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 Commission (IC), will be succeeded by Gholameza Soleymani, president of Bimeh Markazi Iran, which regulates insurance in the Islamic Republic of Iran.

Funa’s term was supposed to run until 2023, and his resignation took effect on Aug. 31. He will remain in his role as insurance commissioner.

“This move is prompted by a desire to now focus more on the Philippine insurance industry, after Asian Re’s performance has significantly improved over recent years,” Funa was quoted as saying by BusinessWorld.

Funa was first elected to a two-year term at Asian Re’s helm in 2019 and was re-elected in 2021.

According to the IC, Asian Re’s total assets grew by 4.5% to US$107.58 million during Funa’s chairmanship. From 2020 to 2021, Asian Re’s gross premiums grew 14.5% to US$23.47 million, and net retained premiums improved 21.7% to US$20.66 million.

The reinsurer’s earned loss ratio improved to 76.3% from 104.7% in the previous period, due to fewer major losses and the abandonment of loss-making portfolios such as agriculture and motor.

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