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Emerging risks | Growth Opportunities | APAC Insurance

(Re)in Asia logo
Wednesday, November 4, 2026
(Re)in Asia logo

Capital management.

Brought to you in partnership with

Marsh Re

Features and key stories

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Andrew Hare, Japan head, Marsh Re, and Justin Ward, Pacific head, Marsh Re, over Tokyo and Sydney.
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A uniformed inspector examines a treaty notice beside a high-speed train marked AIR.
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ACCC blocks IAG's RAC Insurance acquisition for second time
Pacific Life Re completes first Hong Kong asset-intensive reinsurance deal
Insurers urged to treat alternative capital deals as partnerships, not pre-nups
Steadfast inks A$7.7bn takeover deal with Amwins-Dragoneer-KKR consortium
Bank Rakyat building in Malaysia with Malaysian flag, related to MNRB's Takaful sale.
Modern office building with blue glass windows and a large EtIqa sign on the roof, featuring a yellow smile beneath the letters.
Blue glass skyscrapers in a financial district with bank logos DBS, HSBC and Standard Chartered visible on the towers, against a blue sky with palm trees in the foreground

Asia takes more of the reinsurance value chain, but capital stays global
India and China are pushing to keep more risk onshore, but London and Bermuda will remain centres for retrocession, alternative capital and nat cat.

Price takes a back seat as cedents seek strategic reinsurance purchases
Brokers say Asian cedents are using softer rates to strengthen their reinsurance protection, not just to cut costs.

Gallagher Re APAC bets on advisory, structured deals and specialty amid soft market squeeze
Gallagher Re’s new APAC CEO Roshan Perera sees renewable energy, EV supply chains and data centres driving demand for specialist reinsurance and advisory solutions.

Munich Re sees reinsurance opportunities as APAC clients look to expand
Insurers are increasingly looking to invest in growth initiatives, while reinsurers are differentiating through expertise and solutions rather than capacity alone, says Hitesh Kotak, chief executive for...

Marsh Re sees Japan fac growth from data centres, chips; alternative capital opportunities in ANZ
Marsh Re’s new Japan and Pacific heads, Andrew Hare and Justin Ward, say capital is reshaping the reinsurance conversation, from Japan’s solvency regime to growing interest in alternative capital in Australia...

Howden Re’s Marshall pushes APAC cedents beyond “set and forget” reinsurance buying
Karl Marshall wants clients to see the full range of outcomes behind a model result, not a single figure, and says AI should support specialists rather than replace them.

Balance-sheet pressures steer insurers towards structured solutions
As capital requirements evolve and market volatility persists, insurers are seeking more sophisticated ways of managing risk

Chariot Re takes on first Japanese liabilities in US$1.6bn MetLife retrocession
The treaty, effective 30 September, covers US dollar whole life and annuity policies and is the Bermuda reinsurer’s fourth since its July 2025 launch.

PICC issues Hong Kong’s first sidecar, covering mainland offshore windfarm risks
The US$12m issuance was conducted through special-purpose insurer Great Wall Re.

Japan AIR market braces for stricter regime, not slower growth
Industry experts expect future asset-intensive reinsurance (AIR) growth to hinge on access to third-party capacity, suitable matching assets and demonstrable risk transfer.

Shinhan Financial to acquire 77% of Lotte Non-Life for US$516m
The group plans to merge the insurer with Shinhan EZ General Insurance and inject capital ahead of tighter K-ICS requirements.

Pacific Life Re closes second Japan structured reinsurance deal of 2026
The transaction helps an unnamed major life insurer optimise its economic capital position under Japan’s new Economic Solvency Ratio (ESR) framework.

Prismic to reinsure US$5bn of Prudential Financial's Japanese whole life reserves
The deal takes Prismic's in-force and flow transactions with Prudential to more than US$22bn of USD-denominated liabilities.

Second ACCC rejection sends IAG's RAC Insurance bid to public benefit test
Regulator found rival insurers would be unlikely to offset competition lost, but insurer says it will now seek approval on public benefit grounds.

Pacific Life Re completes first Hong Kong AIR deal
Its debut asset-intensive transaction in the market covers whole life liabilities ceded by a pan-Asian insurer

Insurers urged to treat alternative capital deals as partnerships, not pre-nups
AAC2026 panellists said reinsurer track record, collateral quality and recapture readiness matter more than price as AIR and FinRe grow across Asia.

Steadfast inks A$7.7bn takeover deal with Amwins-Dragoneer-KKR consortium
The parties aim to complete the A$7.7bn transaction by December, subject to shareholder, court and regulatory approvals.

MNRB to sell direct takaful arms to Bank Rakyat for US$400m
Malaysian Re's parent will divest Takaful IKHLAS Family and Takaful IKHLAS General to the cooperative bank, and keep its retakaful business.

Maybank to take full control of Etiqa in US$1.2bn Ageas buyout
The billion-dollar deal will be financed through Maybank's internal and external funding and is expected to close in 2026.

Allianz strikes S$2.7bn deal for HSBC Life Singapore
The two groups will also enter a 15‑year exclusive bancassurance partnership, with the deal slated for completion in the first half of 2027.

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Editor's choice

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RGA, Dai-ichi ink US$1bn AIR deal
Tuesday, 03 June 2025
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Dai-ichi Life to acquire 15 stake in Londons MG
taiwan-insurers-grapple-with-fx-risk-as-hedging-costs-remain-high-and-rbc-looms

All stories

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Risk-based capital

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MAS proposes capital relief, S$30m fund to spur insurer infrastructure investment
Marsh Re sees Japan fac growth from data centres, chips; alternative capital opportunities in ANZ
Howden Re’s Marshall pushes APAC cedents beyond “set and forget” reinsurance buying
Fitch publishes Samsung Life's AA rating, citing scale and capital strength
Pacific Life Re closes second Japan structured reinsurance deal of 2026
70% of rated Indonesian insurers fail stricter 2028 capital test: Fitch
Indonesia health, credit lines remain pressure points as AM Best keeps non-life outlook stable 
Taiwan commercial insurance demand remains resilient as capital reforms gain traction: AM Best
Lotte Non-Life capital needs emerge as key hurdle in sale process — report
MAS eyes AIR guidance, further RBC 2 changes by year-end
Aon sees Singapore PCC framework as a 'major advancement' for captive, ILS growth
APRA finalises reinsurance reforms easing access to alternative risk-transfer solutions

Investing

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MAS proposes capital relief, S$30m fund to spur insurer infrastructure investment
ICICI Lombard acquires SBI shares worth US$18.06m
Softer pricing to pressure APAC reinsurers’ margins through 2027 – S&P
APAC insurers turn selective on private markets as fewer plan increases: BlackRock
Meiji Yasuda Life to take 5% stake in Man Group, invest US$1.27bn over three years
Generali Life Hong Kong’s APE more than doubles in 2025 as Fitch affirms ‘A’ rating
GIC Re beats five-year average ROE despite underwriting loss as AM Best affirms ratings
ALM pressures, AI costs test Asia-Pacific insurers’ growth plans: S&P conference
Taiwan proposes easing rules for insurer investment in VC firms, health businesses
Eastspring Investments names Pierre-Julien Jandrain new chief risk officer
CPIC HK's liquidity improves on cut in high-risk assets as S&P affirms ratings
Samsung Life, Samsung Fire & Marine join US$1bn investment in AI infrastructure firm Helix

Industry M&A

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IRDAI cuts insurer share-transfer fee by 80%; clarifies IPO, ESOP and merger rules
ACCC extends timeline for IAG’s RAC Insurance deal review following remedies
Lonpac improves underwriting performance despite parent LPI Capital's earnings decline in Q3
Halliwell expands New Zealand footprint with Maynard Marks acquisition
Meiji Yasuda Life to take 5% stake in Man Group, invest US$1.27bn over three years
Rate cuts add to pressure on APAC insurers as growth hits four-year low: Gallagher Re
Challenger rejects TAL Daiichi Life’s takeover offer, leaves door open to talks
RHB Bank gets extension for Tokio Marine insurance talks
China Life Insurance plans to sell stake in pension unit for US$621.2m 
ACCC seeks feedback on IAG’s public benefit remedies offer for RAC deal
MS&AD weighs takeover of Malaysia’s LPI Capital - report
Daiichi Life bids for full ownership of Australia's Challenger

Asset-intensive reinsurance

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Hong Kong IA reviews guidance targeting asset-intensive reinsurance
Chariot Re takes on first Japanese liabilities in US$1.6bn MetLife retrocession
Japan AIR market braces for stricter regime, not slower growth
Pacific Life Re closes second Japan structured reinsurance deal of 2026
Prismic to reinsure US$5bn of Prudential Financial's Japanese whole life reserves
Pacific Life Re completes first Hong Kong AIR deal
Japan solvency reforms drive cessions as AM Best maintains stable outlook for global life reinsurance
Insurers urged to treat alternative capital deals as partnerships, not pre-nups
MAS eyes AIR guidance, further RBC 2 changes by year-end
Pacific Life Re secures third asset-intensive flow reinsurance deal in Japan
MS First Capital kicks off reinsurance operations from GIFT City
Japan's new reinsurance rules unlikely to slow asset-intensive deals despite higher scrutiny: S&P

Structured solutions

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Gallagher Re APAC bets on advisory, structured deals and specialty amid soft market squeeze
Balance-sheet pressures steer insurers towards structured solutions
Willis Re launches global life reinsurance practice
Swiss Re appoints Dean Galligan to newly created head of L&H transactions role
Kris Boundy named general manager, reinsurance business, of Hannover Life Re of Australasia
Howden Re targets India’s next wave of growth with infrastructure, cyber and structured reinsurance
Reinsurers face profit squeeze in 2026, but capital to remain strong, says Fitch
Gallagher Re launches Captives Risk Transfer team
2025: Year in Review
Fidelis Partnership launches new (re)insurance MGA focused on alternative risk transfer
South Korea, Thailand, India on Gallagher Re's radar for regional growth
China and India, structured solutions at centre of MAPFRE RE’s APAC life push