Talent, not technology, is driving underwriting success: AM Specialty

“Monte Carlo is very much a bellwether,” she said. “It’s a thermometer for the industry, because you have people coming from the US, Bermuda, Europe and Asia. It tees up the start of the year.”

Key points:
Talent over technology key
Selective and steady
Keep cat at arm’s length

Her priorities for 2025 are clear: consistency, sustainability and talent. “Our talent is our key to success. It’s not just technology.” Click here to watch the full interview.

“I would never rely on AI to make underwriting decisions on our behalf.”

Technology has a role, but it is a supporting one. “To us, it’s almost an old-fashioned approach, but we engage with technology to give our underwriters the best capability and information they can access,” Barder said.

The company has built its own platform to speed up work and improve visibility. “We have built our own proprietary software platform, and through that we will create significant efficiencies,” she explained. “A picture or a graph can communicate an idea much more quickly than a paragraph. But I would never rely on AI to make underwriting decisions on our behalf.”

It is a deliberate human-first strategy as the market races to digitise and automate. For Barder, efficiency matters, but judgment matters more. “Our strength is in our technical underwriting talent and our ability to be nimble and respond to demand within the market,” she said. “It’s not technology.”

That emphasis on judgment shapes the portfolio. AM Specialty avoids natural catastrophe exposure and concentrates on admitted US property and casualty, using its London platform for selected niches. “Rather than trying to be everything to everyone, we want to be conscious and methodical about the lines of business we write. We want to focus on long-term relationships and sustainability within our portfolio.”

Growth will be measured. “We’re looking for a year of consistency and stability,” Barder said. “If we have a little bit of growth this year, we would be very happy with that.” The wider economy is part of the calculation. “There has been a high level of concern about the implication of tariffs, inflation and interest rates,” she said. “Those elements fold into the insurance industry, because what is the insurance industry about other than creating stability and supporting the economy?”

She sees opportunity and unevenness in US excess and surplus lines. “The E&S market has expanded exponentially,” Barder noted. “But there is not a lot of standardisation, so you can get very different experiences in different classes and locations.”

Capacity is still tight and the firm keeps meaningful risk on its own balance sheet. “Capacity is still difficult to come by,” she observed. “We write assumed business, and as a result we retain by far the majority of what we write. We advocate the balance sheet model and we feel there is longevity and sustainability in that model.”

Client work follows the same logic: fewer, stronger relationships, with attention to service. “We always put relationships first,” Barder emphasised. “Another very important aspect is communication, and today it’s also going the extra mile on service. It’s not about having a huge client list; it’s about actively working with trusted partners and building those relationships.”

This approach also limits exposure to headline catastrophe events. “We selectively choose to stand on another side from that and write a very prescribed model,” she said. “We stick to grassroots, US domestic, attritional-based business.”

Operational plans are aligned with this focus. “We have consolidated our base in Dallas. I’m now focusing on New York and London. We have a strong message of consistency and stability that we are looking to create, and a very sustainable model over the long term.”

“Our talent is our key to success, not just technology.”

Private ownership helps. “Because we’re privately owned, we are nimble and able to pivot within the market and look at different classes; niche lines that larger companies wouldn’t necessarily feel had merit,” she said.

Ultimately, Barder insists, talent is the engine, not the tools. “Our talent is our key to success,” she reiterated. “It’s not technology.”

Shevawn Barder is the chief executive officer of AM Specialty Insurance Group. She can be reached at: shevawn.barder@amspecialty.com