Peak Reinsurance Company Limited (“Peak Re”), the Hong Kong based international composite reinsurer, is pleased to announce that A.M. Best has affirmed Peak Re’s financial strength rating of “A-” (Excellent) and issuer credit rating of “a-“, both with stable outlook.
Since its launch, Peak Re has made steady and positive progress in both underwriting business and investment. In 2014, Peak Re has taken steps to venture into the European and North American market which allows the reinsurer to diversify their portfolio further. As of 30 September 2014, Peak Re is already servicing more than 150 clients in 29 markets globally, and its core focus remains its Asia Pacific foundation.
Quoting from the A.M. Best release, “the ratings of Peak Re reflect its strong risk-based capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), and the experience of its senior management, particularly in underwriting reinsurance business. The ratings also recognize the company’s diversified business lines and initiatives to improve underwriting profitability through expanding into North America and Europe.”
This rating demonstrates the rating agency’s confidence in Peak Re’s financial strength and ability to meet its treaty and contract obligations.
For more information, please visit www.ambest.com
About Peak Re
Peak Re is headquartered in Hong Kong with an initial capital base of US$550 million. It is authorized by the Office of the Commissioner of Insurance of Hong Kong and is rated “A-” by A.M. Best, a leading international insurance industry credit rating agency.
The Company is backed by Fosun International Limited and the International Finance Corporation, member of the World Bank Group, who have respectively invested 85.1% and 14.9% in the Company.
Peak Re offers reinsurance treaty services covering a range of lines across Asia Pacific, tailor-making risk transfer and capital management vehicles to best fit clients’ needs.
For media enquiries, please contact:
Vice President, Corporate Communications
Peak Reinsurance Company Limited
Tel: +852 3509 6529 / Mob: +852 9271 6680