losses 04:23 Growing demand for credit retrocession 05:41 Fewer markets, greater concentration 06:29 The alternative-capital diversification problem 07:48 MGAs, underwriting authority and long-tail claims 10:12 Why the speed of change matters 11:22 Data centres and accumulating credit exposure 13:17 What could an AI bubble mean for credit? 14:57 Softening rates and the 1/1 renewal challenge 15:40 Sovereign debt and credit’s growing importance 17:24 AI, faster analysis and underwriting judgement CONNECT WITH US: Say Hello: [email protected] Website: https://www.supercede.com LinkedIn: https://www.linkedin.com/company/supercedehq Twitter: https://twitter.com/SupercedeHQ YouTube: https://www.youtube.com/@SupercedeHQ RSS Feed: https://anchor.fm/s/7e741c8c/podcast/rss

A softer market offers buyers more choice, but will today’s capacity still be there when conditions turn? David Sowrey, Executive Chairman and Partner at Acrisure Re International, joins Ben Rose in Baden-Baden to discuss buying reinsurance that works through the cycle. He questions how much even a $50bn Miami storm might move a well-capitalised market, explains what separates stronger MGAs from the rest, and considers ceding commissions, Lloyd’s capacity and emerging AI risks. EPISODE LINKS: David Sowrey on LinkedIn: https://www.linkedin.com/in/david-sowrey-59259113/ Acrisure Re: https://www.acrisure.com/reinsurance OUTLINE & TIMESTAMPS 00:00 Introduction 00:20 David Sowrey joins Ben Rose in Baden-Baden 00:33 Capital, softening and the $50bn storm question 01:33 Secondary perils and emerging AI risks 02:44 Buying reinsurance through the cycle 03:41 What separates the strongest MGAs? 06:08 Fronting, Lloyd’s and access to capacity 08:04 Ceding commissions and long-term relationships 09:20 AI, technology and real-time portfolio visibility 10:54 Casualty verdicts, convective storms and coverage gaps 12:18 The outlook for 1/1 renewals CONNECT WITH US: Say Hello: [email protected] Website: https://www.supercede.com LinkedIn: https://www.linkedin.com/company/supercedehq Twitter: https://twitter.com/SupercedeHQ YouTube: https://www.youtube.com/@SupercedeHQ RSS Feed: https://anchor.fm/s/7e741c8c/podcast/rss

Europe’s MGAs are evolving from distribution channels into sophisticated underwriting businesses. Magnus Heimann, Head of MGA Europe at Augment Risk, joins Ben Rose in Baden-Baden to discuss why that shift is attracting new sources of capital. They explore how underwriting expertise, real-time data and operational capability can build confidence among capacity providers, alongside the growth of specialist and multi-territory MGAs. Magnus also explains why capital structures should reflect a business’s ambitions over the next three to five years, before considering AI’s role in underwriting and a question for the industry: how will the next generation build the relationships the market still relies on? EPISODE LINKS: Augment Risk: https://augmentrisk.com/ OUTLINE & TIMESTAMPS 00:00 Introduction 00:20 Magnus Heimann joins Ben Rose in Baden-Baden 00:47 A softer market and sustainable growth 01:30 MGAs move beyond distribution 02:18 Data, technology and talent 03:06 Why alternative capital is looking at MGAs 03:48 Specialist and multi-territory MGA models 04:36 Matching capital to long-term ambitions 05:37 AI, underwriting and the next generation’s relationships 06:48 The outlook for 1/1 renewals CONNECT WITH US: Say Hello: [email protected] Website: https://www.supercede.com LinkedIn: https://www.linkedin.com/company/supercedehq Twitter: https://twitter.com/SupercedeHQ YouTube: https://www.youtube.com/@SupercedeHQ RSS Feed: https://anchor.fm/s/7e741c8c/podcast/rss

A quiet hurricane season can tell you less about risk than you think. Bernhard Reinhardt, Vice President of Catastrophe and Risk Solutions at Verisk, joins Ben Rose in Baden-Baden to explain why similar loss outcomes can have very different meteorological causes. They discuss how El Niño can redistribute risk between regions, why catastrophe models need a consistent view of atmospheric conditions, and what that means for understanding correlations across a portfolio. Bernhard also explores the shift from built-in AI chatbots towards tools that connect with insurers’ own systems, before sharing his advice for buyers approaching 1/1: maintain a sound underlying view of risk, whatever the market is doing. EPISODE LINKS Verisk: https://www.verisk.com/ OUTLINE & TIMESTAMPS 00:00 Introduction 00:20 Bernhard Reinhardt returns to Baden-Baden 00:50 Speed, transparency and data in the reinsurance market 01:51 Two quiet hurricane seasons, different underlying causes 03:08 Frequency perils and the wider catastrophe picture 04:15 El Niño and the redistribution of risk 05:02 Connecting catastrophe models through shared atmospheric data 05:59 AI, automated workflows and access to model insights 07:10 Why clients want AI connected to their own systems 08:12 Advice for buyers approaching 1/1 CONNECT WITH US: Say Hello: [email protected] Website: https://www.supercede.com LinkedIn: https://www.linkedin.com/company/supercedehq Twitter: https://twitter.com/SupercedeHQ YouTube: https://www.youtube.com/@SupercedeHQ RSS Feed: https://anchor.fm/s/7e741c8c/podcast/rss

A reinsurance programme that can be placed today is not necessarily a sustainable solution for the years ahead. Charlie Bartlett, Head of P&C North, Central & Eastern Europe at SCOR, joins Ben Rose in Baden-Baden to discuss what cedents need from their reinsurers as the market softens. They explore the protection gap left by the 2023 market reset, growing interest in parametric cover, and why spread-loss products could offer a more durable response to frequency losses. Charlie also explains why underwriting discipline and doing the deal need not be opposing goals, and shares his advice for buyers approaching 1/1. EPISODE LINKS:Charlie’s LinkedIn: https://www.linkedin.com/in/charlie-bartlett-39159b3/SCOR: https://www.scor.com/en/pc-reinsurance OUTLINE & TIMESTAMPS00:00 Introduction00:21 Charlie Bartlett joins Ben Rose00:52 Why renewal detail matters more in a changing market02:38 Frequency losses and growing interest in parametric cover03:51 The risk of returning to unsustainable annual aggregate covers05:02 Spread-loss products and multi-year protection06:12 The protection gap after the 2023 market reset07:24 Balancing underwriting discipline and commerciality08:55 Why broad market labels miss the point09:42 Growing the reinsurance market through new solutions10:21 Digital infrastructure, AI and emerging risks11:03 AI’s impact on day-to-day reinsurance11:57 Advice for buyers approaching 1/1 CONNECT WITH US:Say Hello: [email protected]: https://www.supercede.comLinkedIn: https://www.linkedin.com/company/supercedehqTwitter: https://twitter.com/SupercedeHQYouTube: https://www.youtube.com/@SupercedeHQRSS Feed: https://anchor.fm/s/7e741c8c/podcast/rss

A softer market could give reinsurance buyers a reason to think beyond their next annual renewal. Kirill Savrassov, CEO of Phoenix CRetro and convenor of The Fundamentals of ILS, joins Ben Rose in Baden-Baden to discuss the growing role of insurance-linked securities. They explore what investors learn from a falling market, why data centres could open a new chapter for ILS, and the appeal of multi-year catastrophe-bond protection. Kirill also explains why understanding investors’ motivations matters for buyers considering alternative capital. EPISODE LINKS:Kirill’s LinkedIn: https://www.linkedin.com/in/kirill-savrassov/The Fundamentals of ILS: https://ils-course.com/Phoenix CRetro: https://www.linkedin.com/company/phoenix-cretro-re/ OUTLINE & TIMESTAMPS00:00 Introduction00:28 Understanding ILS from three perspectives01:35 Learning how investors and risk buyers think02:32 Lessons from the Swiss summer school03:14 Alternative capital in a softer market04:14 New capital and new opportunities04:31 Could data centres be the next chapter for ILS?05:17 The case for a single data-centre policy06:21 New sponsors and multi-year catastrophe-bond protection07:18 ILS as part of mainstream reinsurance capacity08:14 The outlook for 1/1 and the market cycle09:19 Closing remarks CONNECT WITH US:Say Hello: [email protected]: https://www.supercede.comLinkedIn: https://www.linkedin.com/company/supercedehqTwitter: https://twitter.com/SupercedeHQYouTube: https://www.youtube.com/@SupercedeHQRSS Feed: https://anchor.fm/s/7e741c8c/podcast/rss

Credit is attracting new insurers, MGAs and reinsurers, while banks are looking for capital relief and room to grow. Alexander Georgetti, Gallagher Re’s Executive Director for Global Credit, Surety and Political Risk, joins Ben Rose in Baden-Baden to discuss what is driving demand and where exposures can accumulate. They explore data-centre growth, sovereign debt, specialist underwriting and AI’s role in managing existing portfolios, before looking ahead to the competitive dynamics of 1/1 renewals. EPISODE LINKS: Alexander’s LinkedIn: https://www.linkedin.com/in/alexander-xander-georgetti-acca-632322b3/ Gallagher Re: https://www.ajg.com/gallagherre/ OUTLINE & TIMESTAMPS 00:00 Introduction 00:41 New entrants and capacity in credit 01:26 Bank demand and capital relief 02:01 Profitability and the loss environment 03:17 MGAs and specialist underwriting 04:34 Aggregation challenges in credit 05:21 Data centres and exposure across classes 05:57 Sovereign debt and emerging losses 06:28 AI in underwriting and portfolio management 07:46 Why personal relationships still matter 08:10 The outlook for 1/1 renewals CONNECT WITH US: Say Hello: [email protected] Website: https://www.supercede.com LinkedIn: https://www.linkedin.com/company/supercedehq Twitter: https://twitter.com/SupercedeHQ YouTube: https://www.youtube.com/@SupercedeHQ RSS Feed: https://anchor.fm/s/7e741c8c/podcast/rss

Wording intended to affirm AI cover can inadvertently restrict it. Jen Braney, Gallagher Re’s Head of International Cyber, joins Ben Rose in Baden-Baden to explore where cyber protection ends and AI liability begins. They discuss why data-centre exposures need to be measured before they can be reinsured, how digital risks cut across traditional insurance classes, and why coordination matters as much as capacity. Jen also shares her perspective on product innovation and AI’s growing role in everyday insurance work. EPISODE LINKS:Jen’s LinkedIn: https://www.linkedin.com/in/jennifer-braney-84b1912b/Gallagher Re: https://www.ajg.com/gallagherre/ OUTLINE & TIMESTAMPS 00:00 Introduction00:20 Jen returns to Baden-Baden01:09 Beyond cyber: the Digital Risk Practice02:29 Mapping and measuring digital exposures03:43 When affirming AI cover can restrict it04:50 Where cyber cover meets AI liability06:05 Understanding risk before calling it uninsurable07:12 Capacity, coordination and product development08:44 AI’s impact on everyday insurance work09:57 Taking a constructive approach to AI CONNECT WITH US:Say Hello: [email protected]: https://www.supercede.comLinkedIn: https://www.linkedin.com/company/supercedehqTwitter: https://twitter.com/SupercedeHQYouTube: https://www.youtube.com/@SupercedeHQRSS Feed: https://anchor.fm/s/7e741c8c/podcast/rss

Reinsurance prices are falling, but David Flandro argues that rising capital costs should give buyers pause. Howden Re’s Head of Industry Analysis and Strategic Advisory joins Ben Rose in Baden-Baden to explain why cedents need a contingency plan, how new sources of capital are reshaping the market, and what economic margins reveal about the cycle. They also explore AI’s potential to change modelling and risk trading, plus the case for rebalancing retentions, managing accumulations and preserving options ahead of 1/1. EPISODE LINKS: David's LinkedIn: https://www.linkedin.com/in/david-flandro-074813/ Howden Re: https://www.howdenre.com/ OUTLINE & TIMESTAMPS 00:00 Introduction00:38 A different mood at Baden-Baden01:18 Falling prices and economic margins02:41 Finding an advantage as capital sources expand04:47 Three ways AI could change reinsurance07:28 Who will drive AI disruption?08:18 Why buyers need a “breaking the glass” strategy10:42 Retentions, diversification and preserving options11:51 What makes this cycle different?13:07 The outlook for 1/1 renewals CONNECT WITH US: Say Hello: ⁠[email protected]⁠ Website: ⁠https://www.supercede.com⁠  LinkedIn: https://www.linkedin.com/company/supercedehq  Twitter: ⁠https://twitter.com/SupercedeHQ⁠  YouTube:⁠ ⁠⁠https://www.youtube.com/@SupercedeHQ⁠  RSS Feed: ⁠https://anchor.fm/s/7e741c8c/podcast/rss⁠

Dame Susan Langley, the first Lady Mayor of the City of London in 800 years and only the third woman to hold the office, has spent a year flying round the world telling people what London’s insurance and reinsurance market actually does. Recorded at Mansion House, this is her case for why the quietest industry in finance needs to find its voice. WHAT YOU’LL LEARN: What the Lady Mayor’s job actually is once you strip away the golden coach (and why it finally has an insurer in it)Why “we’re very British about it” has become a competitive disadvantage against cities that shoutHow 220 companies and some chalk art outside Lloyd’s reached 20 million people without a single spin lineWhy the Global Risk Summit exists, and what the nine-day secondment tells you about how London is losing its training-ground statusHow a rolling three-year plan fixes the one-year-tenure problem, and what her successor inherits TIMESTAMPS:00:00 Intro00:35 Third woman in 800 years, first Lady Mayor01:05 What the Lady Mayor actually does (it isn’t the parade)02:29 The Lady Mayor’s Show and 697 women03:41 Representation: the Oxford friend and four women on one stage05:52 Why the City needs an insurance Lord or Lady Mayor07:13 “Insurance is boring.” “Thank you.”08:34 The Global Risk Summit and the nine-day secondment10:17 How the world sees London, and the disinformation problem12:00 Team UK: 220 companies and a chalk-art campaign14:04 A three-year plan and a second insurer in a row15:34 Pension capital, fintech, and why stability sells16:52 What she’ll miss (hint: not the heating bill)17:30 Outro EPISODE LINKS:Dame Susan's LinkedIn: https://www.linkedin.com/in/susanclangley/ CONNECT WITH US:Say Hello: [email protected]: https://www.supercede.comLinkedIn: https://www.linkedin.com/company/supercedehqX: https://twitter.com/SupercedeHQYouTube: https://www.youtube.com/@SupercedeHQRSS Feed: https://anchor.fm/s/7e741c8c/podcast/rss

Sub-$50bn of first-half cat losses, no hurricanes last year, none so far this year, and rates heading south. Verisk's Rob Newbold boards the TRP yacht at Monte Carlo RVS to explain why reinsurance should still be braced for $171bn of insured catastrophe loss in an average year. Then he gets into what AI is actually doing to cat modelling, from globally correlated models to agents that talk to each other so humans can get on with deciding. WHAT YOU'LL LEARN: Why Verisk puts modelled global insured cat loss at $171bn a year, and why a light first half doesn't change the mathsHow to separate the market cycle from the risk itself, with the 1-in-100 now close to $500bnWhere AI is changing cat modelling for real: a physically correlated global model, plus agents handling the button-pressing so people can make the callsWhy data centre exposure deserves a look before it surprises youWhat Rob thinks will finally tip reinsurance into using AI properly TIMESTAMPS:00:00 Intro00:28 A $171bn average loss in a sub-$50bn year01:48 Why cat models don't care where you sit in the cycle02:46 AI in cat modelling and the first globally correlated model03:52 Agents calling agents, humans making the decisions04:46 Token bills, data centres and the hyperscaler question06:18 New perils, faster models and what clients actually want08:00 Meeting clients where they are, and what forces the flip09:02 Final word: the cycle doesn't set the risk EPISODE LINKS:Rob's LinkedIn: https://www.linkedin.com/in/rob-newbold-080380/ Verisk: https://www.verisk.com/solutions/catastrophe-risk-solutions/ CONNECT WITH US:Say Hello: [email protected]: https://www.supercede.comLinkedIn: https://www.linkedin.com/company/supercedehqX: https://twitter.com/SupercedeHQYouTube: https://www.youtube.com/@SupercedeHQRSS Feed: https://anchor.fm/s/7e741c8c/podcast/rss

New capital is still queuing up for Lloyd's, but Argenta's Kate Tongue and Robert Flach reckon the smart money is taking its time. On board the Supercede yacht at Monte Carlo RVS, they explain three things: why investors tend to show up a year too late, why a diversified Lloyd's portfolio can rival ILS returns with less risk, and why capital cares less about a syndicate's AI than about who's parameterising it. WHAT YOU'LL LEARN: Why new capital providers are playing the long game at Lloyd's, starting with 20 to 30 million of premium in year oneWhich investors are now eyeing Lloyd's, from US mutuals with surplus on their balance sheets to hedge funds and pension schemesHow Lloyd's capital efficiency lets a spread portfolio compete with ILS, where the outcome depends on whether the wind blowsWhy syndicate selection matters more than class selection now that the easy-money years are overHow investors with the right mindset can treat geopolitical losses as next year's opportunity TIMESTAMPS:00:00 Intro00:51 Is There Still Room for New Capital at Lloyd's?01:55 Why Most Investors Arrive a Year Too Late02:45 The New Capital Pool: Mutuals, Hedge Funds and Pensions03:47 Teaching Investors That Lloyd's Is (Still) Complicated04:29 Syndicate Selection After the Easy-Money Years05:31 Niche Classes, Diversification and the ILS Comparison07:15 Does a Syndicate's Tech Story Matter to Capital?08:43 When AI Will Actually Move the Dial09:41 Geopolitical Risk: Threat or Opportunity for Investors?11:16 Lloyd's Leadership and Tougher Consortium Scrutiny EPISODE LINKS:Kate's LinkedIn: https://www.linkedin.com/in/katejohnsontongue/ Robert's LinkedIn: https://www.linkedin.com/in/robert-flach-21ab114/ Argenta: https://www.argentagroup.com/ CONNECT WITH US:Say Hello: [email protected]: https://www.supercede.comLinkedIn: https://www.linkedin.com/company/supercedehqX: https://twitter.com/SupercedeHQYouTube: https://www.youtube.com/@SupercedeHQRSS Feed: https://anchor.fm/s/7e741c8c/podcast/rss

Property is softening at a sprint. Casualty is walking, and keeping one eye on US social inflation. On the TRP yacht at Monte Carlo RVS 2026, Lockton Re's Carla Moffett and Sam Sweeney explain why casualty reinsurance won't follow the rest of the market down, and why the brokers worth hiring now do much more than place the treaty. WHAT YOU'LL LEARN: Why casualty capacity is plentiful but pricing isn't dropping as fast as propertyHow portfolio quota shares covering MGA and delegated books are creating placements outside the renewal seasonWhat reinsurers want to hear on social inflation: claims defence, early reserving, paying quicklyHow to make sure hard-won original rate gets credit on the reinsurance sideWhy blanket AI exclusions don't work when silent AI already sits inside PI, D&O and GLWhere AI is already sharpening broker work: submissions, data ingestion, contract reviews TIMESTAMPS:00:00 Intro00:18 Why casualty isn't softening like property01:58 Portfolio solutions and off-cycle MGA placements02:37 Social inflation and the reinsurers who reserve early03:56 From transaction processor to trusted advisor05:18 The broker as part-time recruitment consultant06:01 PFAS, AI liabilities and what's really on the agenda07:30 Why blanket AI exclusions make no sense in casualty08:13 Born digital: using AI to sharpen the broker09:24 Are we already AI-enabled? EPISODE LINKS:Carla's LinkedIn: https://www.linkedin.com/in/carlamoffett/ Sam's LinkedIn: https://www.linkedin.com/in/samuel-sweeney-34744851/ Lockton Re: https://global.lockton.com/re/ CONNECT WITH US:Say Hello: [email protected]: https://www.supercede.comLinkedIn: https://www.linkedin.com/company/supercedehqX: https://twitter.com/SupercedeHQYouTube: https://www.youtube.com/@SupercedeHQRSS Feed: https://anchor.fm/s/7e741c8c/podcast/rss