Flandro said: “We have to be much more multifaceted, I think, as a sector. Yes, of course, treaty placements, and working together with markets, with investors and with buyers to find the best solutions as the market pricing environment changes, that’s clearly crucial in treaty. And then utilising facultative reinsurance in the right way, at the right time, including D&F, including retro, all of those things are absolutely crucial.”

A key driver of this shift is how buyers now view their risk transfer. Flandro noted that reinsurance is increasingly treated not just as an expense, but as a strategic financial tool like equity or debt.

“But brokers also need to bring strategic advisory to the table, whether that’s advice around rating cap, reg cap, valuation, ALM, ERM, captives. All of those discussions that brokers are asked to have on a daily basis, we have to be adept at that, and there has to be a bridge into capital markets. Because reinsurance is a form of contingent capital, like equity and debt, and any intelligent buyer at scale will be considering reinsurance in that context,” Flandro explained.

Additionally, managing general agents (MGAs) and specialised facilities have also become increasingly important for clients, becoming indispensable, especially as the market pricing environment remains fluid.

“It’s treaty, fac, strategic advisory, capital markets, and finally, MGAs. MGAs and facilities are an increasingly important part of the market for our clients, especially as the market pricing environment changes. So, just at a minimum, brokers have to bring all five of those things to the table, in addition to all the other consultancies that we undertake. But that’s an important part of the story, more so than it was 10 years ago for sure,” the executive concluded.

Watch the full video interview to hear Flandro discuss brokers and other trends transforming the re/insurance market.

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These appointments, part of the firm’s ongoing expansion across the region, follow a year marked by heightened nat cat activity across the region.

In 2025, Asia experienced the Super Typhoon Ragasa, which affected Taiwan, Hong Kong, and southern China; the Cyclone Senyar, which impacted Thailand, Malaysia, and Indonesia; as well as significant seismic loss events in Myanmar and Taiwan.

These developments have reinforced the importance of advanced catastrophe analytics for better understanding event probability and potential impact, assessing mitigation effectiveness, and identifying protection gaps.

Andy Souter, Head of Asia Pacific, Howden Re International, said: “Against the backdrop of increased climate volatility across the region, clients are increasingly seeking analytics that combine global insight with local knowledge to support informed decision-making in an elevated risk environment.

“I am pleased to welcome Renuka and Ramdeo to the team as we continue to strengthen Howden Re’s regional analytics capabilities, alongside those of our global team, and support our clients through this evolving landscape.”

Joining from Gallagher Re, Janwalker brings to her new position over 16 years of experience working across global insurers and reinsurers, specialising in cat modelling, risk quantification, internal model validation and model change management across multiple CAT models.

In her previous roles, Renuka headed the Mumbai CAT Modelling team for the UK business unit, where she helped establish and scale the team across multiple lines of business and led strategic and operational initiatives, streamlined processes, developed automated tools and built high-performing teams.

Ramdeo, who is also joining Howden Re from Gallagher Re, has more than 14 years of experience in catastrophe analytics, providing cat modelling support across the region.

Previously, he supported brokers by providing catastrophe analytics for reinsurance placement, which involved developing automation solutions to boost modelling efficiency and quickly address essential requests.

Tim Edwards, Head of Howden Re International Analytics, added: “Advanced analytics play a critical role in understanding the potential impact of nat cat events, but they are equally important in supporting response, recovery and rebuilding when losses occur.

“By continuing to invest in our analytics capability, we are helping clients better anticipate risk, respond more effectively when events happen and, over time, support broader access to coverage for the communities and businesses that need it most, contributing to closing the cat protection gap over the long term.”

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In a recent video interview, Reinsurance News spoke with Flandro, who said that, given the current economy, several areas are expected to outpace broader P&C growth, including cyber, renewables and, in particular, data centres.

He added, “Furthermore, we know empirically from the report that P&C premium growth outpaces GDP growth, or at least it has over the last 10 years. And so, if we have a change in GDP growth pursuant to this changing global trading environment, I think that could portend good things for P&C insurance demand, even in a relatively softening pricing cycle.”

Flandro explained that the January 1st, 2026, reinsurance renewals showed a shift in the supply curve, while the demand side stayed the same.

“It’ll be really interesting, when you’re mentioning cyber, renewables, data centers, all these things, what happens to demand. And we’ll be watching that very closely,” he said.

During the interview, Flandro also spoke about macroeconomic and geopolitical trends and how these are influencing risk pricing.

He said the environment has fundamentally shifted since 2022, moving away from a long period of low inflation and depressed interest rates toward higher rates, higher yields, and elevated asset prices, which has implications on re/insurers in a number of ways.

“One of them is on the asset side of the balance sheet with running yields. But another one is very important, and it’s on the pricing and underwriting side of the balance sheet,” said Flandro.

He noted that pricing across several lines has passed its peak, including property catastrophe reinsurance, specialty lines, and cyber, at least for the moment. The focus has shifted to how far rates may fall and where they are likely to stabilise.

“Now, we did say in the report that if current conditions persist, we expect pricing trends to consist of but the real thing that people are trying to think about right now is what happens one year, three years and five years out, so they can plan, and it looks to us decidedly like the world has become a lot more risky,” said Flandro.

Watch the full video interview to hear Flandro discuss these topics and other trends transforming the re/insurance market.

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Reinsurance News recently spoke with Flandro, Managing Director, Head of Industry Analysis and Strategic Advisory at Howden Re, for our latest video interview, now available to watch in full, just weeks after the reinsurance broker released its comprehensive January 1st, 2026, renewal report.

During the interview, Flandro discussed the opportunities and risks that could emerge from what Howden Re describes as a period of re-balancing, highlighting the important focus on geopolitics and macroeconomics as these trends are a big part of what’s happening in the commercial insurance and reinsurance market.

“So, it’s really appropriate, because you don’t want to look at the insurance and reinsurance sectors in a vacuum right now. You want that macro fundamental view, because that may be actually what drives supply and demand going forward,” he said.

Flandro also dived into the growth outlook for segments beyond traditional lines such as cyber, renewables, and data centres, saying that it will be interesting to see what happens to demand for coverage as these areas grow in prominence.

We also discussed the alternative, or third-party capital space on the back of another record breaking year for catastrophe bond issuance in 2025, and the foray of the insurance-linked securities (ILS) space into areas like casualty.

As explored in Howden Re’s re-balancing renewal report, competition has increased in the reinsurance segment as supply outpaced demand at 1.1, and with an abundance of capacity, Flandro emphasised the need for brokers to be multifaceted.

“So, it’s treaty, fac, strategic advisory, capital markets, and finally, MGAs… So, just at a minimum, brokers have to bring all five of those things to the table, in addition to all of the other consultancies that we undertake. But that’s an important part of the story, more so than it was 10 years ago for sure,” he said.

To hear more from Flandro on these topics and other trends currently reshaping the re/insurance market, watch the full video interview, which is embedded below.

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After a period of relatively modest major risk airline losses, a number of high-profile claims occurred over the past year, including the American Airlines loss in January, Air India in June, and most recently UPS in November, all of which followed the Jeju Air crash in late 2024.

As a result, market tightening occurred across the major risk market in the fourth quarter of 2025, notes Howden Re.

“Although the ultimate costs of recent losses are still developing, their cumulative impact has reshaped renewal dynamics heading into 2026, with selective rate increases on excess of loss programmes and greater pressure in retrocession layers, while quota share structures remain broadly stable,” Dominic Riley, Managing Director, Howden Re Aviation & Space commented.

Adding: “Looking ahead, absent further material loss deterioration, market conditions are expected to remain steady, with insurers and reinsurers cautiously continuing along a gradual hardening trajectory rather than a full market reset.”

Despite continued overcapacity in some regions, the cumulative impact of these events – combined with the deterioration of prior-year-claims – was sufficient to drive firming.

However, Howden Re notes that the “long development tail” of aviation liability and unresolved questions regarding government contributions in the American Airlines settlement mean the ultimate cost of 2025 remains uncertain.

Market conditions improved sufficiently in the fourth quarter of 2025 to retain existing capacity levels but not enough, as yet, to attract a significant number of new entrants, says the broker.

The general aviation market, encompassing a wide variety of risk types and geographical areas, maintained its softening trend throughout 2025, following a previous hard market phase.

The standalone hull war market also saw further softening following sharp rate increases that followed the start of the Russia-Ukraine war.

Last year’s High Court ruling in favour of lessors claiming under contingent war-risk policies has led to several loss advices entering the non-proportional market, Howden Re noted.

While the reinsurance broker describes the impact so far as manageable, the complexity of these claims means their ultimate influence on reinsurance capital remains a wildcard for the 2026 treaty year.

It is against this backdrop that reinsurance renewals took place through the latter half of 2025 and into 1 January 2026. Specifically, after significant potential losses in the major risk market, excess of loss programs experienced low single-digit rate increases, which varied based on exposure shifts.

The hardening of rates was more noticeable in retrocession layers compared to first-tier non-proportional reinsurance, Howden Re noted.

Quota share arrangements, however, largely retained their existing capacity and commission levels. Reinsurers demonstrated an unwillingness to boost quota-share support for major risk accounts, preferring instead to uphold their current commitments.

Riley stated: “Entering 2026, the aviation market sits at a delicate equilibrium, with recent major risk losses having restored a degree of pricing discipline but not yet fundamentally altered capacity dynamics.

“In the absence of further loss escalation, the year ahead is expected to be characterised by cautious stability, as insurers and reinsurers prioritise measured hardening, disciplined deployment of capital and a continued focus on loss development rather than aggressive growth.”

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In her new role, Nordblom will lead the operational direction of the broker’s European platform and branch network.

Additionally, she will hold the Commercial Director mandate for Howden Re in Europe, ensuring strong regulatory and governance oversight across the firm’s treaty and facultative businesses.

Nordblom brings extensive experience across re/insurance operations, technology, and finance, and a strong track record of delivering complex, cross-functional initiatives.

Most recently, she served at SiriusPoint, and has previously held senior roles at HUB International and Aon in London, Sweden, and Canada.

Tobias Andersson, Head of Continental Europe, Howden Re, commented on the appointment, “Karen will work closely with our rapidly growing businesses to deliver a robust operational platform and governance framework that supports our expanding European footprint and enables us to put our clients’ interests at the heart of our operations. We’re very much looking forward to the insight, leadership, and energy she brings.”

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Although there were several high-profile attacks on individual insureds and a number of systemic events, financial impacts were not material enough to shift pricing sentiment.

Luke Foord-Kelcey, Global Head of Cyber at Howden Re, said, “As the cyber market enters 2026, plentiful capacity and strong reinsurer appetite remain to the cedents’ advantage, manifesting in favourable terms and greater structural flexibility at renewals. Cedents that could demonstrate considered growth plans alongside disciplined underwriting – and an ability to stay ahead of an evolving threat landscape – were best received.”

Howden Re noted that most of the nine new reinsurers who entered the market at January 1st, 2025, bringing $250 million of new capacity, did not meet their deployment targets and reloaded for 2026, further adding to abundant capacity and competitive terms.

Strong profitability in excess of loss business and continued reinsurer appetite have offset thinning margins in quota share, with reinsurers attracted by the long-term growth opportunity in cyber reinsurance. These factors further tilted supply demand dynamics in favour of cedents.

“Ceding commissions on quota share business moved up by 1% to 1.5% for most buyers. Following increases of 3% to 4% since 2022- 23, most commission percentages have now reached the mid-30s range, where they are likely to stabilise unless the loss environment deteriorates. A loss-free year in the excess of loss market pushed global stop-loss pricing down by 15% to 20%, with sharper declines internationally than in the US, reflecting underlying performance and growth potential,” said Howden Re.

Buyers also showed increased interest in portfolio-level optimisation, exploring ways to monetise profitable parts of their books while still achieving capital relief. This drove the execution of new structures, including aggregate-of-event, variable quota share and per-risk excess of loss solutions.

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The state-run CCS provides protection against high-impact events that fall outside the scope of private insurance coverage, including perils like floods, earthquakes, volcanic eruptions, atypical cyclones, and other extraordinary natural and socio-political risks.

The CCS plays a key role in stabilising the country’s insurance market by absorbing large-scale losses and ensuring universal access to coverage.

Under the agreement, Howden Re is set to deliver advanced valuation and Probable Maximum Loss (PML) estimates for CCS’s natural catastrophe exposures across the perils of flood, earthquake, storm, volcanic eruption, and also multi-peril combined scenarios.

To provide CCS with high-resolution insights to strengthen their portfolio management and long-term resilience planning, the modelling will be performed across 50-, 100-, 200-, and 500-year return periods.

David Santos, Managing Director, Howden Re Iberia, said: “We are very proud of having the opportunity to work with Consorcio to model their NatCat exposure; this shows the strength and breadth of expertise of the Howden Group analytical services.

“This milestone reinforces our commitment to supporting institutions and insurers across Spain, bringing the full strength of Howden to market-leading modelling capabilities and a truly client-focused reinsurance offering.”

The global broking group has a strong presence in Spain, which was strengthened earlier this year with the launch of Howden Re Iberia, led by Santos. The company says that it continues to expand its footprint in the country.

Tim Edwards, Head of Analytics, Howden Re International, commented: “At Howden, we are proud to bring together our global analytical expertise with deep local market understanding. Our work with CCS reflects the calibre of Howden Re’s global analytics platform. By combining advanced modelling science with practical reinsurance insight, we are helping one of Europe’s most respected public insurance institutions better understand and manage its catastrophe risk.”

“Through our Climate Risk and Resilience practice, we are looking forward to help CCS’s modelling not only captures today’s catastrophe exposures but also anticipates the evolving impacts of climate change. By integrating forward-looking climate scenarios into our analytics, we help institutions like CCS strengthen their resilience frameworks and prepare for the extraordinary risks of tomorrow,” added Rodrigo Manrique, Climate Risk and Resilience, Howden.

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As reinsurers meet in Costa Rica for FIDES 2025, Latin America’s role in the global reinsurance market continues to strengthen, with a growing appetite for risk, additional sources of capacity, and renewed focus on protection gaps.

“We are seeing plenty of capacity entering the market, including a noticeable increase in MGAs,” said April McLaughlin, Managing Director, Howden Miami. “Many of these are relatively new and not just based in the Americas. We’re seeing interest from firms in the Middle East and Asia who want to diversify their portfolios and take on some regional exposure. It’s clear that global appetite for the region is growing.”

Howden Re noted that the industry has entered a hard market softening phase, with conditions in Latin America reflecting this global trend, presenting opportunities for innovation grounded in disciplined underwriting.

Mario Baotic, Head of International Growth Markets, Howden Re, said, “Hurricane Melissa will likely keep reinsurers cautious across the region, especially in Central America and the Caribbean, where wind exposure is high.”

“People want to know what kind of discounts they can expect and how much capital is available,” he added. “In general, we’re seeing the same softening trends as elsewhere, but regional variations are significant.”

McLaughlin explained that local regulation remains a key factor in shaping capacity flow and business structure.

She said, “In Chile, rates have started to come down after several years of steep increases, perhaps more sharply than in neighbouring markets.

“Each country is different, with its own regulatory and rating requirements. In Chile and Peru, reinsurers need two ratings, S&P and AM Best, to write business. Brazil, meanwhile, requires reinsurers to be locally registered, which leads to more fronting arrangements.”

Howden Re also highlighted persistent catastrophe exposure and widening protection gaps. Chile remains heavily exposed to earthquake and flood risk, while Brazil faces climate-linked challenges requiring more sophisticated risk transfer solutions.

In addition, demand for parametric, climate-linked, and alternative structures is rising as cedents seek efficient ways to manage volatility.

“There’s some growth in both fronting and MGA activity. They often go hand in hand, but it’s hard to quantify at this stage,” said McLaughlin. “What’s clear is that we’re seeing a lot of movement and interest across the region, which is encouraging.”

“Growth markets such as Latin America continue to serve as testing grounds for innovation, combining local data, flexible structures and international capital to close protection gaps sustainably,” added Baotic.

As new capital enters the region and cedents seek more tailored solutions, trusted intermediaries play an increasingly important role. Sustainable growth in Latin America depends on collaboration—connecting local insight with international expertise to build long-term resilience.

Howden Re’s expanding operations in Brazil and Peru reflect this approach, connecting local talent with the firm’s global treaty and facultative expertise to create a unified platform supporting clients through changing conditions and complex regulation.

“Our international platform continues to expand at pace, and Latin America is central to that momentum,” said Massimo Reina, CEO Howden Re International. “Over the past two years, we have strengthened our treaty reinsurance presence through the growth of our Brazil operations, a flagship presence in Latin America, with the acquisition of Innova Re in Peru, and though the establishment of Howden Re Miami as a critical gateway to Latin America. These localised capabilities, paired with our global platform, ensure we can bring the best of what Howden has to offer to benefit our clients.”

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According to Howden Re’s latest outlook, the market is experiencing what it calls a “hard market softening.” Their ‘Who Dares Wins’ report underlines that collaboration and discipline are the guiding principles for navigating this stage.

For Howden Re’s Property Specialty team, the defining factor in this environment is the strength of connection between cedants, reinsurers, and brokers.

“This is not a market that rewards short-term thinking,” said Paul Esterbrook, Managing Director at Howden Re. “We have seen cycles come and go, but the partnerships that endure are the ones built on transparency and consistency.”

Esterbrook added: “Now in our fourth year since the launch of Howden Re, we are very proud to have built a substantial, high-quality client base in the D&F and Binders treaty space, gaining considerable market share year on year.”

Howden Re observes that reinsurer appetite remains robust for cedants with consistent performance records. Capacity for strong portfolios continues to hold firm, supported by balanced awareness of catastrophe exposure and a flexible approach to structuring.

Esterbrook describes the current setting as a mature market: “The names on the doors might change, but most of the people, and the relationships built over years, are the same. That continuity matters and it’s what allows us to have real conversations built on shared history and trust.”

After the post–Hurricane Ian recalibration that saw attachment points rise, the subsequent two years have brought a moderate decrease. This has opened up new avenues for creative programme design as cedants and reinsurers work together to enhance capital efficiency and broaden protection.

In today’s fast-moving information environment, Howden Re highlights that reinsurance remains fundamentally about people. “Clients don’t want a broker who is just a postbox,” said Chris Medlock, Director, Global Specialty Treaty at Howden Re. “They want a team that understands both sides of the table – who can interpret the nuances, manage outcomes and communicate effectively. That is where real value is created.”

Howden Re’s Property Specialty team believes the broker’s role now extends far beyond transaction facilitation. The modern broker must act as a strategic partner—combining technical expertise, market influence, and trusted relationships to bring stability through every phase of the cycle.

The team’s collective approach focuses on collaboration and long-term partnership. Drawing on a deep pool of experience and connections, they operate as one unit rather than individuals, using their shared knowledge and longevity to strengthen client outcomes.

“It’s about maintaining the discipline to communicate candidly, manage expectations and stay focused on long-term goals,” continued Esterbrook. “That consistency builds resilience, for clients and for the market.”

Medlock agreed: “Clients who prioritise long-term partnerships tend to achieve better outcomes over time. When the market tightens again – as it will again – those relationships are what ensure continuity and support. As highlighted in our ‘Who Dares Wins’ report earlier this year, collaboration, innovation and adaptation will be key to capturing the opportunity and sustaining resilience in the next phase.”

While the market is gradually easing from its 2023 peak, Howden Re notes that profitability continues for both cedants and reinsurers. Capacity deployment remains strong across diversified portfolios, and cedants are seeing benefits in pricing and retentions.

As 2026 renewals approach, Howden Re’s Property Specialty team is concentrating on reinforcing the foundations that help clients face the next stage with confidence.

“We’re proud of the relationships we’ve built with major markets over decades,” concluded Esterbrook. “That doesn’t happen overnight. It’s built on years of trust, consistency and showing up in every phase of the market cycle.”

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