Reinsurance in Transition: Howden Re’s team reflects on the market’s structural shift
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Ahead of Baden-Baden, The Insurer spoke with Sebastian Cook, David Flandro, and Tobias Andersson on the next phase of the reinsurance market’s cycle, defined by a period of hard market softening. They agreed that success will hinge on transparency, adaptability, and long-term collaboration across the value chain.
Sebastian Cook, Deputy CEO, Howden Re International. “Rates have moderated from the 2023 peak but remain well above the 2010s. The sector has proven itself skilled at navigating complexity and the capital position remains resilient. Cedents are leaning into long-term partnerships and innovative solutions, providing reinsurers with the opportunity to strengthen relationships and grow premium at a time when margins remain attractive.”
David Flandro, Head of Industry Analysis & Strategic Advisory, added: “The industry’s priority is to strike the right balance between maintaining underwriting discipline while ensuring long-term partnership with clients. Although rates are moderating from 2023 levels, this moderation comes from a position of historically high pricing strength, meaning that economic value can still be achieved in this environment.”
For Tobias Andersson, Head of Continental Europe, structural adaptation is front of mind. “Clients have absorbed higher retentions, driven by tighter terms and a more volatile loss environment,” he said. “Now, it is about aligning risk appetite with resilience.”
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