Welcome to a Special Documentary Episode of The Voice of Insurance podcast Produced in association with Stephens Rickard This is the fourth episode of its kind. The first saw a historic, chaotic, dramatic hard market renewal unfold, at the next stability and a return to orderliness was craved - and was granted. Last year animal spirits started to be talked of in hushed tones, but it was too early for anything like a full return. This year the reinsurance industry has its mojo well and truly back. Capital has been fully replenished. Profits are real and there is increasing confidence that they are to a large extent baked in for a time. Surprise multi-billion dollar loss events have been weathered and yet instead of apologising to our investors for poor results we are still set to report and project healthy profits and returns on capital. Profitable growth is still on the agenda The real questions this year are of a more philosophical nature: Can everyone grow profitably without changing the nature of the market? Is it better to buy or build? Should capital be returned or deployed in M&A? What’s different now, and what’s not? We came to Monaco knowing that reinsurers were likely to have to give a little to get a little, but the question was what and how much were they were prepared to trade in return for a little more of what they really wanted. So join me as I wander the streets, dodge the supercars, cross the squares and elbow my way through the crowded bars and lobbies to meet a representative cross-section of the reinsurance buying and selling public and find out what’s happening in the State of (Re)insurance. RECOMMENDED FURTHER READING Howden Re's Who Dares Wins report: https://www.howdenre.com/sites/howdenre.howdenprod.com/files/2025-09/Howden_Re_Who%20Dares%20Wins_Report_September_2025_EN_Final.pdf

Gallagher Re Half-Year 2025: https://www.ajg.com/gallagherre/-/media/files/gallagher/gallagherre/news-and-insights/2025/september/gallagherre-resinsurance-market-report-hy-2025.pdf

Swiss Re sigma 3/2025: https://www.swissre.com/institute/research/sigma-research/sigma-2025-03-property-casualty-growing-stronger-riskier-world.html

LINKS We thank this year's Sponsor, Stephens Rickard https://www.stephensrickard.com/

Sp Ep The State of (Re)insurance 2025

The Voice of Insurance