Full Capacity: Does private equity’s big bets signal new era for Asian (re)insurance?

October 25 2025 by

Welcome to Full Capacity, a weekly briefing on all the most important developments of the past week with a personal take on the news from our editor-in-chief, Mithun Varkey, delivered to your inbox every Saturday.  

Peak Re. In a rare deal, marquee private equity investors have decided to back an Asian reinsurer. 

Hong Kong reinsurer Peak Re has found backing from KKR and Quadrantis Capital after shareholder Prudential Financial decided to divest its minority shareholding. 

KKR and Quadrantis Capital are projected to own about 11.27% and 1.80% of Peak Re’s issued share capital, respectively, while Fosun International will retain approximately 86.71% as the majority shareholder.

Tokyo drift. Berkshire Hathaway Specialty Insurance (BHSI) is making a significant move to establish a foothold in Japan, signalling its intent to tap into this vital market. 

As reported by InsuranceAsia News, Marc Breuil, the regional president for Asia and the Middle East, confirmed that the company has registered a new entity with Japan’s Legal Affairs Bureau. It is, however, awaiting the insurance license from the Financial Services Agency. 

Breuil said that BHSI plans to recruit a small team of Japan underwriters with experience in multiple areas of expertise and one or two senior leaders with experience in insurance underwriting. 

Greater goals. Markel is gearing up to make waves in Greater China, with marine and AI-related coverage taking center stage. 

Chelsea Jiang, managing director for Greater China, who took the helm in July, revealed to InsuranceAsia News that the specialty (re)insurer aims to become the largest syndicate on Lloyd’s China platform by GWP by year-end. 

As Markel celebrates its 10th anniversary in Shanghai, it’s targeting double-digit growth in 2025. The company has already seen a staggering 220% growth in China in 2024, a clear indication of its momentum. 

Steady hands. Global insurance broker Howden is embarking on an ambitious expansion across Asia, aiming to establish itself as a top-tier broker in every market it enters. Newly appointed CEO Rohan Bhappu laid out this vision in his first strategic remarks since taking the helm on October 1. 

Bhappu’s dual-pronged growth strategy hinges on significant investments in entrepreneurial talent and strategic acquisitions, building on the impressive growth that saw the firm expand “10x in 10 years” under founding CEO Chye Huat. 

“We’re not just expanding into new geographies; we’re also growing within countries and enhancing our existing businesses,” Bhappu stated. “Our goal is to be the leading broker in every Asian market we operate in.

Big bets and bigger ambitions 

This week, we saw three among the world’s largest private equity firms making multi-million-dollar commitments to the Asian (re)insurance sector. 

First, we had the Peak Re investment from KKR and Quandrantis Capital earlier this week. While it doesn’t bring new capital to the Hong Kong reinsurer, it provides an exit for its long-term investor, Prudential Financial, and, more importantly, showcases the potential the industry has to offer. 

Soon after, we saw Carlyle Group team up with Fortitude Re for an Asian reinsurance sidecar with US$700m deployable capital, primarily focused on life and annuity businesses. It also counts several other stellar investors, including T&D Insurance Group, AllianceBernstein, Shinhan Life, and National Pension Service of Korea (NPS), among others. 

And later, as InsuranceAsia News exclusively reported, Blackstone has made its foray into the sector in the region through the buyout of Indian homegrown intermediary ACE Insurance Brokers. 

We are not used to seeing the bellwethers of the investment world making big punts on Asian (re)insurance businesses. 

We have seen a few investments in Australia, but the global private equity firms have largely shied away from putting their money on Asian insurers, except of course, the occasional Japan deal. 

While these investors aren’t strangers to the ways of the insurance world, having made significant bets on players in the US, Bermuda, UK and Europe, they have largely kept their distance from Asian insurers – save for isolated deals in Japan or Australia. 

But that cautious stance is shifting, and fast — it is refreshing for the region, which is not accustomed to courting the big boys of the investment world. 

Apollo Global Management’s stellar exit from Aspen Re to Sompo and Warburg Pincus’ sale of Fortegra to DB Insurance may well have been catalysts. 

There is buying power in the Asian markets, and there is also the potential to roll up businesses, be it intermediaries, reinsurers, or, down the line, MGAs, to create regional champions. 

It isn’t just the marquees; even insurance specialists like BP Marsh, which had until 2025 not made much of a splash in Asia, are singing a different tune. 

BP Marsh, through its portfolio companies, has made two investments in Asia this year – Amiga Specialty and Fraction Brokers Asia. 

Is this a tipping point for the industry in the region? It certainly feels like it. 

The influx of smart money is a vote of confidence in the maturity and dynamism of Asia’s insurance landscape. 

This is an unmistakable sign that big global players see Asia as fertile ground for insurance innovation and growth. 

This also a shot in the arm for the region’s insurance entrepreneurs grinding away and the disruptors waiting in the wings. The world’s most discerning investors are here and scouting for the next champions. 

People moves

AIG has appointed Jenny Boyd has head of client and broker engagement for Asia Pacific.  

P&I club NorthStandard has appointed Michael Hustler as its new head of Asia Pacific. 

QBE Insurance Group has appointed Chris Killourhy as its new group chief financial officer.  

Do check out our weekly people move round-up to stay up to speed on the most important appointments in the region.    

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