QBE Asia has announced the appointment of Ronak Shah as CEO of Wholesale Markets Asia, effective March 1. The newly established role highlights QBE’s commitment to enhancing its facultative reinsurance operations throughout the region, according to a news release.
In his new role, Shah will spearhead the strategic growth of QBE’s wholesale reinsurance services, collaborating with internal experts and external partners to bolster the company’s footprint in both current and emerging markets. These markets include South Korea, Taiwan, Japan, Thailand, Indonesia, India, and mainland China. Shah will continue to report to Rob Kosova, CEO of QBE Asia, and will remain a member of the QBE Asia executive committee.
“Under Ronak’s leadership, our wholesale markets team will work seamlessly with our Asia underwriters while tapping into QBE’s global expertise in corporate and specialty to deliver innovative and market-relevant facultative solutions,” stated Kosova.
Shah joined QBE in 2017 as the regional head of financial and professional and casualty lines. He was eventually appointed CEO of QBE Singapore in September 2019.
“This is an incredible opportunity to build on QBE’s strong foundation in facultative reinsurance and further enhance our ability to deliver bespoke risk solutions across Asia,” said Shah, commenting on this appointment.
The establishment of the Wholesale Markets division aligns with the growing demand for facultative reinsurance in Asia, the news release highlighted. A survey from WTW indicated that 68% of property and casualty insurance companies intend to increase their facultative reinsurance purchases over the next two years, aiming to manage volatility in an increasingly complex insurance landscape. However, 56% of respondents identified limited capacity as a significant challenge.
According to a report from imarc, the global reinsurance market is experiencing substantial growth, with projections estimating its value to reach approximately US$1,165.7 billion by 2033, reflecting a compound annual growth rate (CAGR) of 8.04% from 2025 to 2033. This expansion is attributed to the increasing need for risk management solutions amid a backdrop of rising natural and man-made catastrophic events.
