Australasia Underwriting (AUPL) has appointed Steve Ross as its new head of casualty, with responsibility for leading the development of the company’s liability offerings and strengthening underwriting capabilities.
Ross’s appointment comes as the global casualty insurance and reinsurance sectors grapple with shifting market conditions, including rising claims costs and emerging litigation risks.
Ross (pictured) brings extensive experience in casualty and financial lines underwriting to the role.
Alan Mackay, AUPL’s managing director, said the addition of Ross aligns with the company’s strategy of delivering tailored, expertise-driven solutions to brokers.
“Steve’s appointment is another step in our mission to bring human-centered expertise into the marketplace,” he said.
He added that Ross’s ability to achieve profitable growth, develop products, and build strong teams will be instrumental in delivering on the company’s proposition to the market.
“Harnessing expert underwriting, and giving our brokers immediate access to that, is a fundamental component of our proposition. It’s what makes us different. Steve shares that ethos, and we look forward to his contribution to the leadership team,” Mackay said.
Commenting on his appointment, Ross said he was drawn to AUPL’s focus on innovation and broker-centric solutions.
“I’m excited to join a business that aligns with my values of how to do business. I was attracted to the role due to AUPL’s solutions-first approach and desire for innovation to meet the changing needs of its customers,” he said.
As the new head of casualty, Ross said he will prioritise enhancing the product offerings, refining capacity management, and ensuring that underwriters deliver sustainable, tailored coverage for broking partners.
Ross’s appointment comes as reinsurers globally evaluate trends impacting casualty lines amid broader market challenges.
During Aon’s recent “Reinsurance Renewal Season” briefing, industry leaders discussed the pressures driving loss uncertainty and how primary insurers are adapting.
Mike Van Slooten, Aon’s head of business intelligence for reinsurance, noted that insured losses driven by secondary perils remain high, forecasting that 2024 is on track to reach $100 billion in losses regardless of the Atlantic hurricane season’s outcome.
On the casualty front, Amanda Lyons, Aon’s global product leader for reinsurance, said current market conditions do not yet indicate a “hard” casualty reinsurance environment.
“There’s definitely not a shortage of capacity in the casualty reinsurance space. Yes, there are challenges from multiple angles. Think continued development from soft market years, increase in nuclear verdicts overlaid with continued legal system abuse,” she said.
Despite these concerns, Lyons pointed to signs of improvement in the primary market. Insurers, she said, are implementing claims management changes, rate increases, and adjustments to policy structures to manage rising costs.
