The Reinsurance Podcast

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  Monte Carlo #67 - Sarah Wilson: What Buyers Actually Want From Reinsurers 23.09.2026 7мин

  Sarah Wilson, Head of Outwards Reinsurance at MS Amlin, would rather know who'll still be on her panel when it isn't. Recorded in Monte Carlo in heat that could poach an egg, this is a cedent's case for picking reinsurance partners for the full cycle, not just the 1/1 renewals.WHAT YOU'LL LEARN:Why a cedent in a soft market still picks reinsurers for the long haul rather than the cheapest lineWhat sets reinsurers apart now that strong security is something most panels already haveHow MS Amlin looks across panels and classes when most of its portfolio renews at 1/1Why the industry needs to redesign first jobs for young talent, not remove them, as AI takes over the grunt workWhere outwards teams want their time back so they can spend it on insight instead of assemblyTIMESTAMPS:00:00 Intro: a hot RVS and a big MS Amlin team in town00:30 Buyer's market or not, reinsurance is a promise to pay01:10 What reinsurers bring beyond capacity and good security02:00 Starting in the market at 16 and why juniors need a chance02:50 AI, disappearing starter roles and the rise of data insight04:00 1/1 buying, cross-class panels and the data pack grind04:50 After Monte: PCI, Bermuda and Baden05:20 Same conversation next year? Why nobody can call the turnEPISODE LINKS:Sarah's LinkedIn: https://www.linkedin.com/in/sarah-wilson-916871182/MS Amlin: https://www.msamlin.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
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  Monte Carlo #66 - Paolo Mantero : Stop Talking Price, Start Talking Risk 23.09.2026 17мин

  Paolo Mantero, Group Head of Reinsurance at Zurich, spent his first RVS arguing it's the least useful conversation in the room. On the Reinsurance Podcast yacht, he makes the case for data centres, AI and climate risk instead, and explains why cedents who sit out the new economy lose the right to be heard.WHAT YOU'LL LEARN:Why insurers risk irrelevance if they can't serve the fastest-growing part of the economyHow cedents can claim a bigger share of data centre and infrastructure deals, and what staying on the sidelines costs themWhere AI actually earns its keep in reinsurance: seeing the interconnections between risks, not just shaving time off processesWhy your growth strategy, not the cycle, should frame every conversation with brokers and reinsurersHow traditional reinsurance and capital markets each fit, and where sidecars come inWhy prevention could become insurance's most important social role as climate volatility risesTIMESTAMPS:00:00 Intro00:45 First Monte Carlo and cutting through the noise01:30 Economic growth and the data centre opportunity02:30 Why re/insurance struggles to serve the new economy03:15 The capital paradox: plenty of it, hard to reward04:15 If you don't participate, you don't have a voice05:15 Bringing reinsurance capital along for the ride06:15 Insurance risk as a diversifier for capital markets07:30 Sidecars, and why the traditional market still comes first08:45 Talking strategy with brokers and reinsurers, not the cycle10:15 The AI future arrives, bubble or no bubble11:15 Understanding risk better beats efficiency12:30 Climate volatility: are we equipped for it?13:45 Prevention and insurance's social role15:00 Final advice for Monte Carlo: stop talking about priceEPISODE LINKS:Paolo's LinkedIn: https://www.linkedin.com/in/paolo-mantero-07029b/Zurich: https://www.zurich.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
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  Monte Carlo #65 - Celine Thierry: What Actually Works With AI in Insurance 22.09.2026 10мин

  Two years of AI proofs of concept have left reinsurance with a mild hangover and a nagging suspicion that none of it was real. Céline Thierry, Senior Director, Reinsurance at Duck Creek, joins us at Monte Carlo RVS to explain why this year feels more grounded. The industry is spending less time on AI as a big idea and more on where it gives underwriting and reinsurance experts room to do the work only they can do.WHAT YOU'LL LEARN:Why AI in reinsurance has moved from abstract ambition to practical friction-removalHow climate and geopolitical risk make connecting underwriting and reinsurance data more urgentWhy the US market is moving faster on AI adoption than EuropeWhat Duck Creek's acquisition of Send says about proving AI beyond the POC stageWhy the weekend-built policy admin system won't replace 30 years of relationshipsTIMESTAMPS:00:00 Intro00:37 Céline on running Duck Creek's reinsurance product portfolio01:14 Why the AI conversation got more grounded this year02:10 Climate, geopolitics and risks that refuse to sit still02:59 Duck Creek, Send and why underwriting and reinsurance must connect03:55 Finally knowing what's actually in your portfolio04:32 The POC hangover, and why the US is adopting faster than Europe05:45 Is anyone asking AI to solve a specific problem yet?06:59 Can someone really build a policy admin system on their own?07:47 AI as a means, not a threat to expertise08:53 Would she have believed any of this two years ago?09:33 OutroEPISODE LINKS:Celine's LinkedIn: https://www.linkedin.com/in/celine-thierry-7640471/Duck Creek: https://www.duckcreek.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
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  Monte Carlo #64 - Yassir Albaharna: Risks Cedents Didn’t Expect 22.09.2026 10мин

  Yassir Albaharna has been coming to Monte Carlo for almost 37 years, back when meetings lasted an hour and M&A hadn't yet thinned out the receptions. On the TRP yacht at RVS, the Group CEO of Trust Re explains why the Gulf's political violence losses are colliding with a soft reinsurance market. Also why cedents across the Middle East are finding their exposures outgrew their protection, and why the oldest rule in reinsurance buying is suddenly the most relevant.WHAT YOU'LL LEARN:Why a capacity-driven soft market is still tightening wordings on political violence and contingent BI in the GulfHow an estimated $3-4bn of war and political violence losses could squeeze cedents' premium volumes in 2026Why Gulf cedents want more protection just as reinsurers get wary of poorly modelled risksWhy "buy for the unknown" should shape your programme before renewal, not after the next lossWhere the Middle East's insurance talent is coming from, and why keeping it is the real challengeTIMESTAMPS:00:00 Intro00:37 Almost 37 years of RVS and how Monte Carlo has changed01:54 Hungry capacity meets Gulf political violence losses03:18 Why Gulf cedents face a premium squeeze in 202604:13 More protection wanted, less appetite offered, and buying for the unknown06:07 Where the Middle East's reinsurance talent is coming from07:55 Retention, IFCs and the London brokers moving east08:52 Advice from almost four decades in reinsurance10:22 OutroEPISODE LINKS:Trust Re: https://www.trustre.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
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  Monte Carlo #63 - Richard Dudley: Portfolio Trading Is About to Get Smarter 22.09.2026 9мин

  Richard Dudley, CEO of UK & International Reinsurance at BMS, joins us on The Reinsurance Podcast yacht in Monaco to explain why handing 40 years of US treaty reinsurance history to Willis was the right call, then takes on climate, sanctions and where AI genuinely helps in reinsurance today.WHAT YOU'LL LEARN:- Why BMS sold its US treaty reinsurance business to Willis, and why losing 15% of the business can sharpen focus on the other 85%- How climate change opens revenue lines beyond weather perils, from renewable energy financing to warranty and indemnity cover- Why fractured, inconsistent sanctions regimes are quietly a bigger headache for global broking than tariffs- Why AI's real value in reinsurance is forcing companies to fix broken manual processes before automating them- How real-time portfolio views could accelerate the shift toward portfolio trading, broker facilities and MGAsTIMESTAMPS:00:00 Intro00:37 Why BMS Sold Its US Treaty Reinsurance Business to Willis03:35 The Climate Opportunity Reinsurance Keeps Overlooking05:06 How Fractured Sanctions Are Complicating Global Broking06:37 Why AI Is Forcing Reinsurers to Fix Broken Processes First08:04 Real-Time Portfolio Views and the "Minority Report" FutureEPISODE LINKS:Richard's LinkedIn: https://www.linkedin.com/in/richard-dudley-bms/BMS: https://www.bmsgroup.com/enCONNECT WITH US:Say Hello: ⁠[email protected]⁠Website: ⁠https://www.supercede.com⁠ LinkedIn: https://www.linkedin.com/company/supercedehq X: ⁠https://twitter.com/SupercedeHQ⁠ YouTube:⁠ ⁠⁠https://www.youtube.com/@SupercedeHQ⁠ RSS Feed: ⁠https://anchor.fm/s/7e741c8c/podcast/rss⁠
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  Monte Carlo #62 - Caroline Wagstaff: AI Won’t Fix a Missing Generation 22.09.2026 13мин

  Caroline Wagstaff runs London Matters, the report that tells the London market what it's actually worth, and this year the real story sits under the topline numbers. 24% of the London reinsurance market is under 30 today; in a decade, that's projected to fall to 7%, and nobody can agree whether AI or the pricing cycle is to blame. She joined us on the TRP yacht in Monte Carlo to unpack both, plus what 15 years of data says about London's comeback in reinsurance.WHAT YOU'LL LEARN:Why London's reinsurance market share is climbing again after a decade of decline, and what's pulling new entrants back inThe real driver behind an 18% drop in entry-level hiring across the London market (it's not really AI)What a 24%-to-7% shift in under-30 talent means for wage costs a decade outWhy talking about pricing cycles in public may be quietly costing the market client trustWhat 15 years of London Matters data reveals about London's economic weight, and why government should careOUTLINE & TIMESTAMPS00:00 Intro00:37 Is the London market actually placing bets on AI?02:32 Why AI and reinsurance's talent crisis are the same conversation04:32 What the London Market Group is doing about the talent gap05:42 Fifteen years of London Matters, and why it's reinsurance's heartbeat07:42 London's reinsurance comeback, and where it's coming from08:52 The unglamorous data work behind London's AI readiness09:48 Why the industry's obsession with pricing cycles undermines trust10:58 Twenty-five years on: how much Monte Carlo has changedEPISODE LINKS:Caroline's LinkedIn: https://www.linkedin.com/in/caroline-wagstaff-4914b0b/London Market Group: https://lmg.london/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
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  Monte Carlo #61 - Mikir Shah: Most Insurers Are Using AI Wrong 21.09.2026 13мин

  Mikir Shah, CEO of developing-markets reinsurer Africa Specialty Risks, built AI into the whole underwriting engine instead: quote to bind, no manual data entry. Then he paused it anyway, just to check the machine's doing what it's meant to.WHAT YOU'LL LEARN:Why building AI into every underwriting step, not just the easy bits, changes what the job actually looks likeHow a cyclone claim paid out in seven days, and what that speed protects that a slow claim never canWhy record levels of reinsurance capital keep chasing developed markets, and what that leaves exposedHow conflict in the Middle East ripples into African food security through fuel and fertiliser shortagesWhy training local underwriting talent might do more for developing markets than any AI modelOUTLINE & TIMESTAMPS:EPISODE LINKS:Mikir's LinkedIn: https://www.linkedin.com/in/mikir-shah-42104259/Africa Specialty Risks: https://www.asr-re.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
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  Monte Carlo #60 - Emily Davis: Data Centres Are Just the Beginning 21.09.2026 7мин

  Emily Davis, Head of Global Specialty at Everest, is more interested in everything plugged into data centres. Recorded on the TRP yacht, this one is about the specialty reinsurance growth story behind the build-out: semiconductor plants, EV factories, onshored manufacturing, and a renewable energy project bolted onto every new server farm.WHAT YOU'LL LEARN:Why the data centre itself is only a fraction of the exposure, and what the rest of the mega risk actually looks likeHow onshoring, semiconductor plants and EV production create the same accumulation problems underwriters are already working through on data centresWhy energy security and geopolitics are pushing more money into the energy transition rather than lessHow specialty lines can sit in different phases of the cycle at once, and where that leaves growth this renewalWhat global expertise plus local underwriting looks like when a risk crosses several jurisdictionsOUTLINE & TIMESTAMPS:00:00 Intro00:37 Different lines, different phases of the cycle01:32 The one desk in Monaco with a growth story02:06 Why the data centre is the small part of the mega risk02:45 The power problem: renewables, geopolitics and energy security03:29 Marine, aviation and the old world adapting again04:27 Glocal: global expertise, local underwriters05:13 AI, efficiency and what it frees people up to doEPISODE LINKS:Emily's LinkedIn: https://www.linkedin.com/in/emily-davis-a2218678/Everest: https://www.everestglobal.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
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  Monte Carlo #59 - Christa Schwimmer: What Clients Really Want From Reinsurers 21.09.2026 9мин

  Christa Schwimmer, Chief Executive for Specialty, Lloyd's and Bermuda at Munich Re, joins us on the yacht at Monte Carlo 2026 to talk about what cedents actually value, why she's unconvinced by the data centre gold rush, and where AI insurance sits on the curve cyber climbed fifteen years ago.WHAT YOU'LL LEARN:Why a reinsurer's survey scores track predictability and reliable capacity far more closely than technical pricing skillWhat it costs to hold your risk rather than lean on retro, and why that's what let Munich Re reconfirm capacity within the hour after IanHow to read the data centre opportunity properly when so much of the risk still sits retained with insurers and rates aren't paying for the scaleWhere AI insurance genuinely is today, why silent AI is the first thing to solve, and what the cyber market's first decade tells you about the timelineWhat abundant capital, sidecars and third-party money mean heading into 1/1, and the one kind of event that would change the conversation entirelyOUTLINE & TIMESTAMPS:00:00 Intro00:37 Fifty-year treaties and a market cycle that barely registers01:37 An NPS of 70, and what clients actually said they valued03:34 Abundant capital, competitive pressure, and the data centre question05:17 Cyber, At-Bay, and the first moves into AI insurance06:31 Geopolitics, unpredictability, and the value of a predictable partner07:13 Sidecars, third-party capital, and whether investors keep coming08:27 What would have to break for next year's conversation to changeEPISODE LINKS:Christa Schwimmer on LinkedIn: https://www.linkedin.com/in/christa-schwimmer-94a7b8aa/Munich Re: https://www.munichre.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
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  Monte Carlo #58 - Sebastian Cook: How to Use Excess Reinsurance Capital 21.09.2026 8мин

  Everyone at Monte Carlo agrees the market is flush. Sebastian Cook, CEO, UK at Howden Re, reckons the abundant capital is the easy bit; the skill is matching it to a client problem worth solving. He joins us on the yacht to explain how the reinsurance conversation moved from the price of a programme to off-balance-sheet capital, and why nobody in the market, his own firm included, has the industrial AI story yet.WHAT YOU'LL LEARN:Why record capital and cat bond issuance don't win renewals on their own, and where broker judgement actually earns its keepHow to build a value case beyond rate, using attachment points, capital relief and structured or parametric optionsWhat reinsurers are really competing on this year, and how to read their relevance pitch before renewalWhy alternative capital stopped being the preserve of major multinationals and what that changes for a cedent interrogating its outwards programme while it's still openWhere AI is making a real difference in reinsurance today, and where it's still a slide rather than a capabilityEPISODE LINKS:Seb's LinkedIn: https://www.linkedin.com/in/sebastian-cook-b862ba133/Howden Re: https://www.howdenre.com/OUTLINE & TIMESTAMPS:00:00 Intro01:10 Why Seb thinks this market is beautifully poised01:55 What makes a broker stand out when capital is abundant02:55 Past the rate: attachment points, capital relief and parametric options04:02 Why reinsurers are racing to prove relevance before renewal05:02 From the price of a programme to off-balance-sheet capital06:18 Signing off data scientists instead of contract wordings07:06 The honest state of AI in reinsurance08:06 Closing thoughtsCONNECT 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
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  Monte Carlo #57 - Dirk Spenner: Don’t Waste a Soft Reinsurance Market 18.09.2026 14мин

  Everyone's calling this a soft market. Dirk Spenner, CEO International at Gallagher Re, thinks that's the boring way to read it. He sat down with us on a boat in Monaco to make the case that record capital isn't really a price story — it's an optionality story, and most buyers are about to waste it exactly like they wasted the last one.WHAT YOU'LL LEARN:Why most clients pocketed their savings after the 2023 property market reset instead of reinvesting in better structures — and why that's about to changeHow to tell the difference between a market handing you cheaper cover and a market handing you a better oneWhat "optionality" actually means for a renewal, beyond a lower rateWhy data center and AI-exposure aggregation is quietly becoming a bigger underwriting headache than any single hurricaneWhy Gallagher Re expects faster consolidation between reinsurers who price and manage risk well, and everyone elseEPISODE LINKS:Dirk's LinkedIn: https://www.linkedin.com/in/dirk-spenner-31973240/Gallagher Re: https://www.ajg.com/gallagherre/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
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  Monte Carlo #56 - Laurent Montador: Calm Markets Can Be Dangerous 18.09.2026 11мин

  Everyone at Monte Carlo this year agreed the market's calm. Laurent Montador, Deputy CEO of Arundo Re, thinks that's exactly the problem. He joins The Reinsurance Podcast to explain why three straight years of softening, wildfires spreading from Los Angeles to the south of France, and a jittery bond market might be quietly setting up the next hard cycle.WHAT YOU'LL LEARN:Why disciplined reinsurers are still finding room to compete in a soft market without breaking formHow wildfires in France and Spain are changing the way secondary perils get priced — and why they're so hard to modelWhere agentic AI is actually landing in reinsurance operations, and why the front office stays humanWhich combination of shocks — inflation, financial markets, losses — could flip a soft market hard almost overnightWhere Arundo Re is still finding growth (India and life reinsurance) while other lines softenTIMESTAMPS:00:00 Intro00:37 Monte Carlo 2026: a market still softening01:47 Staying disciplined without losing clients02:47 When cedents and brokers push back on terms03:52 Wildfires move secondary perils closer to home05:27 Where AI is actually being used in reinsurance06:42 Real-time data, real risk: the privacy tightrope07:57 The pockets of growth in a soft market09:07 The combination that could harden the market fast10:42 Closing thoughts from Monte CarloEPISODE LINKS:Laurent's LinkedIn: https://www.linkedin.com/in/laurent-montador-3b41688/Arundo Re: https://www.arundore.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
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  Monte Carlo #55 - Jon Laux: AI Risk Isn't a Cyber Problem 17.09.2026 11мин

  Jon Laux, Head of Analytics at CyberCube, explains why the reinsurance industry's cyber lane can't hold it, and where the exposure actually lands. That's after his insurance rapping intro!WHAT YOU'LL LEARN:Why treating AI as the next wave of cyber leaves your real exposure sitting in casualtyHow to separate network risk from a genuinely new kind of intelligence risk, and why that distinction decides which wordings respondWhat the I2T2 framework (information, intelligence, technology, tactics) gives underwriters that exclusions and grants never willWhere AI liability lands when a professional services firm's bad inputs become somebody else's lossWhy the next concentration risk might be called Anthropic or OpenAI rather than AWS or AzureEPISODE LINKS:Jon's LinkedIn: https://www.linkedin.com/in/jon-laux-9477a72/Cybercube: https://www.cybcube.com/OUTLINE & TIMESTAMPS:00:00 Intro00:37 Jon Laux raps03:37 From kid rapper to insurance conference stages04:16 Two realities: machine speed against 12-month policies06:04 I2T2, and why it isn't a Star Wars droid07:24 Not just a new form of cyber risk07:45 When Anthropic and OpenAI become the new AWS08:20 Cyber is network risk. AI is a new kind of intelligence08:48 Why this is really a casualty conversation09:30 Insurance likes lanes. The lanes are getting redrawn
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  Monte Carlo #54 - Joachim Racz: The Reinsurance Cycle Is Overcorrecting 17.09.2026 14мин

  Everyone arrived in Monaco certain the market was going one way. Joachim Racz, CEO at Ageas Re, spent the week telling brokers that the ask went 20%, then 15%, then 10% in about ten days, and there's a reason it stops somewhere. He calls the last four years hazard-driven over-oscillation — reinsurance repricing down as fast as it repriced up, with IFRS 17 now sitting underneath the whole thing like a floor nobody wants to be first to test.WHAT YOU'LL LEARN:Why pricing to a 10% ROE in 2026 is a worse trade than the identical number in 2021, and what 350 basis points of risk-free rate does to the shareholder mathsHow onerous contract reporting under IFRS 17 changes soft-market behaviour, and why 2027 is the first cycle where the loss shows up on day one rather than 31 DecemberWhat four consecutive loss-light years do to everyone's view of what they were actually pricing forWhere the model gaps are already showing — Portuguese windstorm, European wildfire — and what that means for perils nobody rated as leadWhy AI investment across re/insurance is real but slow, and how a nine-month internal approval swallows a one-week buildA specific thing to watch for yourself this week: whether the tone on Wednesday evening matches the tone on SundayOUTLINE & TIMESTAMPS00:00 Intro00:37 A strange market, and brokers testing 20%, then 15%, then 10%01:53 Why 2021 pricing doesn't mean 2021 economics03:02 IFRS 17, onerous contracts, and the floor nobody wants to test04:56 Hazard-driven over-oscillation, and the cost of wild swings07:07 What you can and can't blame on climate change08:34 Secondary perils and the Portuguese windstorm nobody modelled09:43 5% of staff budget on AI, and nine months waiting on IT10:59 Disruptors, cybersecurity, and five points off the combined ratio12:53 Sunday's tone versus Wednesday's: what to watch this weekEPISODE LINKS:Joachim's LinkedIn: https://www.linkedin.com/in/joachim-racz-a11401/Ageas Re: https://www.ageas-re.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
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  Monte Carlo #53 - Laurent Rousseau: Soft Markets Create Dangerous Confidence 16.09.2026 13мин

  Laurent Rousseau has been on both sides of the desk — trading floor, then broking, now running Global Capital & Advisory at Marsh. Reinsurance is softening, capital is emboldened, and everyone's telling themselves this time is different because the models are better. He thinks the accident just comes through a different door. This one's a masterclass in reading a market you can't fully see yet.WHAT YOU'LL LEARN:Why "the market is softening" and "the market is safe" are not the same sentence, no matter how good your models areHow to build optionality into your 1/1 reinsurance programme without playing the villain to your long-term partnersWhy most reinsurers are less differentiated from each other than they'd like to admit — and what actually separates the ones that areWhat it will really take to shake reinsurance out of its complacency on data and tech, according to someone who's watched it stall for yearsHow to read the "pointillist picture" of Monte Carlo without mistaking a boring consensus for a useless oneEPISODE LINKS:Laurent's LinkedIn: ⁠https://www.linkedin.com/in/laurent-rousseau-27b8a63/⁠Marsh: ⁠https://www.marsh.com/⁠Marsh Re: https://www.marsh.com/reinsuranceCONNECT 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
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  Monte Carlo #52 - Waleed Jabsheh: When Excess Capital Starts Driving Bad Decisions 16.09.2026 15мин

  Everyone at Monte Carlo this year is having the same conversation: too much capital, too much appetite, not enough discipline. IGI's CEO Waleed Jabsheh sat down with us on a boat considerably nicer than ours and told us, essentially, to relax — the market always finds its own blood eventually. He also explained why IGI shrank its book on purpose last year, launched a Bermuda-based cyber MGA in the middle of a soft market, and is betting on a person rather than a portfolio to get them through it.WHAT YOU'LL LEARN:Why IGI would rather shrink premium by 4% than chase growth that doesn't pay for itselfWhat actually turns a soft market hard (hint: it isn't economics or geopolitics)Why "excess capital" is quietly the most dangerous phrase in reinsurance right nowWhy the Middle East war's $2bn+ property hit hasn't moved pricing as much as it shouldWhy IGI just launched a Bermuda cyber MGA instead of waiting out the cycleTIMESTAMPS:00:00 Intro00:37 RVS 2026 through IGI01:10 Managing the cycle: protecting five years of gains02:12 Where real opportunity still hides in a soft market02:45 Underwriting profitability over topline growth03:50 Why IGI shrank the book and doesn't regret it04:20 What it actually takes to turn a soft market hard04:46 Benign losses, growing hunger, and naive capacity05:49 When excess capital tempts bad decisions06:23 The risk nobody's pricing07:32 The Middle East war09:16 Does deglobalisation threaten a global industry?10:21 Letting hunger override discipline11:18 Inside IGI's GIFT City and Cipher Underwriting13:28 Why talent, not capital, is the real bet behind CipherEPISODE LINKS:Waleed's LinkedIn: https://www.linkedin.com/in/waleedjabsheh/IGI: https://www.iginsure.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
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  Monte Carlo #51 – Jeremy Epstein: Insuring AI's Authority to Act 15.09.2026 8мин

  Everyone's pricing AI as a headline risk. Jeremy Epstein thinks that's the wrong question entirely — the risk isn't that a company uses AI, it's what authority they've quietly handed it to act without anyone watching. He left underwriting for venture, watched every pitch deck turn into "AI-native law firm," and built Mayflower Specialty to insure the gap nobody else is pricing.WHAT YOU'LL LEARN:Why "AI" as a noun tells you nothing about the risk — and what to ask insteadHow a five-person team is underwriting exposure for organisations backed by AA-rated capitalThe line between AI drafting a suggestion and AI shipping it unsupervised — and why that line is the whole policyWhy standards like NIST and ISO 42001 are becoming the difference between insurable and uninsurableWhat building "from zero" in the AI era actually looks like versus retrofitting a legacy insurerEveryone's pricing AI as a headline risk. Jeremy Epstein thinks that's the wrong question entirely — the risk isn't that a company uses AI, it's what authority they've quietly handed it to act without anyone watching. He left underwriting for venture, watched every pitch deck turn into "AI-native law firm," and built Mayflower Specialty to insure the gap nobody else is pricing.WHAT YOU'LL LEARN:Why "AI" as a noun tells you nothing about the risk — and what to ask insteadHow a five-person team is underwriting exposure for organisations backed by AA-rated capitalThe line between AI drafting a suggestion and AI shipping it unsupervised — and why that line is the whole policyWhy standards like NIST and ISO 42001 are becoming the difference between insurable and uninsurableWhat building "from zero" in the AI era actually looks like versus retrofitting a legacy insurerEPISODE LINKS:Jeremy's LinkedIn: https://www.linkedin.com/in/jaepstein00002/Mayflower Specialty: https://mayflowerspecialty.com/OUTLINE & TIMESTAMPS:00:00 Meet Jeremy & the Idea Behind AI Insurance00:52 Building an AI-Native Insurance Business02:08 Running an MGA With Just Five People03:02 When Does AI Stop Replacing Headcount?03:52 The Real Risk: What You Let AI Do05:05 Underwriting AI Deployment06:05 AI Isn’t Just Software Anymore07:05 What Traditional Insurers Can Learn From AI-Native Firms07:42 Final Thoughts
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  Monte Carlo #50 - Scott Egan: Stop Calling This a Soft Market 15.09.2026 11мин

  Everyone at Monte Carlo wants to talk about the soft market. Scott Egan, CEO of SiriusPoint, says that's the wrong question. Recorded live at RVS 2026, he breaks down why treating reinsurance like one market with one cycle is how you get hurt, and where SiriusPoint is quietly leaning in while property cat hogs the microphone.WHAT YOU'LL LEARN:Why "the market cycle" is a lazy headline that hides what's really happening market by marketWhy property cat dominates the conversation at Monte Carlo while other lines tell a completely different storyWhere SiriusPoint is leaning into casualty risk, and where they're deliberately staying out (commercial auto included)Why active diversification, not a static portfolio, is what separates the winnersWhy Scott thinks AI is quietly changing everything and revolutionising nothingTIMESTAMPS:00:00 Intro00:38 Setting the Scene at RVS 202602:01 Staying Sharp Across a Diversified Book03:11 Why Data Centres Look Like the Next Cyber04:24 Stop Calling This a Soft Market05:58 Baking Culture Into an AI-Driven Business07:11 Reading the Room Before 1/1 Renewals08:44 The Loyalty Behind SiriusPoint's Comeback09:45 Why AI Is Evolution, Not RevolutionEPISODE LINKS:Scott's LinkedIn: https://www.linkedin.com/in/scott-egan-a78a5b185/SiriusPoint: https://www.siriuspt.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
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  Monte Carlo #49 - Daniel Raizman: Data Centres Are Reinsurance's Biggest Growth Bet 15.09.2026 10мин

  Somewhere between eight and ten trillion dollars is heading into data centres by 2030. The reinsurance market's response so far has been to argue about how to code the occupancy. Daniel Raizman of Aon joins Ben at Monte Carlo to talk through the market's largest growth opportunity, and why "name your three biggest concentrations" is the question nobody wants to be asked twice.WHAT YOU'LL LEARN:- Why a $13bn premium pool in 2026 becomes roughly $29bn by 2030, and what the market has to do to actually write it- How to find data centre exposure inside a portfolio when the only thing you've been given is a geocode- Why reinsurers are now asking cedents to name their three largest concentrations, and what it takes to answer- What the chips and GPUs inside a campus do to its value once the compute goes in- Why the most expensive data centre loss might involve no physical damage at allTIMESTAMPS:00:00 Intro00:34 Daniel Raizman on Aon's data centre and digital infrastructure push01:37 The $10 trillion capex wave and the $29bn premium prize02:30 6,500 data centres already exist, so what actually changed03:16 Inside a live build: 5,000 workers a day and the contents problem04:11 Why data centre risk is coming off balance sheets05:10 Identifying data centre exposure when all you have is a geocode05:53 The three-concentrations question reinsurers keep asking06:54 Dive straight in, or get a grip on exposure first07:38 Triaging sites for wind, seismic and extreme heat08:15 Fire, tornadoes and the perils that actually bite09:00 The uptime penalties that dwarf the physical damage10:02 Where the capital needs to go nextEPISODE LINKS:Daniel's LinkedIn: https://www.linkedin.com/in/danielraizman/Aon: https://www.aon.com/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
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  Nick Hankin: What Earns a Cedent More Capacity | TRP #178 25.08.2026 27мин

  Nick Hankin spent thirty years buying reinsurance at RSA, Zurich, AXA, AIG and Aviva. Now he runs QBE Re, and he is unusually direct about which cedents get his capacityand which part of the book quietly stops getting renewed. Three months out from 1/1, that is a useful thing to hear said out loud.WHAT YOU'LL LEARN:- How a top-20 reinsurer sorts its book into global, key and transactional clients, and what moves you between them- Why consistency through a softening market buys more capacity than opportunism ever will- Where attachment point discipline needs to hold at 1/1, and where Hankin thinks the market could slip- What a casualty sidecar actually lets a reinsurer say yes to- Why 170 people and a $6bn ambition makes AI a force multiplier rather than a headcount questionEPISODE LINKS:Nick's LinkedIn: https://www.linkedin.com/in/nick-hankin-b538595/QBE Re: https://qbere.com/CONNECT WITH US:Say Hello: ⁠[email protected]⁠Website: ⁠https://www.supercede.com⁠ LinkedIn: https://www.linkedin.com/company/supercedehq X: ⁠https://twitter.com/SupercedeHQ⁠ YouTube:⁠ ⁠⁠https://www.youtube.com/@SupercedeHQ⁠ RSS Feed: ⁠https://anchor.fm/s/7e741c8c/podcast/rss⁠ OUTLINE & TIMESTAMPS:00:00 Intro & Nick Hankin’s Journey to QBE Re01:53 From Insurance Buyer to Reinsurer03:12 Why Reinsurance Is a People Business04:19 Local Decision-Making, Global Thinking06:27 QBE Re’s Growth Strategy & the Softening Market09:37 Product Innovation & Growth Levers11:12 Sidecars, Parametrics & Emerging Risks14:28 Broker Partnerships & New Markets15:27 Property, Casualty & Market Discipline20:10 AI & the Future of Reinsurance21:56 Attracting Talent & Building the Right Culture23:35 AI Skills, Reverse Mentoring & LLMs25:33 Closing Thoughts