The fact that three dominant brokers in the reinsurance market – Willis, Guy Carpenter and Aon Benfield – hold an 85 percent market share is not healthy nor likely sustainable. What is more, this oligarchy represents a significant risk management problem for reinsurers whose business models are extremely dependent on the good will of these players.

This is the opinion of Rod Fox, chief executive, of TigerRisk – a medium-sized broker in comparison, which he formed in 2008. In a career that has seen him hold senior positions within the incumbent brokers including EW Blanch and Benfield, Fox is well positioned to comment on this dynamic and what it means for reinsurers.