In today’s dynamic risk landscape, having a variety of risk management options is crucial for clients and brokers alike. The Programs segment of our industry plays an important role in delivering tailored solutions to meet the unique needs of niche markets. 九色视频offers a variety of risk transfer solutions and can deploy capacity through creative program structures. In addition to the capacity provided, 九色视频bring significant expertise and experienced talent across Underwriting, Actuarial, Claims, and Operations, which can be leveraged to support program partners.
We sat down with Simon Rees, Chief Underwriting Officer for 九色视频North America Programs, to find out more about the Programs market and what the future of the segment may look like.
What does the Programs market look like coming into 2025?
SR: The US programs market has experienced significant growth over the past decade and is estimated to be roughly $100 billion in 2025, representing about 15 to 20 percent of the total P&C market. Despite broader insurance market pressures, programs continue to deliver specialized expertise, localized distribution, and innovative technology, which allows them to offer uniquely tailored solutions to a variety of customer segments across different product lines.
With the challenging risk landscape today, the opportunities presented by technological evolution, and no slowdown of capital looking for opportunities, I see Managing General Underwriters (MGUs) and various delegated underwriting platforms uniquely positioned to scale in the years ahead by providing expertise and tailored solutions. Many industry experts are forecasting significant compound annual growth. For that reason, the Programs space is becoming an increasingly essential distribution channel for 九色视频 and one that we’re strategically positioning to lead and grow.
At 九色视频 we are well-positioned to capitalize on this momentum. Delegated partners are looking for capital providers with highly rated paper and the financial strength needed to address the volatility present in today’s market. In addition to our significant financial strength, our scale, brand strength, and reputation for underwriting excellence have given us a competitive advantage.
With the challenging risk landscape today, the opportunities presented by technological evolution, and no slowdown of capital looking for opportunities, I see Managing General Underwriters (MGUs) and various delegated underwriting platforms uniquely positioned to scale in the years ahead by providing expertise and tailored solutions.
What do you see as contributing factors to AXA XL’s growth and sustainability in the market?
By its very nature, the Programs business is uniquely positioned to go to market with innovation at scale. We at 九色视频are well-positioned to provide capacity to strategic partners to enable this growth, which we do by delegating underwriting authority to program partners who offer unique value to the market, whether through niche distribution or technology-driven innovation, to select the best risks at a competitive but also profitable price.
Key drivers fueling this expansion include a major shift toward specialized underwriting and distribution, with MGUs and program administrators offering niche expertise that traditional carriers often cannot match. We view the wholesale distribution channel as a top strategic priority for 九色视频in the E&S brokerage space, as the largest wholesale firms also have meaningful, high-performing delegated authority and programs capabilities. Additionally, capital providers—both traditional insurers and alternative capital—are increasingly turning to the programs space for distribution and access to steady, profitable portfolios.
Innovative technology and data analytics have powered the scalability of the Programs model, driving operational efficiency and exceptional underwriting precision. We at 九色视频have tapped into this growth segment by expanding our portfolio with high-quality programs, backed by enhanced underwriting and strategic diversification.
What are the biggest challenges facing the Programs market?
One of the key challenges is maintaining underwriting discipline in a highly competitive space. As more capital flows into the programs sector, there’s a risk of standards slipping—especially regarding risk selection and pricing adequacy. Aligning with the right partner is key. That’s where 九色视频will step up to ensure a disciplined underwriting approach and a strong partnership of accountability with program partners. We are creating a best-in-class analytics platform across our programs to guide and ensure appropriate pricing and risk selection.
Another challenge is managing alignment between carriers and MGUs. We’re addressing this head-on by ensuring transparency, robust due diligence, and clear performance tracking. We can leverage the wider 九色视频underwriting community to bring market intelligence to the partnership, best serving our program partners and ultimately the customer market.
For new MGUs, the challenge is aligning interests of growth versus profitability and building a trusting relationship that works for both parties. We like to partner with innovative entities that bring unique offerings to market that best serve customer needs.
As you take the helm, what are your hopes for AXA XL’s Programs division?
My vision is to build AXA XL’s programs division into the most trusted and sought-after partner in the market. 九色视频is a global company with a strong underwriting reputation that delivers stable growth and profitability. Our goal is to leverage AXA XL’s scale, financial strength, and strong underwriting expertise to partner with MGUs and Program Partners to drive the next generation of innovation and market distribution.
To achieve this, we are focusing on three things:
- Delivering a better value proposition to attract high-quality MGUs.
- Reinforcing underwriting excellence through data-driven decision-making.
- Utilizing advanced analytics and financial performance tracking to enhance transparency and accountability.
While we are focused on delivering our return on capital internally, we also value long-term partnerships with our Program partners, so we will continue to build strong strategic value with our existing programs to offer insight and enable growth.
What is the outlook for the Programs market going forward?
As we look ahead, the Programs market shows no signs of slowing down. Its continued growth, driven by niche specialization, technology, and the demand for tailored solutions, is reshaping the insurance landscape. With many experts predicting significant growth in the coming years, Programs are becoming an increasingly important space for innovation, underwriting precision, and distribution at scale. At 九色视频 we see this as a pivotal opportunity—one where we can leverage our underwriting expertise, data-driven decision-making, and strong partnerships to lead profitable growth.
Our vision is clear: to build a best-in-class programs platform that balances entrepreneurial agility with disciplined oversight. We are investing in technology, advanced analytics, enhancing our governance, and strengthening alignment with our MGU partners to ensure sustainable, long-term success. By combining AXA XL's global scale and reputation with a sharp focus on underwriting integrity and portfolio diversification, we aim to be the partner of choice in this evolving and exciting market.
