Lockton Re has appointed Mike McCann as US casualty product leader. McCann will be based in New York.
McCann brings nearly 20 years of experience in the reinsurance sector. He was most recently senior vice president, underwriting at Renaissance Re, where he managed global client relationships in the casualty and professional liability segments.
His previous roles include leadership positions at Validus Re America, Everest Reinsurance Companies, and Aon Benfield, where he developed his expertise in casualty insurance.
McCann’s arrival comes as the global casualty reinsurance market continues to adjust to evolving conditions seen throughout the year. Earlier this year, proportional casualty reinsurance programs generally renewed with flat to slightly reduced ceding commissions, following nearly two years of downward adjustments.
At the same time, excess of loss placements in casualty saw rate increases between 10% and 20%, reflecting heightened loss severity and volatility. These market shifts have led reinsurers and clients to reexamine their trading relationships and make underwriting changes to improve the economics of proportional programs.
Nick Durant, CEO for North America at Lockton Re, said the appointment highlights the firm’s commitment to providing expertise in the casualty sector. “We are thrilled to welcome Mike as a senior leader on our casualty team," he said.
The broader market has also been shaped by the ongoing effects of social inflation and an influx of new capital. Double-digit rate increases have persisted in commercial auto and professional liability, while other lines such as workers’ compensation have experienced increased competition from new entrants.
This environment has required reinsurers to maintain discipline in risk selection, contract wording, and claims oversight, as litigation funding and broader liability theories continue to impact loss trends.
Reserve strengthening has also been a defining feature for casualty lines over the past two years. Much of the corrective action was taken in 2023 and 2024, as reinsurers addressed uncertainty around claims emergence from prior policy years.
However, the long-tail nature of casualty means that vigilance remains necessary, since loss trends can continue to develop years after the original policies were written.
