In traditional quarterly fashion, we offer a market update and overview of the activities and sentiment experienced by owner-managed insurance intermediary groups like Superian. 

Q3 for Superian was a highly ‘active’ quarter, both in and out of the office. Being the summer period, we engaged in and sponsored various events – the most notable being the Servca Polo team, at the renowned Cirencester Polo Club, where Team Servca went on to win the highly competitive tournament. Beginner’s luck, combined with a hand-picked team! 

Such events are not only highly rewarding for developing the brand and profile, but also for reinforcing the personable approach with clients and partners, which is much needed during volatile market cycles. 

As a group, we witnessed a flat trend in Coverholder/Binding Authority (BA) business in Q3 from our North American Coverholders – largely due to domestic insurers reducing rates, compounded together with the summer vacation period. We expect competition from domestic insurers in USA and Canada to continue into Q4, which will result in our binding authority business seeing marginal growth in Q4. For North American Binding Authority business, survival of the fittest is the order of the day, until the domestic insurers retreat (which we expect they will in 2026/27) and Lloyd’s capacity is again highly fashionable. 

Bringing events closer to home, Q3 saw the launch of our much-anticipated MGA and Lloyd’s Coverholder – Scious Underwriting. Following in the tradition of Latin names Scious – meaning to have ‘knowledge of’, or ‘knowing’. Scious was launched among a number of recent MGA launches in 2025 within the London Market. However, the key focus for Scious being around specialty Healthcare and Medical Malpractice insurance. Additional Casualty classes will follow in 2026, remaining true to our specialty nature as we build out the Scious offering as best-in-class for highly specialist, niche underwriting solutions for our valued broker-clients. 

Our integrated service companies, London Market Processing and Synergio (FCA Appointed Representative platform for international regional brokers), witnessed solid growth - with a strong pipeline that we expect to continue into Q4. This demonstrates that London is still very much the ‘place to be’ for transacting (re)insurance business where global intermediaries seek to establish a London presence and closer ties with specialty insurers. 

With abundant capacity, we have supported a number of clients in leveraging the volatility of underwriting rates, by agreeing long-term deals, broader coverage/underwriting guides, and enhanced earnings. This has resulted in renewed loyalty (with both carriers and broker-clients), whilst further supported by exceptional new business growth in Q3, to offset the volatility around renewals. We expect this to tail off in Q4 (much like Q4 2024) as insurers take stock of 2025 and prepare for what lies ahead in 2026. 

Our European operations saw the sharpest growth in new business for Q3, specifically around specialty lines – namely liability and healthcare/medical malpractice. 

I spoke with a number of industry colleagues over the summer period on the topic of Private Credit in the insurance sector, particularly in the Lloyd’s ecosystem. This was captured in an excellent article featured in the Financial Times, which can be seen here.

The unusual and often opaque structure of Private Credit remains a mystery to most. The implosion of the US Car Manufacturer, First Brands is the first well-documented private credit offering that not only unraveled First Brand’s questionable accounting practices, but the misty world of private credit. The exposure to private credit instruments to insurers and indeed Lloyd’s of London is up to today, largely unknown. What is known, however, is that individuals or vehicles used (such as Nameco’s) issue a small percentage of the actual capacity that they underwrite, whilst utilising the remainder of the capital in other asset classes – hence the double-leveraged investment structure. It is certainly one to watch, which has been a driving force of competitive rate tension and an influx of underwriting capacity. Should an implosion hit the insurance sector – we can expect to see the ripple effects across multiple insurance carriers – much like the First Brands bankruptcy. 

As we head into the final run towards the Christmas period – the key takeaways focus around three key components.

1. New Business Growth
2. Customer Journey & Retention 
3. Technological Advancements 

New Business 

Our internal data points suggest that renewal rates for Q3 were flat compared to Q1 and Q2, however new business wins saw a sharp increase in Q3 (in some months, record trading in new business). This demonstrates to us that the policyholder(s) are indeed introducing competitive premium tension (often by selecting multiple brokers) given ample underwriting capacity and flexibility. Our wholesale division has witnessed more of this, which has enabled us to compete with incumbent brokers by offering competitive premiums and broader covers. Long may this continue!

Customer Journey & Retention

It’s often said and witnessed that during an M&A boom, everyone but the policyholder benefits. Many acquired and acquiree firms have recognised this. We have witnessed investment in customer retention in UK and Europe – increasing longer term retention rates on multi-year deals. We expect there to be a lag period in this, before we see renewal retentions creep up. A stronger emphasis on enhancing the client journey for improved retention and referrals will be key to maximising opportunities. 

Technological Advancements 

AI has undoubtedly shifted the way we think, perceive risk, and make decisions. We have seen insurers utilise far deeper and granular data to enhance risk management, prediction/probability and pricing of risks – which gives insurers the confidence to underwrite risks effectively, that they would traditionally have been cautious of. This has also been compounded into competitive premiums as insurers seek to win new business. 

As we steam ahead into the final run of the year, strap in for what could be a rollercoaster with the up and coming budgets, long winter nights and endless tinkering to improve new business rates and client retentions. 

In traditional fashion and closing – May the best broker(s) win.