From an impressive 50% increase in income to raising $20 million, ASIC is firing on all cylinders, but what does all this mean for the reinsurance industry? Underwriting excellence and a fierce commitment to quality, according to Barder.
“We have had an amazing year and achieved so many key milestones in 2024,” she summarised.
Among the company’s standout accomplishments is the acquisition of the Pinpoint platform, led by Brad Sickinger and backed by Mary McKay, which it believes will set the stage for solid growth this year.
But that’s not all. The company also expanded its footprint with a major push into the London market.
“We’ve launched the London initiative headed by Darren Powell,” Barder explained, adding that Powell isn’t just a seasoned pro but a true powerhouse in the London market, with connections that open doors and build relationships that last.
“He is supported by Shaun Packman, another market veteran,” Barder added.
Together, they’ll elevate ASIC’s profile in London, the strategic hub for reinsurance talent.
In addition to the London office, ASIC also opened an office in New York, appointed Steve Matthews as group CFO, and secured $20 million in funding from Veritex Bank, a Texas based bank.
Then, to top it all off, ASIC’s AM Best A- investment-grade rating was reconfirmed for 2025, putting the company in prime position to continue its rapid growth.
“We aren't chasing fees. We believe in a balance sheet.”
Underwriting first: The ASIC philosophy
What sets ASIC apart in a crowded marketplace? For Barder, the answer is clear: “It’s our underwriting-first ethos.”
This commitment to relationship building, technical expertise and high-quality business is at the heart of its success, because the company isn’t interested in quick wins.
“We are not interested in volume. We really like to focus on the technical aspects of underwriting,” she emphasised.
“Claims management is equally as important,” Barder said, highlighting that ASIC’s ability to handle claims efficiently was crucial to its business model.
“We also like to empower our partners to excel and achieve their best and work with them over the long term.”
This commitment to a comprehensive underwriting approach, paired with ASIC’s privately-owned status, gives it the autonomy to make quick decisions and deliver on promises.
“We aren't chasing fees. We believe in a balance sheet.
“Somebody has to hold the baby at the end of the day,” Barder quipped, “and ASIC is more than happy to take on that responsibility”.
Strategic acquisitions: no rush, just quality
Barder is no stranger to acquisitions, but ASIC’s approach is different from many others.
“We’re not in a hurry to make acquisitions, but if we have MGAs that really have that quality of underwriting talent, we’re very interested in bringing them into our Group,” she noted. ASIC is happy to start small if they find a business that fits strategically with its model.
“If we see a small portfolio, we're not deterred. We don’t have a volume quotient that has to be filled,” she said, emphasising the company’s commitment to get decisions right first time and focus on the long-term vision and development.
ASIC’s most recent move – the acquisition of Pinpoint – reflects this philosophy. But acquisitions aren’t everything, as Barder noted: “We will also build our group naturally, organically.”
ASIC’s adaptability in the MGA market has paid off, she feels. “Differentiation and flexibility are really important. It’s about being able to communicate with the people that you’re working with and solve their problems.”
That’s the core of ASIC’s strategy: providing tailored solutions to meet the unique needs of their partners, quickly and effectively; an agility that is crucial in today’s market.
Barder added that this responsiveness built up trust and created “stickiness” in business relationships: if clients feel heard and supported, they’re more likely to stay.
Non-nat cat exposures: a key focus
When it comes to risk, ASIC is laser-focused on non-nat cat exposures, and Barder believes the company’s approach is stronger than ever.
“We look at risk on a technical perspective,” she explained. The company writes “non-nat cat, low-limit, well geographically-spread business”, carefully monitoring each portfolio for performance.
“We’ve stood by that model for a very long time,” says Barder, reaffirming that ASIC’s traditional approach remains effective in today’s market.
Looking immediately ahead, Barder is optimistic. “Rates generally will hold for 2025,” she predicted, noting that inflation would remain a factor in the US, the UK and Europe.
“2025 will be a good year for the market.” However, Barder was clear the landscape wouldn’t be without its challenges, including inflationary pressures and a limited amount of capacity.
Despite this, Barder believes that ASIC’s position within the E&S market provides ample opportunities for continued growth.
As for the broader market, Barder sees discipline as a key factor in the reinsurance industry’s stability.
“You do not see many new players coming into the market, which creates discipline in the market, which is always good.” she observed, and though competition will remain tough, ASIC’s seems very prepared.
As Barder concluded: “We’re about creating a quality-based company.”
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