COO Grishin sees expansion opportunities in the Philippines, Thailand and Malaysia, but growth will be driven primarily by existing clients in Vietnam and Indonesia.
Bilal Zafar, formerly of Volante Global, will lead the unit, which will write treaty reinsurance across four lines with capacity from Fidelis Syndicates 3123 and 2126.
The two appointees bring together complementary strengths as the specialty insurer looks to further develop its property business across the APAC region.
Large-risk and flood claims turned the fire book loss-making, while a ₹7.15bn (US$75m) motor third-party provision tied to a court ruling added to underwriting pressure.
Visakhapatnam, an emerging AI data centre hub, largely escaped the storm’s impact, though loss adjusters are still weighing potential construction-level risks.
Taiwan, South Korea and Malaysia followed with declines of 15%, 13% and 10%, while Japan and Vietnam were the only markets to record increases, according to Marsh.
Onshore underwriting profit rose nearly elevenfold from a low year-earlier base, led by pecuniary loss business, while offshore premiums grew 18.9% but underwriting turned negative.
