Full Capacity: Berkshire bets the Buffett way; Mosaic’s exit casts a shadow

March 28 2026 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.   

First reported. Lloyd’s has received regulatory approval to establish a branch office to operate from India’s Gift City, as first reported by IAN. A Lloyd’s spokesperson confirmed to IAN that Lloyd’s was awarded a licence by the regulator on Tuesday. 

Passing the baton. Peak Reinsurance Company (Peak Re) has appointed former Swiss Re CEO Victor Kuk as its new chief executive, effective from April 20.

He will succeed co-founder Franz-Josef Hahn, who will assume the position of special adviser until October 9. 

Capacity rush. Allianz Jio Reinsurance has received regulatory approval to begin underwriting reinsurance in India, effective immediately. The Mumbai-headquartered reinsurance JV has appointed Sonia Rawal as CEO. 

Meanwhile, Niyam Group, based in India’s Gift City, has received approval from Lloyd’s for Syndicate 2047 to begin underwriting from April 1. Former GIC Re managing director Devesh Srivastava will be the chairman of the new (re)insurer. 

“We will have the full suite of underwriting offerings for all P&C classes. While the roots are Indian, the plan is to write across Asia and Africa,” founder Bobby Swarup told IAN.  

Easing renewals. As the April 1 renewals wrap up, it is clear that the conditions seen in the 1.1 renewals are continuing and, in some cases, brokers say they are seeing 20% rate cuts. 

India is experiencing a “more pronounced softening than many global markets”, driven by strong fundamentals, limited loss activity and an influx of capacity, making it one of the most competitive renewal seasons in recent years. 

Similarly in the Philippines, which experienced several typhoons and earthquakes last year, there is a clear softening trend and is seeing a return of proportional capacity as overall losses were manageable and less severe than initially anticipated. 

Tokyo calling: Berkshire’s big Japan play  

In what is possibly the first transaction in the post-Warren Buffett era, Berkshire Hathaway has taken a clever punt on Tokio Marine Holdings. 

Under the agreement, National Indemnity Company (Nico) will acquire approximately 2.5% of Tokio Marine’s shares for about US$1.8 billion, enter into a whole account quota share arrangement, and work jointly on global strategic investment opportunities, including M&A. 

The deal blends investment ideas from the Buffett playbook – using insurance operations as a cash-flow engine, writing a block of reinsurance to build float, and parking that capital in a world-class franchise. 

The deal also ties in Buffett’s fascination with Japan’s corporate discipline. He had built an over US$30 billion portfolio of Japanese investments by picking up stakes in the big five trading houses since 2019. 

Greg Abel, Buffett’s handpicked heir, had said in May that “we will remain Berkshire”, and he’s clearly walking that talk. 

For Nico, Berkshire’s reinsurance crown jewel, the quota share deal unlocks exposure to Japan’s robust insurance market, where pricing has held up even as other regions softened. The details on the reinsurance deal are thin, but the intent is clear. 

For Tokio Marine, the deal looks like a win-win-win: the backing of the world’s most disciplined investor, balance sheet relief through a well-capitalised and reliable counterparty, and the famous Berkshire dealmaking instincts to bolster its own ambitious acquisition plans.  

The deal has certainly got a thumbs up from Tokio Marine investors, with shares rallying over 34% after the announcement. 

For APAC market watchers, there is a bit of déjà vu in this deal. It mirrors a 2015 deal that Buffet sewed up with Australian insurance major IAG.

The IAG deal was underpinned by a 10-year, 20% quota share arrangement across the Australian carrier’s consolidated insurance business and an approximately 3.7% investment via a share placement. 

The Buffett era may be over, but it is clear that the Berkshire doctrine is kicking on. And for Tokio Marine, it could be the jolt that supercharges its global ambitions. 

Mosaic bows out of Lloyd’s Singapore

Mosaic Insurance has announced its exit from the Lloyd’s Singapore, three years since its launch on the platform. 

The insurer said the decision reflected “structural considerations specific to the jurisdiction and its ability to operate sustainable capital strategies”. 

While the specifics on the exit aren’t clear, the Asta-managed Syndicate 1609’s exit clouds the Lloyd’s Singapore story. 

The market has seen its share of entries and exits over the years, though it had appeared to find stability recently, the last departure being Argenta Underwriting in late 2022. 

Since then, Lloyd’s has added multiple news syndicates, notably Mosaic and Volante in early 2023, and more recently The Hartford, bringing the number of service companies on the platform to 16. 

Still, the experience of Mosaic and, by all accounts, Volante, shows that it hasn’t all been smooth sailing for the newcomers. 

Mosaic was primarily writing transaction liability products in the markets, and as I had noted in this newsletter last week, the segment seemed to be having its moment in the sun with the scramble for talent and the entry of new capacity, be it from QBE Asia or even more recently, Markel. 

Details of Mosaic’s change of plan in the region are awaited, but its latest filing with Lloyd’s showed mixed results in 2025, with reserve “strengthening in older years on the transactional liability account, which is now benefiting from remediation undertaken in 2024”.   

People moves

Two Malaysian carriers appointed new CEOs this week, as the Fairfax-backed Pacific Insurance handed the reins to Florence Chang, while Sompo named Soo Wai Har to the top job. 

In the ongoing war for W&I talent in Asia, Aon promoted Anita Vivekananda to managing director of transaction solutions for APAC, while Markel hired Siddick Khan in Hong Kong and Shubhi Nigam in India to launch a W&I offering.  

In Australia, Aon’s Marcus Piristi has joined Marsh as head of energy for the Pacific region. 

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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