Mike Sapnar's guest appearances

Mike Sapnar

The Not Unreasonable Podcast

The Best Policy

Tyler Cowen

Christy Ford Chapin

Bryan Caplan

Melissa Perri

Robin Hanson

Arnold Kling

Mary Hirschfeld

Chris Blattman

Scott Sumner

Cathy O'Neil

Alex Tabarrok

Pat Regan

Agnes Callard

Stan McChrystal

Matt Moore

OwlTail

In the second instalment of our two-part interview with TransRe President and CEO Mike Sapnar, we discuss property cat and what's happening in the ILS market, as well as strategic capital relationships.   We start by asking Mike how dynamics in the ILS market are impacting property cat in the build up to 1.1 renewals. The chief executive also gives his view on the insurability of pandemics, public/private solutions and systemic cyber exposures.   Next, we look at lessons about aggregation and unmodelled exposures that come from Covid-19, as well as the growing movement against racial inequality and the diversity issue the industry is facing.    Mike shares practical steps that firms could take to address it and foster change, as well as attract young talent into organisations, given the generational talent challenge within the industry.  Listen to the second half of our interview with Mike Sapnar.   Part I can be found here and covers market dynamics, reinsurance pricing, investment environment, reinsurance demand, and lessons from Covid-19.

In the second instalment of our two-part interview with TransRe President and CEO Mike Sapnar, we discuss property cat and what's happening in the ILS market, as well as strategic capital relationships. We start by asking Mike how dynamics in the ILS market are impacting property cat in the build up to 1.1 renewals. The chief executive also gives his view on the insurability of pandemics, public/private solutions and systemic cyber exposures. Next, we look at lessons about aggregation and unmodelled exposures that come from Covid-19, as well as the growing movement against racial inequality and the diversity issue the industry is facing.  Mike shares practical steps that firms could take to address it and foster change, as well as attract young talent into organisations, given the generational talent challenge within the industry. Listen to the second half of our interview with Mike Sapnar. Part I can be found <a href="https://reinsurance.createsend1.com/t/i-l-xurdhyk-l-t/" rel="nofollow" target="_blank">here</a> and covers market dynamics, reinsurance pricing, investment environment, reinsurance demand, and lessons from Covid-19.

19: Mike Sapnar on the ILS market, strategic capital relationships and diversity issue: Part II

Throughout the first episode of our two-part interview, we explore the market dynamics in reinsurance and underlying insurance business and how this market compares to the true hard markets of 1986 and 2001.    We being by asking Mike, who has been at TransRe for 25 years, whether he has ever seen a similar market dynamic and what his observations are on the underlying insurance business and reinsurance pricing.    The chief executive also talks about the investment environment and how he expects to see risk appetites and conservatism on the balance sheet.    Finally, we discuss lessons from Covid-19 and the imperative to strip cost from the value chain, as well as the impact of uncertainty on reinsurance demand going forward as people look at volatility in their earnings.    Don’t miss the first half of our interview with Mike Sapnar.    Part II will air later this week and will focus on the ILS market, strategic capital relationships, insurability of pandemics and the industry’s diversity issue.

Throughout the first episode of our two-part interview, we explore the market dynamics in reinsurance and underlying insurance business and how this market compares to the true hard markets of 1986 and 2001. We being by asking Mike, who has been at TransRe for 25 years, whether he has ever seen a similar market dynamic and what his observations are on the underlying insurance business and reinsurance pricing. The chief executive also talks about the investment environment and how he expects to see risk appetites and conservatism on the balance sheet. Finally, we discuss lessons from Covid-19 and the imperative to strip cost from the value chain, as well as the impact of uncertainty on reinsurance demand going forward as people look at volatility in their earnings. Don’t miss the first half of our interview with Mike Sapnar. Part II will air later this week and will focus on the ILS market, strategic capital relationships, insurability of pandemics and the industry’s diversity issue.

18: TransRe’s Mike Sapnar on hard market, Covid-19 and new dynamics: Part I

My guest for this episode is Mike Sapnar, CEO of Trans Re, a 4.5 bn premium reinsurer based in New York City. For many in my business Mike needs no introduction: we cover what the differences are between insurance and reinsurance, what makes for good negotiators and what Mike learned going through an agonizing year or so while his company was in the spotlight, subject to friendly and hostile takeovers alike a few years back. I've never been anywhere near the pilot's seat during an all-or-nothing M&amp;A roller coaster and Mike takes us through what he learned in those harrowing few months. David Wright:       00:58:09       Tell me something you learned.Mike Sapnar:        00:58:10       So, um, first of all, I learned there are no mergers of equals. It doesn't exist in Wall Street parlance. There's always a buyer and a seller.David Wright:       00:58:19       Yup.Mike Sapnar:        00:58:20       And even though we were a bigger company, we were getting a premium. We were doing a book for book swap, but we were getting a well let's come back to that. We were getting, it was a book for a book deal. We were going to have seven of the nine top positions, um, reinsurance was going to be a dominant part of the portfolio. And we felt we weren't the seller at the end of the day. Cause we were, we were the bigger company.David Wright:       00:58:56       This is the Allied World transaction.Mike Sapnar:        00:58:57       Yes. Yep. We were a bigger company. The issue was is we were getting a bigger premium in the book for book value based on the market price. And so Wall Street kind of said, well Transatlantic is the seller, they're getting the bigger premium. Is that a big enough premium? Is there something else out there? Hmm.David Wright:       00:59:12       What does it matter?Mike Sapnar:        00:59:14       Why does that matter if you're the, if you're the seller?Listen for more! If you enjoy the show, see more of my stuff at notunreasonable.com!Twitter: @davecwrightSurprise, It's Insurance mailing listLinkedin Social Science of Insurance Essays

My guest for this episode is Mike Sapnar, CEO of Trans Re, a 4.5 bn premium reinsurer based in New York City. For many in my business Mike needs no introduction: we cover what the differences are between insurance and reinsurance, what makes for good negotiators and what Mike learned going through an agonizing year or so while his company was in the spotlight, subject to friendly and hostile takeovers alike a few years back. I've never been anywhere near the pilot's seat during an all-or-nothing M&amp;A roller coaster and Mike takes us through what he learned in those harrowing few months.  David Wright:       00:58:09       Tell me something you learned. Mike Sapnar:        00:58:10       So, um, first of all, I learned there are no mergers of equals. It doesn't exist in Wall Street parlance. There's always a buyer and a seller. David Wright:       00:58:19       Yup. Mike Sapnar:        00:58:20       And even though we were a bigger company, we were getting a premium. We were doing a book for book swap, but we were getting a well let's come back to that. We were getting, it was a book for a book deal. We were going to have seven of the nine top positions, um, reinsurance was going to be a dominant part of the portfolio. And we felt we weren't the seller at the end of the day. Cause we were, we were the bigger company. David Wright:       00:58:56       This is the Allied World transaction. Mike Sapnar:        00:58:57       Yes. Yep. We were a bigger company. The issue was is we were getting a bigger premium in the book for book value based on the market price. And so Wall Street kind of said, well Transatlantic is the seller, they're getting the bigger premium. Is that a big enough premium? Is there something else out there? Hmm. David Wright:       00:59:12       What does it matter? Mike Sapnar:        00:59:14       Why does that matter if you're the, if you're the seller? Listen for more! If you enjoy the show, see more of my stuff at <a href="http://notunreasonable.com" rel="nofollow" target="_blank">notunreasonable.com</a>! Twitter: @davecwright <a href="https://notunreasonable.com/signup" rel="nofollow" target="_blank">Surprise, It's Insurance mailing list</a> <a href="https://www.linkedin.com/in/david-wright-73661214/" rel="nofollow" target="_blank">Linkedin</a> <a href="https://notunreasonable.com/the-social-science-of-insurance/" rel="nofollow" target="_blank">Social Science of Insurance Essays</a>