The specialty insurance market in Benelux is experiencing significant shifts, with heightened competition, evolving client demands, and regulatory changes shaping the landscape. While cyber insurance sees aggressive pricing strategies, Commercial Directors & Officers, FI D&O and PI remain challenging due to market capacity available and underwriting complexities.
Against this backdrop, Alta Signa is positioning itself to capitalise on opportunities, particularly in the middle market and with regional brokers who value speed, agility, and underwriting expertise. In this Q&A, Mark Haverkate, Branch Manager for Benelux at Alta Signa, shares his insights on market conditions, challenges, and emerging risks in the region.
Q: How would you describe the market conditions for specialty MGAs in Benelux and broader Europe in 2024, and how do you expect these conditions to evolve in 2025?
Mark Haverkate: In general, prices are decreasing in an increasingly competitive environment. In cyber insurance, for example, there is extreme competition, with carriers actively seeking new capacity and offering significant discounts. While we aim to align our pricing with market levels, Alta Signa maintains strict underwriting discipline - we can’t afford a race to the bottom. Some players are supporting unsustainably low premiums, but the true test will come when claims start to rise. While there has been a slight increase in claims in Europe, we haven’t yet seen the market-correcting moment that would push prices up.
Cyber penetration among large corporates is already high, so our focus is shifting towards the middle market, where uptake remains low and cybersecurity measures are often weaker. Many mid-sized businesses lack a Chief Information Security Officer (CISO) or dedicated cybersecurity expertise, increasing their risk exposure.
Commercial D&O faces a similar situation, with premiums dropping by 10-15% due to high capacity and fierce competition. Some clients are locking in long-term policies (two to three years) to secure stability. The Lloyd’s market remains highly competitive, making it difficult to predict when rates might stabilise. In contrast, financial institutions' D&O and PI have seen slightly smaller premium decreases (5-10%) and remain less competitive than commercial D&O.
Comm PI presents a different challenge. Capacity is more limited, and the market is particularly tough for architects and engineers due to the complexity of their risks. Overall, competition remains intense across Benelux and Europe.
Q: What do you see as the key challenges for specialty MGAs operating in Europe, particularly regarding regulatory changes and evolving client demands?
Mark Haverkate: The Benelux market is well adapted to the MGA model, and clients here are comfortable working with MGAs. However, in some SME segments, businesses are still unfamiliar with how MGAs fit into their insurance programmes. A key part of our role is educating these clients on the benefits we bring, such as access to independent capacity panels that provide diversified risk distribution. In many cases, working with an MGA is actually more transparent and efficient than dealing with multiple carriers directly.
Q: What opportunities do you foresee for Alta Signa in 2025, and how is the company positioning itself to capitalise on these within the Benelux market?
Mark Haverkate: Despite the competitive landscape, we see significant opportunities in working with smaller and mid-sized broking firms that have strong local knowledge. These regional brokers have well-established portfolios and deep relationships in their markets, making them ideal partners for us.
Alta Signa’s agility is a key differentiator. Our business model allows us to move quickly, providing clear responses on risks – whether it’s a quote, a request for more information, or a decline – within 24 hours. This responsiveness is highly valued by brokers and clients alike. Combined with our experienced local teams and strong underwriting expertise, this gives us a strong competitive edge.
Q: What trends or emerging risks do you believe will shape the specialty insurance sector in Benelux in the coming year, and how is Alta Signa prepared to address them?
Mark Haverkate: One key trend is the shifting corporate approach to Environmental Social and Governance (ESG). There has been a noticeable change in political attitudes toward ESG, Diversity and Inclusion (D&I), and international trade, particularly with the evolving dynamics between the US and Europe. Some large corporations, such as Unilever, have started scaling down their ESG ambitions due to the growing perception of ESG commitments as both a responsibility and a potential liability. As insurers, we’ve spent considerable time assessing ESG exposures for clients, but the landscape is changing rapidly, and we need to reassess the actual risks related to not meeting ESG targets.
From Alta Signa’s perspective, a major development is the addition of a new capacity provider to our independent panel, which strengthens our ability to offer comprehensive solutions. As we continue to grow, our goal is to expand into a full-service MGA, competing across multiple lines, including property and liability. Our in-house claims team is another key differentiator, providing valuable support to clients and reinforcing our commitment to service excellence.
Overall, we are confident that Alta Signa is well positioned to navigate the challenges ahead and capitalise on the opportunities in Benelux and beyond.
Get in touch with the Benelux team:
Mark Haverkate, Branch Manager, Benelux
Styse Huidekoper, Directors’ and Officers’ and Financial Institutions Manager
Nico Spruit, Underwriter Cyber
https://www.altasigna.com/contact