One constant in the wholesale insurance market is change. Excess and surplus (E&S) lines continue to experience significant growth and market share gains. In April 2025, Tim Whisler took the helm of AXA XL’s Wholesale Solutions for the Americas. Since then, he and his team have grown the business and made notable strides toward building a top-tier E&S platform.
We last spoke with Tim when he first joined the company. We now revisit that conversation to assess the current market outlook and explore how today’s wholesale market demands a different approach.
How is the wholesale market today?
Tim: The market remains attractive and has demonstrated remarkable resilience. Since we last spoke, there has been some softening in the property sector, but submission flow continues to increase, and we are not seeing significant outflows into the admitted market. At current rate levels, we still view the E&S property market as very compelling.
There is ongoing hardening in casualty, with many challenges persisting. The frequency and severity of claims, including the average size of excess casualty verdicts, continue to rise, leading to larger loss costs. However, the market appears disciplined regarding capacity deployment, and rates are still trending upward. As long as this discipline persists, we believe casualty remains an attractive growth area.
What has driven the recent change in the property market?
Tim: All markets go through cycles. It’s important to note that this recent softening follows a historically hard market. As rates increased, terms improved, and valuations became more accurate, a significant amount of capital recognized the opportunity and entered the market.
Many of the dynamics that led to the previous years’ hardening—particularly, the prevalence of catastrophe (CAT) exposure—are still present today. Last year’s major hurricanes could have resulted in far higher losses, but the industry’s experience was less severe than it might have been. Simultaneously, the industry continues to absorb substantial CAT losses from other perils, such as severe convective storms.
The flexibility and creativity inherent in the E&S market position us well to respond to these challenges. Maintaining discipline is crucial to ensuring sustainability for clients and brokers.
We are growing rapidly—outpacing the overall E&S market—and expect this trend to continue given our current positioning.
How are things going for you and your team this year?
Tim: It’s been a fantastic year, highlighted by an especially strong second quarter. We are growing rapidly—outpacing the overall E&S market—and expect this trend to continue given our current positioning.
While our company and division are longstanding, our strategic focus on E&S is relatively new. As we discussed previously, our team made a deliberate pivot in how we approach the market. We’ve been hiring talented professionals with strong market followings, which has helped us attract more business.
Recently, we onboarded a new Head of Casualty, who will lead all aspects of our casualty portfolio and strategy, as well as a Head of Product, responsible for governance as we scale and expand into new areas.
Is there anything in the current market that you want to highlight?
Tim: I remain impressed by the resilience and staying power of the E&S market’s growth. One notable trend is that, unlike in previous cycles, rates have started to decline in certain areas—such as property—yet submissions continue to rise. Historically, submissions would decrease in soft markets and increase in hard markets.
This decoupling of submission volume from rate environment underscores the market’s durability—a market that has outpaced the growth and profitability of the admitted sector over recent years.
Why has the E&S market grown so significantly, and why does it have staying power?
Tim: I see three main reasons:
- Challenging environment: Traditional lines face issues like CAT exposure in property and rising loss costs in casualty, driven by litigation. The flexibility of the E&S market allows us to better tailor rates and forms for these complex risks.
- Regulatory challenges: Admitted markets are increasingly hampered by regulatory changes, making it difficult to adjust coverage and rates promptly. The regulatory landscape can be cumbersome, prompting some markets to pull back, leaving a gap that the E&S market can fill.
- Value of wholesale brokers: When markets harden, and high volumes of business flow into E&S, wholesalers continue investing in their platforms, technology, and expertise. Leading wholesale brokers add tremendous value—delivering efficient, tailored solutions for clients and retail brokers during challenging cycles.
What excites you about going to work every day?
Tim: Leading our team to build something exceptional is what motivates me most. This is a unique entrepreneurial opportunity—an intentional pivot in how 九色视频approaches the E&S market. We’re redefining our structure, channel strategy, and appetite, with a clear focus on the wholesale channel.
While it’s a shift, it’s built on an existing book of business and a talented, supportive team. The chance to invest in talent, develop infrastructure, and grow within a strong foundation makes this an exciting time for us.
