Welcome to Full Capacity, a weekly briefing on all the most important developments of the past week with a personal take on the news from our editor-in-chief, Mithun Varkey, delivered to your inbox every Saturday.
Aon Re-jig. Aon’s reinsurance leadership revamp continues: Rupert Moore takes the reins as CEO for Asia Pacific, succeeding George Attard following his promotion to a global role. Moore, most recently CEO Aon’s UK businesses, is relocating from London to Singapore to lead the APAC charge. Moore is not new to the region, he had spent three years in Japan running the broker’s reinsurance business there. He will also have oversight of Aon strategy and technology group.
M&A update. Marsh Japan is set to expand its footprint with the acquisition of Mitsubishi Electric Corporation’s in-house insurance agency. The agency currently provides tailored commercial insurance solutions for Mitsubishi Electric’s group companies and personal lines coverage to employees and their families.
This week, Chubb revealed that it paid US$321 million to acquire the general insurance business of Liberty Mutual in Thailand, a deal it had announced in March. Chubb also increased incremental ownership interests in Huatai Group of approximately 1.6% in the second quarter of 2025, making its aggregate ownership interest in Huatai approximately 87.2% as of June 30.
Nat cat brief. Asia Pacific insured losses in the first half of 2025 stood at US$4.4 billion, while economic losses totalled US$26 billion, according to Munich Re.
Globally, the toll was even more severe: insured losses neared US$80 billion, marking the second-worst first half on record since 1980. The numbers underscore a rising tide of climate and disaster risks weighing on insurers worldwide.
Taking stock. Having tripled its income to US$130 million since 2020 while maintaining a lean 75% combined ratio, MS Amlin is transitioning from rapid growth to measured consolidation in Asia-Pacific.
The Lloyd’s syndicate remains committed to its core property reinsurance business (90% of APAC portfolio) while selectively expanding through strategic moves like its new Sydney hub.
CEO William Ho struck a cautious tone for 2025, emphasising disciplined growth amid evolving market conditions.
MS Amlin’s Singapore-based Phoenix Re ILS platform, having successfully raised over US$200 million, may expand further with non-traditional capital.
While maintaining ambitions for regional growth, MS Amlin prioritises underwriting discipline over market share, with India under review and cyber/renewables deferred. “Strategic focus outweighs expansion for its own sake,” Ho affirmed.
Down to brass tacks
Markel’s decision to exit its global reinsurance business, placing it in run-off while selling renewal rights to Nationwide, marks a decisive step in CEO Simon Wilson’s aggressive restructuring plan.
This move, alongside the earlier run-off of its troubled intellectual property collateral protection (IP CPI) and risk-managed large-cap D&O businesses, signals a clear shift—Markel is shedding underperforming segments to sharpen its focus on becoming a dominant force in specialty insurance.
Wilson hasn’t minced words since taking the helm. Good strategy, he said, is to stop doing things that aren’t working.
The global reinsurance business, acquired through the 2013 Alterra Capital deal, has been a persistent drag – loss-making for years, with a recent US$50 million adverse development last quarter alone.
At US$1.2 billion in gross written premium (GWP), Wilson rightly deemed it “sub-scale.” In reinsurance, where size and diversification matter, Markel was neither big enough to compete effectively nor aligned with its core specialty insurance ambitions.
By exiting reinsurance and other underperforming lines, the company is doubling down on what it does best. This isn’t retreat; it’s repositioning.
Many insurers have suffered from sprawling portfolios that dilute underwriting discipline. Markel’s pivot is a bet that specialisation, not scale alone, will drive profitability.
With the run-off process underway, Markel’s challenge is to prove that its specialty insurance operations can deliver consistent, market-leading results.
Wilson’s confidence is palpable: “We’re back in the game and ready to start winning again.”
But the market will judge this turnaround on results, not rhetoric. If Markel can leverage its refined focus into stronger underwriting performance, this strategic retreat could be remembered as the moment the company set itself up for long-term success.
For now, it seems like the right call. The question is whether specialty insurance alone can carry Markel to the “preeminent” position he envisions. Investors will be watching closely.
People moves
Parametric specialist Descartes has appointed Ben Qin head of Asia Pacific in regional leadership changes at the MGA, which will also see WeeBeng Seow appointed acting head of Southeast Asia.
Starr Insurance has appointed Sean Chen as president of its APAC operations following the retirement of long-time regional leader Phil Finley. Meanwhile, Derek Narvacan, its country head for the Philippines, has been promoted to chief operating officer for APAC.
John Morley, who was APAC chief executive for Aon’s strategy and technology group (STG), has been appointed CEO of Switzerland-based crypto-focused insurance startup 1B Insurance.
To keep up with the latest appointments across the region, don’t miss our weekly people move roundup.
