Howden Re at Nordic Reinsurance Days 2025: Collaboration and Innovation in a Phase of “hard market softening”

In advance of the 42nd annual Nordic Reinsurance Days in Copenhagen, Howden Re’s Nordic and Baltic team was delighted to welcome clients and markets to join us for insights and drinks at Soho House.

A Market in Transition

Following a welcome from Sebastian Cook, Deputy CEO, Howden Re International, David Flandro, Head of Industry Analysis and Strategic Advisory, Howden Re, delivered a data-driven and insightful State of the Market address in which he described the current environment as a “hard market softening phase.” After several years of exceptional underwriting profitability, capital has returned to the sector, increasing competition and gradually easing conditions.

Flandro explained that while supply is growing, market discipline remains strong. Elevated interest rates, inflation and geopolitical uncertainty continue to influence outcomes, while secondary perils such as floods, wildfires and severe storms now dominate loss activity. He noted that pricing is unlikely to return to pre-2019 lows, as structural shifts in risk and capital have made the market more resilient.

Despite macroeconomic challenges, Flandro struck an optimistic tone. With disciplined underwriting, innovation and strong partnerships, he said, reinsurers can continue to deliver sustainable, profitable growth.

Industry Dialogue and Insight

Andersson moderated a panel featuring leaders from SCOR, Swiss Re, Munich Re and Hannover Re, joined by Flandro and Sebastian Cook, Deputy CEO of Howden Re International. The discussion explored how reinsurers can balance opportunity and discipline as market dynamics evolve.

The panel agreed that property catastrophe business is becoming more competitive, while casualty and property-per-risk lines remain more disciplined. Some questioned whether the market had ever been “truly hard,” describing it instead as a seller’s market moving toward equilibrium. Others noted that new capital and strong recent results have accelerated competition, but also created a healthier, more stable marketplace.

Panellists stressed that underwriting discipline must remain a priority even as conditions loosen. They highlighted data quality, clarity of wordings and claims management as key differentiators for 2025 renewals. Effective communication and an understanding of capital costs will also define who leads in this next phase.

Reflecting on the event, Tobias Andersson, Head of Continental Europe, Howden Re International, said: “We were delighted to bring this event to the Nordic market, and the feedback has been fantastic. Many told us this kind of open and forward-looking discussion was long overdue. A huge thank you to all our panellists for creating such an honest, fair and constructive conversation.”

Market Opportunities Ahead

Commenting on the outlook, Andersson said: “We see a market delivering strong results for reinsurers and attracting fresh capacity. This creates the softening we are seeing, but also a wealth of opportunity for both insurers and reinsurers. While pricing will naturally be a focus in the coming weeks, reinsurers clearly have the appetite to deliver new and innovative solutions that support client growth. This is a market where everyone can win.”

The message from Copenhagen was clear: the reinsurance market is healthy, well-capitalised and increasingly competitive. With profitability strong and supply returning, success will depend on maintaining discipline, using data intelligently and building partnerships that deliver long-term value.

Our sincere thanks to all our speakers and guests. NRD Insights & Drinks will return to Copenhagen next year and we look forward to hosting you again in 2026 in advance of the 43rd annual Nordic Reinsurance Days!

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