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.
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.
The Australian insurer has also set a new supply chain engagement goal, while its FY26 annual report shows community investment rose 22% to A$10.8m (US$7.6m).
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.
The credit ratings agency expects the insurer to further strengthen its capital position through underwriting and capital growth as the insurer expands overseas with the acquisition of Vietnam-based MVI...
Following multiple Greensill-related settlements this year, the White Oak agreement closes IAG's final outstanding case, involving claims of approximately A$170m (US$119.5m) excluding interest.
