Gallagher introduces new chief executive for reinsurance business

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It was just last year that Capsicum Re became Gallagher Re, and now the brokerage giant’s reinsurance arm is set for another major change – thanks to the arrival of a new CEO.

Read more: Gallagher finalises 100% deal for Capsicum

Simon Behagg is set to take the role from Rupert Swallow in February, subject to regulatory approval. The move brings to the end a seven-year stint for Swallow who helped to oversee the transition to Gallagher Re, with its 180-strong team and operations moving into Gallagher’s UK broking division. The rebrand became complete in October last year.

“The enormity

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QBE Singapore CEO Ronak Shah looks back at challenging year

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IB: How did QBE navigate the extremely challenging year of 2020?

Shah: Our priority was in ensuring business continuity, while operating on a work-from-home basis. This saw us continuing to meet the needs of our partners and customers via virtual correspondence and mediums, and ensuring our teams had ample touchpoints and interactions between colleagues.

Earlier in the year, as we approached the peak of the pandemic, we realised the need for an emphasis on digitalisation and redirected our focus toward improving our digital offerings to our partners and customers. This was key to us driving more digitalisation efforts than

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Convex Group raises US$500 million in preferred equity capital from Sixth Street

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Specialty insurer and reinsurer, Convex Group Limited, has received US$500 million (SG$665.1 million) in committed preferred equity capital from affiliates of global investment firm Sixth Street, bringing its total committed capital to over US$3.2 billion.

Sixth Street is a global investment firm with over US$50 billion in assets under management. It is an active global investor in insurance and reinsurance businesses through its US$24 billion Sixth Street TAO platform. Its recent investment follows Convex’s recent US$1 billion capital raise from a consortium led by Onex and GIC.

Stephen Catlin, the chief executive officer of Convex, said the investment provides the

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Digit Insurance becomes India’s first “unicorn” of 2021

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Kamesh Goyal, founder and chairman of Digit Insurance

Digit Insurance, a general insurer established in 2017, has become India’s first unicorn of 2021, with a valuation of US$1.9 billion.

A unicorn is a privately held startup company with market value of over US$1 billion.

According to a statement by Digit, its premium income grew by 31.9% to US$186 million for the period of April to December 2020, and it has served around 15 million customers since its inception. The insurer was also profitable in the three quarters of fiscal year 20-21, despite the economic recession affecting most businesses.

Digit focuses

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