Monte Carlo #52 - Waleed Jabsheh: When Excess Capital Starts Driving Bad Decisions

Everyone at Monte Carlo this year is having the same conversation: too much capital, too much appetite, not enough discipline. IGI's CEO Waleed Jabsheh sat down with us on a boat considerably nicer than ours and told us, essentially, to relax — the market always finds its own blood eventually. He also explained why IGI shrank its book on purpose last year, launched a Bermuda-based cyber MGA in the middle of a soft market, and is betting on a person rather than a portfolio to get them through it.

WHAT YOU'LL LEARN:

• Why IGI would rather shrink premium by 4% than chase growth that doesn't pay for itself
• What actually turns a soft market hard (hint: it isn't economics or geopolitics)
• Why "excess capital" is quietly the most dangerous phrase in reinsurance right now
• Why the Middle East war's $2bn+ property hit hasn't moved pricing as much as it should
• Why IGI just launched a Bermuda cyber MGA instead of waiting out the cycle

TIMESTAMPS:00:00 Intro00:37 RVS 2026 through IGI01:10 Managing the cycle: protecting five years of gains02:12 Where real opportunity still hides in a soft market02:45 Underwriting profitability over topline growth03:50 Why IGI shrank the book and doesn't regret it04:20 What it actually takes to turn a soft market hard04:46 Benign losses, growing hunger, and naive capacity05:49 When excess capital tempts bad decisions06:23 The risk nobody's pricing07:32 The Middle East war09:16 Does deglobalisation threaten a global industry?10:21 Letting hunger override discipline11:18 Inside IGI's GIFT City and Cipher Underwriting13:28 Why talent, not capital, is the real bet behind Cipher

EPISODE LINKS:Waleed's LinkedIn: https://www.linkedin.com/in/waleedjabsheh/
IGI: https://www.iginsure.com/

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