Hong Kong, 9 December 2015 – Peak Reinsurance Company Limited (“Peak Re”), the Hong Kong based global reinsurer, is pleased to announce that A.M. Best has once again 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 continued to make positive and steady progress. In 2015, Peak Re strengthened their presence in the core Asia Pacific region and further expanded into the European and the Americas market including two new appointments dedicated to Europe, the setup of Zurich branch, as well as the 50% stake acquisition in Nagico Holdings Limited which currently is waiting for regulatory approval. All these developments allow the reinsurer to diversify their portfolio strategically.
Quoting from the A.M. Best release, “the ratings of Peak Re reflect its supportive risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), and the experience of its senior management in the reinsurance industry. The ratings also recognize the company’s improved diversification by region and lines of business, development of in-house risk management functions, as well as the improving trend in the management expense ratio.”
The ratings demonstrate the rating agency’s continuous 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 (HK.656) 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 region, EMEA and the Americas, tailor-making risk transfer and capital management vehicles to best fit clients’ needs.
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Dr. Schanz, Alms & Company
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Vice President, Corporate Communications
Peak Reinsurance Company Limited
Tel +852 3509 6529
M +852 9271 6680