When Marty Young, co-founder of InsurTech Buckle, participated in a keynote interview at an M&A insurance conference late last year, the executive warned that the insurance industry is on the cusp of major change.

Speaking at the 11th Annual Insurance M&A Symposium presented by S&P Global and Deloitte, Young, a former financial adviser and turnaround consultant for businesses, referred to the start of a restructuring cycle. The end state will have reinsurers as risk takers and a “global tech oligopoly”—think Google and Amazon—as distributors of risk protection, he said.