This episode explores how the programs market is structurally shifting as consolidation, scale, and institutional capital reshape the landscape. The conversation highlights the move from underwriting individual programs to evaluating entire platforms—where governance, data, actuarial rigor, and partnership models are now critical.
For MGAs and program administrators, the bar is rising: success depends on presenting a disciplined, data-driven portfolio and aligning with long-term capital. For carriers, it requires a shift toward portfolio thinking, multi-year capacity, and deeper partnerships. Service providers will play a key role in enabling the infrastructure needed to support this evolution.
Key takeaways:
- Scale and platform sophistication are becoming core differentiators
- Carriers are underwriting platforms, not just programs
- Portfolio (“whole account”) approaches are gaining traction, emphasizing diversification and long-term performance
- Long-term, aligned capital is increasingly valuable in a multi-year capacity model
- Strong governance, data, and transparency are essential to compete
- Winners will be those who think in portfolios and build durable, cycle-resilient partnerships
Guest Speaker: Mike Richard, Liberty Mutual
Mike Richard is the leader of Portfolio Solutions within North America Programs & Delegated Authority at Liberty Mutual, focused on developing and managing specialty insurance portfolios that bring together underwriting expertise, disciplined portfolio management, and creative solutions for complex and evolving risks.
Mike has built his career around creating value at the intersection of insurance, distribution, and portfolio strategy. His work centers on building businesses and operating models that combine deep market expertise with disciplined execution—helping Liberty deliver consistent, differentiated solutions for brokers, agents, program administrators, and other strategic partners.
In his role, Mike is focused on strengthening Liberty’s portfolio capabilities and expanding the ways the company can use its underwriting, actuarial, claims, and risk expertise to serve specialized markets. He brings a partnership-oriented approach to developing solutions that are responsive to customer needs while maintaining the rigor, governance, and risk discipline required to perform across market cycles.
Before joining Liberty Mutual, Mike held leadership roles spanning specialty insurance and reinsurance, including experience with Nationwide and Beach & Associates (now Acrisure Re). These experiences have shaped his perspective on the importance of aligning underwriting strategy, distribution relationships, and operational execution to build durable businesses.
Today, Mike is focused on advancing Portfolio Solutions and Liberty’s Programs & Delegated Authority business as scalable, expertise-led platforms within Liberty Mutual—one that can identify attractive opportunities, develop differentiated offerings, and deliver strong outcomes for customers and partners. He is a strong advocate for integrated decision-making, long-term relationships, and disciplined growth grounded in a clear understanding of risk.
Mike is a Fellow of the Casualty Actuarial Society (FCAS) and an Associate of the Society of Actuaries (ASA).
