Insurance Insider - Behind the Headlines

Hosted by Sam Casey

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Latest episode

Oct 2026

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About the show

Get the inside scoop on the major stories shaping the London Market through discussions with the journalists who broke them with insights from industry professionals on what these developments mean for the (re)insurance sector.

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60 recent

October 29, 2026Episode 7027 min

Behind the Headlines: John Cavanagh of Octave on the MGA Big Bang

MGAs have boomed in recent years, but is the sector still buoyant as the market cycle shifts? According to John Cavanagh of Octave, the sector remains ripe for opportunity, and is becoming ever more sophisticated. He tells Behind the Headlines that the wave of entrepreneurialism that MGAs have unleashed in the insurance sector resembles the Big Bang that shook up the City of London in the eighties. And in this episode’s news discussion, Insurance Insider’s Rebecca Perkins provides her insight from the recent Baden Baden reinsurance meeting.

October 15, 2026Episode 6922 min

Behind the Headlines: Envelop’s Jonathan Spry on the AI arms race in cybersecurity

What does the rapid march of AI mean for the risk landscape faced by the cyber insurance market? According to Envelop CEO Jonathan Spry, there is a ‘predator-prey’ dynamic at work, with AI deployed by cyber bad actors at the same time as it is rapidly adding to cybersecurity capabilities. The risk arises where potential dislocation emerges and cyber criminals exploit the technology more effectively. Speaking to Behind the Headlines , the executive also explains how Envelop is deploying technology to bolster its forward looking analytics capabilities, and lays out the company’s diversification strategy. This episode’s news discussion features Insurance Insider’s Rachel Dalton on the fallout of Hurricane Isaias.

October 1, 2026Episode 6821 min

Behind the Headlines: Africa Specialty Risk’s Mikir Shah on succeeding in emerging markets

What does it take to succeed in emerging markets with low insurance penetration? Africa Specialty Risks CEO Mikir Shah is on a mission to bring the best of specialty insurance to emerging markets across the globe, and help facilitate economic growth in these regions. The business has just inked a new investment deal with Vitruvian and secured key ratings upgrades. He tells Behind the Headlines of the importance of detailed knowledge of local markets, and how constantly searching out new data sources is key to success. Plus, Insurance Insider’s Abbie Day discusses some worrying signs in prior year underwriting performance in cyber.

September 17, 2026Episode 6725 min

Behind the Headlines: Lloyd’s CFO Jim Bichard on the burgeoning ceded re market

The Lloyd’s market has been instrumental in pioneering new ceded reinsurance vehicles, but what are the prospects for continued growth? According to Lloyd’s CFO Jim Bichard, London Bridge II still only accounts for £3bn of capital, compared to the wider $120-$140bn alternative capital market of cat bonds and collateralised reinsurance. Bichard told Behind the Headlines that the opportunity for continued expansion is therefore significant, and now several major insurers have launched ceded reinsurance syndicates the “spell has been broken”, meaning more will follow. Speaking during the Rendez-Vous de Septembre, Bichard also reflected on Lloyd’s recent H1 results, and the Corporation’s attitude to 2027 business planning. And in his week’s news discussion, Insurance Insider editor Fiona Robertson delivers her key takeaways from meetings in Monte Carlo.

September 3, 202632 min

Behind the Headlines: Marsh Re's Vicky Carter on capital innovation in reinsurance

What is the focus of the reinsurance market heading into the annual Rendez-Vous de Septembre in Monte Carlo? According to Marsh Re’s Vicky Carter, the abundant capital in the market is an opportunity for clients to explore innovative capital structures. Speaking on Behind the Headlines , Carter explained how new reinsurance vehicles in Lloyd’s are a win-win for investors and insurers, and is putting pressure on the conventional reinsurance market. Carter also reflected on her work supporting rising professionals in the reinsurance market, and the impact AI is having on early-stage careers. And in this week’s news discussion, Insurance Insider’s editor-in-chief discusses what is unique about the latest incarnation of the soft market.

August 20, 2026Episode 6526 min

Behind the Headlines: Howden CMA’s Beckham and Cooper on the M&A boom

Following a string of major M&A transactions over the past year, are we past the peak of the M&A cycle? According to Howden Capital Markets & Advisory’s Leo Beckham and Bill Cooper, we should expect to see deals keep on coming. The investment bankers told Behind the Headlines that they are still operating in a “double-sided coin” M&A market – with ongoing buyer and seller interest. The discussion also delves into the innovative new capital structures in the Lloyd’s market, which are attracting an ever more sophisticated cadre of investors into London. Plus, Insurance Insider’s editorial team discuss what a summer of extreme heatwaves means for the insurance sector.

August 6, 202625 min

Behind the headlines: Nick Hankin on QBE Re’s $6bn reinsurance ambitions

QBE Re has doubled in size since 2020, and plans to double its scale again by 2030 to underwrite $6bnn of business. But how can this continued expansion be achieved in a market undergoing significant softening? According to QBE Re managing director Nick Hankin, the business is not relying on one or two big bets, but is targeting broad-based expansion across product and geography. He told Insurance Insider that QBE Re benefits from harnessing the data and broker partnerships of the wider QBE group, as well as its capital strength and balance sheet. And in this week’s news discussion, Insurance Insider editor Fiona Robertson explains what is influencing the rapid growth in the London smart follow market.

July 23, 2026Episode 6325 min

Behind the Headlines: Pool Re’s Tom Clementi on the ever-evolving terrorism threat

Government-backed terrorism reinsurer Pool Re was established in 1993 to respond to commercial market failure caused by the IRA’s bombing campaign. Since then, the terror threat landscape has changed hugely, and Pool Re has evolved with it. Approaching its next strategic review with the Treasury, what are the top priorities for the organisation? CEO Tom Clementi tells Behind the Headlines that Pool Re will continue to push for more business to return to the private market, reducing exposure for the taxpayer. And with insurance penetration still low for smaller firms, Pool Re is aiming to incentivise insurers to improve terrorism coverage for SMEs. Meanwhile, in an editorial discussion Insurance Insider’s Fiona Robertson explains Allianz’s growth aspirations in Lloyd’s.

July 9, 2026Episode 6228 min

Behind the Headlines: Oak Global’s Cathal Carr on reinsurance recency bias

Following a period of dwindling market share for London in reinsurance, reinsurer start-up activity has returned to the Square Mile. One such business is Cathal Carr-led Oak Global, which launched in 2024 and now boasts two syndicates. But why choose to launch in Lloyd’s? Carr told Behind the Headlines how Lloyd’s provided a unique access to capital which was transformational in its launch phase. Discussing market conditions, he said that the soft reinsurance market was operating with “recency bias” following several years of benign claims activity. In addition, Insurance Insider’s Rachel Dalton and Sam Casey discuss a spike in claims activity in the energy market.

June 25, 2026Episode 6122 min

Behind the Headlines: InsurX’s Gilbert Harrap on the evolving world of smart follow

The enhanced underwriting premium in London, including the smart follow market, has swelled to over $5bn of premium. But what is next for the rapidly evolving smart follow sector in the next phase of the market cycle? In the latest episode of Behind the Headlines , InsurX CEO Gilbert Harrap explains how the company is now rolling out its smart follow technology with lead markets. The company is also continuing to expand into new sectors such as construction. Plus, Insurance Insider’s Samuel Casey explains the marine insurance implications of the peace deal in the Middle East.