BHSI shakes up leadership in Asia

BHSI shakes up leadership in Asia | Insurance Business Asia

Insurance News

BHSI shakes up leadership in Asia

Appointments follow strong profitable growth in the region

Insurance News

By
Roxanne Libatique

Berkshire Hathaway Specialty Insurance (BHSI) has revealed key changes in its leadership structure across Asia.

The company has appointed Kiran Prakash as head of first party lines, where he will oversee the energy, construction, and general property segments within the region.

Additionally, Jessie Yuen has been promoted to head of energy in Asia, following the relocation of Min Ong to London, where Ong now serves as underwriting manager for energy property at BHSI.

“BHSI has seen strong profitable growth in Asia. Kiran, building and developing our construction business, and Jessie, strategically positioning our energy property portfolio in the market, have been pivotal to our expansion,” he said.

BHSI head of first party lines

Kiran Prakash, who joined BHSI in 2015 as vice president and regional head of engineering and builders risk, will retain his current responsibilities alongside his new role.

With nearly two decades of industry experience and a background in mechanical engineering, Prakash has been a significant contributor to the growth of BHSI’s construction insurance offerings in Asia.

BHSI head of energy, Asia

Jessie Yuen, who has been with BHSI since 2019 as a property energy underwriter, brings over 20 years of experience in first-party lines to her new position.

In her expanded role, Yuen will lead the property energy business in Asia, providing insurance solutions for sectors such as power generation, mining, and oil and gas.

Operating from Singapore, she stepped into the role following the retirement of Ophelia Szeto, who served the company for nearly a decade.

Au, a graduate of Nanyang Technological University with a major in Insurance, has accumulated extensive experience in the Singapore market through various underwriting and management roles.

The company’s net earnings attributable to shareholders were $30.35 billion in Q2 2024, a decline from $35.91 billion in Q2 2023. For H1 2024, net earnings reached $43.05 billion, down from $71.42 billion in the first half of the prior year.

The insurance underwriting segment reported earnings of $2.26 billion in Q2 2024, up from $1.25 billion in Q2 2023. Over the first half of 2024, underwriting earnings totalled $4.86 billion, compared to $2.16 billion in the same period of 2023. The improvement was attributed to better performance at GEICO and the absence of major catastrophe events in 2024.

Investment income from insurance operations also saw an increase, with $3.32 billion reported for Q2 2024, compared to $2.37 billion in Q2 2023. For the first half of 2024, investment income stood at $5.92 billion, up from $4.34 billion in H1 2023. This growth was largely driven by higher interest earnings from short-term investments, particularly US Treasury Bills.