{"id":10345,"date":"2026-03-12T06:17:41","date_gmt":"2026-03-12T06:17:41","guid":{"rendered":"https:\/\/www.advantagego.com\/en-us\/?p=10345"},"modified":"2026-03-12T06:17:44","modified_gmt":"2026-03-12T06:17:44","slug":"voi-podcast-with-miguel-rosa-ceo-of-mapfre-re","status":"publish","type":"post","link":"https:\/\/www.advantagego.com\/en-us\/content\/voi-podcast-with-miguel-rosa-ceo-of-mapfre-re\/","title":{"rendered":"Why a top-20 reinsurer is keeping its footing as the market softens"},"content":{"rendered":"\n<iframe title=\"Ep292 Miguel Rosa CEO Mapfre Re: Write the Client\" allowtransparency=\"true\" height=\"150\" width=\"100%\" style=\"border: none; min-width: min(100%, 430px);height:150px;\" scrolling=\"no\" data-name=\"pb-iframe-player\" src=\"https:\/\/www.podbean.com\/player-v2\/?i=u4csk-1a67419-pb&#038;from=pb6admin&#038;share=1&#038;download=1&#038;rtl=0&#038;fonts=Tahoma&#038;skin=3267a3&#038;font-color=auto&#038;logo_link=episode_page&#038;btn-skin=3267a3\" loading=\"lazy\"><\/iframe>\n\n\n\n<p>Reinsurance is starting to loosen up again. You can see it in the tone of renewals. A bit more competition. A few more \u201cwe can do better\u201d conversations. Less of the stiff posture we\u2019ve lived with for the past couple of years.<\/p>\n\n\n\n<p>In the latest episode, Miguel Rosa, CEO of <a href=\"https:\/\/www.mapfrere.com\/en\/\" target=\"_blank\" rel=\"noreferrer noopener\">Mapfre Re<\/a>, doesn\u2019t get swept up in that. His view is more cautious: the market may be changing, but the risk hasn\u2019t. What\u2019s shifting is appetite.<\/p>\n\n\n\n<p>Mapfre Re wrote just under $8bn of gross premium in 2025, so Rosa isn\u2019t talking from the sidelines. He\u2019s talking from the middle of the flow, where you feel the cycle turning in real time.<\/p>\n\n\n\n<p>The move down was expected. The speed wasn\u2019t.<\/p>\n\n\n\n<p>Rosa says nobody should be shocked that pricing has eased. What\u2019s caught people out is how quickly it\u2019s happened in places.<\/p>\n\n\n\n<p>He points to the sort of 10\u201315% talk that\u2019s been doing the rounds, which is a bigger reset than many expected for a single renewal. Quick drops tend to do one thing: they make people forget why the last correction happened.<\/p>\n\n\n\n<p>He also makes the obvious-but-often-ignored point that rate change isn\u2019t the whole story. Structure and terms matter. And this time, the market didn\u2019t suddenly unwind everything it tightened up a few years ago.<\/p>\n\n\n\n<p>Mapfre Re has two gears<\/p>\n\n\n\n<p>Mapfre Re isn\u2019t just one book.<\/p>\n\n\n\n<p>One part of the business is effectively the group\u2019s internal reinsurer, taking the Mapfre Re treaties and then building retro around that. That side is about protection and capital management as much as <a href=\"https:\/\/www.advantagego.com\/en-us\/products\/underwriting\/\" target=\"_blank\" rel=\"noreferrer noopener\">underwriting<\/a>.<\/p>\n\n\n\n<p>The other part is the third-party book, where the job is the usual one: pick risks carefully, build relationships, and don\u2019t chase the market down when competition heats up.<\/p>\n\n\n\n<p>Rosa stresses they\u2019re run differently. But having both gives Mapfre Re a useful reference point. They can sense-check what the market is doing without relying on the mood music.<\/p>\n\n\n\n<p>Most buyers kept the savings<\/p>\n\n\n\n<p>Rosa describes a renewal where most cedants did the straightforward thing. They paid less and waited.<\/p>\n\n\n\n<p>Some buyers used the lower price to add protection at the top end, but he didn\u2019t see a big, broad return of aggregate and frequency covers lower down.<\/p>\n\n\n\n<p>His point is that buyers are not suddenly changing how they buy reinsurance. They\u2019re taking the win and holding onto it. That can change quickly if losses pick up, but right now that\u2019s where things are.<\/p>\n\n\n\n<p>Where he&#8217;s leaning for growth<\/p>\n\n\n\n<p>Rosa talks about expanding with focus rather than chasing premium for the sake of it.<\/p>\n\n\n\n<p>He flags three regions clearly:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>* the US, where the portfolio is still property-led and there\u2019s room to grow<\/li>\n\n\n\n<li>* APAC, including a new office in India to deepen regional coverage<\/li>\n\n\n\n<li>* Latin America, where Mapfre Re has long-standing presence and sees further opportunity<\/li>\n<\/ul>\n\n\n\n<p>By line, he points to more emphasis on life, accident &amp; health to help balance cat volatility, and continued interest in structured solutions where reinsurance can be built around specific capital and risk outcomes.<\/p>\n\n\n\n<p>AI: a productivity tool, and maybe a future risk<\/p>\n\n\n\n<p>Rosa is optimistic about AI, but in a practical way.<\/p>\n\n\n\n<p>He\u2019s focused on using it to speed up the dull work: pulling information from documents, cleaning messy data, and getting to a usable view of risk faster. That\u2019s where it can genuinely move the needle without pretending it replaces judgement.<\/p>\n\n\n\n<p>He also acknowledges the other side. AI exposure is already creeping into client and broker conversations. His view is that it may end up following the cyber pattern: unclear at first, then gradually defined, then properly priced once the market understands what the loss looks like.<\/p>\n\n\n\n<p><strong>The takeaway<\/strong><\/p>\n\n\n\n<p>Rosa doesn\u2019t sound worried. He sounds disciplined.<\/p>\n\n\n\n<p>When pricing starts coming off, the temptation is to follow it down. That\u2019s how reinsurers end up doing hard work twice: once to build the portfolio, and again to repair it when the cycle turns.<\/p>\n\n\n\n<p>His message is basically: don\u2019t confuse a calmer year with a safer world. The risk is still there. The job is the same.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reinsurance is starting to loosen up again. You can see it in the tone of renewals. A bit more competition. A few more \u201cwe can do better\u201d conversations. Less of the stiff posture we\u2019ve lived with for the past couple of years. In the latest episode, Miguel Rosa, CEO of Mapfre Re, doesn\u2019t get swept [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":10346,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[19,26],"tags":[10,14,25,38,39],"line-of-business":[20,28],"class_list":["post-10345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-podcasts","category-latest-insights","tag-exposure","tag-underwriting-workbench","tag-ecosystem","tag-technical-vision","tag-reinsurance","line-of-business-property","line-of-business-general-liability"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts\/10345","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/comments?post=10345"}],"version-history":[{"count":0,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts\/10345\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/media\/10346"}],"wp:attachment":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/media?parent=10345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/categories?post=10345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/tags?post=10345"},{"taxonomy":"line-of-business","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/line-of-business?post=10345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}