QBE names Reuben Lee to lead Asia transactional liability

QBE has appointed Reuben Lee as Transactional Liability Lead for Asia, creating a new underwriting role as it expands its transactional liability business in the region.

Based in Singapore, Lee will report to Arati Varma, Head of Financial Lines & Liability for QBE in Asia. He will set underwriting direction for QBE's transactional liability portfolio across Asian markets, with a focus on growth and risk management in mergers and acquisitions (M&A) insurance.

Transactional liability insurance, often used in dealmaking, can cover risks arising from warranties and indemnities agreed between buyers and sellers. Demand has risen in several markets as private equity activity and cross-border transactions have widened the use of specialist cover alongside broader directors' and officers' and professional indemnity lines.

Lee joins from Willis Towers Watson, where he was a Broking Director leading M&A risk advisory mandates across Singapore, Hong Kong and Southeast Asia. QBE describes him as an M&A and transactional risk insurance specialist with a legal background.

Previously, he was a Senior Underwriter at Ryan Transactional Risk. He also set up the Singapore office and led the Asia offering for Transact Risk Partners, a trading name of Castel Underwriting Agencies, before Ryan Transactional Risk acquired Castel.

Asia build-out

QBE has positioned Asia as a key part of a wider build-out of its transactional liability practice. It introduced the practice in London at the beginning of 2023, citing demand trends and performance in other regions.

Since then, it has expanded across Europe, with a footprint that includes Italy, Germany, France, the Nordics and Spain.

The Asia appointment adds an on-the-ground underwriting lead to QBE's existing international structure for transactional liability. The role is QBE's first Asia-based transactional liability underwriter position.

"We're pleased to welcome Reuben and we're confident his legal expertise and senior underwriting experience will make him an asset to QBE. TLI continues to be an area of expansion for us and we're excited to bring the next phase of this growth to Asia," said Toria Lessman, Global Head of Transactional Liability, QBE.

Regional deal flow

Insurers and brokers have increased their focus on transactional risk products in Asia as deal structures evolve and buyers seek greater certainty over potential liabilities. Singapore and Hong Kong remain central hubs for regional transactions, while Southeast Asian markets have attracted interest from strategic buyers and sponsors across a range of sectors.

Underwriting transactional liability in Asia can involve complex jurisdictional issues and varied legal frameworks. Many programmes also rely on detailed diligence and negotiation of contract terms between counterparties. A regional lead typically sits at the centre of pricing, risk selection and policy structure, while coordinating with brokers, law firms, and internal claims and risk teams.

Varma linked the appointment to QBE's broader plans for the region's transactional liability market.

"Reuben's appointment underscores the growing importance of Asia in QBE's global transactional liability strategy. His regional expertise and strong underwriting foundation will help us deepen our presence and better support the fast-evolving M&A landscape across Asia," she said.

Lee will sit within QBE's International division in Asia, part of the wider QBE Insurance Group. QBE is headquartered in Sydney and listed on the Australian Securities Exchange.

His remit covers strategic direction for the underwriting portfolio in Asia, with a continued focus on growth and risk management in the M&A insurance space.