The human element in a data-driven world: three decades of evolution at Holborn

The era of a ‘god-like’ broker sitting at the centre of everything – is over. At Holborn, the idea of “my client” has given way to “our client”, explains Adam Manus, president and incoming CEO of Holborn Corporation.

Key points:
Client-first mindset key
Data needs interpretation
Judgement remains critical

When Adam Manus arrived in New York City more than 30 years ago, his primary ambition wasn't to revolutionise the reinsurance industry – he simply wanted to make it in the Big Apple. Luck, as it turns out, was on his side.

Manus joined Holborn just as the firm launched its first-ever broker trainee programme, beginning a journey that would span three decades and witness a transformation of the global risk landscape – from a business heavily reliant on relationships and intuition to one increasingly powered by sophisticated modelling, analytics and, now, artificial intelligence.

“As an employee-owned company, we pride ourselves on continuity, relationships and culture. The fact that Holborn has retained its independence speaks to the value we place on long-term thinking.”

Yet for Manus, one thing has remained remarkably constant: reinsurance is still fundamentally a people business.

Today, that former trainee is president and incoming CEO of Holborn Corporation, one of the few remaining privately held treaty brokers to have retained its independence through decades of industry consolidation. In a sector often defined by mergers and shifting corporate identities, Manus believes that continuity has helped preserve a distinctive employee-owned culture.

“As an employee-owned company, we pride ourselves on continuity, relationships and culture,” Manus told APCIA Today. “The fact that Holborn has retained its independence speaks to the value we place on long-term thinking. At the beginning, I didn't know anything about re/insurance, but I landed in a place that valued the person as much as the process.”

Manus says that culture was shaped in part by mentors such as Holborn chairman and CEO Frank Harrison, whose influence helped instil a “client-first” mindset and a rejection of off-the-shelf solutions.

“He taught me that no two clients are alike. Our solutions must be as unique as the risks they cover. You have to understand the client, understand the risk, and build solutions around both.”

Intuition to analytics

The industry has changed fundamentally since the 1990s, with perhaps the most visible transformation being the rise of sophisticated analytics. Manus points out that Holborn was an early adopter, hiring actuaries into its brokerage ranks as far back as the late 1980s.

“Simply put, those who understand risk the best win,” Manus said. “Our journey started by building proprietary Cat and DFA [dynamic financial analysis] models from scratch. Today, that toolset has evolved into a powerhouse that combines complex quantitative modelling with decades of accumulated market knowledge and expertise. But the complexity of modern risk means no one can go it alone; it necessitates a culture of teamwork."

That combination of technology and human experience has become increasingly important as the industry grapples with a ‘new era of risk’ – a convergence of climate change, economic volatility and social inflation. For Manus and the team at Holborn, the challenge isn't simply identifying these trends, but understanding the ‘why’ behind them.

“We are far more interested in the root causes than simply reporting on the symptoms,” Manus explains. “If we understand why a trend is occurring, we are more likely to predict and plan for the future. We've seen distress and even company failures in recent years because people didn't fully understand the 'why' behind the hard market.

“Understanding what is happening is important. Understanding why it is happening allows you to plan for what comes next. The factors driving these adverse trends aren't going away anytime soon.”

Collaboration beats individualism

Perhaps one of Manus's most significant observations after more than 30 years in the industry concerns the changing role of the broker.

He believes the era of the “single relationship manager” – the all-knowing, “god-like” broker sitting at the centre of everything – is over. At Holborn, he says, the idea of “my client” has increasingly given way to “our client”, recognising that no individual broker, regardless of experience, can bring every capability a client needs.

It is a subtle distinction, but an important one. People remain central to broking, Manus argues, but increasingly it is the collective strength of those people that matters.

As Manus looks towards 2027, Holborn's focus remains on “best-of-breed” service. Because the firm focuses exclusively on treaty reinsurance broking, he ties its ability to deliver that service directly to the quality of its people. Talent development therefore remains a priority for Holborn's leadership team.

Artificial intelligence may represent the next major technological transformation. While Manus sees considerable potential for AI to improve productivity and enhance analytical capabilities, he is equally clear about its limitations.

“The trick is to find the signal through the noise,” Manus concludes. “Will AI revolutionise our business? To a degree, yes. But will it threaten the relationships underlying our business? No. Technology can improve productivity, but enduring value still comes from trusted relationships, experience and judgement. In this business, some things never change.”

Adam Manus is president of Holborn Corporation. He can be contacted at: adamm@holborn.com

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