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Full Capacity: Rendez-Vous de Septembre – tailwinds blow for cedents

This week's newsletter discusses: • Rebecca Poon's move to Howden • Leadership changes at Australian brokers • Gallagher Re’s Steadfast Re buy • BP Marsh backs Asia pivot • IAG's plans run into antitrust wall • Seadrif's priorities
APAC reinsurers to face margin pressure as market softens: Fitch

Fitch downgrades global reinsurance sector outlook to ‘deteriorating’ for 2026 from neutral a year-ago.

APAC reinsurers to face margin pressure as market softens: Fitch

Fitch downgrades global reinsurance sector outlook to ‘deteriorating’ for 2026 from neutral a year-ago.

Fitch downgrades global reinsurance sector outlook to ‘deteriorating’ for 2026 from neutral a year-ago.
Generali GC&C Asia hires Emma Liu as head of casualty underwriting

Liu, who joins from AIG in Singapore, will relocate to Hong Kong in her new role.

Generali GC&C Asia hires Emma Liu as head of casualty underwriting

Liu, who joins from AIG in Singapore, will relocate to Hong Kong in her new role.

Liu, who joins from AIG in Singapore, will relocate to Hong Kong in her new role.
Marsh taps WTW’s Ellen Fung as strategic client director

Fung, who also previously spent over two decades at Aon, will be responsible for delivering strategic insights and tailored risk solutions to key clients in Hong Kong.

Marsh taps WTW’s Ellen Fung as strategic client director

Fung, who also previously spent over two decades at Aon, will be responsible for delivering strategic insights and tailored risk solutions to key clients in Hong Kong.

Fung, who also previously spent over two decades at Aon, will be responsible for delivering strategic insights and tailored risk solutions to key clients in Hong Kong.
Howden, Aon, Agile, QBE, Gallagher: 11 APAC insurance people moves of the week

Etiqa General Takaful, Lockton, Marsh Pacific, Lion Underwriting, Berkshire Hathaway Specialty Insurance, WTW, Willis, Allied World, Sompo, and Zurich Kotak General Insurance also made personnel changes over the last week.

Howden, Aon, Agile, QBE, Gallagher: 11 APAC insurance people moves of the week

Etiqa General Takaful, Lockton, Marsh Pacific, Lion Underwriting, Berkshire Hathaway Specialty Insurance, WTW, Willis, Allied World, Sompo, and Zurich Kotak General Insurance also made personnel changes over the last week.

Etiqa General Takaful, Lockton, Marsh Pacific, Lion Underwriting, Berkshire Hathaway Specialty Insurance, WTW, Willis, Allied World, Sompo, and Zurich Kotak General Insurance also made personnel changes over the last week.
Australia’s Triple T Insurance Services joins Envest’s Resilium network

Four Western Australian partner firms have also joined forces to form GPI Insurance Partners.

Australia’s Triple T Insurance Services joins Envest’s Resilium network

Four Western Australian partner firms have also joined forces to form GPI Insurance Partners.

Four Western Australian partner firms have also joined forces to form GPI Insurance Partners.
Hong Kong’s Peak Re to maintain favourable underwriting profitability: AM Best

AM Best has affirmed a financial strength rating of A- (Excellent) and long-term issuer credit rating of a- (Excellent) to Peak Re and its subsidiaries, with a stable outlook.

Hong Kong’s Peak Re to maintain favourable underwriting profitability: AM Best

AM Best has affirmed a financial strength rating of A- (Excellent) and long-term issuer credit rating of a- (Excellent) to Peak Re and its subsidiaries, with a stable outlook.

AM Best has affirmed a financial strength rating of A- (Excellent) and long-term issuer credit rating of a- (Excellent) to Peak Re and its subsidiaries, with a stable outlook.
Australian carriers’ US$1.6bn reinsurance spend saves US$46bn in capital: Actuaries Institute

A paper published by the institute noted Australian insurers have fewer choices when it comes to the range of reinsurance products they can use to gain regulatory credit.

Australian carriers’ US$1.6bn reinsurance spend saves US$46bn in capital: Actuaries Institute

A paper published by the institute noted Australian insurers have fewer choices when it comes to the range of reinsurance products they can use to gain regulatory credit.

A paper published by the institute noted Australian insurers have fewer choices when it comes to the range of reinsurance products they can use to gain regulatory credit.
Exclusive: Howden snaps up 40-year Marsh veteran Rebecca Poon

Hong Kong-based Poon, who was managing director at Marsh, has been appointed chief client officer.

Exclusive: Howden snaps up 40-year Marsh veteran Rebecca Poon

Hong Kong-based Poon, who was managing director at Marsh, has been appointed chief client officer.

Hong Kong-based Poon, who was managing director at Marsh, has been appointed chief client officer.
Cat bond issuance boom will roll into 2026: Moody’s

Global cat bond issuance to top US$20bn in 2025 and is 'expected to persist' into next year.

Cat bond issuance boom will roll into 2026: Moody’s

Global cat bond issuance to top US$20bn in 2025 and is 'expected to persist' into next year.

Global cat bond issuance to top US$20bn in 2025 and is 'expected to persist' into next year.
Lockton duo join Gallagher Re’s Australia team

Former Lockton partners Max Garratt and Russell Hails have joined Gallagher Re as executive directors in Sydney.

Lockton duo join Gallagher Re’s Australia team

Former Lockton partners Max Garratt and Russell Hails have joined Gallagher Re as executive directors in Sydney.

Former Lockton partners Max Garratt and Russell Hails have joined Gallagher Re as executive directors in Sydney.
Aon promotes Qin Lu to head of North Asia, Andrew Minnitt to head of Southeast Asia

Pair will expand their current roles to lead the newly-created North Asia and Southeast Asia subregions.

Aon promotes Qin Lu to head of North Asia, Andrew Minnitt to head of Southeast Asia

Pair will expand their current roles to lead the newly-created North Asia and Southeast Asia subregions.

Pair will expand their current roles to lead the newly-created North Asia and Southeast Asia subregions.
IAG’s acquisition of RAC Insurance sparks antitrust concerns

Antitrust regulator warns of reduced competition in the supply of motor and home insurance in Western Australia.

IAG’s acquisition of RAC Insurance sparks antitrust concerns

Antitrust regulator warns of reduced competition in the supply of motor and home insurance in Western Australia.

Antitrust regulator warns of reduced competition in the supply of motor and home insurance in Western Australia.

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“We have a strong and significant presence in Singapore and in Australia. What we need is a wholesale market system that can allow Lloyd’s to excel at what we do and what we can deliver.”

Patrick Tiernan, Lloyd's

Analysis

Lloyd’s looks to drive regional penetration, but conditions have to be right: Patrick Tiernan

CEO says the markets should recognise the need for flexibility, which requires collaboration with governments and regulators to establish systems that boost insurance penetration.
Reinsurers feel the force of nat cat threat as pricing ‘passes its peak’ ahead of RVS

Fitch and Moody’s downgrade their outlooks ahead of the start of the Rendez-Vous de Septembre in Monte Carlo.
Drive for growth and regulatory pressures to boost APAC insurance M&A

Despite a few standout deals, 2025 has been a relatively muted year for insurance M&A amid concerns about US trade policies and an abundance of organic growth for insurers.
Product recall cover in the spotlight as US bans Indonesian shrimp over ‘disturbing’ Fukushima radiation link

US Food and Drug Administration has cracked down on imports from BMS Foods, but the link with Japan’s nuclear power plant has been questioned.

Between The Lines

A fortnightly podcast that unpacks the pivotal stories and trends shaping the (re)insurance industry across Asia Pacific.

Episode guest: Lars Lange, Secretary General, International Union of Marine Insurance

With Mithun Varkey, Andrew Mullen, Aidan Gregory, and Joana Nguyen

More Episodes

Spotlight

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M&A

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ESG

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Opinion

The brokers are once again firmly the market-makers, dictating terms and conditions for business which (in this case) the Lloyd’s market has to accept if it wants to have the business placed with them.

Marcus Alcock

A bruising year lies ahead for APAC’s underwriters

No handouts, please!: How long should the taxpayer foot the bill for India’s partly bad, partly good insurance market?

After Russia earthquake scare, is Japan’s resurgent nuclear industry really prepared for the ‘Big One’?

How far must temperatures rise before APAC commercial market really walks away from climate risk?

Specialty market set to be tested in the fire once again as Iran escalation evokes memories of Gulf War

Without a captain of the ship, are India’s insurance reforms in danger of being blown off course?

With great expectations, will India’s growing but potentially vulnerable surety bond sector avoid the mistakes of past markets?

Is the tide finally turning for (re)insurers in China as aviation, rail ambitions grow?

Lloyd’s

Lloyd’s looks to drive regional penetration, but conditions have to be right: Patrick Tiernan

Agile appoints Gordon McNab to lead construction build out

Lloyd’s Asia surpasses US$1bn GWP milestone in 2024 amid double-digit growth

Frontier Global taps Tokio Marine HCC for commercial PI capacity in Australia, New Zealand

Canopius adds Jinnan Tang to Singapore casualty treaty team

Rhodian-backed Australian construction-focused MGA receives Lloyd’s coverholder status

Critical mass achieved, MS Amlin focused on APAC consolidation after robust growth: CEO William Ho

MS Amlin names Christiern Dart as CEO, Andrew Carrier moves to Mitsui Sumitomo group role

Cyber

Axa XL India hires Bipin Titus as senior underwriter

Australian MGA Blue Zebra eyes commercial lines expansion, earning its stripes overseas

BMS boosts Australian financial lines, cyber teams with dual promotions

‘It’s a trust game’: with cyber claims spikes front and centre, alternative solutions offer cover for growing threat

India’s reinsurance market poised for massive growth, driven by infrastructure boom: Policybazaar for Business

Asia insurance rates drop 5% in Q2 2025, sixth straight quarter of decline: Marsh

Pacific rates continue to decline, falling 11% in Q2: Marsh

Lloyd’s carriers launch Asia cyber pool

People

Generali GC&C Asia hires Emma Liu as head of casualty underwriting

Liu, who joins from AIG in Singapore, will relocate to Hong Kong in her new role.

Marsh taps WTW’s Ellen Fung as strategic client director

Fung, who also previously spent over two decades at Aon, will be responsible for delivering strategic insights and tailored risk solutions to key clients in Hong Kong.

Exclusive: Howden snaps up 40-year Marsh veteran Rebecca Poon

Hong Kong-based Poon, who was managing director at Marsh, has been appointed chief client officer.

Lockton duo join Gallagher Re’s Australia team

Former Lockton partners Max Garratt and Russell Hails have joined Gallagher Re as executive directors in Sydney.

Aon promotes Qin Lu to head of North Asia, Andrew Minnitt to head of Southeast Asia

Pair will expand their current roles to lead the newly-created North Asia and Southeast Asia subregions.

Allied World names Jolene Chua vice president for Asia A&H

Chua was previously employed at Sompo Insurance Singapore, where she held various roles for over five years.

BHSI promotes Anna Spink to head of marine for Australasia

Sydney-based Spink joined BHSI in 2018 and was most recently national manager for corporate property.

Etiqa General Takaful promotes Khairoel Faiezy Hasnan to CEO

Kuala Lumpur-based Hasnan replaces Shahrul Azuan Mohamed, who has retired after 20 years with Etiqa.

Australian MGA Lion Underwriting taps Chris Edwards to lead professional lines buildout

Veteran joins from Steadfast Group-backed MGA Quanta Insurance.

India’s Zurich Kotak General Insurance hires Birendra Mohanty as chief business officer

Mohanty, who joins from ICICI Lombard General Insurance, will oversee bancassurance, financial institutions group, SME, institutional and government businesses.

Comment

Aviation : ''Without a deeper talent pipeline, better training infrastructure, and more rigorous oversight, the region’s capacity to meet rising demand may falter, impacting insurers and operators alike''

Tan Soon Keat, McLarens Aviation

Cybersecurity: ''For insurers, rather than treating certifications as sufficient proof of security, they should demand evidence of ongoing monitoring of their security posture''

Marc Krisjanous, SixBlocks Audit

Trade credit: ''Asia-Pacific countries are well-positioned to benefit from redirected trade flows as global supply chains adjust''

Nicholas Davies, Markel

Insurtech: "The industry is transforming towards a smarter, more personalised risk ecosystem, where AI becomes a foundational capability embedded within intelligent products and processes."

David Lynch, bolttech

2004 tsunami: "Memories of the tsunami are painful; they prompt us to reflect on the steps we have taken – and how far we must go – to build the region’s resilience to disasters of this scale in future."

Victor Kuk, Swiss Re

IFRS 17: "Rather than looking for temporary workarounds and tactical solutions, the efficiency of the whole end-to-end (E2E) financial reporting chain will need to be reengineered."

Martyn van Wensveen, EY

Flood resilience: "Mitigating and adapting to urban flooding requires a comprehensive approach that combines structural solutions along with non-structural approaches."

Sonia Rawal, Allianz Re

Maritime energy transition: "Commercial considerations that act as a brake to information sharing must be weighed up against the risk of missing important pieces of the decarbonisation jigsaw."

Helen Barden, NorthStandard

Analytics

Lloyd’s Asia surpasses US$1bn GWP milestone in 2024 amid double-digit growth

Offshore fund demonstrates strong performance despite challenges in the Singapore unit and varied underwriting results across business lines.

Hong Kong’s P&C reinsurance market narrows gap with Singapore

Hong Kong benefitted from RBC implementation in 2024, however, Singapore retained top spot in terms of GWP and underwriting results.

Short-tail performance boost for Australia’s P&C carriers

APRA data shows general insurance COR improves in Q4 2024, while profit after tax almost doubles to US$1bn.

Australian intermediated premiums grow 8.2% in 2023-24

While the GWP placed with Lloyd’s in the 12 months grew at a comparable pace, business placed with unauthorised foreign insurers declined marginally.

Alternative risk solutions on the table for non-modelled perils at 1.1 renewals

The APAC reinsurance market is transitioning from a market of corrections to a market of solutions, Tony Gallagher, CEO, Asia Pacific, Guy Carpenter tells InsuranceAsia News.

Hong Kong premium growth and claim frequency are converging to normal level: HKIA

According to 2023 data from the regulator, the SAR's general insurance business reported the worst overall loss ratio in five years at 62.8%, while COR sank to a near five-year low after an 8.3 percentage point deterioration year-on-year.

APAC 2023 marine premiums up 7.5% as global trade recovery drives cargo insurance growth

While the upswing in trade is expected to help premium growth and and the overall claims impact remained stable, uncertainty posed by geopolitical tensions and regional economic outlook could impact the sector.

Australian underwriters incur 23% lower public liability claims in 2023

Lloyd's public liability claims doubled and PI claims went up 13 times in the country in the last year while other insurers' PI claims were 9% higher year-on-year across all states, according to the 2023 claims data released by the Australian Prudential Regulation Authority.