Gallagher Re has appointed Parrus Kunvarji (pictured above) as executive director, customized solutions – APAC.
Kunvarji will lead the firm’s customized portfolio in the Asia-Pacific region, focusing on growth and expansion across key markets.
Kunvarji joins Gallagher Re from Pacific International Insurance, where he most recently served as chief commercial officer and previously as chief risk officer. His responsibilities included reinsurance strategy, business development, portfolio optimization, and regulatory compliance.
Earlier in his career, Kunvarji spent nearly a decade at Willis Re in both Sydney and London, managing reinsurance broking and client relationships for property and casualty business in Australia, New Zealand, and EMEA.
Kunvarji’s appointment comes as the Asia-Pacific reinsurance sector navigates a period of significant change. According to Gallagher Re’s October 2025 Market Watch, the region has seen economic growth slow, with mature economies expanding by 1.4% in 2024 and emerging markets by 5.1%.
Non-life premium growth also moderated to 6.0% in 2024. The market is responding to these shifts through regulatory modernization, digital transformation, and a heightened focus on natural catastrophe risk.
Despite these challenges, the APAC reinsurance market is projected to grow at a compound annual growth rate of 4.8%, reaching US$68.4 billion by 2029, according to GlobalData. This outlook is supported by stable pricing, increased demand for catastrophe coverage, and regulatory developments such as new risk-based capital regimes and climate risk stress tests.
The adoption of advanced technologies, including artificial intelligence and machine learning, is also contributing to market resilience and innovation.
The competitive landscape in APAC reinsurance has shifted in 2025, with Aon reporting double-digit reductions in property catastrophe rates in Japan and South Korea. This buyer-friendly environment has led insurers to pursue facultative reinsurance as a tool for managing volatility and optimizing growth strategies, taking advantage of improved pricing and increased market capacity.
