PREVIOUS POSITION: São Paulo-based credit specialty head at Marsh Brazil
OUTLOOK FOR THE INDUSTRY: The outlook for the surety and broader credit specialty market is positive but increasingly complex. As companies invest, expand internationally, and manage more intricate supply chains, the need for robust surety and credit solutions continues to grow. At the same time, macroeconomic and geopolitical volatility are heightening risk and making capacity, pricing and terms more dynamic. This creates a strong opportunity for organizations like Marsh to provide forward-looking, advisory-led support, helping clients navigate uncertainty while still pursuing their growth ambitions and to foster new surety offering/solutions within the surety industry.
GOALS FOR YOUR NEW POSITION: First and foremost, grow our commercial surety portfolio with multinational clients in a strategic and sustainable way and enhance our service and advisory offering, ensuring our multinational clients experience coordinated, consistent, high-quality support across geographies. Moreover, I will be looking to deepen collaboration with insurers so we can bring innovative, competitive and globally aligned solutions to clients, as well as to leverage and connect global expertise, drawing on my experience in Brazil and Latin America to strengthen collaboration across Marsh U.S. and our wider network.
CHALLENGES FACING THE INDUSTRY: Macroeconomic and credit risk pressure, which can influence surety capacity, pricing and appetite are relevant concerns, as well as regulatory and legal complexity, especially when structuring programs across multiple countries and jurisdictions for multinational clients. Another challenge relates to the perception and understanding of surety, as it is sometimes still seen as a transactional requirement rather than a strategic enabler of growth and capital efficiency. Last but not least, the rising expectations around data, transparency and speed, with clients looking for real-time visibility and integrated global views of their surety programs. Each of these challenges is also an opportunity for us to differentiate through expertise, insight and strong advocacy.
FIRST EXPERIENCE: My first experience in the field was working in law firms dedicated to the (re)insurance industry, advising insurers on product development and distribution, regulations and M&A transactions, namely in the lines of surety, trade credit and financial products. This experience showed me how impactful surety and credit solutions can be in enabling companies to grow, invest and expand into new markets while still protecting their financial stability.
ADVICE FOR A NEWCOMER: Be curious and invest in learning the fundamentals. Surety and credit can be technical, so take time to understand the products, the risks and how they support clients’ strategies. Also, build relationships – this is a relationship-driven business, therefore strong connections with clients, colleagues and insurers are essential. You also must stay close to clients’ businesses, for the better you understand their sectors, financials and strategic priorities, the more relevant and creative your solutions will be. As a multinational leader, I cannot leave aside the importance of thinking globally and embracing diversity of perspectives, as working across markets and cultures is a key part of serving multinational clients. Finally, one must be open to change. The industry is evolving with new risks, technologies and expectations. Those who adapt, ask questions and stay flexible will find many opportunities to grow.
DREAM JOB: Teaching
LOOKING FORWARD TO: I am really looking forward to working closely with our teams across Marsh US to grow our commercial surety book and further enhance our service offering to multinational clients. This role gives me the opportunity to combine my international experience with the scale and complexity of the U.S. market, which is very exciting. I am particularly eager to collaborate across regions, share best practices, and help clients navigate an increasingly complex risk and credit environment.
COLLEGE MAJOR: Degrees in law and finance
FAVORITE MEAL: Risotto
FAVORITE BOOK: “Mob Rules: What the Mafia Can Teach the Legitimate Businessman”
HOBBIES: Jewelry designing, gym, wine tasting (though I’m not sure the latter qualifies as a hobby.)
FAVORITE TV SHOW: “Friends”
ON A SATURDAY AFTERNOON: Try new restaurants, art exhibits and/or shows (mostly off-Broadway), have a nice glass of wine, read a good book and spend time with my dog Lena.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.