External committee linked sums to 159 current and former staff and 794 customers, and said it found structural failings in sales management, culture, and governance.
Upcoming capital reforms and tighter underwriting discipline should support earnings stability, although volatility is likely to persist in the near term.
The appointment comes as Swiss Re Corporate Solutions strengthens its international programmes capabilities in Asia, including through a recently announced partnership with Bajaj General in India.
The exercise aims to help insurers further strengthen cyber risk management frameworks and keep pace with increasingly severe and sophisticated cyber threats.
The companies argue the regulator failed to assess the acquisition as part of their broader strategic alliance, including distribution and brand licensing arrangements.
