Rai will promote the GIFT City-based group’s capabilities overseas as it builds a business serving India and other high-growth markets in Asia and Africa.
The new leadership structure, including Tan's expanded role, is designed to improve coordination across the reinsurer's protection business while bringing leadership closer to clients and markets.
S&P said Peak Re's shift away from property catastrophe risks has improved underwriting performance, though sustainable growth remains critical to the strategy's success.
Diversification into other marine lines has helped some clubs improve underwriting results, but persistent deficits are expected to drive further upward pressure on 2027 renewals.
Falling primary and reinsurance rates in 2026 are adding pressure after APAC non-life premium growth slowed to 5.1% in 2025, pushing more insurers to seek growth overseas, Gallagher Re said.
The proposed legislative amendment aims to ensure risks arising in the disaster insurance market are distributed more equitably between insurers and the state.
