WTW has named Joule-Tobias Howard (pictured) as lead broker for its facultative business in Asia, effective April 1.
In this role, Howard will oversee complex facultative placements across multiple lines of business and facilitate access to insurance markets in Asia, London, and the Middle East.
The appointment is part of WTW’s broader strategy to strengthen its facultative capabilities in response to increasing demand for customised risk transfer solutions in the region.
Howard previously served as head of Pacific property within WTW’s property and casualty (P&C) division. His transition to the facultative segment reflects WTW’s focus on expanding its support for insurers navigating capacity challenges and evolving risk exposures.
Commenting on the appointment, Ben Dunston, head of placement for Asia at WTW, acknowledged Howard’s energy and commitment to providing wholesale insurance solutions to big clients in Asia Pacific.
“He now transfers from our P&C team … and is ideally positioned to replicate that success on behalf of domestic and international insurers in the Asia region,” he said.
Howard’s appointment comes at a time when facultative reinsurance is becoming an increasingly strategic tool for insurers managing risk and capital.
According to WTW’s “Facultative Reinsurance Report 2024,” insurers are shifting from using facultative reinsurance primarily for transactional placements to integrating it as a core part of their risk management and capital strategies.
The report, based on a survey conducted by Coleman Parkes Research, gathered responses from 300 senior decision-makers at property and casualty insurers across North America, Europe, Asia Pacific, and Latin America.
It found that 86% of respondents consider facultative reinsurance essential for addressing capacity needs and refining risk appetite. Furthermore, 68% plan to increase their use of facultative solutions over the next two years, though 56% identified capacity constraints as a significant challenge.
The survey also highlighted the primary risks that insurers are managing through facultative placements.
Environmental impairment liability accounted for 47% of facultative coverage, followed by professional indemnity at 42% and cyber insurance at 34%.
Cyber risks, in particular, were identified as both a growing exposure and an emerging business opportunity, with 58% of respondents ranking them as a top concern.
