Managing General Agents: Reconfiguring the Value Chain?

The 2026 midterm elections have reshaped the political landscape in Washington. But what do the results mean for the economy, financial markets, and investment strategies heading into 2027? In this episode of Beyond the Text, Conning's Global Chief Investment Strategist, Rich Sega, joins host Alyssa Gittleman to examine the implications of the election for economic growth, fiscal policy, inflation, and interest rates. The conversation explores how shifting policy priorities could influence financial markets, why economic fundamentals remain central to Conning's investment outlook, and what insurers should consider as they evaluate portfolio opportunities and risks.©2026 Conning, Inc. (“Conning”) This document and the software described within are copyrighted with all rights reserved. No part of this document may be distributed, reproduced, transcribed, trans-mitted, stored in an electronic retrieval system, or translated into any language in any form by any means without the prior written permission of Conning. Conning does not make any warranties, express or implied, in this document. In no event shall any Conning member be liable for damages of any kind arising out of the use of this document or the information contained within it. This document is not intended to be complete, and we do not guarantee its accuracy. Any opinion expressed in this document is subject to change at any time without notice.This document contains information that is confidential or proprietary to Conning. By accepting this document, you agree that: (1) if there is any pre-existing contract containing disclosure and use restrictions between you or your company and any Conning member, you and your company will use the information in this document in reliance on and subject to the terms of any such pre-existing contract; or (2) if there is no contractual relationship between you and your company and any Conning member, you and your company agree to protect the information in this document and not to reproduce, disclose or use the information in any way, except as may be required by law.This document is for informational purposes only and should not be interpreted as an offer to sell, or a solicitation or recommendation of an offer to buy any security, product or service, or retain Conning for investment advisory services. The information in this document is not intended to be nor should it be used as investment advice.This podcast is published by Conning, Inc. (“Conning”) and represents the opinion of Conning. This publication is intended only to inform readers about general developments of interest and does not constitute investment advice or a solicitation, and may not be construed as such. While every effort has been made to ensure the accuracy of the information contained herein, Conning does not guarantee such accuracy and cannot be held liable for any errors in or any reliance upon this information. Conning does not guarantee that this publication is complete, nor does Conning assume any duty to provide updates to any analysis contained herein. Certain information contained herein is based on data obtained from third parties and, although believed to be reliable, has not been independently verified by anyone at or affiliated with Conning.This material may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or targets will be achieved and may be significantly different than that shown here. Opinions and statements of financial market trends constitute our judgment and are subject to change without notice. Although the assumptions underlying the forward-looking statements that may be contained herein are believed to be reasonable, they can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Any timely data or views should be considered as of this date unless otherwise specified. Historic market trends are not reliable indicators of actual future market behavior.Past performance is not a guarantee of future results. For more information and a list of full disclosures please visit the disclaimers section at https://www.conning.com/important%20information.

Profitability rankings in life and annuity insurance often grab attention, but they can hide more than they reveal. In this episode of Beyond the Text, Alyssa Gittleman speaks with Scott Hawkins, Head of Insurance Research at Conning, about what sits beneath headline profitability figures. The discussion unpacks how insurers generate returns through a mix of investment income, product design, reinsurance strategies, reserve movements, and separate account dynamics, and why two companies with similar results may be operating very different business models. The conversation also explores why sustainability matters as much as performance, how growth and profitability can diverge, and why peer comparisons require a deeper look at the sources of earnings rather than just the end result.©2026 Conning, Inc. (“Conning”) This document and the software described within are copyrighted with all rights reserved. No part of this document may be distributed, reproduced, transcribed, trans-mitted, stored in an electronic retrieval system, or translated into any language in any form by any means without the prior written permission of Conning. Conning does not make any warranties, express or implied, in this document. In no event shall any Conning member be liable for damages of any kind arising out of the use of this document or the information contained within it. This document is not intended to be complete, and we do not guarantee its accuracy. Any opinion expressed in this document is subject to change at any time without notice.This document contains information that is confidential or proprietary to Conning. By accepting this document, you agree that: (1) if there is any pre-existing contract containing disclosure and use restrictions between you or your company and any Conning member, you and your company will use the information in this document in reliance on and subject to the terms of any such pre-existing contract; or (2) if there is no contractual relationship between you and your company and any Conning member, you and your company agree to protect the information in this document and not to reproduce, disclose or use the information in any way, except as may be required by law.This document is for informational purposes only and should not be interpreted as an offer to sell, or a solicitation or recommendation of an offer to buy any security, product or service, or retain Conning for investment advisory services. The information in this document is not intended to be nor should it be used as investment advice.This podcast is published by Conning, Inc. (“Conning”) and represents the opinion of Conning. This publication is intended only to inform readers about general developments of interest and does not constitute investment advice or a solicitation, and may not be construed as such. While every effort has been made to ensure the accuracy of the information contained herein, Conning does not guarantee such accuracy and cannot be held liable for any errors in or any reliance upon this information. Conning does not guarantee that this publication is complete, nor does Conning assume any duty to provide updates to any analysis contained herein. Certain information contained herein is based on data obtained from third parties and, although believed to be reliable, has not been independently verified by anyone at or affiliated with Conning.This material may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or targets will be achieved and may be significantly different than that shown here. Opinions and statements of financial market trends constitute our judgment and are subject to change without notice. Although the assumptions underlying the forward-looking statements that may be contained herein are believed to be reasonable, they can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Any timely data or views should be considered as of this date unless otherwise specified. Historic market trends are not reliable indicators of actual future market behavior.Past performance is not a guarantee of future results. For more information and a list of full disclosures please visit the disclaimers section at https://www.conning.com/important%20information.

Small commercial insurance represents a significant growth opportunity for insurers, but the market is more diverse than the headline numbers suggest.In this episode of Beyond the Text, Alyssa Gittleman and Jay Sarzen examine how insurers can better understand the distinct segments within the small commercial market, from Non-Employer and Micro businesses to Core and Gap, or “Smiddle,” accounts. The discussion explores how differences in customer needs, complexity, distribution, and servicing can shape where insurers find the most attractive opportunities.The conversation also considers how automation, third-party data, and AI are changing the economics of serving smaller accounts, while agents and human expertise remain central to the customer relationship. As technology advances, insurers will need to align their capabilities with the specific segments they are seeking to serve.©2026 Conning, Inc. (“Conning”) This document and the software described within are copyrighted with all rights reserved. No part of this document may be distributed, reproduced, transcribed, trans-mitted, stored in an electronic retrieval system, or translated into any language in any form by any means without the prior written permission of Conning. Conning does not make any warranties, express or implied, in this document. In no event shall any Conning member be liable for damages of any kind arising out of the use of this document or the information contained within it. This document is not intended to be complete, and we do not guarantee its accuracy. Any opinion expressed in this document is subject to change at any time without notice.This document contains information that is confidential or proprietary to Conning. By accepting this document, you agree that: (1) if there is any pre-existing contract containing disclosure and use restrictions between you or your company and any Conning member, you and your company will use the information in this document in reliance on and subject to the terms of any such pre-existing contract; or (2) if there is no contractual relationship between you and your company and any Conning member, you and your company agree to protect the information in this document and not to reproduce, disclose or use the information in any way, except as may be required by law.This document is for informational purposes only and should not be interpreted as an offer to sell, or a solicitation or recommendation of an offer to buy any security, product or service, or retain Conning for investment advisory services. The information in this document is not intended to be nor should it be used as investment advice.This podcast is published by Conning, Inc. (“Conning”) and represents the opinion of Conning. This publication is intended only to inform readers about general developments of interest and does not constitute investment advice or a solicitation, and may not be construed as such. While every effort has been made to ensure the accuracy of the information contained herein, Conning does not guarantee such accuracy and cannot be held liable for any errors in or any reliance upon this information. Conning does not guarantee that this publication is complete, nor does Conning assume any duty to provide updates to any analysis contained herein. Certain information contained herein is based on data obtained from third parties and, although believed to be reliable, has not been independently verified by anyone at or affiliated with Conning.This material may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or targets will be achieved and may be significantly different than that shown here. Opinions and statements of financial market trends constitute our judgment and are subject to change without notice. Although the assumptions underlying the forward-looking statements that may be contained herein are believed to be reasonable, they can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Any timely data or views should be considered as of this date unless otherwise specified. Historic market trends are not reliable indicators of actual future market behavior.Past performance is not a guarantee of future results. For more information and a list of full disclosures please visit the disclaimers section at https://www.conning.com/important%20information.

Another year of double-digit MGA growth would normally be the headline. But is that growth pointing to something bigger? In this episode of Beyond the Text, host Alyssa Gittleman sits down with Alan, author of Conning's latest Strategic MGA Study, Managing General Agents: Reconfiguring the Value Chain?, to explore how the property-casualty insurance market is evolving beyond the numbers. Their conversation examines whether underwriting expertise, technology, data, capital, and insurance infrastructure are becoming increasingly specialized—and what those trends could mean for the future organization of the insurance industry. From the growing role of fronting carriers and more portable underwriting platforms to changing capital relationships and the importance of underwriting discipline, the discussion explores the forces reshaping today's insurance ecosystem. Rather than offering definitive conclusions, this episode invites listeners to consider a broader question: Is the continued growth of MGAs revealing a fundamental shift in how insurance value is created and delivered? Listen to hear how these trends may influence insurers, MGAs, reinsurers, and capital providers in the years ahead.

As underwriting conditions evolve and interest rate tailwinds normalize, investment strategy is becoming an increasingly important differentiator for property and casualty insurers.The latest episode of Beyond the Text explores how insurers are approaching portfolio construction in today's market. Alyssa Gittleman speaks with Matt Reilly about the growing role of structured credit, private markets, and insurance-focused investment solutions, as well as why successful portfolio construction requires balancing yield, capital efficiency, liquidity, and asset-liability management. The discussion also highlights why deep insurance expertise is becoming increasingly important as investment strategy plays a larger role in enterprise performance. Read Conning's Viewpoint, "The Next Differentiator: Investment Strategy in the Evolving P&C Market, " here: https://go.conning.com/PC-Investments-Viewpoint-0626.html?utm_source=website&utm_medium=organic&utm_campaign=PC-Investments-Viewpoint-0626&utm_content=Asset+Management©2026 Conning, Inc. (“Conning”) This document and the software described within are copyrighted with all rights reserved. No part of this document may be distributed, reproduced, transcribed, trans-mitted, stored in an electronic retrieval system, or translated into any language in any form by any means without the prior written permission of Conning. Conning does not make any warranties, express or implied, in this document. In no event shall any Conning member be liable for damages of any kind arising out of the use of this document or the information contained within it. This document is not intended to be complete, and we do not guarantee its accuracy. Any opinion expressed in this document is subject to change at any time without notice.This document contains information that is confidential or proprietary to Conning. By accepting this document, you agree that: (1) if there is any pre-existing contract containing disclosure and use restrictions between you or your company and any Conning member, you and your company will use the information in this document in reliance on and subject to the terms of any such pre-existing contract; or (2) if there is no contractual relationship between you and your company and any Conning member, you and your company agree to protect the information in this document and not to reproduce, disclose or use the information in any way, except as may be required by law.This document is for informational purposes only and should not be interpreted as an offer to sell, or a solicitation or recommendation of an offer to buy any security, product or service, or retain Conning for investment advisory services. The information in this document is not intended to be nor should it be used as investment advice.This podcast is published by Conning, Inc. (“Conning”) and represents the opinion of Conning. This publication is intended only to inform readers about general developments of interest and does not constitute investment advice or a solicitation, and may not be construed as such. While every effort has been made to ensure the accuracy of the information contained herein, Conning does not guarantee such accuracy and cannot be held liable for any errors in or any reliance upon this information. Conning does not guarantee that this publication is complete, nor does Conning assume any duty to provide updates to any analysis contained herein. Certain information contained herein is based on data obtained from third parties and, although believed to be reliable, has not been independently verified by anyone at or affiliated with Conning.This material may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or targets will be achieved and may be significantly different than that shown here. Opinions and statements of financial market trends constitute our judgment and are subject to change without notice. Although the assumptions underlying the forward-looking statements that may be contained herein are believed to be reasonable, they can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Any timely data or views should be considered as of this date unless otherwise specified. Historic market trends are not reliable indicators of actual future market behavior.Past performance is not a guarantee of future results. For more information and a list of full disclosures please visit the disclaimers section at https://www.conning.com/important%20information.

GLP-1 drugs are rapidly reshaping the insurance landscape, influencing everything from healthcare costs to underwriting and long-term risk assessment. In this episode of Beyond the Text, Alyssa Gittleman and Mary Pat Campbell explore how these therapies are driving new complexities for U.S. health and life insurers, particularly around access, adherence, and the misalignment between short-term costs and long-term outcomes. The discussion also examines how insurers are adapting underwriting practices, managing utilization, and navigating evolving risk signals in a market where traditional assumptions may no longer hold. As adoption grows, GLP-1 drugs highlight broader structural challenges across the insurance value chain, making this a critical trend for insurers to watch.©2026 Conning, Inc. (“Conning”) This document and the software described within are copyrighted with all rights reserved. No part of this document may be distributed, reproduced, transcribed, trans-mitted, stored in an electronic retrieval system, or translated into any language in any form by any means without the prior written permission of Conning. Conning does not make any warranties, express or implied, in this document. In no event shall any Conning member be liable for damages of any kind arising out of the use of this document or the information contained within it. This document is not intended to be complete, and we do not guarantee its accuracy. Any opinion expressed in this document is subject to change at any time without notice.This document contains information that is confidential or proprietary to Conning. By accepting this document, you agree that: (1) if there is any pre-existing contract containing disclosure and use restrictions between you or your company and any Conning member, you and your company will use the information in this document in reliance on and subject to the terms of any such pre-existing contract; or (2) if there is no contractual relationship between you and your company and any Conning member, you and your company agree to protect the information in this document and not to reproduce, disclose or use the information in any way, except as may be required by law.This document is for informational purposes only and should not be interpreted as an offer to sell, or a solicitation or recommendation of an offer to buy any security, product or service, or retain Conning for investment advisory services. The information in this document is not intended to be nor should it be used as investment advice.This podcast is published by Conning, Inc. (“Conning”) and represents the opinion of Conning. This publication is intended only to inform readers about general developments of interest and does not constitute investment advice or a solicitation, and may notbe construed as such. While every effort has been made to ensure the accuracy of the information contained herein, Conning does not guarantee such accuracy and cannot be held liable for any errors in or any reliance upon this information. Conning doesnot guarantee that this publication is complete, nor does Conning assume any duty to provide updates to any analysis contained herein. Certain information contained herein is based on data obtained from third parties and, although believed to be reliable,has not been independently verified by anyone at or affiliated with Conning.This material may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or targets will be achieved and may be significantly different than that shown here. Opinionsand statements of financial market trends constitute our judgment and are subject to change without notice. Although the assumptions underlying the forward-looking statements that may be contained herein are believed to be reasonable, they can beaffected by inaccurate assumptions or by known or unknown risks and uncertainties. Any timely data or views should be considered as of this date unless otherwise specified. Historic market trends are not reliable indicators of actual future market behavior.Past performance is not a guarantee of future results. For more information and a list of full disclosures please visit the disclaimers section at https://www.conning.com/important%20information.

Private equity is becoming an increasingly influential force across healthcare, and its impact is beginning to extend into the medical professional liability market. In this episode of Beyond the Text, Alyssa Gittleman and Richard Sbaschnig examine how private equity ownership is influencing risk profiles, claims dynamics, and competitive positioning in MPL. The discussion explores how insurers are evaluating these exposures today and where perceptions may diverge from underwriting reality. The conversation also considers the growing role of private capital in the MPL reinsurance market and what this could mean for capacity, pricing, and competitive dynamics as these trends evolve.©2026 Conning, Inc. (“Conning”) This document and the software described within are copyrighted with all rights reserved. No part of this document may be distributed, reproduced, transcribed, trans-mitted, stored in an electronic retrieval system, or translated into any language in any form by any means without the prior written permission of Conning. Conning does not make any warranties, express or implied, in this document. In no event shall any Conning member be liable for damages of any kind arising out of the use of this document or the information contained within it. This document is not intended to be complete, and we do not guarantee its accuracy. Any opinion expressed in this document is subject to change at any time without notice.This document contains information that is confidential or proprietary to Conning. By accepting this document, you agree that: (1) if there is any pre-existing contract containing disclosure and use restrictions between you or your company and any Conning member, you and your company will use the information in this document in reliance on and subject to the terms of any such pre-existing contract; or (2) if there is no contractual relationship between you and your company and any Conning member, you and your company agree to protect the information in this document and not to reproduce, disclose or use the information in any way, except as may be required by law.This document is for informational purposes only and should not be interpreted as an offer to sell, or a solicitation or recommendation of an offer to buy any security, product or service, or retain Conning for investment advisory services. The information in this document is not intended to be nor should it be used as investment advice.This podcast is published by Conning, Inc. (“Conning”) and represents the opinion of Conning. This publication is intended only to inform readers about general developments of interest and does not constitute investment advice or a solicitation, and may notbe construed as such. While every effort has been made to ensure the accuracy of the information contained herein, Conning does not guarantee such accuracy and cannot be held liable for any errors in or any reliance upon this information. Conning doesnot guarantee that this publication is complete, nor does Conning assume any duty to provide updates to any analysis contained herein. Certain information contained herein is based on data obtained from third parties and, although believed to be reliable,has not been independently verified by anyone at or affiliated with Conning.This material may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or targets will be achieved and may be significantly different than that shown here. Opinionsand statements of financial market trends constitute our judgment and are subject to change without notice. Although the assumptions underlying the forward-looking statements that may be contained herein are believed to be reasonable, they can beaffected by inaccurate assumptions or by known or unknown risks and uncertainties. Any timely data or views should be considered as of this date unless otherwise specified. Historic market trends are not reliable indicators of actual future market behavior.Past performance is not a guarantee of future results. For more information and a list of full disclosures please visit the disclaimers section at https://www.conning.com/important%20information.

Reinsurance will remain essential for industry growth, with success hinging on capital efficiency, disciplined execution, and strong governance. The newest episode of Beyond the Text explores the evolving landscape of life and annuity reinsurance, emphasizing its growing role in insurers’ strategies for managing growth capital and long-term risk. Richard Sbaschnig and Scott Hawkins provide insights into market trends, including the shift from niche balance sheet tools to core business enablers, the rise of offshore reinsurance, particularly in Bermuda and the Cayman Islands, and the increasing influence of alternative asset managers and private capital.They also address heightened regulatory scrutiny, the importance of compliance and robust structures, and emerging opportunities in international markets.Click here to purchase the report.©2026 Conning, Inc. (“Conning”) This document and the software described within are copyrighted with all rights reserved. No part of this document may be distributed, reproduced, transcribed, trans-mitted, stored in an electronic retrieval system, or translated into any language in any form by any means without the prior written permission of Conning. Conning does not make any warranties, express or implied, in this document. In no event shall any Conning member be liable for damages of any kind arising out of the use of this document or the information contained within it. This document is not intended to be complete, and we do not guarantee its accuracy. Any opinion expressed in this document is subject to change at any time without notice.This document contains information that is confidential or proprietary to Conning. By accepting this document, you agree that: (1) if there is any pre-existing contract containing disclosure and use restrictions between you or your company and any Conning member, you and your company will use the information in this document in reliance on and subject to the terms of any such pre-existing contract; or (2) if there is no contractual relationship between you and your company and any Conning member, you and your company agree to protect the information in this document and not to reproduce, disclose or use the information in any way, except as may be required by law.This document is for informational purposes only and should not be interpreted as an offer to sell, or a solicitation or recommendation of an offer to buy any security, product or service, or retain Conning for investment advisory services. The information in this document is not intended to be nor should it be used as investment advice.This podcast is published by Conning, Inc. (“Conning”) and represents the opinion of Conning. This publication is intended only to inform readers about general developments of interest and does not constitute investment advice or a solicitation, and may notbe construed as such. While every effort has been made to ensure the accuracy of the information contained herein, Conning does not guarantee such accuracy and cannot be held liable for any errors in or any reliance upon this information. Conning doesnot guarantee that this publication is complete, nor does Conning assume any duty to provide updates to any analysis contained herein. Certain information contained herein is based on data obtained from third parties and, although believed to be reliable,has not been independently verified by anyone at or affiliated with Conning.This material may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or targets will be achieved and may be significantly different than that shown here. Opinionsand statements of financial market trends constitute our judgment and are subject to change without notice. Although the assumptions underlying the forward-looking statements that may be contained herein are believed to be reasonable, they can beaffected by inaccurate assumptions or by known or unknown risks and uncertainties. Any timely data or views should be considered as of this date unless otherwise specified. Historic market trends are not reliable indicators of actual future market behavior.Past performance is not a guarantee of future results. For more information and a list of full disclosures please visit the disclaimers section at https://www.conning.com/important%20information.

In the latest episode of Beyond the Text, Alyssa Gittleman speaks with Matt Reilly, Managing Director and Head of Insurance Solutions at Conning, about insights from Conning’s newest Insurance Investment Risk Survey and what they signal as insurers move further into 2026. While 77% of respondents remain optimistic, risks are top of mind, particularly market and asset price volatility, inflation, and recession concerns over the next two to three years. Matt shares why many insurers are still selectively increasing risk, how private asset allocations continue to expand, and what the findings suggest about liquidity, portfolio resilience, and the growing integration of ALM, capital, and investment strategy.Click here to read the viewpoint©2026 Conning, Inc. (“Conning”) This document and the software described within are copyrighted with all rights reserved. No part of this document may be distributed, reproduced, transcribed, trans-mitted, stored in an electronic retrieval system, or translated into any language in any form by any means without the prior written permission of Conning. Conning does not make any warranties, express or implied, in this document. In no event shall any Conning member be liable for damages of any kind arising out of the use of this document or the information contained within it. This document is not intended to be complete, and we do not guarantee its accuracy. Any opinion expressed in this document is subject to change at any time without notice.This document contains information that is confidential or proprietary to Conning. By accepting this document, you agree that: (1) if there is any pre-existing contract containing disclosure and use restrictions between you or your company and any Conning member, you and your company will use the information in this document in reliance on and subject to the terms of any such pre-existing contract; or (2) if there is no contractual relationship between you and your company and any Conning member, you and your company agree to protect the information in this document and not to reproduce, disclose or use the information in any way, except as may be required by law.This document is for informational purposes only and should not be interpreted as an offer to sell, or a solicitation or recommendation of an offer to buy any security, product or service, or retain Conning for investment advisory services. The information in this document is not intended to be nor should it be used as investment advice.This podcast is published by Conning, Inc. (“Conning”) and represents the opinion of Conning. This publication is intended only to inform readers about general developments of interest and does not constitute investment advice or a solicitation, and may notbe construed as such. While every effort has been made to ensure the accuracy of the information contained herein, Conning does not guarantee such accuracy and cannot be held liable for any errors in or any reliance upon this information. Conning doesnot guarantee that this publication is complete, nor does Conning assume any duty to provide updates to any analysis contained herein. Certain information contained herein is based on data obtained from third parties and, although believed to be reliable,has not been independently verified by anyone at or affiliated with Conning.This material may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or targets will be achieved and may be significantly different than that shown here. Opinionsand statements of financial market trends constitute our judgment and are subject to change without notice. Although the assumptions underlying the forward-looking statements that may be contained herein are believed to be reasonable, they can beaffected by inaccurate assumptions or by known or unknown risks and uncertainties. Any timely data or views should be considered as of this date unless otherwise specified. Historic market trends are not reliable indicators of actual future market behavior.Past performance is not a guarantee of future results. For more information and a list of full disclosures please visit the disclaimers section at https://www.conning.com/important%20information.

This podcast episode from Conning discusses the significant transformation happening at Lloyd's of London, one of the world's most iconic insurance marketplaces. Host Alyssa Gittleman interviews Lauryn Kothavale and Richard Sbaschnig, co-authors of Conning's new report 'Lloyd's: Transforming for Tomorrow.' The discussion covers Lloyd's unique marketplace model, which brings together syndicates, managing agents, brokers, and capital providers on a shared platform supported by three core pillars: the syndicate model, chain of security, and global licensing. The conversation highlights Lloyd's recent financial turnaround, with gross premiums growing at 12% annually since 2020 and improved combined ratios. Key modernization efforts include principles-based oversight, commercial mindset shifts, multinational client services improvements, and innovation initiatives such as Lloyd's Lab and Lloyd's Academy. The episode also explores capital innovation through London Bridge Two, which has deployed nearly $3 billion across 34 cells, and discusses how Lloyd's is positioning itself for future growth while maintaining underwriting discipline in specialty risk markets.©2026 Conning, Inc. (“Conning”) This document and the software described within are copyrighted with all rights reserved. No part of this document may be distributed, reproduced, transcribed, trans-mitted, stored in an electronic retrieval system, or translated into any language in any form by any means without the prior written permission of Conning. Conning does not make any warranties, express or implied, in this document. In no event shall any Conning member be liable for damages of any kind arising out of the use of this document or the information contained within it. This document is not intended to be complete, and we do not guarantee its accuracy. Any opinion expressed in this document is subject to change at any time without notice.This document contains information that is confidential or proprietary to Conning. By accepting this document, you agree that: (1) if there is any pre-existing contract containing disclosure and use restrictions between you or your company and any Conning member, you and your company will use the information in this document in reliance on and subject to the terms of any such pre-existing contract; or (2) if there is no contractual relationship between you and your company and any Conning member, you and your company agree to protect the information in this document and not to reproduce, disclose or use the information in any way, except as may be required by law.This document is for informational purposes only and should not be interpreted as an offer to sell, or a solicitation or recommendation of an offer to buy any security, product or service, or retain Conning for investment advisory services. The information in this document is not intended to be nor should it be used as investment advice.This podcast is published by Conning, Inc. (“Conning”) and represents the opinion of Conning. This publication is intended only to inform readers about general developments of interest and does not constitute investment advice or a solicitation, and may notbe construed as such. While every effort has been made to ensure the accuracy of the information contained herein, Conning does not guarantee such accuracy and cannot be held liable for any errors in or any reliance upon this information. Conning doesnot guarantee that this publication is complete, nor does Conning assume any duty to provide updates to any analysis contained herein. Certain information contained herein is based on data obtained from third parties and, although believed to be reliable,has not been independently verified by anyone at or affiliated with Conning.This material may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or targets will be achieved and may be significantly different than that shown here. Opinionsand statements of financial market trends constitute our judgment and are subject to change without notice. Although the assumptions underlying the forward-looking statements that may be contained herein are believed to be reasonable, they can beaffected by inaccurate assumptions or by known or unknown risks and uncertainties. Any timely data or views should be considered as of this date unless otherwise specified. Historic market trends are not reliable indicators of actual future market behavior.Past performance is not a guarantee of future results. For more information and a list of full disclosures please visit the disclaimers section at https://www.conning.com/important%20information.