SIRC 2026: Miller sees ‘positive opportunity for the market’ after expanding Asia footprint

November 3 2026 by and

Fresh from adding Malaysia to its Asia footprint, specialist (re)insurance broker Miller will prioritise deepening and broadening its capabilities and “scaling the businesses in territories we are already in”, according to APAC head of treaty reinsurance, Richard Broad. 

Miller Malaysia’s initial offering under its Labuan licence will focus on treaty and facultative reinsurance, with plans to broaden its product capabilities, it said in September.  

“Our newly launched Miller Malaysia business will allow us to further expand our reinsurance capabilities through fac and treaty business in the region. We are focused on building our relationships with Malaysian cedents and attracting regional talent to an alternative hub,” Broad said.  

In May, head of Asia Ron Whyte had said following its successful entry into Japan and South Korea, the broker would continue its selective expansion in Asia, with Malaysia on the cards. 

Miller had opened its South Korea operation in 2025 having acquired Japanese broker Lead Insurance Services in 2022. 

According to Broad, Miller has grown its Singapore presence over the last five years and has mirrored many of the specialist capabilities it has in London, while in Japan it has a small but rapidly growing non-marine retail business to support its marine business, with ambitions to develop its presence in the reinsurance space. 

In South Korea, Miller has built a “robust and successful” specialist (re)insurance business in under two years, with a focus on marine, affinity, cyber and P&C, with plans to scale the business in additional specialty markets and across retail and reinsurance channels, according to Broad.  

“The growth of Asia Pacific, combined with reinsurers’ global diversification strategies, is fuelling capacity for the region across most lines of business,” added Broad.  

“We are seeing an increased number of MGAs across the region, which adds further competition to the existing players, all looking for growth and expansion.  

“This trend will continue and ensures that new reinsurance products can be brought to market to manage complex and evolving risks.”  

And while the region has largely been spared major catastrophe losses, the floods in Thailand and earthquakes in Japan have offered reminders of the potential for losses.  

“Asia Pacific will always have catastrophe losses and each country has its own unique underlying risk complexity and associated catastrophe pricing,” Broad said.  

“When catastrophe losses occur which are considered to be outside the expected modelling, reinsurers will need to allow for this in the renewal pricing.  

“Market competition, both from existing reinsurers and new entrants, will certainly reduce the impact of significant price corrections, allowing clients to manage the renewals appropriately.”  

Broad expects solid reinsurer results, strong market capital levels and competition for market share to continue and drive the trend towards a buyer-friendly market for the 1.1 renewal season.  

“Markets across Asia Pacific vary substantially by territory, class and loss experience, so the individual client results remain very much dependent on the quality of the underlying portfolio and reinsurer relationships,” he said.   

“This year, we have seen clients strategically using the competitive market conditions to enhance their reinsurance protections and redeploying any savings on offer to purchase additional programs, layers or alternative multi-year solutions – this represents a positive opportunity for the market.” Richard Broad, Miller

Broad has noted an increased supply by reinsurers and increased demand by clients for structured solution products, allowing clients to enhance their overall risk management strategy. 

“Most clients are looking at maximising the value from their reinsurance spend without any detrimental impact on the protection they need,” he said.   

“With the support of even more robust reinsurance programs, clients will have a platform for greater growth and product innovation moving forwards.” 

Broad does expect further softening, but said reinsurers will remain disciplined.  

“Reinsurers will remain disciplined on how much softening is achievable for each client and in each market,” Broad said. 

“Flexibility on T&Cs to assist with individual clients’ growth strategies in their respective markets will no doubt be a key negotiation and discussion point throughout pre-renewal meetings.” 

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