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Why recent results do not settle the pricing question
Butera argues that relatively benign recent North Atlantic hurricane seasons in the United States are not evidence that underlying property risk has gone away. She points instead to continuing attritional losses from severe convective storms in the US and catastrophe losses elsewhere. Her point is about underwriting discipline: recent experience in one peril or region should not be mistaken for a broad reduction in risk.
She describes MS Re as seeking portfolio-level relationships with key clients across lines and market cycles, rather than growth for its own sake. The interview also reports that the company’s global portfolio had grown to more than $4 billion after four years of transformation, with the US and Bermuda accounting for approximately one-quarter. Those are figures reported about MS Re in the interview, not independently verified market measures.
How to price an exposure with limited loss history
Butera’s approach combines two kinds of evidence: historical results and prospective future-loss scenarios. Historical claims can help establish what has happened, but for newer risks they may offer little guidance about the scale, pathways or concentration of future losses. Scenario analysis is a way to examine plausible exposures despite that gap; it does not eliminate uncertainty or amount to a validated pricing formula.
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The accumulation question is as important as the individual risk. An underwriter can ask whether exposure is confined to one project or insured, or whether a shared cause could affect multiple insureds, cedents and lines. That shift—from a single policy view to a portfolio view—is central to the concerns Butera raises about newer technologies and substances.
Data centres: look beyond construction
Data-centre underwriting should not stop at construction exposure, in Butera’s view. Potential liability or financial exposure may sit elsewhere in the wider supply chain, so the relevant question is where risk could accumulate across the relationships supporting a facility and its operations.
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The interview does not identify specific supply-chain actors, provide a quantified loss scenario or estimate data-centre losses. It therefore supports a direction for underwriting inquiry, not a numerical conclusion about the risk’s likely cost.
AI: examine more than one line of coverage
Butera describes AI as raising questions across different kinds of insurance. One example is directors and officers coverage: underwriters may need to consider questions about a company’s fiduciary responsibility in how it uses AI in its business. She also points to possible general liability exposure.
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These are areas for coverage and underwriting analysis, not settled answers about legal duties or whether a particular claim would be covered. The interview does not specify coverage outcomes, legal tests or a quantified AI loss estimate.
PFAS and microplastics: the concern is cross-industry accumulation
Butera’s concern about PFAS and microplastics is their potential to create exposure across industries, insureds and lines. She connects that possibility with the active US litigation environment and compares the potential breadth of these issues with historical asbestos and opioid-crisis exposures.
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Those comparisons are analogies about how broadly liabilities might spread, not forecasts that PFAS or microplastics will produce losses of a similar size or pattern. The interview provides no quantified loss projection for either substance. Its underwriting implication is to consider whether a common underlying risk or event could reach multiple policies and cedents, rather than assessing each insured in isolation.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What Butera says about the wider market
The interview places these emerging exposures alongside more established pressures. Butera says casualty frequency and severity continue in most casualty lines, with litigation funding contributing to social inflation and nuclear verdicts continuing. She singles out commercial auto and large corporate risks in excess casualty as areas with consistent loss severity, and says she sees no reason to relax casualty pricing. The interview offers no loss series or numeric estimate for those observations.
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She also identifies regional accounts, particularly regional mutual insurers, as an opportunity for MS Re, describing reinsurance as a capital tool for those companies and emphasizing long-term relationships. On managing general agents (MGAs), she says MS Re has momentum in its business and prefers partners that value data quality, transparency and open dialogue. These are Butera’s descriptions of the company’s strategy, not independent rankings or performance assessments.
What the interview does—and does not—establish
Butera’s central message is that limited historical experience calls for more prospective thinking, not less discipline. Underwriters can use scenarios to probe where an exposure may sit, how it might travel through a supply chain and whether the same source of loss could touch several insureds or lines. But the interview supplies no validated model, quantified forecasts or settled coverage answers for data centres, AI, PFAS or microplastics.
Butera summed up the uncertainty this way: “With emerging exposures such as data centres, AI, and PFAS, there is still so much we do not know.”
The interview appeared ahead of the Insurance Leadership Forum, hosted by the Council of Insurance Agents & Brokers in Colorado Springs from 2–6 October 2026. Butera expected conversations there to build on Monte Carlo meetings and inform expectations ahead of 1 January renewals; those references describe the timing and outlook at the time of publication.
Read the Reinsurance News interview with Lisa Butera.
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