A.M. Best affirms Peak Re and Peak Re AG’s “A-“ Ratings
Peak Reinsurance Company Limited (“Peak Re” or the “Company”) and Peak Reinsurance AG (“Peak Re AG” or the “Subsidiary”) are pleased to announce that A.M. Best has once again affirmed their financial strength ratings of “A-“ (Excellent) and issuer credit ratings of “a-“, both with stable outlook.
Peak Re has achieved a number of important milestones in 2017. It was granted a licence in Malaysia to conduct general reinsurance business by the Labuan Financial Services Authority (Labuan FSA) and it received authorisation as a Life and General Reinsurer by the Monetary Authority of Singapore.
Peak Reinsurance was awarded “Asian Reinsurer of the Year” for the second consecutive year by Asian Banking and Finance magazine and is now ranked 43 on A.M. Best’s annual ranking of the Top 50 Global Reinsurance Groups, by gross written premium. All these achievements demonstrate Peak Re’s solid and strong development over the past years.
According to A.M. Best’s release, “The ratings reflect Peak Re’s balance sheet strength, which A.M. Best categorises as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. “
The ratings, which are also European Union endorsed, demonstrate the rating agency’s continuing confidence in Peak Re’s financial strength and ability to meet its treaty and contract obligations.
For more information about A.M. Best’s press release, please visit www.ambest.com
About Peak Re
Peak Re is headquartered in Hong Kong with shareholder funds of US$909.0 million as of 30th June 2017. It is authorised by the Office of the Commissioner of Insurance (took over by Insurance Authority from 26th June 2017) and is rated “A-” by A.M. Best, a leading international insurance industry credit rating agency. The Company is backed by Fosun International Limited (HK.656) and International Finance Corporation, a member of the World Bank Group, which have respectively invested 86.93% and 13.07% in the Company. Peak Re offers reinsurance services covering a range of lines across Asia Pacific, EMEA and the Americas, tailor-making risk transfer and capital management solutions to best fit clients’ needs.
