Jessica Li is a Reporter at (Re)in Asia, following the appointments, ratings and deals shaping the region's insurers. Areas of specialty include senior people moves, insurer ratings actions, and M&A across marine, financial and reinsurance lines in markets including Vietnam, Hong Kong, Korea and India.
Better underwriting in key segments and favourable reserve development have given the Indian export credit insurer strong technical earnings, though geopolitical risks remain.
The deal covers claims with an aggregate face value of about A$2.8bn (US$1.96bn) plus interest, leaving only White Oak's claims of about A$170m outstanding.
AM Best expects underwriting profits from the platform-sold products to improve step by step as they scale, while profitable Samsung-linked commercial business keeps results steady.
Based in Chicago from January, she will lead the broker's worldwide go-to-market strategy and sales, taking over from Anne Corona, now CEO of North America.
The move takes him back to underwriting after almost four years as a broker, bringing with him experience that spans political violence, terrorism, and casualty risks.
Overall ratings affirmation and stand-alone credit profile upgrade to 'a+' come as the RAA Insurance deal lifts insurer to third in the country's property and casualty market.
The head of the insurer's Pacific business takes charge on 1 November, joining the group executive committee as Sue Houghton prepares to retire at year-end.
