Tokio Marine appoints CEO for Asia

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Tokio Marine Insurance Group has appointed Masahito Hirai (pictured above) as CEO of Tokio Marine Asia (TMA), its Asia regional headquarters based in Singapore.

Hirai took over from Noboru Yamagata, who served as interim CEO. Yamagata will continue in his broader capacity as the managing executive officer of Tokio Marine Holdings, in charge of Asia operations, and as a director on TMA’s board.

Hirai was most recently deputy CEO of Tokio Marine’s Malaysia general insurance business, where he was responsible for the strategic business planning, HR talent development and corporate management functions. Prior to his stint in Malaysia,

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Gallagher reports on “challenging” reinsurance renewals

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“The end of a more challenging renewal season than most has, on balance, provided another rational outcome,” said Gallagher Re global CEO James Kent. “Many buyers have managed to secure sufficient capacity knowing the continued improvement in the underlying business has resulted in portfolios that are better balanced supported by largely consistent reinsurance structures to manage volatility and net lines.”

According to Gallagher Re, hopes for more profitable 2021 results were slammed back down by an increase in natural catastrophe losses, pushing many reinsurers to advocate for price increases, particularly on underperforming contracts.

However, not everyone in the market felt

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AXA secures deal to sell bank, acquire insurance firm

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After more than two years, AXA has finally completed its €691 million deal with cooperative lender Crelan Bank NV/SA.

Under the agreement, which was announced in October 2019, the Paris-headquartered insurance group sold AXA Bank Belgium to Crelan. In exchange for the banking operations, Crelan paid €611 million in cash and transferred 100% of its insurance unit Crelan Insurance to AXA Belgium. Crelan Insurance provides protection insurance linked to loans originated by Crelan.

In 2019, the agreed cash consideration for AXA Bank Belgium – which at the time was described as the sixth largest retail bank in Belgium

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Aspen Insurance Holdings outlines further leadership changes

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In his note, Cloutier revealed: “I have asked Christian Dunleavy to step into the newly created position of group chief underwriting officer. In this role, Christian will continue to lead our efforts to deliver against our strategy, leveraging our excellent underwriting and market-facing teams with the strong capabilities of our capital partners business.”

Dunleavy has been with Aspen since 2015. His previous roles include Aspen Re CUO and Aspen Bermuda CEO. Dunleavy’s credentials span time spent at the likes of AXIS Reinsurance and RenaissanceRe.

Meanwhile, other promotions and adjustments to reporting lines were also confirmed by Cloutier.

He stated: “Andrew

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