Greg Hendrick, the CEO and co-founder of the new reinsurance and insurance company Vantage Risk isn’t too concerned about the new capital that has been pouring into the market this year, and its potential to drive down rates—at least in the near to medium term.

Hendrick, a 30-year industry veteran and former CEO of AXA XL, founded the company along with Dinos Iordanou, retired president and CEO of Arch Capital Group Ltd. Iordanou is now non-executive chairman of Bermuda-based Vantage Risk.