Published on
26 September 2025
The changing nature of risk coupled with the changing market dynamics in 2025 are undeniable; these days, risk exposures are more interconnected, potentially more volatile and addressed by a combination of risk mitigation & transfer solutions. Insurance clients are increasingly sophisticated and are demanding that the traditional broking approach is more strategic and the solutions offered more innovative.
Three divisional directors at Liberty Specialty Markets: Meghan Walker (marine & aviation), Michael Burle (London specialty), and Terry FitzGerald (third party lines) are united in their view that investing in relationships and collaboration with brokers are key to success in this new environment.
“We’ve recently reorganised LSM in a way that really reflects the way that our key strategic brokers organise themselves, making the interaction as logical and efficient as possible,” notes Meghan. “This builds on our internal integrated business unit approach where underwriting, claims, actuarial, compliance and other functions sit together and work as a close knit team.”
Mike adds “We have a wonderful opportunity to grow and work much more closely with our brokers, now aligned in a way that mirrors many brokers’ structures. Our approach makes us ready for now - and the future. We are really proud of our outstanding claims team, which is deeply integrated into the business, and active about meeting with our brokers and clients, maintaining the visibility and relationships and ensuring that we have a continual dialogue.”
This is particularly important for Terry FitzGerald, running third party lines where long-tail, complex claims can often stretch over a ten-year timeframe. “The brokers’ knowledge of open claims in those situations is vital,” he points out. “They guide the clients, remind them of their responsibilities, explain what information the underwriter needs and why, and are critical in smoothing the process.”
The new approach is already reaping rewards, according to Meghan. “Brokers are moving on from old distribution conversations, and onto a transformational advocacy conversation. The discussion around risk is about balance sheet transfer and so much more. They want to work with carriers who come to them proactively and creatively, who work across multiline offerings, who want to collaborate to innovate on both processes and products - to truly make this come alive. We want to be seen as fast, effective problem solvers and to work with distribution partners who see the world that way also.”
Perhaps in contrast to the historic stereotypes about brokers, all our interviewees talked about how brokers look for innovative ways to address risk and how they want to cooperate with carriers on this.
“An algorithmic fast follow platform that we recently worked on with a strategic broking house is a good example of this”, comments Terry. “We would not have got this new technology-led way of doing business over the line without their drive to make it succeed on their side, without passionate conversations about how it would work in the real world, without their buy in. Working with an innovative partner made sure the project got off the ground.”
It can be about looking backwards as well as forwards - developing long standing relationships with brokers who understand the insurance market cycle and the associated pain points. Terry elaborates, “taking the hard market in D&O of 2019-2021 as an example, brokers were key in explaining the market to clients, in explaining rate and appetite changes, and then later reminding clients of the carriers who supported them in times of scare capacity. We always have to be clear about our strategy while the brokers are key in transferring that rationale to clients - we have a part to play on both sides.”
The overall message is clear. Forward looking, dynamic partnerships based on relationships and deep experience have long been a hallmark of the London market, and will never go out of fashion. That is how brokers and underwriters will produce the best results for clients and themselves in the long term.
