David Flandro of Howden Re said that with geopolitical and macroeconomic trends reshaping an increasingly risky world and reinsurance pricing moving away from peaks in many business areas, there is a clear need for rationality and there are ample opportunities for underwriters to continue to deliver profitable growth.
Reinsurance News recently spoke with Flandro, Managing Director, Head of Industry Analysis and Strategic Consulting at Howden Re, for our latest video interview, which is now available to watch in full, just weeks after the reinsurance broker released its January 1, 2026 Comprehensive Renewal Report.
In the interview, Flandro discusses the opportunities and risks that may arise during the period of rebalancing described by Howden Re, emphasizing the important focus on geopolitics and macroeconomics as these trends are an important part of what is happening in the commercial insurance and reinsurance markets.
“So, it’s really appropriate because you don’t want to look at the insurance and reinsurance industry in a vacuum right now. You need a macro fundamental view because that may actually be what drives supply and demand going forward,” he said.
Flandro also delved into the growth prospects for segments outside traditional areas such as networking, renewable energy and data centers, saying it will be interesting to see how coverage requirements change as these areas gain prominence.
We also discuss alternatives or the third-party capital space with another record year for catastrophe bond issuance in 2025, as well as the insurance-linked securities (ILS) space moving into areas such as casualty.
As explored in Howden Re’s Rebalancing Renewal report, competition in the reinsurance space has increased as supply exceeds demand (to 1.1) and with sufficient capacity, Flandro stressed the need for brokers to develop on multiple fronts.
“So, it’s treaty, fac, strategic advisory, capital markets and finally MGA… so brokers have to at least have all five of those things on the table, in addition to all the other advisory services we take on. But that’s an important part of the story, certainly more important than it was 10 years ago,” he said.
To learn more from Flandro on these topics and other trends currently reshaping the reinsurance market, watch the full video interview embedded below.
