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Insurance Business Review: Specials Magazine
Underwriting is the sharp edge of insurance where data, judgment, and protection come together, yet for many businesses it feels like a blunt instrument. Too often, they are handed off-the-shelf policies that ignore the very different exposures of a logistics firm, a fintech startup, or a manufacturer. The process only adds to the mismatch, buried under bureaucracy and fragmented data that barely reflect a company’s real risk profile. The result is quotes that feel arbitrary, coverage that doesn’t fit, and clients left unprotected when it matters most. This collides with a risk landscape that does not wait. Businesses face growing threats from breaches, data misuse, and fraud. Traditional cyber insurance focuses only on financial indemnity after damage is done, leaving firms exposed to disruption and reputational harm. With cyber threats evolving monthly, regulations shifting overnight, and new technologies creating risks policy language cannot capture, most programs remain reactive, offering little continuity as businesses grow or pivot. EXSEL Underwriting Agency specializes in bridging the gap between rigid underwriting models and evolving client needs. By positioning underwriting as a partnership anchored in adaptability, technical expertise, and a genuine understanding of client risks, the firm helps brokers and their clients manage emerging and professional risks with confidence and clarity. “Our role is to set a higher standard of protection, and we ensure that by providing brokers with smarter products, sharper tools, and the expertise to navigate complexity with confidence,” says Álvaro Satrustegui, CEO. Smart Solutions for Emerging and Everyday Risks EXSEL’s flagship product, Escudo Ciber, is a complete cyber-risk and privacy incident solution that goes beyond traditional cyber insurance by delivering a full incident response ecosystem. It gives insured clients access to a 24/7 hotline, crisis management and PR support, regulatory compliance oversight under GDPR and NIS2, digital forensics, and root cause analysis. Partnerships with leading forensic and legal firms provide clients real-time support, with an average engagement time of less than four hours from notification. Recognizing that risk extends beyond digital threats, EXSEL created Personas Clave, an exclusive protection designed especially for company leaders that addresses the human dimension of business continuity. This innovative “Key Man” hybrid indemnity model provides financial support for disability caused by illness or accident while ensuring operational resilience through services such as interim executive placement and advisory support. Coverage can be distributed across multiple critical roles, such as CTO or compliance officer, to help clients recover from the loss of key talent and maintain operational continuity. Extending its focus on resilience, EXSEL introduced Pyme, an all-in-one simplified SME insurance package to meet the everyday needs of small and medium enterprises. Designed after extensive conversations with business owners and brokers, it responds to the demand for insurance that is simpler, faster, and more flexible. Positioned as the bridge between a digital-first approach and strong underwriting expertise, EXSEL Pyme offers clients a product that is straightforward to place and backed by the quality the firm is known for.
Insurance Agency
Greece’s sun-kissed beaches, rich history and vibrant lifestyle merge effortlessly with a low cost of living, making it one of the sought-after destinations for expats, according to the Expat Insider 2023 report. Expats now constitute eight percent of the nation’s populace, with this number steadily increasing. Amidst the trill of embracing a new life, safeguarding health and physical assets remains paramount. This is where Insuranceline steps in, transforming dreams into secure realities. With more than two decades of expertise, this first-of-its-kind expat insurance provider has become the trusted guardian for all foreign nationals in Greece. Whether enjoying the charm of a holiday retreat or establishing a permanent residence, Insuranceline’s comprehensive coverage—spanning house, health, car, business and travel insurance—provides the ultimate peace of mind. Its mastery of the Greek insurance landscape and steadfast on-the-ground support lets clients be insured at every step. The company’s trusted advisors work closely with each client to understand their distinct needs and craft a policy that provides comprehensive protection and safety assurance. A Trusted Ally on the Ground for Rapid Response “Speed and accuracy are top priorities for us. We understand that when our clients face a crisis, every second counts and we strive to be there for them when they need us most,” says John Paterakis, founder and manager at Insuranceline. This ethos of responsiveness is evident in Insuranceline’s unmatched efficiency in crisis management. For instance, in the event of a house fire, the team springs into action, often arriving on the scene the very same day to start the insurance claim process. This rapid response makes all the difference in minimising damage and helping clients recover quickly. The effectiveness of their property insurance was recently demonstrated during a period of disastrous weather conditions that resulted in numerous property damage claims. The company promptly processed these claims, returning millions euro as insurance compensation to clients, enabling them to repair their homes and resume their lives. Today, these clients are enjoying the comfort of their restored properties, a testament to the value of Insuranceline’s comprehensive coverage and support. Navigating Bureaucracy with Ease Swift action is critical in lifesaving measures. With health insurance, having someone available to assist in emergencies is much needed, given the complexities of the public social insurance system. Insuranceline’s ability to rapidly dispatch ambulances ensures clients receive timely medical care when it matters most. This level of service transforms insurance from a safety net into a proactive support system. In serious cases requiring hospitalisation, Insuranceline navigates the red tapes efficiently, securing pre-authorisation for all procedures within the same day. This dedication to swift, effective action positions the company as an invaluable partner in the expat’s journey.
Reinsurance Service
VHV Reasürans is a leader in the Turkish reinsurance market, offering a comprehensive suite of services in property, engineering and liability coverage. Specializing in the complex manufacturing, power & energy and construction industries, it integrates cutting-edge technology with expert risk advisory services, empowering clients to confidently meet their long-term obligations. As a part of the VHV Group, VHV Reasürans benefits from strong financial backing that ensures clients receive the security they need in an industry where trust and credit ratings are critical. Consistent recognition by Standard & Poor's (S&P), reinforces the financial strength and stability of the company. Since 1919, VHV Group has focused on non-life insurance solutions, particularly for the construction sector, delivering competitively priced, performance-driven offerings. Rooted in the legacy of its parent company, VHV Allgemeine—founded by leaders in the construction industry—VHV Reasürans has a deep understanding of complex engineering risks, allowing it to provide tailored reinsurance solutions for the sector. A century-long foundation of industry expertise underpins VHV Reasürans' disciplined approach to underwriting, ensuring both profitability and client satisfaction. Particularly in the construction sector, it serves insurance providers and service firms, highlighting its capability to meet diverse client needs. This dual focus enables VHV Reasürans to uphold exceptional service standards in sectors requiring specialized attention. Its responsiveness further distinguishes it, providing swift, client-centered service in an industry where speed is essential. “Our quick response enhances the client experience, delivering top-tier service and operational excellence for our global clientele,” says Maximilian G.F. Stahl, CEO. Operating in over 30 countries, VHV Reasürans has established a prominent presence in strategic markets within Europe, Asia, Africa and the Middle East. Go-To Partner for Reinsurance Needs VHV Reasürans is ready to partner with clients to navigate effective risk management during economic uncertainty. It offers optimized, cost-effective solutions that preserve essential coverage and deliver maximum value, particularly when clients are forced to re-evaluate priorities and face complex pricing challenges. In high-hazard industries such as complex manufacturing, power & energy and construction, where natural catastrophes and rising construction costs heighten vulnerabilities, the need for process optimization and AI-based tools is more critical than ever. Cashing in on the deep expertise of the VHV Group and its construction-rated surety, VHV Reasürans provides specialized solutions that offer precise risk assessments and custom reinsurance options tailored to the demands of each project. Adapting its approach amid rising operational costs and IT complexities, VHV Reasürans invests in AI-driven tools and process optimizations. These efforts enhance underwriting precision and data analysis, ensuring clients receive complete and cost-effective coverage. With over 20 years of underwriting expertise, its specialized teams expertly navigate complex risks, following clear regulatory guidelines within a streamlined process that maximizes efficiency.
CXO INSIGHTS
Solutions for Financing and Reimbursement of Gene Therapies
Blanca Diaz, Vice President Claims, Risk Strategies Company
Product Development and Reinsurance Partners
Kathryn Rudolph, AU, CPCU, Director of Product Development, Southern Guaranty Insurance Company (SGIC)
The Importance of Maximising Customer Experience in The Claims Handling Process
Ignacio Gamez Sainz, Head of Claims, Prima
Managing the Financial Impact of Cyber Risk
David Finz, Esq., RPLU, Senior Vice President, Alliant Insurance Services
InsurTech: Taking Insurance Industry by a Storm
Richard McCathron, President & CEO, Hippo Insurance
IN FOCUS
Underwriting Agencies and Broker Enablement: Enhancing Distribution Through Specialisation in Europe
The European insurance market is evolving, with rising numbers of MGAs specialising in niche risks, enhanced broker partnerships through technology and expertise, and redefined insurance distribution amid consolidation.
Underwriting Agencies in Europe's Emerging Risk Economy
Underwriting Agencies in Europe drive innovation by connecting traditional carriers with niche expertise, addressing emerging risks, and facilitating product development through agility and technology.
EDITORIAL
Underwriting Reinvented for Europe’s New Risk Era
Europe’s insurance landscape is shifting fast. Volatile markets, climate-driven losses and evolving digital threats are redefining how insurers assess, price and manage risk. In this environment, underwriting is no longer about static models or once-a-year evaluations. It has become a dynamic discipline that blends data fluency, technical rigour and the ability to respond quickly when exposures change. Across the industry, clients want clarity and speed without sacrificing depth. They expect partners who can translate complex risk signals into straightforward guidance and build coverage that adapts as their operations evolve. This is pushing underwriting teams to modernise their toolkits, strengthen decision intelligence and operate with greater transparency. Consulting within the insurance sector is also undergoing its own reinvention. The emphasis has moved from theoretical recommendations to operational involvement. The most effective partners dive into the mechanics of risk programs, refine documentation, strengthen compliance pathways and help clients navigate increasingly granular regulatory requirements. They combine analytics with sector context, and support insurers as they recalibrate portfolios, expand into new classes and push for more resilient business models. Technology is amplifying this shift. AI-powered decision support, real-time risk mapping and integrated workflow systems are enabling underwriters to be faster and more precise. At the same time, customers are asking for stronger accountability, clearer communication and measurable value. As expectations rise, the distance between underwriting, advisory capabilities and enterprise strategy is shrinking. In this edition, we feature EXSEL Underwriting Agency on the cover, alongside insights from Rocco Bozzelli, Head of Global Insurance, MSC Cruises, and Stefan Stignas, Head of Customer Journey Management, SEB. We hope these insights help you make informed decisions as you navigate a rapidly evolving European insurance landscape.
