EDITOR’S LETTER
Making hay (if you can navigate the renewals)
“The common theme? They see opportunity in dislocation.”
As we approach the second consecutive year of no in-person Monte Carlo Rendez-Vous, it seems strange also to start to discuss the renewals season. The intensity of so many face-to-face meetings at the conference usually acts as the perfect catalyst to kickstart discussions around the 1.1 renewals, even in the broadest of terms.
Yet this industry is habitual. Historically, it might have been called traditional or even outdated—habitual is kinder. Just as they did last year, discussions will begin, brokers and buyers will test the water and assess the appetite of reinsurers for changes to their programmes and the rate they will pay.
Last year, such discussions were held almost exclusively in a virtual environment. This year, that is starting to change.
Although Monte is cancelled, some of the other big conferences including Baden-Baden, SIRC and APCIA look set to happen in a physical way to some extent—a hybrid business model for conferences is being born.
Here is something to watch: some companies appear to be taking a bullish stance when it comes to returning to normal, with international travel and face-to-face meetings at conferences or otherwise. Life on Bermuda, for example, is rapidly returning to normal, with some brokers again putting in the steps up and down Front Street.
Others are not: some of the bigger players have a policy of “only essential” travel. The interesting thing here, travel insurance and ethical dilemmas aside, is whether in a business that has traditionally been so big on face-to-face meetings and contact, that would disadvantage certain companies.
The bottom line often talks loudest: watch this space, or read some of the debates we have had in this issue—they were good. There are four write-ups based on two Re/insurance Lounge panel discussions.
Enter the new
This renewal will be unique for very different reasons as well. Yet again, as has always been the case when the industry has enjoyed a relatively prolonged hard market (although some might debate that definition) the industry is awash with new companies, startups, new ventures and entrepreneurs all trying to make their mark (and some hay) while the sun is shining.
It has been fascinating to document the entrance of such players in the past 12 months, and hearing their executives outline their strategic plans. In this issue, we speak to a number of companies that are expanding, launching and venturing into new territory.
A common theme in this issue is entrants to the D&O space. Rising Edge is a brand new venture, aiming to transform this space. We also speak to the chief operations officer of SiriusPoint about several Bermuda-based managing general agents targeting D&O that it has invested in. The common theme? They see opportunity in dislocation—another way of saying they can make hay while the sun shines.
We spoke to BMS Re about its ambitious expansion plans in the US, to QBE about its new report outlining its gender and ethnicity pay gaps, and to law firm Browne Jacobson, that has proved that people are now more concerned about drunken behaviour and misconduct in the city than ever before.
Enjoy the August issue of Intelligent Insurer Review.
Wyn Jenkins is managing editor of the Newton Media insurance group
Image: shutterstock.com / Glyn Swanson
