Asian Re chairman steps down

Asian Re chairman steps down

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Asian Re chairman steps down

Dennis B. Funa has resigned as chairman of the Asian Reinsurance Corp. (Asian Re). Funa, who leads the Philippines’ Insurance coverage Fee (IC), can be succeeded through Gholameza Soleymani, president of Bimeh Markazi Iran, which regulates insurance coverage within the Islamic Republic of Iran.

Funa’s time period used to be intended to run till 2023, and his resignation took impact on Aug. 31. He’ll stay in his function as insurance coverage commissioner.

“This transfer is brought on through a want to now center of attention extra at the Philippine insurance coverage trade, after Asian Re’s efficiency has considerably stepped forward over fresh years,” Funa used to be quoted as announcing through BusinessWorld.

Funa used to be first elected to a two-year time period at Asian Re’s helm in 2019 and used to be re-elected in 2021.

In keeping with the IC, Asian Re’s general belongings grew through 4.5% to US$107.58 million throughout Funa’s chairmanship. From 2020 to 2021, Asian Re’s gross premiums grew 14.5% to US$23.47 million, and web retained premiums stepped forward 21.7% to US$20.66 million.

The reinsurer’s earned loss ratio stepped forward to 76.3% from 104.7% within the earlier duration, because of fewer primary losses and the abandonment of loss-making portfolios similar to agriculture and motor.

Established in 1979, Asian Re is an intergovernmental organisation offering reinsurance within the area. Its contributors are Afghanistan, Bangladesh, Bhutan, China, India, Iran, the Philippines, South Korea, Sri Lanka and Thailand.

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