Agam Capital has appointed former Howden Re Japan president Kunihiko Iinuma as managing director and chief executive of its Japanese subsidiary as the firm expands its presence in Japan's life insurance market.
Iinuma will lead Agam Capital Japan, overseeing work with life insurers and financial institutions on asset-liability management (ALM), capital management and risk transfer solutions.
The appointment marks Iinuma's return to a leadership role after serving as president and representative director of Howden Re Japan. Earlier in his career, he was vice chairman and chief strategy officer of the Japan branch of RGA Reinsurance Company and also led SBI Life Insurance as president and representative director.
His career spans more than 30 years across Japan's life insurance, reinsurance, and investment banking sectors. He has advised insurers and financial institutions on capital optimisation, derivatives, insurance-linked securities (ILS), reinsurance structuring, and balance sheet management.
The appointment comes as Japanese insurers place greater emphasis on asset-liability management and capital efficiency. Recent whole-life reinsurance transactions have shown continued use of reinsurance arrangements to manage long-term liabilities and optimise capital. The trend has increased demand for expertise in ALM and balance sheet management.
In a statement, Iinuma said insurers were entering "a new phase" as higher interest rates, changing capital requirements, and more complex ALM needs increased demand for integrated risk management solutions. He added that he expects to help clients strengthen capital efficiency, risk management and long-term growth.
Agam Capital said Iinuma will support its expansion in Japan by working with insurers on capital efficiency, ALM, risk transfer and insurance-linked securities, alongside technology-enabled analytical capabilities.
Activity in Japan's life and annuity reinsurance market has also increased, with reinsurers completing additional transactions to help insurers manage long-term obligations and capital requirements. The trend has reinforced demand for executives with experience across life insurance, reinsurance and capital markets.
Large-scale reinsurance transactions between global reinsurers and Japanese life insurers have also continued this year. The trend shows sustained demand for capital management solutions. As insurers respond to changing interest rates and evolving regulatory requirements, expertise in reinsurance structuring and balance sheet optimisation has become increasingly important.
Iinuma is a fellow of the Institute of Actuaries of Japan and serves on the CERA examination committee. He holds a master's degree in financial engineering from Hitotsubashi University and also completed doctoral coursework in statistical mathematics at the Graduate University for Advanced Studies.
