Renaud Guidée, CEO of property and casualty reinsurer AXA
Yesterday, Guidée discussed current market dynamics and more on the AM Best panel after the rating agency revised its outlook for the global reinsurance industry to stable from positive.
The session, moderated by AM Best Senior Associate Editor John Weber, included panelists including Guidée and Aeolus Capital Management Ltd. President Aditya Dutt, who took questions about the reinsurance and insurance-linked securities (ILS) markets after AM Best Global Director of Reanalysis Greg Dickerson outlined the shift to a stable outlook.
With the real estate market weakening further following the reinsurance renewal on January 1, 2026, and casualties generally relatively stable, Guidée offered his views on the current market conditions.
“So, capital supply is definitely increasing. But importantly, against that capital supply, you have capital needs, capacity needs, protection needs, and the growth of those needs continues unabated. The world is definitely becoming a riskier place. Our clients, the insurance companies, want certainty, predictability, visibility, and that means they’re looking to reinsurers to provide services to really bridge the gap between the uncertainty of the world and the certainty they need to operate their own businesses,” he said.
Adding: “So, I would describe market conditions as a fair, healthy balance between capital supply and demand. And I also think that when you look at market conditions, it’s important to take into account cyclical dynamics, and there are certainly cycles, but also to evaluate longer-term trends. What’s certain is that given all the emerging and rising threats, both natural and man-made, the demand for protection is only going to increase on one side, which is upward, so the long-term trends are certainly going to be supportive of the insurance market.”
Regarding any surprises surrounding the recent 1.1 2026 renewal season, the CEO told AM Best and viewers that AXA XL Reinsurance continues to evaluate the market and is fully prepared for any turn of events.
“We’ve planned for this, and one of the benefits of really being with our customers is that together we’re able to anticipate their needs and how the market is going to evolve,” Guidée said.
As the market shifts from a difficult environment to what AM Best’s Weber described as a more stable environment, Guidée stressed that for his company, the strategic priority has always been to support clients, regardless of market conditions, and ensure that the services reinsurers provide them are relevant and contribute to their own success.
“That’s absolutely the metric we use to measure our impact. So it’s a key strategic priority in this market where we want to make sure that the solutions we offer continue to be priced as effectively as possible. That’s how we fulfill the role that Greg mentioned earlier, which is to build a balance sheet wall of protection for our cedants and all our customers and business partners.
“I do believe that in these market conditions that have become more selective, you might say, more challenging to navigate, that’s when you can make a difference. And I think it’s fair to say that it’s in these market conditions that the best underwriters are going to step up,” he said.