TRENTON MCNEE: I've been at Willis for around four years. Prior to joining Willis, I worked in my native Australia as a financial lines underwriter for around six years, specializing in D&O, PI, crime, and FI.
ELLA WELHAM: Thank you. My first question for you is, how is the landscape looking for the fintech and digital-assets insurance marketplace compared to this time last year, and what are the key priorities for next year?
TRENTON MCNEE: Overall, the landscape is really improving. You can see there's more insurers across digital assets, PI, crime, and D&O who are willing to consider opportunities. And secondly, there's a lot more insurers interested in considering blended opportunities-- for example, Willis's FinTech Plus policy, which is a blended composite policy which encompasses D&O, EPL, PI, crime, and cyber. It's been very interesting dealing with the various FINMAR markets on this product and hearing their appetite evolve over time.
For the next year, three priorities stand out. The first is ensuring coverage is fit for purpose. Securing broad, relevant coverage for our clients is crucial.
The second is right partners, for our clients to work with brokers, brokers and insurers who understand the business model and are willing to support them across their journey.
Finally, transparency. I think it's important for clients to share clear risk data and narratives with brokers and underwriters to ensure they can articulate their business model in the best possible manner. Sometimes this may require a client or insurer presentation. That comes across a lot better than a lengthy proposal form, where the message may not be articulated the best.
ELLA WELHAM: My second question for you is which subindustry class are you most excited about, and which territory presents the biggest opportunities?
TRENTON MCNEE: I'm most excited by US digital assets, so companies with a touch point either domiciled or doing a listing over there. The US regulatory environment is very procrypto right now, an example being the GENIUS Act and the Clarity Act right now. So this should definitely accelerate institutional adoption.
I'll give you some examples here. So in London, for the first half of 2025, I think there's been around six IPOs across all industries. And in the US, there's expected to be over 10 digital-asset-related IPOs, dSPACs, or ETFs in 2025 alone. So this is an example of the change of direction and how many opportunities there are at the moment.
I'll just finish on this. So traditional financial institutions such as JPMorgan, who were quite anticrypto a few years ago, are now advancing initiatives in blockchain and tokenization. So this is a sign of where the capital-markets infrastructure is heading.
ELLA WELHAM: It's very interesting. Thank you. What can FINMAR insurers do to help Willis grow this vertical?
TRENTON MCNEE: Spend time understanding client risk profiles. This is quite a unique space, so it's not exactly the easiest at times to understand. So if they can take the time, effort, and improve their knowledge, that will definitely help.
Another one is empowering your underwriters, so really pushing chief underwriting officers for enhanced levels of underwriting authority so you can deploy meaningful capacity across multiple lines. That would be very helpful.
And another one is staying ahead. So I think London needs to keep innovating to stay ahead of local-market insurers because, yeah, to the best of my knowledge, local-market insurers are all interested in participating on fintech and digital-asset programs. And London's always been an innovative hub for underwriting and needs to ensure that it remains this way.
For context, from recent placements, I'm aware of around 60 FI insurers in the London marketplace. Of this 60, around 20 or 30 can consider digital assets crime opportunities, most of which are on an excess basis. There's about 10 who can consider D&O and about five who can consider PI, even less for cyber. This is an example of why expanding insurer appetite is a priority for Willis, and we must continue to evolve and deliver the best solutions for our clients.
ELLA WELHAM: My last question for you is, what advice would you give to younger professionals starting out in the insurance industry?
TRENTON MCNEE: I'd say be a sponge. So in the first few years of your career, stay humble, and take the unglamorous work early on. It might not be the most meaningful or exciting, but it will put you in good stead later on.
Another one is be bold. So don't be afraid to go outside your network, your line of business, or even company to expand/build relationships. Join various insurance-related events, and find mentors that are willing to help you along your journey.
I think this one is quite underrated, but sit with claims so claims people have a crazy amount of knowledge in the insurance sector, be it underwriting or broking, and are highly underrated.
And I think it's important to kind of keep evolving over time. So continuously learning, adapting, trying to expand your skill set. And I think if it comes to the point where you're dreading coming into work and really not enjoying it, that's probably a tell, a good sign that you should adapt your current role.
ELLA WELHAM: Thank you for your time today, Trenton, and thank you for watching. I hope you found this session interesting, and please join us again for the next edition of FINMAR Presents Five Minutes with. Goodbye.
