Growth of MGA Opportunities
London Market Overview – H1 2025
The insurance market has continued to soften significantly in the first half of 2025, with coverholder business reflecting this trend. The global momentum of increasing rates and deductibles has faded, and in some regions, rate reductions are beginning to take hold.
Despite this, premium growth in the London market has been notable in Motor, Construction, and Property. Reinsurance is also gaining a larger share of the market, with most insurers renewing their programmes more easily than in previous years. Professional Lines and some Casualty sub-classes began softening earlier, though high hazard risks remain difficult to place.
Underwriters generally remain confident, citing sufficient rate adequacy and deductible margins to maintain profitability. The previous hard market’s focus on improved risk management has also strengthened insurers’ confidence in their portfolios.
Delegated Business and Market Dynamics
As the market continues to soften, Delegated business generally becomes more attractive to insurers. It offers more predictable income and is less exposed to the competitive pressures seen in large transactional accounts. SME binding authority business, in particular, tends to be a more stable area of the market in this environment.
The London Market is estimated at £49.3bn, with Europe contributing £4.3bn directly to this total and an additional £1.2bn in premium is reputedly controlled by London but written elsewhere. Europe remains a key part of the Lloyd’s and broader London insurance ecosystem, with underwriters keen to diversify and expand across both developed and emerging European economies. Europe is increasingly seen as a stable environment from both geopolitical and rating perspectives.
CATASTROPHE INSURANCE AND EMERGING OPPORTUNITIES
London’s expertise in catastrophe insurance is becoming more relevant in Europe, where legislation in countries like Italy and Greece is mandating coverage for previously optional risks such as earthquakes and forest fires. These changes are creating new opportunities for reinsurers and direct writers.
As governments shift the financial burden of catastrophe events away from public budgets, Coverholders will need to strengthen portfolio management, aggregate monitoring, and risk analysis. These demands will persist regardless of market cycles, shaping the future of delegated underwriting across Europe.
As the market evolves, now is the time for us and our partners to:
- Engage with European partners to explore new opportunities.
- Review delegated authority strategies to ensure resilience and profitability.
- Invest in catastrophe modelling and risk analytics to stay ahead of regulatory shifts.
Get in touch to discuss how we can support your portfolio growth and strategic goals in this changing landscape.
AHJ Miller: expanding reinsurance capabilities across Europe
Our reinsurance business has grown significantly over the past year.
The most significant event of the year was the acquisition of independent treaty broker AHJ in June to form AHJ Miller – adding 80 colleagues in London and 10 in Scandinavia. The union brought new areas of expertise to the table for our partners – including Caribbean and Nordic P&C, North American Wholesale, and international Marine.
We now offer a full-service proposition across treaty and facultative lines (excluding Aviation). Plus, cedents and brokers can get additional support from our new Strategic Advisory team.
More experts to help you go be great
We continue to invest in the best talent and have welcomed several new specialists to the team:
- Judith Zeleny – Structured Solutions
- Adrian Olivares – Facultative Broker
- Vincent Foucart – Managing Director
- Yamen Al Masri and Rita Antonis – Life & Health Treaty
- Andreas Ehrencrona – Incoming Head of Nordic Facultative (previously GC)
- Marlon Williams – Senior Broker (based in Bermuda, Marlon brings decades of experience underwriting European business from his time at Hiscox and Markel)
Staying close to you and your opportunities
Our teams have been active at major European events – Monte Carlo, Baden-Baden and Nordic Reinsurance Days – and continue to build relationships and share insights as the market evolves.
Get in touch
Let’s build your next reinsurance strategy together.
Our Fac, Treaty and Advisory teams are deeply connected and ready to partner with you long-term.
