SLACAL CEO Benjamin McKay and Lloyd’s Americas President Marc Lipman discuss wildfire, AI, new sources of capital and the future of insurance coverage in California.
SAN RAMON, Calif., Sept. 10, 2026 /PRNewswire/ — The Surplus Line Association of California (SLACAL) today released the inaugural episode of its Executive Forum video series, featuring a wide-ranging, on-the-record conversation between SLACAL CEO & Executive Director Benjamin J. McKay and Lloyd’s Americas President Marc Lipman. Moderated by SLACAL Chief Industry & Regulatory Officer David Kodama Jr., the discussion pulls back the curtain on how wildfire risk, artificial intelligence and a new wave of global capital are reshaping where, and how, California residents and businesses find coverage.
California is the world’s fifth-largest economy on its own, and its surplus lines sector now accounts for roughly $24 billion in annual premium. Lloyd’s is proud to be a critical partner; it held an 18% share in the California E&S market in 2025. McKay and Lipman explain why that growth happened, why they say the industry’s biggest reputational myth is flat-out wrong and what’s coming next as AI, data centers and other emerging risks outpace what traditional insurance was built to handle.
In the conversation, viewers will hear:
- Why McKay says California’s insurance troubles are “a wildfire crisis, not an insurance crisis,” and how Proposition 103 has shaped the market ever since.
- Why McKay says surplus lines insurance is safer than most people assume.
- Why Lipman says the old idea of surplus lines as insurance’s “dumping ground” no longer holds up, and what he calls it instead.
- How private equity, hedge funds and sovereign wealth are quietly funding California’s next generation of risk transfer.
- How parametric insurance products emerging from the Lloyd’s Lab—which accelerates the development and adoption of new insurance products and operational solutions for the Lloyd’s market—can help California homeowners after a wildfire or earthquake.
▶ Watch the full conversation now on SLACAL’s YouTube Channel
The Executive Forum conversation is the first in a planned series exploring the issues shaping California’s insurance market. New episodes, along with additional educational content, will be added to SLACAL’s Learning Center throughout the year.
About the Surplus Line Association of California
As the advisory organization appointed by the California Department of Insurance, the Surplus Line Association of California oversees the state’s nearly $25 billion surplus lines marketplace, serving as a market stabilizer, information authority and early-warning system for regulators and market participants. SLACAL supports regulatory oversight, helps brokers comply with California laws and regulations, processes surplus lines insurance policies and monitors the financial condition of companies on California’s List of Approved Surplus Line Insurers.
About Lloyd’s
Lloyd’s is the only insurance marketplace of its kind in the world. It brings together more than a hundred syndicates and thousands of investors, enabling the market to shoulder more insurance risk for every unit of capital than any other financial institution in the world. The role of the Corporation is to advance and protect the market—by maintaining underwriting discipline and our financial strength; and by attracting expertise, innovation and scale. Our unique global licenses and excellent financial strength ratings provide the infrastructure, oversight and confidence required to understand, price and manage complex and interconnected risks. Risk transfer—properly executed—underpins economic growth, resilience and innovation around the world. This is the role Lloyd’s has played for 337 years, and it remains central to our purpose today.
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SOURCE The Surplus Line Association of California
