How do you harmonise distribution strategies in a rapidly evolving marketplace?

Sara Farrup took over as head of global markets at Axis at the beginning of the year, assuming leadership of one of the largest syndicates in Lloyd’s and a major market maker in areas including cyber and renewable energy.

In an interview with Behind the Headlines, Farrup explained that it’s essential for fast-follow and open-market strategies to align, as well as being thoughtful about which coverholders to partner with to drive value.

And in this episode’s news discussion, Insurance Insider editor Fiona Robertson digests the latest market message issued by Lloyd’s.

Sam Casey: 0:04

Hello and welcome to Behind the Headlines, brought to you by Insurance Insider. I'm Sam Casey, and thanks for tuning in to the latest episode. Remember, you can subscribe to the podcast either on our website or on your podcast platform of choice. This week's guest is Sarah Farrah, Head of Global Markets as Axis Capital. Amongst the subjects we touch on in this is the delegated authority space where Axis is an active participant. Sara told me that to operate in the area successfully, it's essential to have alignment with the company's wider open market strategy.

SPEAKER_02: 0:35

Partnering with those trusted colleagues gives you diversification of product geography segment, but you need to understand who you're partnering with, and it's a trusted relationship that is guided by understanding the data, how that aligns with your open market strategies, and really being clear on what it gives you because it's very easy to get carried away.

Sam Casey: 1:03

First up, Lloyd's recently delivered its quarterly market message, which is the focus of this episode's news discussion. I'm joined now by Insurance Insider editor Fiona Robertson. Fiona, thanks for coming back on the show.

Fiona Robertson: 1:15

Always a pleasure, Sam.

Sam Casey: 1:16

So we had Lloyd's delivering their quarterly market message last week. It's always a good opportunity to gauge the feeling in the market and see what their priorities are. What were the overall messages and priorities which Lloyd's and Rachel Turk were communicating this time around?

Fiona Robertson: 1:36

I think really the key takeaway was this sense from Rachel Turk of asking underwriters or Lloyd syndicates not to kind of hurry themselves into the soft market any faster than they need to. So she was acknowledging the sort of competitive pressures that they face and the fact that they have to be competitive when they're quoting, but also kind of just urging them to sort of hold back where they can or just make sure they're still trying to stick to their business plan. So I think that was probably the key takeaway for me.

Sam Casey: 2:07

And as it got a bit more granular, it seems like the one class of business which was laboured out in particular for a bit of a recommend was the property DNF space. Why was it that that was in her sights?

Fiona Robertson: 2:20

Yes, yes. I suppose there's always one class that gets that kind of must-do better grade. Probably feels a bit like being back in school, I'm sure, for all the underwriters when they hear the market message. So I think the DNF market really it just comes down to the pace of change, is the uh message that came across. And that is one that we've been reporting on through the year, obviously. And I think the speed of rate reductions in the property markets have just taken some people by surprise and been one of the defining changes in the market over the past year. So it's it's not surprising. And I think the messaging was yes, there might still be margin. This is all coming off from a high, so we can handle it. But looking ahead, if that pace was to keep up, I think that is just what they w

Nobody likes flying in turbulence, and in recent years aviation insurers have faced their fair share of upheaval.

First there was the major claim stemming from the war in Ukraine, and following that a string of claims for the all-risk market in 2025.

Launched in 2017, Hive Underwriters has built out despite these challenging conditions, and its CEO Bruce Carman told Behind the Headlines he is eyeing expansion into new classes.

He explains how the war market has learned from the Ukraine event, but there is still more work to do.

And during a busy airline all-risk renewal period, Carman said the nudge north in rating is not enough to account for the loss activity in the class.

In our news discussion, Fiona Robertson gives a lowdown of the noteworthy discussion points from Insurance Insider’s London Market Conference. 

MS Re has undergone a period of significant growth in recent years, and expects to top $4bn of GWP in 2025.

CUO Charlie Goldie explains on Behind the Headlines that the company’s strategy is to deliver value creation for its parent over the long term, partnering with insurers on a cross-class basis to manage volatility.

He said that conditions in casualty reinsurance are improving, but the work is not yet done and underwriters need to keep pushing.

Plus Insurance Insider’s Rachel Dalton explains the takeaways from a frenzied period of Lloyd’s M&A.

How do struggling governments across the globe tackle stagnating economic growth?

According to Cristopher Croft, CEO of the London & International Insurance Brokers’ Association, the specialty broking sector is key to unlocking economic potential.

He tells Behind the Headlines that brokers are more than just transactional cogs in deals, they are risk management experts which help companies navigate the increasingly complex risk landscape.

However, despite Liiba’s lobbying he believes the sector is still underappreciated by governments, and regulated disproportionately.

Plus, Fiona Robertson explains the competitive landscape in the Funds at Lloyd’s auction process. 

IGI’s premium income has almost doubled since it listed in 2020, but how can growth still be achieved in a soft market?

President and CEO Waleed Jabsheh tells Behind the Headlines that there is still fertile ground to expand its ‘relatively small’ reinsurance portfolio, and that the company is targeting specialty treaty business.

But as the soft pricing cycle ramps up, the executive said that he is prepared to walk away from inadequately priced business, and underwriting profitability will always come first.

He explained that the company’s attitude is not top line driven, and he has no intention of deploying capital ‘for the sake of it’.

Plus, Insurance Insider’s Sam Casey explains what is fuelling the increasing interest in the active assailant market. 

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.