QBE Re has named Lian Phua (pictured above) as head of credit reinsurance, a newly created position within the organization, amidst rising demand in the growing line of business.
Phua joins from AXA XL, where she led the Americas business for political risk, credit, and bond. She brings 20 years of insurance experience, with a focus on political risk and credit throughout her career.
In her new role, Phua will oversee the strategic direction of QBE Re's credit portfolio. She will also develop underwriting strategy across political risk, trade credit, surety, mortgage, and other credit treaty lines on a global basis.
Phua will be based in New York and report to Salvatore Sama, executive director for QBE Re in North America. She will also work with Shane Lawlor, executive director and head of specialty.
The appointment comes as the credit and political risk re/insurance market faces a shortage of experienced underwriting talent.
The scarcity of skilled professionals has intensified competition among insurers and reinsurers seeking to build out their credit capabilities, while also raising expense ratios for new entrants and MGAs looking to establish themselves in the space.
The move comes as the credit re/insurance sector experiences sustained expansion. According to studies, the global trade credit insurance market reached US$12.03 billion in 2024 and is expected to grow at a compound annual growth rate of 8.6%, reaching nearly US$27.45 billion by 2034.
AXA XL's 2025 Credit & Surety Market Survey found that 60% of respondents observed substantial, steady growth in overall credit, political risk, and contract frustration premium volume from 2022 to 2024. Key drivers included inflationary pressures, economic recovery, and increased demand from banks.
The rising instances of delayed payments and insolvencies across industries have emerged as major drivers for credit insurance. Over 63% of exporters and business-to-business suppliers report an increase in late payments from clients, elevating credit risk exposure. In the manufacturing sector alone, defaults have climbed by 42%.
Corporate risk managers are increasingly prioritizing credit insurance, with adoption rates growing by 38% among businesses seeking to stabilize cash flow.
Sama said credit reinsurance represents a targeted growth area for QBE Re as the company seeks to diversify its portfolio.
"Our expansion into credit reinsurance will play an important component for QBE Re as we look to further diversify our portfolio and anticipate continued growth in this market in coming years," Sama said.
Sama added that Phua's leadership experience and credit underwriting background will support the reinsurer's ambitions in the space.
