Michael van der Straaten, CEO of Antares Global, a London-based specialty insurance and reinsurance broker, offers his outlook on the specialty re/insurance market in 2026, examining the factors likely to influence underwriting practices and the broader evolution of business models within the sector.
According to van der Straaten, the reinsurance market is expected to remain competitive next year, with abundant capacity and the potential for softer pricing.
He noted: “This will mean that insurers will benefit from improved reinsurance terms but will need to stay disciplined on risk selection.”
Van der Straaten warns that softer pricing could pressure reinsurers’ margins, leading them to take on more risk for less reward, and he emphasises that catastrophe, climate, and emerging risks could quickly shift market sentiment.
He also points to the rapid expansion of MGAs as a factor that could test underwriting discipline. He commented: “While MGAs bring huge benefits to our market, the higher volumes and new capital entering the sector could lead to inconsistent risk quality if oversight isn’t strong. This is an area for us all to watch carefully in 2026. Underwriting discipline is a critical success factor in keeping a low COR for us all.”
Economic conditions remain another key concern for van der Straaten. He highlights that inflation, interest rates, geopolitical developments, and changing loss trends will continue to influence claims experience and capital availability in 2026.
Looking beyond underwriting, van der Straaten expects MGAs to continue expanding as a preferred channel for niche and specialty business. He explained: “Their growth is only going to continue, in spite of the fact that the FCA last week knocked back requests by the market to remove duplication of oversight by their insurer capacity. This won’t stop growth, all it will do is drive MGAs further into the arms of the incubators who can help them with regulatory and operational issues.”
Van der Straaten also emphasises the continuing impact of alternative capital, captives, and innovative market structures on London’s specialty market.
He notes that efforts to simplify regulations and streamline processes, including upcoming FCA rule changes for commercial lines and updates such as the Consumer Duty, should support innovation and operational efficiency, although areas like product governance still require clarification.
Overall, van der Straaten sees 2026 as a positive year of opportunity, with a market environment that encourages growth while rewarding disciplined underwriting, data-driven decision-making, and operational excellence. He underlines that the most successful businesses will be those that combine innovative thinking with rigorous risk management.
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