Top Global Reinsurance Professionals | Hot List 

Their foresight has been crucial in creating new products and ways of sharing risks to navigate the uncertain landscape.

“Knowing the ins and outs of their facultative reinsurance strategy is the main driver of what we do. You need to be nimble and quick thinking to understand what your client’s ultimate goal is, and being able to deliver bespoke solutions in a fast-paced and ever-changing environment to fulfil their expectations is our greatest challenge,” says Matt Nash, head of facultative, Asia Pacific at WTW.  

The professionals named on the prestigious Hot List have grappled with today’s constantly changing risk environment, the pace of which has accelerated in all lines of business, according to Clarisse Kopff, who leads European and Latin American reinsurance at Munich Re. 

The rise in risk is split across property, casualty, and specialty.

• Property saw an increase in both the frequency and severity of natural events, resulting in an approximately 10 percent increase in demand across the market, which was well met by reinsurers. Notable incidents included Hurricanes Otis and Milton, along with the Noto Peninsula earthquake. The market trajectory has seen renewals continue to be more competitively priced as insurers have high expectations for reinsurers meeting deadlines for quoting and clean authorizations in a consistent manner. Tracy Hatlestad, head of property reinsurance at Aon, says, “Responsiveness to individual cedent’s priorities will be a key indicator to insurers of the level of commitment that a reinsurer brings to the renewal process.” 
   

• Casualty has been facing large swings in inflation and interest rates. Swiss Re’s latest sigma market briefing detailed how liability claims costs are rising faster than the rate of economic inflation in several major economies and showing no signs of abating. To further compound matters, 77 percent of jurors in the US believe in the use of punitive damages to “punish a corporation”. Citing a 2023 behavioral economics survey, Jerome Haegeli, group chief economist at Swiss Re, underscored income inequality as a key driver of this trend, highlighting how 44 percent of respondents felt firms should pay medical compensation even if they are not responsible for an accident. For example, 27 court cases awarded more than $100 million in compensation against commercial defendants in the past year.
   

• Specialty has had a series of destabilizing factors and geopolitical events, such as Russia’s continued invasion of Ukraine, the loss of a Japan Airlines Airbus 350, the collapse of the Baltimore bridge, and historic flooding in Dubai. “As the world continues to [face] more geopolitical instability and economic uncertainty, we’re also seeing an increased demand in the specialty reinsurance space,” says Jimmy Keime, head of engineering and nuclear at Swiss Re. 

These challenges are underlined by head of reinsurance operations at Martello Re, Sherice Bashir, who adds, “The reinsurance space faces uncertainty in coverage, pricing, and regulation underscored by the extreme geopolitical and economic challenges. Climate change concerns are linked to unprecedented frequency and severity of natural catastrophes in property and casualty reinsurance. There are also notable complexities in capital management while generating yields and managing mortality risks with the expansion of life and annuity reinsurance.” 

Cyber risk is another major development evidenced by the CrowdStrike/Windows global outage. Reinsurers have been working closer with their partners to help companies and societies advance their cyber resilience. In addition, the industry is trying to ensure a sustainable cyber insurance market to cover growing protection needs. 

“Many carriers are looking at geographies, customer segments, distribution models and other specific niches within the market for that growth potential,” explains Chris Baddeley, VP of insurance solutions at Envelop Risk. “And that’s in a manner that we, as a team, don’t feel we’ve seen before. Whether that’s European growth, or Asia, or middle market, or alternative distribution – those are some of the themes we’re seeing emerging as focal points.”

What it takes to be an Influential Reinsurance Leader

The reinsurance industry is at a “critical juncture,” according to Aon’s Ultimate Guide to Reinsurance Renewal (September 2024) report, which describes how the sector is on a more financial solid footing. It also states that reinsurers must deepen their partnerships with insurers, use their capital to create a more sustainable market, and lean into a changing risk landscape.

Nash shares, “The businesses of our clients are complex and our value comes from operating in the gray space by supporting our clients to navigate through this journey. There will be the standard geography, social, and regulatory differences that professionals will face, but more specific to our industry, there will be the challenges of managing individualized client strategies across all regions.”

These are the initiatives driven by those on ReIB’s Hot List and the key areas in which they are excelling are:

• Understanding demand: The demand for reinsurance is strong due to exposure growth, modeling changes, and rating agency pressures, as well as the need to manage increasingly complex risks and volatility of large losses. Escalating cyber threats are also boosting the need for specialized reinsurance products to react to sophisticated cyberattacks.
   

• Powering growth: Aon believes the industry has untapped growth potential. Despite exposure growth and unmet customer need, the global insurance premium-to-GDP ratio has hovered around 1.8 percent since 2010. Penetration in the US has increased since 2017, but is still below its all-time high of 3.9 percent back in 1987, while EMEA has seen a steady decline since the early 2000s. The protection gap and the underpenetration of insurance demonstrate the huge opportunities for (re)insurers to grow in a sustainable and profitable way.
   

• Directing investment: With the right tools, talent and product development is key to staying relevant as an industry. Reinsurance needs to adopt a growth mindset, with a long-term strategic plan, and based on deeper collaboration. Caution over emerging risks is understandable, but a collective effort, without the fear of failure, will enable product and service innovation.
   

• Environmental, social, and governance (ESG): Appreciating the increased importance of ESG to create sustainable and socially responsible products, matching client preferences and regulatory standards.

Moran stresses how the top reinsurance professionals have embraced the digital world.
 
“Globalization and technological change are rapidly changing the risk landscape. The modern internet is barely 20 years old, and only in the last 10 years have smartphones become ubiquitous globally. In this context, a top-performing reinsurance professional needs to stay curious, learn quickly, and nimbly apply risk fundamentals to novel situations,” he shares. “Of course, this is all predicated by competence in finance and business basics, solid analytical skills, and perhaps most of all, effective communication and networking.”

Most influential reinsurance professionals

The industry leaders on the 2024 Hot List are located around the globe, fulfilling a series of impactful roles. Showcasing the breadth of expertise and leadership of the prestigious list of reinsurance professionals are three of this year’s winners.

CEO of Front Street Re
Location: United States

He significantly advanced the integration of reinsurtech, providing essential reinsurance capacity to insurance carriers. This has enabled these carriers to serve a larger customer base while leveraging cutting-edge technology to enhance the entire insurance value chain, including underwriting, distribution, and risk analysis. This integration not only bolsters the insurance industry’s efficiency but also directly benefits the public by improving access to insurance products and streamlining the customer experience. 

One notable achievement under Fong’s leadership includes the provision of reinsurance capital and capacity to cedents. This support has been pivotal in helping cedents meet market demand and grow their businesses. Additionally, he has spearheaded the introduction of digital onboarding processes, significantly enhancing customer experience and satisfaction when purchasing and managing their policies. 

As the CEO of Front Street Re, Fong has been instrumental in fostering global partnerships across North America and Asia. By bridging the relationships between insurance, reinsurance, and technology partners, he has addressed the market demand for innovative insurance solutions and technological advancements. 

President of Captives Insure
Location: United States

Developed and launched the first open distribution, turnkey captive reinsurance solution that provides options for property, builders risk, WC, AL/APD, GL, GL/PL, XS/UMB, dealers open lot, PL, IM, and cargo coverages. This program allows for the inclusion of NATCAT, subsidized/affordable habitational, and New York Labor Law coverage. With the ability to write in all 50 states and in 160 other countries, Reznicek wrote a net-new gross written premium (GWP) of $63.4 million in the past 12 months. 

With solutions returning anywhere between 50 percent and 85 percent of GWP as reinsurance premium to the captives, these placements brought approximately $41 million in combined returns. To date, these accounts’ incurred loss ratio rests at less than 10 percent, with many captives already receiving a surplus of approximately 90 percent of the retained reinsurance premium. 

Reznicek’s work has been critical to the success of many high-performing businesses as they are finally able to participate in their risk in the same manner as Fortune 500/Global 1000 entities. This solution has been particularly useful as well-managed businesses in distressed trades (such as affordable, multifamily, agriculture, and others) are looking to solve the problem of ever-increasing insurance premiums.

Executive Manager, Pricing and Engineering at IAG
Location: Australia

Alongside his team, Conway has pioneered a sophisticated Tier 1 platform that produces the natural peril and reinsurance pricing across the IAG Group of businesses, Australasia’s largest insurer. This strategic solution went live for customer quotes on IAG’s biggest brands in both Australia and New Zealand over the last year, with current API call volumes exceeding 300,000 per day. 

Through his leadership and deep expertise, Conway has linked specific reinsurance structures directly to live customers’ quotes, enabling detailed cost optimization with resulting savings for customers. As part of this platform, Conway and his team built best-in-class pricing models across earthquake, flood, bushfire, tropical cyclone, storm and storm surge, and developed the reinsurance analytics function for the Group.

He is also a committee member of the Catastrophe and Reinsurance Symposium (CARS). Thanks to its successful six-figure fund raised from sponsors, CARS hosted a free symposium bringing Australian MPs, industry practitioners, and scientific experts together. With the purpose of “building knowledge for a strong future,” the free attendance ensured that future talent could attend and the format stimulated constructive debate to align the deep knowledge pools of industry and academia with politics to find solutions to some of the great challenges today, including climate change. 

What the future holds for the influential reinsurance leaders

Those on the Hot List are poised to maintain their momentum as the market moves into a more neutral state. WTW’s Nash highlights that part of the challenge will be dealing with tech.

“Reinsurance professionals will have to adapt and push through the technological shift in companies, better understand their clients, and provide quicker or more informative data and solutions. This is what clients want and need from us in the future,” he says.

Bringing all operations in-house will enable the industry to meet the rising need for reinsurance.

Nash adds, “The fundamental of facultative reinsurance being a lever to support portfolio management will always be the same. It’s how we deliver on this that will make a difference to the performance and outcome for clients.”

While Bashir emphasizes the constant demands on top reinsurance professionals.
 
“They remain apprised of industry trends and are conscious of the impacts their role and organization’s position in the market,” she explains, “They have necessary skills to translate the complexities into practical solutions to drive success but also work for organizations with strong leadership, which can identify and foster talent while setting clear goals, challenge skills, and create opportunities for growth.”

 

The Most Influential Leaders in Reinsurance in the World | Hot List 

Australia

• Andrea Dry
  Head of Client Underwriting, ANZ
  Swiss Re
• Andrew Davidson
  Director, Client Markets, Australia and New Zealand
  Swiss Re
• Christopher Wallace
  Chief Executive Officer
  Australian Reinsurance Pool Corporation
• Karl Marshall
  Head of Advisory and Analytics, APAC
  Howden Re
• Mark Doepel
  Partner
  Sparke Helmore Lawyers
• Philip Conway
  Executive Manager, Pricing and Engineering
  IAG
• Scott Hawkins
  Managing Director
  Munich Re

Bermuda

• Fiona Walden
  Chief Underwriting Officer, Casualty & Specialty
  RenaissanceRe
• William Wharton
  Head of Argo Insurance
  Argo Group

Canada

• Apundeep Lamba
  Head of Reinsurance, Canada
  Sompo International
• Claire Myles
  President
  Reinsurance Management Associates
• Claudette Cantin
  SVP, Chief Actuary and Chief Risk Officer
  Munich Re
• Isabelle Bouchard
  Vice President, Group Reinsurance
  Reinsurance Group of America
• Jason Arbuckle
  SVP and Chief Agent, Canada
  Partner Re
• Jeffrey Walpole
  Chief Executive Officer
  SCOR Canada Reinsurance
• Peter Askew
  President and CEO, Canada
  Guy Carpenter
• Pierre Dionne
  Director and Chief Agent, P&C
  CCR Re

Hong Kong

• Carmony Wong
  SVP, Southeast Asia Markets and Chief Executive Officer, Hong Kong
  RGA Hong Kong
• Victor Kuk
  Chief Executive Officer
  Swiss Re Asia

Indonesia

• Marguerita Silitonga
  President Director
  Aon Reinsurance Solutions in Indonesia

Ireland

• Jim Williamson
  Executive Vice President, Group Chief Operating Officer
  Everest Group

Singapore

• Ann Chua
  Special Adviser Asia, Reinsurance
  AXA XL Reinsurance
• Emma Loynes
  CEO, Lloyd’s Asia and Country Manager, Singapore
  Lloyd’s
• Eric Pooi
  Managing Director
  SCOR Asia Pacific
• Francis Savari
  Chief Executive Officer
  UIB Asia
• Kenrick Law
  Regional CEO and Head of P&C Client Management
  Allianz SE Reinsurance Branch Asia Pacific
• Lauren Liang
  Global Head of Growth and Innovation
  Swiss Re Reinsurance Solutions
• Marc Haushofer
  SVP Asia Pacific
  Renaissance Re

Switzerland

• Lauren Kent
  President, International Reinsurance
  AXIS Capital
• Melodie Vanderpuye
  Executive Director
  Howden Re
• Steve Arora
  Chief Executive Officer
  Alpine Re
• Urs Baertschi
  CEO, P&C Reinsurance, Member of Group Executive Committee
  Swiss Re

United Kingdom

• Ditte Deschars
  Chair, EMEA
  Gallagher Re
• Harriet James
  Senior Vice President, Head of Sustainability Strategy
  Renaissance Re
• Ibrahim (Ibi) El Moghraby
  Chief Operating Officer
  QBE Re
• James Vickers
  Chairman International, Reinsurance
  Gallagher Re
• Terrence McDowell
  Managing Director
  Howden Re

United States

• Aisling Jumper
  VP, Head of Global Underwriting Operations
  TransRe
• Andy Marcell
  CEO, Risk Capital and CEO, Reinsurance Solutions
  Aon Reinsurance Solutions
• Brian Flasinski
  CEO, Gallagher Re North America
  Gallagher Re
• Carlos Wong
  Senior Director, Global Reinsurance Ratings
  AM Best Company
• Chris Dittman
  Head of Florida Strategy
  Aon Reinsurance Solutions
• Claude Yoder
  Partner/Global Head of Analytics
  Lockton Re
• Edison Fong, FSA, CFA, FCIA, MAAA, CERA
  Chief Executive Officer
  Front Street Re
• Greta Hager
  Chief Financial Officer
  Fortitude Re
• Kai Talarek
  Chief Growth and Optimization Officer
  Fortitude Re
• Lee Covington
  President
  Reinsurance Association of America
• Lee H. Vuu
  Vice President, Reinsurance Claims
  Argo Group
• Mark Hansen
  Global Chief Operating Officer
  Gallagher Re
• Nate Reznicek
  President
  Captives Insure
• Nick Nudo
  Senior Managing Director of Reinsurance
  Aon
• Phillipp Kusche
  Global Head of ILS and Capital Solutions
  Howden Tiger
• Renaud Guidée
  CEO, Reinsurance
  AXA XL
• Robert Cristiano
  Vice President, Surety and Credit Worldwide
  Everest Reinsurance Group
• Ron Hamilton
  SVP Americas and P&C Operations Leader
  Swiss Re
• Russell McGuire
  Co-CEO
  BMS Re
• Shawn Lynch
  Global Head of Financial Risks
  TransRe
• Simon Hedley
  Chief Executive Officer
  Acrisure Re
• Suzanne Holohan
  Executive Vice President and Chief Actuary
  TransRe