Financial Services Ireland

Thought Leadership

Speciality – Issue II

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Welcome to our latest edition of Specialty — our main publication for specialty insurers and reinsurers globally.

In our last edition, we focused on growth. In this edition, we focus on a timely topic — profitability. The insurance industry has delivered great returns for a number of years by holding its discipline. The impact is that specialty insurance is now a segment that has come into vogue, and additional capital is flowing into the industry.

Our featured piece in this edition is an interview with XL Group CEO Mike McGavick, who has made a career out of engineering turnaround stories – first in politics and then in the insurance industry. For the last 20 years, he has been instrumental in helping insurers such as CNA and Safeco work through challenging periods in their long histories. As CEO of XL Group since 2008, McGavick guided the company out of the financial crisis and positioned it as a leading global insurance and reinsurance company. His vision can be felt in the halls of XL around the globe and defines the company to its core, right down to its branding: “Make Your World Go.”

Other highlights from the second issue of Specialty include:

  • Looking up: underwriting support technology as a driver for productivity and growth – Advances can help realize profitable growth in today’s economy of depressed investment returns.
  • The benchmark: a survey of the industry – This year’s expanded survey takes a wider and deeper view of the global market than ever before.
  • Playing for the long game: Bermuda looks to the future – Bermuda has experienced significant growth, but challenges unique to the region remain.

EY Speciality Issue - December 2013

In this edition, the focus is on a timely topic — profitability.

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