Michael van der Straaten, CEO of Antares Global, a London-based specialist insurance and reinsurance brokerage, has set out his outlook for the specialist reinsurance market in 2026, looking at the factors that are likely to influence underwriting practices and the wider evolution of business models within the industry.
Van der Straaten highlighted how changes in reinsurance conditions, MGA growth and economic uncertainty will impact risk selection and market discipline.
The reinsurance market is expected to remain competitive next year, with ample capacity and softer pricing potential, van der Straaten said.
“This means insurers will benefit from improved reinsurance terms but will need to remain disciplined in their risk selection,” he noted.
Van der Straten warned that weak pricing could put pressure on reinsurers’ profits, leading them to take on more risk for less in return, stressing that catastrophe, climate and emerging risks could quickly change market sentiment.
He also pointed to MGA’s rapid expansion as a factor testing underwriting discipline. He commented: “While MGAs bring significant benefits to our market, the large amounts of money and new capital entering the industry can lead to inconsistent risk quality if not well regulated. This is an area that we will all watch carefully in 2026. Underwriting discipline is a key success factor for us all to maintain a low COR.”
The state of the economy remains another major concern for van der Straten. He emphasized that inflation, interest rates, geopolitical developments and changing loss trends will continue to impact claims experience and capital availability in 2026.
In addition to underwriting, van der Straaten expects MGA to continue to expand and become the channel of choice for niche and specialty business. He explained: “Despite the FCA last week rejecting the market’s call to remove duplication of regulation from insurers’ capabilities, their growth will only continue. This will not stop growth and will only push MGAs further into the arms of incubators that can help them resolve regulatory and operational issues.”
Van der Straaten also highlighted the continued impact of alternative capital, captive insurance companies and innovative market structures on London’s specialist market.
He noted that efforts to simplify regulations and processes, including upcoming updates such as changes to the FCA’s business rules and consumer responsibilities, should support innovation and operational efficiency, although areas such as product governance still require clarification.
Overall, van der Straaten sees 2026 as a positive year full of opportunities, with market conditions encouraging growth while rewarding disciplined underwriting, data-driven decision-making and operational excellence. He emphasized that the most successful companies will be those that combine innovative thinking with rigorous risk management.
