INSURANCE COMMISSIONER (IC) Dennis B. Funa has been reelected as the chairperson of Asian Reinsurance Corp. (Asian Re) and will hold the position for two more years.
The IC said in a press release on Monday that Mr. Funa will continue to chair the regional reinsurance firm for two years starting this month until 2023. His previous term ended on June 10.
The IC chief started his previous term as chairman of Asian Re’s Management board on June 28, 2019, which followed a two-year stint as vice- chairperson.
“I am deeply honored to have been reelected as chairperson of Asian Re. The trust and confidence reposed upon me by the Council of Members have been truly overwhelming and inspiring. I look forward to working closely with the other members of the council in realizing Asian Re’s objectives,” Mr. Funa was quoted as saying in the statement.
Asian Re, which is headquartered in Bangkok, Thailand, is a professional reinsurer owned by 10 governments in Asia-Pacific called the Council of Members, namely the Philippines, Afghanistan, Bangladesh, Bhutan, China, India, Iran, South Korea, Sri Lanka, and Thailand.
Its management board is comprised of a chairman and vice-chairman who represent the Council of Members, as well as a president and an executive vice-president. The board meets at least three times each year or every quarter.
The first chairperson of Asian Re was former Philippine Insurance Commissioner Cruz Arnaldo who held the post for two terms in 1979-1981 and in 1983-1985.
Asian Re was established in 1977 following an agreement signed by seven countries including the Philippines.
The United Nations Conference on Trade and Development passed Resolution No. 42 in 1972 recognizing the importance of a reinsurance market for economic growth, while 18 members of UN Economic and Social Commission for Asia and the Pacific in 1974 agreed to establish a regional reinsurance institution.
The Philippine government, for its part, issued Presidential Decree No. 1270 in 1977 to establish the country’s own reinsurance firm, the National Reinsurance Corp. of the Philippines, which allowed it to subscribe to part of Asian Re’s capital stock.
The regional reinsurer had $69.756 million in shareholder equity as of end 2019 and the Philippines currently holds $500,000.
Credit rating agency A.M. Best on May 7 affirmed Asian Re’s “B+” financial strength rating. — Beatrice M. Laforga