Beyond the Text

Private Equity and MPL: Structural Change Beneath the Surface

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 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.

Navigating Growth and Complexity: The Future of Life and Annuity Reinsurance

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. [https://go.conning.com/2025-Life-Reinsurance-Market-Overview?utm_source=podcast&utm_medium=organic&utm_campaign=0326+Life+Reinsurance+Market+Overview&utm_content=Insurance+Research] ©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.

Inside Conning’s 2026 Insurance Investment Risk Survey

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 [https://go.conning.com/Risk-Survey-Viewpoint-0226.html?utm_source=organic&utm_medium=podcast&utm_campaign=Risk-Survey-Viewpoint-0226&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.

Lloyd's Market Transformation and Modernization Insights

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 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.

Unlocking Growth: The Untapped Potential of the Middle Market in Insurance

The middle market is one of the most dynamic yet misunderstood segments in commercial insurance—representing over $150 billion in premium opportunity. In this episode of Beyond the Text, host Alyssa sits down with Jay Sarzen, author of Conning’s 2025 Middle Market Study, to explore why this space is gaining attention and what it means for insurers in 2026 and beyond. We unpack: • Why defining the middle market is so challenging—and why it matters. • Key insights from the study on market size, competitive dynamics, and growth sectors. • How insurers can differentiate through underwriting expertise, risk management services, and strong broker relationships. • The strategic pivot as small commercial growth normalizes and national accounts become harder to penetrate. Whether you’re an insurer, broker, or industry observer, this conversation offers actionable perspectives on the next frontier for commercial lines. Tune in to learn how to position for success in a segment that’s too big to ignore. ©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.