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As the broader insurance market softens, many brokers are wondering: where’s the next great opportunity? The answer is clear – the E&S (excess and surplus) market. Even in a more competitive environment, E&S remains one of the most dynamic, fast-growing segments – and for forward-thinking brokers, it’s full of potential.
Standard carriers may be easing rates and expanding appetite, but the complexity of modern risk continues to grow. From cyber and construction to environmental exposures and emerging industries, clients need more than off-the-shelf solutions. They need agility, expertise, and creativity – everything the E&S market is built to deliver.
This isn’t about price. It’s about value.
E&S has always been the domain of resourceful brokers. It’s where problems get solved when standard markets fall short – and increasingly, it’s becoming a firstchoice strategy rather than a last resort. As the market continues to mature, brokers who understand how to navigate this space are becoming indispensable advisors.
In a recent interview with Insurance Business America, RT Specialty’s vice president of property, Thurston Davis Jr., offered a sharp reminder: “Just because capacity is available doesn’t mean you can be passive about how it’s deployed.”
E&S has always been the domain of resourceful brokers. It’s where problems get solved when standard markets fall short
That insight is key. As markets soften, there may be a temptation to relax. But clients still expect tailored, forward-thinking risk solutions – and E&S is where that innovation happens. Brokers who take a passive approach will lose ground to those who continue to lead with insight, specialization, and strong wholesaler relationships.
The upside? Brokers who embrace the E&S space today are building more than policies – they’re building long-term value. E&S placements often mean better margins, stronger client loyalty, and true differentiation in a crowded market.
Whether you’re placing tough property, high-hazard liability, or emerging industry risks, the E&S market is where your expertise can shine. This is your chance to be more than a middleman – you can be the expert, the strategist, the problem-solver.
So, don’t ease up – lean in. The capacity may be growing, but so are the expectations. The brokers who thrive in E&S are the ones who stay sharp, stay active, and stay committed to delivering smarter solutions.
The market is open. Now is the time to lead.
The team at Insurance Business America
Got a story or suggestion, or just want to find out some more information?
FEATURES FUTUREFEST
UPFRONT
01 Editorial
Resourceful brokers embrace E&S to showcase their expertise
FEATURES
34 Building tomorrow’s leaders
Repositioning the narrative will draw talented young professionals to the industry
46 Coastal risk
Stronger storms and surging seas drive higher deductibles for New England commercial properties
Groundbreaking event at Santa Monica pier redefines the industry, ensuring any perception of insurance as boring goes by the wayside
The
and client-oriented E&S market drives passion for AM
Specialty’s Shevawn Barder
PROFILES
14 Augment Risk
Strategic capital architect with a bold vision and fast-scaling platform builds innovative advisory model
SPECIAL REPORT
37 Award winners
Celebrating 2025’s top-performing insurance professionals and companies across key categories
TOP INSURANCE EMPLOYERS 2025
INSIDE THE EMPLOYEE EXPERIENCE
DETAILS MATTER for the best insurance companies to work for in America. In the current era, employees have options to move and are empowered to voice dissatisfaction as they deal with a hard market, rising prices, and relentless sales quotas.
“It’s important to understand we’re still in a competitive labor market and you have to prioritize providing an excellent employee experience,” says Corey Pinkham, president of insurance recruitment specialist The Jacobson Group. “This should begin at an individual’s first interaction with your company and extend throughout their tenure.”
The importance of being a top employer is even more evident as shown by data from Liberty Mutual and Safeco Insurance:
• 51 percent of frontline staff at independent insurance agencies are feeling burned out and stressed
• 87 percent of agents say their workload increased in the last year
• Burned-out employees were more than two times more likely to seek a new role
Pinkham adds, “Taking a people-first approach that balances the needs of both
employees and the organization is essential to be a top employer today. The companies that focus on building a sense of connection, while providing transparent and ongoing two-way communication, are positioned to cultivate an environment where individuals feel valued and engaged.”
Mike Skiados, CEO of the National Association of Professional Insurance Agents, stresses the need for insurance agencies to remain vigilant around the type of work culture they foster.
A global survey by Culture Amp, with approximately 1.4 million respondents across 80 insurance organizations, indicated that accurate role descriptions, clear company vision, and a supportive company culture are key to the employee experience.
Industry data also shows that more employees are part of the American insurance sector than ever, meaning employers have an even greater responsibility to support and develop their teams.
To tackle the issue of burnout and high turnover, employers are expected to adopt technological tools, which significantly reduce the workload of frontline workers. Liberty Mutual and Safeco Insurance’s survey concluded that workers with adequate tech tools are less likely to feel the impact of burnout.
Source: Culture Amp
One of the most important factors for Gen Z insurance employees is a flexible workplace that offers a healthy work-life balance, according to Skiados, who adds that emerging employees are also looking to feel supported with greater professional development opportunities.
FACTORS THAT MATTER TO EMPLOYEES WHEN ENGAGING WITH THEIR ORGANIZATIONS
The leaders at [Company] have communicated a vision that motivates me.
“I definitely think that work-life balance is important, and Gen Z cares very much about that. They want to put in an honest day’s work and have a life outside of the office,” he says.
DATA ANALYSIS
Annually, Insurance Business America surveys hundreds of insurance employees in the US to find out what they want in an employer. The following shows a comparison of the data between 2021 and 2025 for the Top Employer winners.
TRENDS (2021–2025)
Consistently high importance
• Retirement plan, vacation leave, flexible work options, medical coverage, sick leave, dental coverage
These benefits consistently score above 4.4, indicating they are seen as very important. Retirement plans and vacation leave are the highest rated, with only slight fluctuations year to year.
Moderate importance
• Personal/carer’s leave, vision coverage, development/educational programs, disability benefits, life insurance, employee recognition programs, employee performance review, employee equity program
These benefits generally score between 4.0 and 4.3, showing steady importance but not as critical as the top tier.
Lower importance (but still valued)
• Company support for community/ charitable organizations, long-term care, time off for volunteering, wellness programs, maternity/paternity leave, loyalty programs, green/sustainable programs, sabbaticals
These benefits score between 2.8 and 3.9, indicating a lower – but still notable – level of importance. Notably, “green” programs and sabbaticals are the lowest, but still above the midpoint.
General pattern
• Slight decline: Many benefits show a slight downward trend from 2023 to 2025, possibly reflecting shifting priorities and/or increased expectations.
The second part of IBA’s annual survey involves employees revealing how satisfied they are. Below is a yearly analysis of their ratings on being an employee of the Top Employers.
1. Overall trends (2021–2025)
General observations
• High satisfaction: Most categories consistently score above 4.0, indicating a generally high level of satisfaction among insurance workers.
• Slight downward drift: Many satisfaction ratings peaked in 2021 or 2022 and have shown a slight decline or plateau since then.
• Stability in key areas: Some categories (e.g., job security, safe work environment, workplace culture) remain very stable and high, suggesting strong employer performance in these foundational areas.
2. Key conclusions
• Satisfaction remains high: Workers are generally satisfied with their employers, especially regarding safety, job security, culture, and flexibility.
• Slight downward trends: There are small but consistent declines in compensation, bonuses, loyalty leave, wellness programs, and family-friendly benefits. These could be due to:
METHODOLOGY
To find and recognize the best employers in the insurance industry, Insurance Business America first invited organizations to participate by filling out an employer form, which asked companies to explain their various offerings and practices.
Next, employees from nominated companies were asked to fill out an anonymous form evaluating their workplace on a number of metrics, including benefits, compensation, culture, employee development, and commitment to diversity and inclusion.
To be considered, each organization had to reach a minimum number of employee responses based on its overall size. Organizations that achieved a 75 percent or greater average satisfaction rating from employees were named Top Insurance Employers of 2025.
“We don’t micromanage, and we don’t want to be in a position to micromanage”
Cristi Carrington, Brown & Riding Insurance Services
TOP INSURANCE EMPLOYERS 2025
o Economic pressures: Inflation, cost of living, and possibly slower wage growth have been observed.
o Changing expectations: Employees may expect more from employers post-pandemic, especially around flexibility and holistic well-being.
o Benefit adjustments: Some programs may have been scaled back or not kept pace with employee needs.
• Work-life balance and feeling valued: These areas have improved or remained strong, likely reflecting employer efforts to support remote/ hybrid work and employee well-being.
• Professional development and advancement: Remain consistently
high, suggesting employers are maintaining focus on growth opportunities.
3. Reasons behind trends
• Economic climate: Inflation and economic uncertainty can dampen satisfaction with pay and bonuses, even if nominal amounts haven’t changed.
• Pandemic aftereffects: The shift to remote/hybrid work has increased expectations for flexibility and worklife balance, which employers have largely met.
• Evolving workforce needs: Familyfriendly and wellness benefits may need to adapt to shifting employee priorities.
• Recognition and social engagement: Virtual work may have made recognition and team-building more challenging, leading to slight declines in these areas.
Brown & Riding Insurance Services
Headquarters: Dallas, TX Employees: 101–500
Key initiatives:
• Pairing new talent with experienced mentors and specialists early in the
U.S. INSURANCE
• Offering a variety of career paths, including leadership and production roles, to employees
• Clearly communicating career progression and ownership opportunities to all new hires
• Regularly checking in with teams at least twice a year to discuss progress, stress levels, and staffing needs
• Conducting industry benchmarking for compensation and titles to ensure competitiveness
• Supporting employees in pursuing educational opportunities within the industry
• Rotating members of the benefits team every couple of years to ensure fresh perspectives and robust benefits packages
• Requiring new hires to make 10 phone calls to team members within six weeks as part of onboarding
• Having flexible start and finish times
• 401(k) with company match at 50 percent of employee contributions, up to 6 percent of compensation
The firm has been entirely employeeowned since its inception in 1980, with 58 of the team members making up the current shareholder group.
“People feel very invested within the success of the company. Even if they’re not a shareholder, they know that they have the opportunity to get there and the pathway is clear for them to do so,” explains Cristi Carrington, chief distribution officer.
Every employee is considered for a bonus based on overall performance and becomes eligible after their first month. The work schedule is 7.5 hours across a five-day week.
Brown & Riding chooses not to place employees under unnecessary pressure and looks at success on a three-year basis, rather than quarterly or monthly.
“We ride the tide out with people and we’re very patient with the marketplace,” says Carrington. “The autonomy and the
TOP INSURANCE EMPLOYERS 2025
EMPLOYEE SATISFACTION RATINGS,
I am satisfied with my overall compensation.
I am satisfied with the healthcare-related benefits offered by my organization.
I
I am satisfied with my organization’s bonus and/or incentive programs.
I am satisfied with my organization’s loyalty leave and/or sabbatical structure.
My job performance is evaluated fairly.
I
I am satisfied with the culture of my workplace.
I am satisfied with my work-life balance at this organization.
I am satisfied
My
I am inspired to meet my goals at work.
I feel valued and appreciated at my organization.
center, health screenings, etc.)
flexibility allow them to craft their book the way they want to, and work with people within or outside their practice groups.”
The company also has a Culture Deck, presented to all employees, which describes the culture in detail to align everyone and encourage and support inclusion.
Carrington says, “The talent conversation is front and center for everyone in our industry right now. Retention isn’t just about compensation. It’s really about building a place where people want to stay because they’re learning, growing, and respected.”
Brown & Riding maintains a close eye on competitors’ salaries and, over the past three years, has assessed if the company needs to bring its salary levels up.
“We have conversations with employees, and as long as they are performing their job to a satisfactory level, we automatically increase their compensation to be in line with the market,” adds Carrington.
The firm also has a deliberate flat management style that allows employees to reach out to whoever they feel most comfortable with.
She explains, “We’re always here to help and want people to manage up versus us top-down managing, and people really appreciate that.”
Carrington emphasizes the flexibility of Brown & Riding’s workspaces, suggesting that a strong work-life balance gets the best out of employees. She says that while many companies have been implementing backto-the-office orders, Brown & Riding maintains full trust in its employees, whether they are in the office two days a week or five.
I am
my
“We’ve always felt that flexibility is key with our employees; they can manage their own schedules. People are adults. Get your work done and we’ll be just fine,” she adds. “When it comes to employees, it’s paramount for them to have flexibility and autonomy in what they do.”
Tangram Insurance Services
Headquarters: Novato, CA
Employees: 26–100
Key initiatives:
• New employees are given structured onboarding and experience in each program to ensure understanding of the department.
• Technology tools are used to track productivity while maintaining flexibility for employees.
• Monthly all-hands meetings are organized for employees.
• Managers conduct regular check-ins (weekly, bi-weekly, or monthly) with their teams.
• Quarterly 360-degree reviews are conducted to gauge employee satisfaction and address concerns below a score of 8 out of 10.
• Individual employee satisfaction scores are tracked over time to address any declines.
It stands to reason that being a femaleowned company, with a woman of color as CEO, marks out Tangram as doing things differently. The firm approaches DEI through a constant lens rather than viewing it as a policy.
Senior vice president Tracy Bernard explains, “Our overall mission statement is to revolutionize the face of insurance while remaining diverse and independent. We try to live it.”
Headed by influential CEO Rekha Skantharaja, Tangram’s ownership and workplace culture stands out.
“In the last five years, we have almost tripled in top line revenue and we’ve gone from four core programs to 13 programs,”
says Bernard. “We’re a very collaborative group. In any organization, diversity of perspective is important. I don’t know how you get that with a team of people where everybody looks the same and has the same lived experience.”
As the insurance industry continues to struggle with high retirement rates, Bernard says that shifting the perennial view of insurance as a “boring” field is essential. She says, “We’re demonstrating that it can be fun.”
To attract and retain employees, the firm has a “family culture” that engages with the lives of employees outside of the office, allowing them time to attend to family commitments and pressing issues.
She explains, “We like to understand what our employees’ lives are like outside of insurance and give them the space to live those lives.”
At the firm’s HQ in California, where 40 percent of the team is based, there is a hybrid system with two days in the office, emphasizing collaboration during that time. The rest of the team, based around the US, are fully remote.
“We want to make sure people are being productive, but we’re not necessarily mandating they be tied to their desk from nine to five,” says Bernard.
To gauge employee satisfaction, Tangram conducts quarterly check-ins, asking employees to rate their current work contentment out of 10. A score below 8 prompts action to determine the most effective ways to improve satisfaction. The numerical approach is a careful strategy to understand the reasons.
Bernard explains, “Even if people are hesitant to write down what it is, a lot of times they will be honest about the number.”
Technology improves workflows and has been vital to ensuring employees are empowered to perform in their roles. Tangram has developed its Enterprise Workbench to streamline processes and give the team the ability to leverage a free flow of data. The
“We consistently remind our employee-owners that they are our greatest asset. By reinforcing that their voices matter and that they are the heart of our company, we continue to cultivate a workplace that is not just successful, but one of the best places to work”
Richard Ollis, Ollis/Akers/Arney Insurance & Business Advisors
system pulls all the information and summarizes it, and pushes whatever is needed into the rating software, which prices the account. The final version then returns to the Enterprise Workbench.
“When an underwriter opens it, they can immediately get down to the nitty-gritty,” explains Bernard.
Work is varied to ensure there are constant challenges for the team as Tangram works across a wide client base including contractors, energy sector firms, social services, and healthcare.
TOP INSURANCE EMPLOYERS 2025
“DEI is inherent in our business”
Tracy Bernard, Tangram Insurance Services
Mentoring and leading by example are also internal touchpoints. Tangram trains its people before entrusting them with authority and decision-making. Progress is made by what the firm refers to as “natural evolution.”
Ollis/Akers/ Arney Insurance & Business Advisors
Headquarters: Springfield, MO
Employees: 26–100
Key initiatives:
• Create high-performing teams (HPTs) that foster collaboration across roles, break down silos, and empower individuals, resulting in better client outcomes and increased employee pride
• Involvement in local communities with employees serving on councils and boards, reinforcing their commitment to community development and differentiating them in hiring and company culture
• Continued development of core values and competencies for each role
• Alignment of annual performance goals and metrics with core competencies
• Individual development plans based on core competencies and company values
• Maintaining and improving onboarding, benefits, PTO, and flexible work programs in alignment with company values
• Holding regular HPT meetings to collaborate on client service
• Continuing benchmarking benefit plans and compensation against industry and state standards
• Conducting compensation studies for each role to ensure competitive pay
• Performing a tech stack analysis to identify redundancy and effectiveness of current technology programs
Everyone at the firm benefits from collective success via the Employee Stock Ownership Plan. Eligibility is open following one year of continuous employment and 1,000 hours of service.
Employees are also given the freedom to pre-arrange their work schedules based on their role and the organization’s needs.
CEO Richard Ollis explains, “When we talk to potential candidates about joining our company, we talk to them about becoming a partner, becoming an owner. We often use the phrase that we’re not looking for an employee; we’re looking for a business partner.”
The mindset is one of setting a standard for what a fully engaged team can accomplish. Being employee-owned is a key differentiator that shapes communication, inspires collaboration, and drives success.
Transparency and trust are at the core of business operations with regular reviews to discuss both short- and long-term goals, ensuring every team member understands the “why” behind objectives. Each year, top strategic priorities with clear plans for execution are established, and quarterly all-employee meetings provide a platform for openly sharing and discussing company-wide initiatives.
With regard to compensation, the company uses insurance industry benchmarks to remain competitive but also looks at statewide compensation trends to ensure they are meeting market demands on salary and benefits.
“We do a compensation study. For each role in our company, we know the range
that’s paid in our region for a particular role. We’re never going to be the absolute highestpaying organization, but we certainly are going to be in the top third of pay,” Ollis says. “We really try to create this entire package that includes ownership, benefits, flexible work, a very generous PTO policy, along with a top quartile pay package.”
The firm partners with consultant DRYVE to provide group education around topics like Having Hard Conversations, Emerging Leaders, and also facilitates individual sessions with younger leaders to help take their skills to the next level. Ollis/Akers/ Arney also sponsors Leadership University programs for any of the team, with 100 percent of these costs met by the company.
Some of the main challenges for insurance agencies revolves around the lack of cooperation, according to Ollis. To combat this issue, Ollis/Akers/Arney has developed “highperforming teams” to ensure each aspect of client satisfaction is addressed through frequent team meetings and close contact throughout the service process.
The firm applies this cooperative nature to boost employee morale, as everyone is given clear direction on what they are adding to their team, while they can also see the visceral results of working together.
He explains, “One person can’t do it and, frankly, doesn’t have the skill set to do it. It really takes a team with different skill sets. It does empower that person to have self-worth when they know they’re an important part of the team. The authenticity, passion, and purpose of our team are what truly make us a top insurance employer.”
INSIGHTS
As part of our editorial process, Key Media’s researchers interviewed the subject matter expert below for an independent analysis of this report and its findings.
Brokers find themselves operating in a landscape marked by shifting market conditions
SINCE ITS launch in late 2022, Augment Risk has positioned itself not just as a traditional broker but as a strategic capital architect. With a bold vision and a fast-scaling platform, the firm is redefining the role of the intermediary at the intersection of insurance and capital markets.
At the heart of Augment’s mission lies a simple but powerful idea: think differently, don’t chase deals, help structure capital. As CEO Andrew Matson explains, “Our ambition is to become the most trusted capital advisor in the insurance ecosystem. We’re helping clients use risk capital as a lever for growth, valuation, and resilience.”
This philosophy sets Augment Risk apart from traditional brokers. While much of the industry remains product led and price focused, Augment Risk is building a capital-aligned advisory model
that’s client first, structuring driven, and focused on value impact.
“We’re not replicating what exists,” says Matson. “We’re defining a new category, one where broking meets capital and clients enhance ROE, reduce volatility, and grow through precision with a plan.”
Now a 70-strong team of professionals operating out of New York, Miami, Bermuda, London, and key regional markets in the US and Europe, Augment Risk has already placed more than $2.5 billion in premium. But Matson is quick to point out that premium reflects trust and momentum.
“Our average transaction size is large, our revenue is accretive, and our client retention is near 100 percent,” he says. “Increasingly,
clients are engaging us not just for renewals but as capital advisors on growth, exits, and structuring. Our growth is talent led and client driven, not footprint driven. What sets us apart isn’t our real estate spread but our ability to deliver high-impact solutions from a centralized model.”
What ties it all together is a distinct culture − one built for ambitious talent. “We attract entrepreneurs, builders, and capital thinkers – people who want ownership over outcomes,” says Matson. “We give people the chance to find out how good they could really be.
“The core thesis doesn’t change − clients need capital-first structuring over commoditized broking. What’s evolved is how broadly that need resonates.”
ANDREW MATSON, CEO OF AUGMENT RISK
What is your overarching vision for the firm?
At Augment, our vision is to redefine the role of the intermediary. We don’t chase deals − we structure capital. Our ambition is to become the most trusted capital advisor in the insurance ecosystem, enabling clients to use risk capital as a lever for growth, valuation, and resilience.
We are building a new category of intermediary − one that is client first, capital structured, and EBITDA driven. That’s fundamentally different from traditional brokers who are often product led and price focused. We aim to lead where insurance and capital markets converge, delivering clarity, structure, and long-term value.
Looking back, how have your ambitions evolved over time?
The core thesis − that clients need capital-first structuring over commoditized broking − remains unchanged.
We now work not only with carriers but also MGA founders, private equity sponsors, and corporate risk owners. From equity-aligned MGAs to exit structuring and capacity optimization, our frameworks have scaled to meet the expanding scope of opportunity.
Where are your teams based?
We’re headquartered in New York and built for global capital intermediation. Our model is centralized, not geography bound. Teams execute across EMEA, the Americas, and APAC from a unified
hub. This structure ensures that clients − no matter where they are based – benefit from integrated thinking, faster decision-making, and access to the full global capital pool, not just local capacity.
What sort of scale have you achieved to date?
We’ve scaled rapidly since 2023, but with discipline. We’ve built a team of 70 professionals across New York, Miami, Bermuda, London, and regionally in the US and Europe. We’ve placed over $2.5 billion in premium. Premium is not our goal − it’s a reflection of trust and momentum.
More importantly, our revenue is accretive, our average transaction size is large, and our retention rate is near 100 percent. Clients now engage us not just for renewals but as capital advisors on growth, exits, and structuring. That shift validates our approach. We’re proud to count some of the most prestigious carriers, reinsurers, and MGAs in the world as clients. Their trust is both a responsibility and a powerful endorsement of our model.
Looking ahead, will future growth be M&A led or organic?
Primarily organic. We are building a platform where exceptional people have ownership and freedom to build. We’ll consider M&A where it brings capability we don’t have, geographic relevance, or access to strategic clients − but we’re not buying revenue. We are building alignment. Every growth decision reinforces our role as the capital-aligned, client-first advisor.
WHY E&S INSURANCE IS ‘FUTURE-PROOF’
For
AM Specialty’s Shevawn
Barder
,
E&S thrives on innovation, discipline, and the human connections that fuel long-term success
THE EXCESS & SURPLUS (E&S) lines sector is known for its creativity and complexity. Once the “market of last resort,” it’s now one of the insurance industry’s most dynamic growth engines.
Within this space, Shevawn Barder (pictured) has carved out a distinctive leadership path.
As the CEO and principal of AM Specialty Insurance Company (ASIC), Barder brings more than three decades of experience in re/insurance, built on a foundation of Lloyd’s of London expertise, entrepreneurial drive, and a deep belief in the enduring relevance of E&S.
“The E&S market,” Bader said, “is a future-proof market. It’s incredibly dynamic and client-oriented, two traits that drive real passion.”
From London to leadership Barder’s career began with elite training at Lloyd’s of London, where she honed her understanding of E&S fundamentals. This experience would prove instrumental when she transitioned to the US market.
In 2000, alongside her husband and business partner, Simon, Barder co-founded MarineRe, an agency that quickly grew until its acquisition by Ironshore in 2008. She continued leading as president of Ironshore Marine Re until 2012, when the Barders pivoted to build a new platform: ASIC.
Today, ASIC stands as a privately owned, Arizona-domiciled E&S carrier, writing general liability, transportation, marine, and other specialty lines, while also acting as an accredited reinsurer in select states.
But beyond its portfolio and structure, ASIC reflects Barder’s personal philosophy: a hands-on, data-driven, client-first business built for long-term relevance.
“Building AM Specialty has been a wonderful dream for me,” she told Insurance Business. “Working with the team of people that we have hand-picked – it’s been an amazing journey. I feel that is unique in the market today. We are intrinsically involved with everything within the business model – from the initiation of the business, to the monitoring process, to the structure of the monitoring process.”
‘Relationships
matter’ in the dynamic E&S space
After several years of admitted-market retrenchment, driven by catastrophe volatility, social inflation, and tighter
“It’s the relationships that create passion. We’ve built several businesses from scratch, and when you bring people into that journey – when you train them, grow with them –it creates something real”
PROFILE
Name: Shevawn Barder
Company: AM Specialty Insurance Company (ASIC)
Title: CEO and principal
Years in the industry: 30+
Experience: Has held roles at Marine Re, Sedgwick, Alexander & Alexander, and Willis
Timeline:
2000 – launched Marine Re with husband, Simon
2008 – Marine Re was acquired by Ironshore
2012 – Created AM Holding Company and its subsidiaries
underwriting discipline, capacity and innovation have migrated to E&S.
The result? Double-digit premium expansion in recent years, broader product development, and a permanent reset in how commercial and personal specialty risks are financed. In this environment, Barder’s deeply relational leadership style has blossomed.
“It’s the relationships that create passion,” she said. “We’ve built several businesses from scratch, and when you bring people into that journey – when you train them, grow with them – it creates something real.”
For Barder, the explosive growth of the E&S market comes down to the “domestication of risk.” As the US economy matures and becomes more risk-aware, she said, the need for customizable, responsive coverage intensifies.
While AM Specialty doesn’t write this risk, it doesn’t mean its leaders are ignoring the complexities of the property market.
With increasing catastrophe exposure from wildfires and extreme weather, Barder noted that the property space has become more nuanced and reliant on advanced tools such as collateralized capacity, cat bonds, and sophisticated mapping.
“Technology and data must support every part of the underwriting process,” she said. ASIC has embraced technology, building a proprietary platform to visualize data and benchmark performance. But Barder believes underwriting discipline still lies in the fundamentals.
“It’s about knowing the risk,” she said, “then supporting that knowledge with data and monitoring.”
“The E&S market is almost future-proofed. Especially in an economy as stable and resilient as the US, the next cycle looks very positive”
“There’s a high level of familiarity and service orientation in the US now,” Barder observed. “Why move business abroad when you can have it serviced domestically by people who understand the risk landscape?”
She sees this trend not as a temporary boom but as a long-term shift, noting, “The E&S market is almost future-proofed. Especially in an economy as stable and resilient as the US, the next cycle looks very positive.”
Embracing technology in E&S underwriting
Despite the growth, Barder remains discerning about which parts of the E&S world she wants to play in. One example: catastrophe risk.
She credits ASIC’s disciplined approach to the rigorous training both she and Simon received in the Lloyd’s environment.
“We run our company like a syndicate, structured and detail-oriented,” she noted. “It’s helped us build a very tight, controlled model.”
Advice for the next generation Growth in the E&S space breeds exceptional opportunities for new talent. Barder believes insurance remains one of the most underappreciated industries, especially among younger professionals.
“It’s international. It’s diverse. It’s peopleoriented,” she said. “Now, with data and technology becoming core to the model, it’s even more multifaceted.”
SNAPSHOT:
Source: S&P Global Market Intelligence, 2024
For those eager to explore the E&S sector, the CEO had straightforward advice.
“Jump in and don’t be afraid,” she said. “Understand the full chain: underwriting, claims, data, and client management. And take your time – it’s a lifelong career.”
Barder also encouraged curiosity, mobility, and learning through experience: “Insurance can take you anywhere. Working in different geographic regions pushes you to grow, not just professionally, but personally.”
Amid her success, Barder remains grounded in the human element of the profession.
“At the end of the day, you’re just trying to help someone,” she said. “Insurance creates stability within society and the economic model. If you can effectively communicate with your client and understand their needs, you will have a solid relationship.”
SECTOR FOCUS: E&S
E&S lines thrive amid market volatility
Rapid growth and lasting structural shifts are cementing E&S as an essential tool for placing complex risks
THE US excess and surplus (E&S) market has been on an extraordinary growth trajectory in recent years, reshaping the competitive landscape for insurers and brokers alike.
Driven by a combination of market dislocation, emerging risks, and the flexibility of the non-admitted market, E&S has evolved from a “last resort” option to a core part of risk placement strategies.
Industry leaders say that while the pace of growth will normalize, the structural shift into E&S is here to stay, and brokers must adapt to capitalize on the opportunities.
was really a catalyst for the insurance market, especially property, to start hardening.”
Combined with wildfire losses, flash flooding, rising loss costs, and social inflation, the conditions created what Burnett called a “perfect opportunity” for E&S to prove its agility under pressure.
Flexibility and expertise: the strengths of E&S
For Kyle Burnett, head of E&S property at Swiss Re Corporate Solutions, the turning point was a string of catastrophe events that exposed weaknesses in the admitted market’s ability to respond quickly.
“We had the Fairview River and Marina hurricanes come through, followed by a string of storms making landfall in 2018, 2019, 2020, 2021, and 2022,” Burnett says. “They hit different parts of the country, and that
50 different insurance commissioners,” Price says. “The trend toward E&S follows carriers’ desire to maintain flexibility in an uncertain loss-cost environment.”
Both leaders agree the growth is sustainable, though the surge of recent years will temper. Price notes that submission flow
“The trend toward E&S follows carriers’ desire to maintain flexibility in an uncertain loss-cost environment”
Michael Price, Dellwood Insurance Group
“We’re no longer just a market of last resort,” Burnett says. “We’re now an essential piece of the future.”
Michael Price, CEO of Dellwood Insurance Group, an E&S lines insurance holding company serving wholesale brokers and program administrators, points to another structural advantage: the freedom of rate and form.
“Admitted markets have difficulty keeping up with rate and coverage demands when they have to work through
into E&S remains at double-digit growth rates, but micro-cycles between property, casualty, and professional lines will affect volume.
Burnett expects momentum to normalize but says discipline will cement E&S as a permanent fixture. “The structural shifts we’ve seen have shown discipline, and E&S will continue to have a permanent role,” he says.
Areas of opportunity in E&S
Geography is emerging as a key growth lever. Burnett sees untapped potential east
of what has traditionally been Tornado Alley, where convective storms are increasingly frequent. “This shift has raised concerns for homeowners in areas that previously didn’t consider themselves high-risk,” he says.
Price points to smaller property accounts – i.e., those with total insured values under $25 million – as another opportunity. “They’re more insulated from intense competition because they require more infrastructure to handle efficiently,” he explains. Larger shared and layered accounts, by contrast, are seeing sharper rate declines as capacity floods in.
For now, both executives see an abundance of capacity in property, fuelled by a slowdown in major hurricane landfalls in 2023 and 2024, and by Lloyd’s reemergence in the space. “There’s ample capacity chasing business, which is shaping some of the dynamics we’re seeing,” Price says.
Burnett cautioned that while competition is healthy, capacity can exit quickly amid a softening period in the property market. Despite this, secondary perils will continue to drive E&S relevance across lines.
FACTORS DRIVING E&S GROWTH
Cat events – Hurricanes, wildfires, and floods exposing gaps in admitted market capacity
Emerging risks – Secondary perils, social inflation, and litigation trends pushing complex risks out of admitted markets
Market dislocation – Hardening property and casualty conditions creating openings for agile underwriting
Geographic shifts – Growing exposure in areas outside traditional high-risk zones
Capacity dynamics – Lloyd’s reemergence and capital inflows boosting competition
SECTOR FOCUS: E&S
“These are conditions E&S can respond to quickly, and they’ll keep us as a staple of the insurance market,” says Burnett.
On the other hand, the E&S market’s role in casualty lines has grown as social inflation and litigation trends push complex risks out of the admitted market.
“Loss trends in casualty remain elevated, and we believe they will for the foreseeable future,” Price says. “For underwriting teams that are selective and disciplined on pricing, there’s real opportunity to grow profitably.”
Underwriting discipline in a competitive market
Both leaders emphasize that disciplined underwriting remains the foundation for sustainable growth in E&S.
“At Swiss Re, we stick to a clear, consistent approach,” Burnett says. “We educate our underwriters, understand the perils and occupancies we write, and are deliberate about attachment points. That consistency keeps us a reliable partner for clients.”
Price echoes the point, noting that a strong underwriting company must manage each line’s cycle individually.
“E&S is a composition of property, casualty, and professional lines, each with its own cyclical behaviour,” says Price. “The job is to find the pockets of profitable growth where capacity is less abundant.”
If Burnett had to sum up the future of E&S property in a word, it would be growth. “The E&S property market is well positioned to adapt to shifting risks,” he says. “That longterm demand is being driven by complexity, volatility, and gaps left in the admitted market.
“Growth will depend on disciplined underwriting and smart use of risk technology, but our agility gives us a strong advantage.”
Price sees similar potential but warns against treating E&S as a monolith. “Don’t think about E&S in totality,” he advises. “Understand the different cycles within each line and position accordingly.”
How brokers can leverage growth in the E&S space
For brokers, the shifting market demands deeper expertise and stronger wholesale partnerships.
“We’re no longer just a market of last resort. We’re now an essential piece of the future”
Kyle Burnett, Swiss Re Corporate Solutions
“Expertise in E&S is consolidating into a handful of top wholesale brokers,” Price says. “The challenge is to understand the resilience and strength of the wholesale market, especially if there’s a swing back toward admitted carriers.
“The E&S space has always been here to solve complex risks. Over the last five or six years, we’ve seen significant inflow because of the expertise our wholesale partners bring and the relationships they have with carriers. Those relationships will continue to be the foundation of success in this market.”
Burnett agrees that brokers who understand evolving perils, regional trends,
and capacity dynamics will be best positioned to add value. While his outlook is optimistic, he says increased competition is something brokers should monitor.
“The market’s done a good job of maintaining discipline so far, and that’s critical for clients,” says Burnett. “We don’t want big swings in pricing or terms. Clients should know what to expect so they can budget appropriately. For us, the focus is always on consistent, disciplined execution day to day.”
5-STAR PROGRAM ADMINISTRATORS & CARRIERS 2025
ANTICIPATING TOMORROW: BLUEPRINT FOR GROWTH
IT’S PRIME time to be an insurance program administrator (PA) and carrier in America as these firms can best show their true worth by anticipating what is coming next and building programs in that direction. Success depends on agility, investment in digital transformation, proactive risk management, and a strong focus on compliance and sustainability.
The best in the business are reaping the rewards of specialization, agility, and longterm vision by building for scale, investing in data, and ensuring their underwriting is on point. The Target Markets Program Administrators Association Mid-Year Meeting 2025 concluded that the segment
continues to outpace non-program commercial insurance in growth.
But the shift isn’t happening evenly because, while property is softening, liability remains constrained due to a burgeoning litigation environment where larger settlements occur. Geography of risk is also changing as what were once fringe exposures, such as wildfires and hurricanes, are now central to underwriting conversations.
These factors demand that industry leaders develop a broader view.
“We can’t just build programs for the past – we have to anticipate what’s next,” says Jennifer Burnham, division VP at Great American Alternative Markets.
“We only enter a niche industry if we think there’s a need for exceptional claim mitigation and loss control. If it’s a transactional line of business, you’re not going to see us involved”
Dan Hickey Jr., Roosevelt Road Specialty
Insurance Business America identifies the most resilient program administrators and carriers through extensive surveys and research.
Program administrators were ranked based on their achievements and initiatives across a range of areas, including the largest programs, expertise and stability, and innovations in program development. Program administrators were also asked to provide feedback on the carriers they work with.
Together, they are recognized as the 5-Star Program Administrators & Carriers 2025.
“A lot of the partners that we start to do business with are referrals or are interested because they’ve seen our business model work for the marketplace”
Jason Jones, REInsurePro
Industry focus
Multiple factors influence the decisions and strategies of the leading program administrators and carriers.
1. Technology and digital transformation
• AI and automation: Over 75 percent of US insurers have implemented generative AI in at least one business function. AI is widely used for claims processing, risk assessment, fraud detection, and customer service, driving efficiency and reducing costs. AI-driven antifraud solutions are expected to save the industry tens of billions by 2032.
• Cloud adoption: Cloud-based platforms now account for half of all thirdparty administrator (TPA) deployments, enabling scalability, integration, and real-time data access.
• Embedded insurance: The distribution of insurance at the point of sale (e.g., via real estate or automotive platforms) is rapidly growing and projected to exceed $722 billion globally by 2030.
• Deloitte research suggests that AI can provide US$4.7 billion in annual growth, demonstrating the immense opportunities to be capitalized by US providers and carriers.
• Deloitte suggests that $80 billion to $160 billion in fraudulent losses could be avoided by insurance carriers adopting preventive anti-fraud technologies by 2032.
2. Customer expectations and personalization
• Digital-first experiences: Customers expect seamless, digital-first experiences, self-service options, and highly personalized products. Insurers are investing in modern platforms to meet these demands and improve loyalty.
• Personalized products: Usage-based and behavior-based insurance models are on the rise, enabled by AI and realtime data analytics.
3. Regulatory and compliance pressures
• Climate risk and transparency: Regulatory focus is intensifying on climate risk, cost transparency, and value-based administration, especially in property and health lines.
• Data privacy: Evolving data privacy regulations and new global and US tax rules (e.g., Pillar Two, CAMT) are increasing compliance complexity for PAs.
4. Climate and catastrophe risk
• Rising claims: Natural disasters and climate-related events are driving up claims and premiums, especially in property insurance. Insurers are under pressure to develop new risk models, incentivize resilience, and collaborate with governments and communities.
• Climate risks: A 2024 report by Conning shows 91 percent of insurance executives view climate change as a major risk to the insurance industry, with 60 percent of respondents planning on implementing climate risk analysis tools into their business to
address the increasing threats of losses from climate-related events (see chart on p. 24).
• Insurance executives expressed grave concern over the transitional effects of climate change, with 96 percent of respondents agreeing that these risks will have an impact on their business decisions over the next decade.
5. Cybersecurity and data governance
• Cyber threats: Cyber risks are a top concern, both as a direct threat to insurers and as a coverage area for clients. Investments in cybersecurity, data governance, and compliance are critical. The rise in ransomware and third-party breaches is leading to stricter security regulations and more robust cyber insurance offerings.
6. Market growth and dynamics
• TPA market growth: The US TPA market is projected to reach $519.65 billion in 2025, growing at a
METHODOLOGY
In April, Insurance Business America issued a call for nominations for the fifth annual 5-Star Program Administrators & Carriers list. Nominees were ranked based on their achievements and initiatives across a range of areas, including the largest programs, expertise and stability, and innovations in program development. Program administrators were also asked to provide feedback on the carriers they work with, which IBA used to determine the 5-Star Program Carriers. The carriers were evaluated on a scale of 1 (poor) to 5 (excellent) in 10 categories. Those that received an average score of 4 or higher were named 5-Star award winners.
5-STAR PROGRAM ADMINISTRATORS & CARRIERS 2025
5.7 percent CAGR through 2030, driven by self-funded health plans, private equity investment, and rapid digitalization.
• Profitability and competition: The property and casualty sector rebounded with a $9.3 billion underwriting gain in Q1 2024, and its profitability is expected to improve further in 2025. However, affordability and access remain challenges due to rising premiums and climate-related losses.
7. M&A and market consolidation
• Private equity and consolidators: M&A activity is robust, especially in
property and casualty and distribution. Larger platforms are emerging, able to negotiate better provider discounts and navigate complex regulations.
8. Sustainability and ESG (environmental, social, governance)
• ESG integration: Insurers are increasingly integrating ESG factors into underwriting, operations, and product development. Climate change mitigation and sustainability reporting are becoming standard practice.
INSIGHTS
• Risk and reliability factors (financial stability, claims specialization, carrier reputation, exclusivity) have become significantly more important in 2025.
• Operational and relationship factors (relationship management, underwriting guidelines, compensation, innovation) also increased in importance, but to a lesser degree.
• Marketing support is the only factor to see a notable decline, suggesting a shift away from marketing toward core operational and risk management priorities.
• Overall, program administrators are prioritizing stability, expertise, and trusted relationships with carriers more than ever in 2025.
9. Talent and workforce transformation
• Skills gap: The industry faces a talent crunch, especially in digital and AI skills. Upskilling, flexible work arrangements, and talent retention are strategic imperatives.
10. Emerging risks
• New risk types: Risks such as PFAs (“forever chemicals”), AI liability, and geopolitical instability are gaining prominence. Insurers are developing new products and risk models to address these emerging threats.
INSIGHTS
• The largest improvements were in areas previously rated lower (marketing support, claims specialization, innovation), indicating carriers responded to prior weaknesses.
• Core strengths (financial stability, reputation) remained strong and improved slightly.
• The gap between the highest and lowest scores narrowed, suggesting more consistent carrier performance across all criteria.
IBA’s 5-Star Program Administrators & Carriers 2025
Largest programs: primary, commercial general liability
• Proactive anti-fraud action
• Significant claims savings: Closed nearly 650 fraudulent claims with zero payouts, saving millions of dollars for insureds.
• Meticulous investigations: Over two years, each claim was thoroughly investigated, uncovering inconsistencies such as exaggerated symptoms and hospital records showing no injuries.
• Collaborative approach
• Data-driven insights: Detected patterns like plaintiffs sharing addresses, repeat claimants, staged accidents, and suspicious medical billing, enabling defense of current claims and prevention of future fraud.
• National recognition
• Industry leadership
• Strengthened client trust
Roosevelt Road Specialty has spent the past two years investigating the endemic problem of fraud in construction insurance.
CEO Dan Hickey Jr. claims that with over 60 percent of labor law claims being unwitnessed, unreported events are meant to dupe contractors and their insurers.
After dedicating large amounts of time, resources, and staff to sniff out fraud, Roosevelt’s results have led to a profile and contractors seeking the firm’s services.
5-STAR PROGRAM ADMINISTRATORS & CARRIERS 2025
“Any time you have to spend the time and money on anti-fraud like we have, that’s an investment you make up front with a return on the other side,” Hickey says.
“We’re very confident in the way that’s proceeding and, quite honestly, all of the notoriety that’s come out of that has really increased our submission flow and contractors wanting to do business with us.”
Contractors have praised the firm for stepping up and defending them, as they often struggle to purchase liability insurance due to the amount of incidents on worksites. Hickey and his team deliver by often removing obstacles that contractors face in accessing liability insurance.
Hickey explains, “With these fraudulent cases, it eventually can make a qualified contractor uninsurable. They’re aware of that, and they know when it comes to putting a flag in the ground and deciding to fight it. Nobody’s doing it with the intensity and the capability we are.”
The firm went so far as to send undercover workers to identify fraud, leading to the filing of RICO lawsuits, while plaintiffs have been withdrawing large volumes of cases due to the known diligence of Roosevelt.
“We saw illegal OSHA classes being run to teach illegal immigrants on the recruitment and deploying these people into work sites,” Hickey explains. “We’ve had over 700 labor law cases withdrawn prior to getting in a courtroom.”
Roosevelt’s aggressive moves to combat fraud are rooted in Hickey’s conviction that fraudulent activity must be rooted out for insurance markets to continue moving forward. He says, “It’s not sustainable for markets to absorb these illegal losses.”
With the reputation Roosevelt has built to combat fraud, clients remain confident in their deep commitment across the board. Hickey says, “Pricing is within a bandwidth of your filings and your schedule credits and merit credits. We know where we want to price. The real value comes in avoiding fraudulent claims and keeping losses down for an insured to improve pricing in the long run.”
According to Hickey, Roosevelt’s relative lack of bureaucracy allows the firm to adopt AI and other technologies swiftly. One example of the firm’s forward thinking is its adoption of AI mandatory dashcam technology in its auto policy. It has made proving claims easier, further dismissing potential fraudulent issues.
REInsurePro
Largest programs: Residential real estate, investment property program, GCGuard for artisans and general contractors, InkShopGuard for tattoo shops and artists
• Custom tech platform: Enables agents to propose, bind, issue documents, and service investor clients directly, unless flagged for underwriting review.
• Agent empowerment: Agents can manage portfolios, process endorsements, add subagents, and access commission reports through the platform.
• Integrated billing and payments: System tracks and applies prepaid and escrow funds, managing all billing and payment processes.
• Automated underwriting: Each location is fully underwritten before quoting, eliminating post-bind inspections, cancellations, or rate changes.
• Internal dashboards: Robust dashboards help internal teams manage contract capacity, risk profiles, and geographic growth, supporting fast decision-making and business growth.
• Unique monthly reporting
• Flexible controls: Technology enforces underwriting guidelines across multiple carrier contracts while allowing agents to respond quickly to investor needs.
• Innovative investor solutions
Remaining vigilant by assessing climate disaster risks is a priority for REInsurePro, which uses information from websites, such as Frontline Fire and Watch Duty, enabling the company to determine how many clients are at risk of being impacted.
“Being able to understand what’s actually going on and using technology to identify and then try to pre-emptively protect everyone have been really important,” SVP for risk management Jason Jones explains. “We use different resources to identify whether a wildfire has spread, whether it’s contained, how much that may affect some of our clients. We then give our marketing group an opportunity to then reach out to some of those clients.”
The firm also uses underwriting tool HazardHub, which gives users a locationbased score on risks such as wildfires and crime, providing REInsurePro’s underwriting team with the data needed to compile a complete assessment.
“We identify what particular area may be affected, then we create the different type of information that we feel is useful for them, then use that to hopefully allow them a better opportunity to get through that unscathed,” says Jones.
Meeting market needs with innovation
IBA’s 5-Star Program Administrators and Carriers 2025 winners stand out for their ingenuity and responding to demand.
Risk Placement Services (RPS)
For the past three years, RPS has established and staffed a new Product and Business Development department with the aim of identifying mutually beneficial opportunities for RPS Signature Programs among carriers, clients, and insured individuals. The organic growth initiatives concentrate
on capitalizing on market opportunities and addressing market needs by aligning business strategies, financial plans, and new program submissions with the objectives and appetite of the firm’s (re) insurance partners.
The product function incorporates three key components:
• Market research: Primary and secondary research to gain insights into dynamic market conditions, needs, and trends.
• Product strategy: Working closely with subject matter experts to develop comprehensive go-to-market strategies and program submissions.
• Product implementation: The team oversees the organization of RPS resources and ensures the successful delivery of new solutions to the market.
The RPS Business & Product Development function reports to the RPS Programs Division leader for the sole
purpose of driving innovation and growth in new and expanded programs. This is accomplished through consistent interaction with a broad set of producers, clients, carriers, reinsurers, technology providers, and other industry thought leaders.
In terms of resident insights, RPS is an expert-driven organization that interacts with more than 25,000 agents on a daily basis to meet the needs of insureds.
This knowledge is collected, triaged, summarized, and communicated in regular line of business meetings, project-specific primary market research, white papers, interviews, and articles.
RPS collects, mines, and analyzes production data to understand buyer behavior and detect new areas of opportunity. The firm makes a concerted effort to access external industry thought leaders through participation in conferences, panels, and the like.
RPS also continues to emphasize the development of digital insurance programs.
New digital programs for small business, contractors, transportation companies, and more leverage the ability of RPS’s in-house platform to employ application/ data ingestion, algorithm-driven underwriting, and automated rating and issuance to efficiently deliver insurance solutions and subject matter expertise to its clients. To date, the platform has transacted more than $400 million.
SCIS has demonstrated expertise in underwriting and pricing temporary staffing accounts, which currently represents about half of the firm’s in-force business.
In 2024, SCIS launched a program to provide workers’ compensation coverage to the underserved security guard marketplace for both armed and unarmed guards.
Santa Monica’s inaugural FutureFest redefines insurance events with oceanfront networking, innovative content, and a fresh approach to industry engagement
ON A bright July morning in Santa Monica, the Insurance Business FutureFest did something few industry conferences dare to attempt – it took the conversation out of the ballroom and onto the pier. Against a backdrop of ocean views, carnival rides, and California sunshine, the inaugural event delivered a bold message: the insurance industry’s future is as dynamic and vibrant as its people.
perceptions, and spark connections that last beyond a LinkedIn follow.
“We’re in sunny California on Santa Monica Pier – what could be better? It’s great to get an insurance festival, probably the first of its kind, and the right people are here,” said Caroline Hanan, chief marketing officer at VIPR Solutions.
The format was a radical departure from the norm. Instead of carpeted corridors
“We need to do more events like this to draw people to the industry”
Tony Chimera, Westfield Specialty
For decades, insurance events have largely followed a formula: keynote speeches in hotel ballrooms, breakout sessions in air-conditioned conference rooms, and networking over catered buffets. The model works, but it can feel predictable. FutureFest’s organizers wanted more than just another conference. They wanted an experience that would energize attendees, challenge
and windowless rooms, sessions took place in an open-air venue, just steps from the ocean. The pier’s natural flow encouraged movement, and attendees wandered from panel discussions to activity areas, striking up conversations along the way. Jacob Ingerslev, head of cyber and tech underwriting at Tokio Marine HCC – Cyber & Professional Lines Group, noted that
ATTENDANCE AND REACH
700+
attendees from across the US and beyond
80+
expert speakers across panels, keynotes, and workshops
26 US states represented
27 sponsors and partners
most of the conferences he attends follow the same pattern, but here, “we’re outside … you can come and go as you see fit. And how can you not love being on the beach?”
That freedom to move and mingle kept the energy high. Conversations didn’t just happen at designated networking times; they happened over lunch or an ice-cream from a local truck, during a walk along the boardwalk, or while waiting for a turn at the Ping-Pong table. “We need to do more events like this to draw people to the industry,” said Tony Chimera, chief administrative officer at Westfield Specialty. “We’re on a beach talking about cool stuff – it’s not like selling life insurance door to door.”
Substance with style
The program still delivered on substance. Over two days, attendees heard from leaders across the industry on topics like artificial intelligence, ESG, the changing reinsurance market, and strategies for attracting and retaining talent. Between these sessions, FutureFest offered something rare in the conference world – shared experiences designed to break the ice without breaking the professional flow.
Morning yoga sessions looked out over the Pacific. A cocktail-making masterclass brought together underwriters, brokers,
and tech providers in a friendly competition to shake the perfect drink. Pop-up lounges offered shaded spaces for quick one-on-ones, while games like cornhole and table tennis encouraged light-hearted interaction. In between, the salty air and sound of gulls gave every exchange a sense of place, grounding the business conversations in a distinctly Californian setting.
Chelsea Brennan, BDM at Victor Insurance, said, “I love all the different things and activities – it keeps it interesting. We’ve had a great day and I’ll definitely be back next year.”
Changing insurance perceptions
FutureFest’s setting wasn’t just about creating a nice backdrop; it was part of a broader goal to change how people think about the insurance industry. For years, the sector has wrestled with an image problem. While insiders know it’s dynamic, global, and full of opportunity, to many outsiders it still carries a reputation for being slowmoving or even dull. That perception makes it harder to attract fresh talent and retain ambitious professionals. By hosting the event in such a vibrant, unconventional setting, FutureFest made a statement:
FUTUREFEST
insurance can be innovative, exciting, and forward-thinking.
“The industry is typically dated in its events, but this one feels vibrant, fun, and an amazing place to connect insurance professionals,” said Ariel Lim, VP of business development at Palomar.
Michael Brown, property and builders’ risk broker at Brown & Riding, agreed, describing it as “casual, fun, and nice to be by the beach. After the big July renewals, it’s a great opportunity to network, celebrate rising stars, and meet people from all over the country.”
The setting may have been relaxed, but the content was anything but. Panel discussions and speaker sessions tackled pressing issues: the role of AI in underwriting and claims, the impact of climate change on risk modeling, and how to build more resilient talent pipelines. And because the event’s layout encouraged free movement, these conversations didn’t stay locked to the stage. Attendees continued debating session points over iced coffees, sketching out ideas on notepads in the shade or huddled around a table on the pier.
Welcoming the next generation
One of FutureFest’s most visible successes was the number of students, recent graduates, and young professionals in attendance. For many, it was their first industry event – and the format made it accessible and unintimidating.
“This is my first conference as a recent college graduate, and I’m super-excited to be here. There are so many booths and events, and it’s different from typical conferences,” said Julia Urban, an incoming associate cyber underwriter.
Others saw it as a chance to connect directly with future employers. One young risk professional attending their first event on the pier said: “The activities are plentiful, and I’m here to meet other professionals and grow my network.”
EVENT HIGHLIGHTS
40+
sessions and activities including yoga, cocktail classes, and games
110K
social media impressions
+61
NPS compared to an industry average of +10
“It’s been a perfect mix of formal and casual … an amazing opportunity to connect”
Marco Soares, JasperVOCAL
Santa Monica Pier wasn’t chosen by accident. Its open-air setting, vibrant atmosphere, and iconic status all contributed to the event’s unique feel. The ocean views and lively boardwalk created a sense of openness and possibility that aligned perfectly with the event’s themes. For Marco Soares, CEO of JasperVOCAL, “It’s been a perfect mix of formal and casual … an amazing opportunity to connect.”
The venue also allowed for something intangible but powerful – a shared memory. People might forget which ballroom hosted last year’s conference, but they won’t forget the afternoon
they closed a deal while the Ferris wheel turned slowly overhead, or the moment they exchanged business cards on the pier with a rock band playing nearby. These little moments became part of the story –personal, atmospheric, and inseparable from the professional outcomes they helped create.
By the event’s close, it was clear FutureFest had struck a chord. Conversations about “next year” were already underway before the last panel wrapped. The blend of highvalue content, authentic networking, and memorable experiences had created more than a successful first outing – it had set a new standard. As the sun dipped toward the horizon, some attendees lingered, reluctant to leave. Business cards had been exchanged, partnerships explored, and fresh ideas sparked. The lines between work and leisure had blurred – and that was exactly the point.
FutureFest proved that when you rethink the setting and the structure, you can change the conversation. And if the buzz from Santa Monica is anything to go by, next year’s event won’t just be anticipated –it’ll be unmissable.
Building tomorrow’s insurance leaders
Unlocking the next generation of insurance leaders demands bold storytelling, clear career pathways, and cultures that inspire, empower, and retain talent
THE INSURANCE industry is standing at a generational crossroads. Long regarded as a safe, stable career path, it now competes in a talent market defined by speed, innovation, and a craving for meaningful impact. Technology, finance, and startups have become magnets for ambitious young professionals, offering rapid progression and high-profile opportunities. Meanwhile, insurance – despite being central to
economic stability and community resilience – often struggles to tell its story in a way that excites new talent.
For many leaders, the challenge starts with perception. Insurance’s image as traditional and slow-moving can mask the reality of a sector that constantly adapts to emerging risks and global shifts. As Caroline Hanan, chief marketing officer at VIPR Solutions, puts it, the industry should “make
insurance seem more fun and less boring.” That means repositioning the narrative and showing the dynamism already alive within its ranks – whether that’s through innovative products, cutting-edge technology, or the role insurers play in responding to climate events and geopolitical change.
Visibility is another hurdle. Jacob Ingerslev, head of cyber and tech underwriting at Tokio Marine HCC – Cyber
& Professional Lines Group, points out that while entry routes such as internships and graduate schemes exist, they’re often hidden from view. Without deliberate outreach –to universities, professional networks, and even social media – the sector risks losing an entire generation of potential recruits. “We need to be in front of them,” he says. “Otherwise, they’re not going to think of us when they graduate.”
The urgency is clear: an aging workforce is approaching retirement, and as Tony Chimera, chief administrative officer at Westfield Specialty, warns, “We’re not replacing that next generation fast enough.”
This isn’t just a hiring problem; it’s a competitiveness problem. If the brightest
But awareness alone won’t secure the next generation of leaders. To truly compete for talent, insurers must create workplaces that foster growth, innovation, and loyalty from day one.
One starting point is trust. Kendra Crews, program specialist at AssuredPartners, believes in giving people the freedom to explore. Leaders, she says, should “trust your people, inspire them, and support them when they want to try something new.” That trust can open vertical paths into leadership or lateral moves into new functions, broadening experience and keeping talent engaged. It also means backing “innovators and disruptors” who challenge the status quo to find better ways of working.
[The industry should] “make insurance seem more fun and less boring”
Caroline Hanan, VIPR Solutions
graduates head elsewhere, the sector risks losing not only headcount but also the fresh perspectives and skills that fuel innovation. Without a steady pipeline of young leaders, insurers may struggle to meet new risks, regulatory shifts, and evolving client expectations.
Changing perceptions
Reframing the industry’s image is a logical first step. That means highlighting its tangible contributions to society – from safeguarding renewable energy projects to helping communities rebuild after disaster. It also means embracing new communication channels. Social media is already shifting perceptions, with brokers and underwriters sharing authentic, behind-the-scenes glimpses of their work. The more visible young insurance professionals become online, the easier it is to break the stereotype of the industry as grey and faceless.
Opportunities for challenge are equally critical. For Merlin Ramirez, associate broker at Amwins, professional growth depends on constant exposure to new situations. She values “making sure we have different opportunities available for us… and making sure that we’re being exposed to different situations so that we can grow.” Without such stretch experiences, even top recruits can lose momentum.
Creating safe environments for experimentation is another priority. Mercedes Henry, manager – business development at Palomar, emphasizes the need for a “safe space.” When people feel they can take risks without damaging their standing, they become better problemsolvers – a trait that will only grow in importance as risks become more complex. That safety also encourages collaboration across teams and disciplines, breaking down silos that can stifle innovation.
THE TALENT GAP AT A GLANCE
76% of insurers plan to hire in the next year, yet 52% report a shortage of suitable candidates
Projected job growth is minimal: 0.58% overall, with 1.49% for life & health and 0.26% for property & casualty sectors
Inclusion and representation also play a decisive role. Young professionals are more likely to stay and thrive when they can see role models who share their backgrounds. Diverse leadership teams send a powerful signal that advancement is based on merit, not conformity. As Maamle AdjokaNartey, senior consultant at Travelers, observes, diversity isn’t just about fairness – it’s about equipping companies with the range of perspectives they need to make better decisions.
FUTUREFEST
“We want to make insurance feel like a security blanket, not just a necessary evil”
Kendra Crews, AssuredPartners
Investing in leaders
These approaches aren’t just about retention; they’re about building the leaders of tomorrow. Development can be accelerated during quieter market cycles. Chimera suggests that when conditions slow, companies should ramp up training, certifications, and crossfunctional projects so talent is ready when the market shifts again.
Broad exposure remains one of the most effective leadership tools. Hanan highlights the benefits of giving young professionals opportunities across geographies and product lines, while Adjoka-Nartey notes that “the best leaders… have had exposure to all sides of the business.” This breadth of experience deepens understanding of industry interdependencies and strengthens leadership capabilities.
Mentorship completes the picture. Absar Alam, multinational client advisor at Marsh, stresses that pairing rising talent with seasoned professionals builds skills and a sense of belonging. “I’ve learned as much from my mentors as I have from any formal training,” he says. These relationships can make the difference between a promising employee who stays and one who exits the industry. Reverse mentoring, championed by Tony Russell, chief revenue officer at VIPR Solutions, can be equally powerful, giving senior leaders insight into the priorities and expectations of younger employees – insights that can
WHAT DRIVES YOUNG PROFESSIONALS?
shape everything from benefits packages to technology adoption.
Looking ahead
For Crews, the future of insurance is more human-centred. She sees it as “consultative,” with a sharper focus on understanding client pain points and creating solutions. “We want to make insurance feel like a security blanket, not just a necessary evil,” she says. Younger professionals, she believes, are already pushing in this direction, bringing a people-first mindset that benefits both customers and colleagues.
Ingerslev agrees that adaptability will define the industry’s next phase. The ability to learn, unlearn, and relearn quickly will be critical – not just in underwriting or broking, but in leadership. Companies that cultivate this agility early will be better placed to navigate economic swings and technological disruption.
And there’s a broader social role too. As climate change, cyber threats, and new forms of liability reshape the risk landscape, insurance has a unique opportunity to position itself as both protector and enabler. For younger generations looking
66% of employers lack a clear employer value proposition, despite it being a critical factor in attracting talent
60% of employees plan to change jobs within a year; main complaints include “overwork, minimal pay rises, and absence of career development”
Source: Idex Consulting
for purposeful work, this could be one of the industry’s most compelling selling points –if it’s communicated well.
Telling the insurance story
The blueprint for attracting and nurturing talent is already taking shape. It involves telling a better story about what insurance is and does. It means making career entry points visible, then equipping recruits with the trust, tools, and challenges they need to grow. It requires cultures that value curiosity and risk-taking, as well as development pathways – through mentorship, varied experience, and deliberate training – that form a pathway to leadership.
The demographic shift is well underway, and competition for talent will remain fierce. But if today’s leaders act decisively – opening doors, elevating voices, and nurturing their successors – the industry won’t just close the talent gap; it will build a generation of leaders ready to guide insurance through its next era of transformation. As Crews puts it, “They’re the future of our industry, the future of our company.” The challenge now is to make sure that future chooses insurance – and has every opportunity to rise to the top.
2025
Throughout the year, the IBA team produces a series of Special Reports spotlighting the top-performing insurance professionals and companies across key categories.
More than just a recognition list, this prestigious annual showcase fuels progress in the insurance industry by celebrating innovation, rewarding excellence, and sharing best practices that raise the bar for all.
By highlighting those who have achieved exceptional results, launched groundbreaking initiatives, and inspired their peers, the report not only drives industry-wide improvement but also transforms careers – opening doors to new opportunities, partnerships, and lasting professional influence.
2025 SPECIAL REPORT AWARD WINNERS
Andrea Larkin
ELITE WOMEN
Senior Vice President, Head of Financial Lines
Westchester, a Chubb Company
Brenda (Ballard) Austenfeld
Co-President of RT Specialty and CEO of RT National Property
RT Specialty
Christine Schneider
Senior Vice President, Casualty Claims
Arch Insurance
Karen McCarthy-Hawn
Claims Advocate Manager and Business Analyst
Risk Placement Services Inc.
Kristen Handel
Senior Vice President
Alliant Insurance Services
Lisa Lang
Senior Vice President, National Accounts Casualty
Arch Insurance
Nadia Hoyte
National Cyber Practice Leader
USI Insurance Services
Rekha Skantharaja
President and CEO
Tangram Insurance Services Inc.
Sharon Novasel
Area Vice President of Marketing and Risk Services
Risk Placement Services Inc.
Stephanie Peters
Vice President of Client Relations
Risk Placement Services Inc.
Aaisha Hamid
Vice President, DE&I
Alliant Insurance Services
Aileen S. Berry, Esq.
Executive Vice President
Amwins
Amy Lugar
SVP, People Strategy
HUB International
Betty Shepherd
Divisional President, Cyber Risk
Great American Insurance Group
Catherine Lyle
Senior Vice President, Head of Cyber Claims and Incident Response
Tokio Marine HCC – Cyber & Professional Lines Group
Jennifer Dimura
EVP, National Director of Pharmacy
Alliant Insurance Services
Jennifer Spence
SVP, Director, Health and Productivity
Alliant Insurance Services
Julie Whitley
EVP, National Benefits Operations
Alliant Insurance Services
Leanne Berry
Chief Distribution Officer
Vantage Risk
Margeaux Giles
Chief Executive Officer
IRYS Insurtech Inc.
Nicole Blum EVP, Operations Amwins
Nicole Sorrells
Construction Casualty Lead, Vice President HDI Global Insurance Company
Stronger storms and surging seas are driving stricter terms for New England commercial properties
RISING SEAS and stronger storms have pushed commercial property insurers into a defensive posture. From Connecticut to northern Maine, coastal risk is no longer a hypothetical – it’s a pricing factor. Tony O’Donnell, senior vice president and commercial lines producer at Jencap, says the shift is visible in every policy term.
“You might be looking at a 3 to 5 percent wind deductible,” he says, referencing properties located on exposed barrier islands. “Or it could be something that’s on the coastline and sheltered, which may be a 1 or a 2 percent wind deductible.”
Deductible structures have grown more aggressive. Policies now often split standard
windstorm deductibles from named storm deductibles, with the latter sometimes doubling. “We want a 2 percent wind, but we might want a 5 percent named storm deductible, depending on where the risk is exposed,” says O’Donnell.
Changing flood maps raise new exposures
Beyond wind, flood zones have crept inland following updates to FEMA’s risk models.
“Properties that were previously not in a flood zone sometimes find themselves in a flood zone,” says O’Donnell. That reclassification drives new requirements – either mandatory NFIP participation or private flood coverage.
“Depending on their elevation or their location in an estuary or close to the ocean,” properties may now face compulsory protection, he adds. Hail-related losses, once a minor concern in the Northeast, have also crept onto carriers’ radar. Some are adding cosmetic damage exclusions tied to convective storms. “Back 30 years ago, it wasn’t really prevalent,” he says, but convective storm damage is now a common policy feature.
Water damage and valuations challenge coverage gaps Winter is also exerting its influence on pricing. As Nor’easters dump heavy snow across New England, the risk of ice damming
STAVRAKIS President Monarch E&S Insurance Services
CATHERINE LYLE SVP, Head of Cyber Claims and Incident Response Tokio Marine HCC
The
YIANA
COASTAL RISK
has multiplied. “You get ice dam buildups, water then backs up behind those ice dams, and then you get water damage inside both your residential and commercial buildings,” O’Donnell says. One incident can trigger multi-unit losses, prompting underwriters to adopt per-unit water damage deductibles atop standard all-other-perils terms.
As standard carriers like Travelers and Hartford withdraw from certain coastal risks, brokers such as Jencap step in. “If they exit the space, then it creates a vacuum,” says O’Donnell. “We can write property on the coast, albeit with a higher wind deductible ... or more restrictive coverages.” That capacity often comes from partner companies or Lloyd’s facilities.
Replacement cost expectations are also tightening. Insurers have raised baseline valuations to reflect true rebuild costs, especially in remote or island locations. “Inland, it might be $200 a square foot,” O’Donnell says, whereas on the island, it might be $800 a square foot.” That disparity reflects not just materials and labor but the logistics of delivery and repair following catastrophic loss.
After two years of reduced capacity and climbing prices, O’Donnell notes the market has shown signs of stabilizing. “We’re seeing a
moderation of prices now,” he says. “There is increased capacity coming into the market.”
As carriers demand financial strength, clients face harder choices
With solvency concerns mounting in parts of the industry, Jencap makes every effort to exclusively leverage top-rated carriers. “My team makes sure that our trading partners are at least A-rated or better,” O’Donnell says. “We don’t want to place business with carriers that have a suspect rating.” Long-standing
“If their average is 60 inches a year and it snows 120 inches, they can actually buy insurance to protect them from the difference”
Tony O’Donnell
relationships also play a role, he adds, with some dating back 30 years.
Clients’ behavior is also shifting. Faced with rising premiums, many are opting to absorb more of the risk. “Maybe I will retain a little bit more of the risk to keep the premium levels down,” says O’Donnell. That can mean higher deductibles or coverage exclusions, provided they don’t violate mortgage requirements.
“Fannie Mae and Freddie Mac ... put restrictions on mortgage loans,” he says. “A water damage deductible cannot exceed a certain threshold of the total insurable value.”
He also points to deductible buyback programs as a tactical option. “Instead of a 5 percent wind deductible, it’s now only down to 1 percent because you added a few extra thousand to the policy,” says O’Donnell. These endorsements can be placed with the same or a separate carrier to help maintain coverage flexibility.
Emerging risks go beyond storms and flood
Clients are also beginning to request coverage for nontraditional climate impacts. “You now get insurance requests for weather cancelation events,” says O’Donnell, describing demand from organizers of outdoor weddings and concerts. Some condominium boards are buying snow coverage insurance – protection for when seasonal snowfall exceeds budgeted removal costs. “If their average is 60 inches a year and it snows 120 inches, they can actually buy insurance to protect them from the difference,” he says.
That shift shows the evolving definition of climate risk in commercial insurance. It’s no longer confined to hurricanes or floods − it now includes the operational and financial fallout from any weather-driven disruption. For wholesalers like Jencap, that means helping clients navigate not just exclusions and deductibles but entirely new classes of protection.
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