SIRC 2026: Unencumbered by legacy, Willis Re starts afresh in Asia
November 3 2026 by Mithun Varkey
Willis Re is assembling a team and an operating model from scratch, unencumbered by the legacy systems and layered processes that weigh on established competitors, according to the man leading the charge in Asia.
“First and foremost, we want to build out an exceptional high-performance reinsurance brokerage in Asia that combines deep local market knowledge with the expertise, analytical capabilities and global reach of the wider Willis platform,” Richard Jones, Singapore CEO and Asia head of the reinsurance brokerage, said.
“Over the next few years, we want to secure a strong reputation for technical excellence, strategic insight and delivering meaningful value to clients.”
The new reinsurance broker, a joint venture between WTW and private equity firm Bain Capital, is gearing up to launch in Singapore as it awaits regulatory approvals from the Monetary Authority of Singapore (MAS), including for Jones’ appointment, after announcing its Asia plans earlier this year.
“In the near term, and subject to MAS regulatory approval, our focus is on building the right team, strengthening relationships across the market and developing our position in specialty lines, where we see attractive opportunities to establish a differentiated proposition,” Jones added.
“We want to create a business in Asia that is responsive to local needs while remaining closely connected to Willis Re’s global strategy and the wider WTW Group.
“Willis Re is a brand that clients still remember. In that sense, it’s not a startup as in bringing a new brand to the market. But it does mean we can design our business around the clients and how they want to work.”
“Geographically, we want to build a business that aligns with the footprint of Willis’s insurance broking business across Asia, expanding into the markets where we can best support clients.” Richard Jones, Willis Re
That freedom is the centerpiece of Willis Re’s Asian strategy.
“Having no legacy issues is important because we’re not encumbered by any pre-existing operating models. That’s a pretty unique position to be in. It means we can be quick to adapt great solutions and build around clients in a way that would be difficult to do in an existing business,” Jones added.
“However, our ambition extends beyond specialty business. We intend to participate across all lines of treaty reinsurance, progressively broadening our capabilities as the platform develops.
“Geographically, we want to build a business that aligns with the footprint of Willis’s insurance broking business across Asia, expanding into the markets where we can best support clients.
“We will look to hire individuals in Singapore that have local and regional expertise.”
Tech-first approach
Jones is betting that starting fresh will allow Willis Re to embrace technology more nimbly than rivals whose platforms have evolved over years.
“Many companies today are unfortunately operating from models that have been built over many years with lots of layers involved. Willis Re has this unique privilege to differentiate through technology and make sure the client experience is superior,” he said.
“Because Willis Re is being built from the ground up, we have the opportunity to design our operating model around how clients want to work today, rather than adapting legacy systems and structures.”
The new “tech stack” that Willis Re is building will connect pricing, actuarial analysis, cat modelling, claims, premium processing, capital modelling and data and analytics.
Reading the market
Jones said you have to ignore the market cycles in a way as a new entrant, but now is a favourable time.
“The carriers are in a strong place. We’ll continue to see flexibility in pricing and terms and conditions as we head into 1.1 2027, which is very positive from a buyer’s perspective,” he said.
“A confident market leads to opportunities because people want to do business, we want to do business, and so it’s a good place to be in.”
He said reinsurers are taking a strategic approach, seeking to be more relevant to clients and to offer more rather than less.
“We can match clients’ needs with reinsurers who offer the most relevant solutions, depending on what their strategy is. It’s a very positive place to be in the market,” Jones added.
“There’s a lot of hungry capital out there, which obviously we need to match to what cedents are looking for.
“Our focus is on being in what we are describing as ‘intense listening mode.”
For Jones, success in Asia comes down earning clients’ trust.
“Success for Willis Re is about delivering what our clients want, and by doing so being rewarded with their trust. That to me is everything,” he said.
“I think there’s always space for people who add value, and that is exactly what we want to do, to add value to our clients.”
-
BlackRock | Rethink the rules: how TAA and ETFs are reshaping portfolio construction
BlackRock's Daniel Caderas and MSCI's Raman Aylur Subramanian explain why tactical asset allocation (TAA) and exchange-traded funds (ETF) have become essential as global markets fragment and static allocations lose their reliability.
-
BlackRock | Infrastructure comes of age for insurers
Are insurers capturing full value from the asset class? BlackRock shares its perspective.
-
Beazley | Navigating geopolitical risks at sea
Maritime shipping faces growing geopolitical threats — missiles, drones, GPS interference, and cyber sabotage — requiring better intelligence, crew welfare, and resilience measures.
-
Zurich | Why resilience will define the winners of Asia’s clean energy transition
Planning for future conditions from the outset can improve operational reliability, reduce potential disruption and protect long-term asset value.
