Full Capacity: Industry slings into Singapore as home stretch begins at SIRC

November 1 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.  

Deal update. Private equity interest in the insurance sector is on the upswing. This week, Australian broking group AUB received a bid from Swedish PE giant EQT to acquire 100% of the company. The unsolicited, confidential and non-binding indicative proposal values the Australian Securities Exchange-listed broker at about US$3.4 billion.  

I had flagged up the growing PE interest in the sector last week on the back of KKR’s investment in Peak Re and Blackstone’s control transaction for Indian broker ACE. 

Full payout. Record breaking storm Hurricane Melissa is expected to cause billions of US dollars of insured losses after making landfall in Jamaica, and further landfalls in Cuba and Bahamas. 

Meanwhile, the storm is likely to trigger a full payout of a World Bank sponsored parametric cat bond that is issued and listed on the Hong Kong Exchange. 

Take the hit. AIG will acquire the rights to renew Everest’s US, UK, European and APAC commercial retail business, a portfolio that totals around US$2 billion of GWP. 

The transactions sharpen Everest’s focus on its core global reinsurance business, as well as its global wholesale and specialty insurance businesses. 

Grounded. The aviation sector, which has been hit by a spate of large losses this year, is bracing for a US$10 billion market loss from the disputes over jets stranded in Russia, following its invasion of Ukraine.  

Curiously though, the bulk of which will likely be picked up by the marine (re)insurance market. This is because at the time of the loss, a number of aviation insurers had their hull war reinsurance cover provided by a marine war policy or a political risks insurance policy – both of which classes fall under the broader marine portfolio. 

On course. Global specialist MGA Rokstone is seeing opportunities in the region as “global premiums shift from Europe and the Americas to Asia”, Rama Chandran, managing director and head of marine, told InsuranceAsia News’ Between the Lines podcast. 

Backed by a multi-year US$25 million Lloyd’s capacity from Tokio Marine Kiln, the MGA, which will write all marine classes excluding P&I, is trying to look at the more complex end of the risk spectrum to compete with the conventional marine insurers. 

Two weeks into the operation, Rokstone Singapore has already started binding policies. 

It is no SIRCus!  

Next week the great and good of the global reinsurance market will be in Singapore to set the ball rolling on the region’s reinsurance renewals discussions.’ 

The Singapore International Reinsurance Conference (SIRC) is the final pit stop for the conference crowd before they get down to dot the i’s and cross the t’s. 

The annual jamboree has grown to be one of the most important events in the global insurance conference calendar and, certainly, the most important one for the region. 

And we’ll be there, with boots on the ground, serving up the most extensive and in-depth coverage from the event and bringing you unfiltered access to the minds that move the market.  

As for the themes at SIRC? They won’t stray far from the trends we’ve already seen: softening prices, record-high capacity, and reinsurers eager to align with clients’ growth ambitions.  

Gallagher Re said that the reinsurance market in APAC has “turned a corner” following several years of hard market conditions. 

Yet, beneath this, significant regional nuances are emerging, which will play out in the coming renewals. 

A key talking point is the growing need for more capital solutions among Asian cedents. 

They want bespoke structures, tailor-made to fuel their ambitions and tame their volatility. And reinsurers, flush with cash, are suddenly all too willing to play along. 

Meanwhile, regulatory changes and consolidation is reshaping the landscape from Japan to Jakarta, which is bringing reinsurance’s role as a capital enabler to the fore. 

As the industry enters the final, frantic lap of reinsurance dealmaking, what is to be expected? 

Orderly renewals? Perhaps. But boring? Anything but. 

People moves

Steadfast CEO Robert Kelly has chosen to “stand aside” on a temporary basis amid an investigation into a workplace complaint. 

India’s GIC Re has named Hitesh Joshi as interim chairman and managing director. 

MSIG has appointed Eric Schaap as senior vice president and global broker engagement manager. 

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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