Peak Reinsurance Company Limited (“Peak Re” or the “Company”), 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.
Peak Re has achieved a number of important milestones in 2016. It completed the 50% stake strategic investment in NAGICO Holdings Limited, a leading primary insurer in the Caribbean region in August. During the same month, the Company has also increased its shareholder funds by US$100 million to US$816.9 million to support its future growth. Peak Re is also named “Asian Reinsurer of the Year” by Asian Banking and Finance Magazine and is now one of the Top 50 Global Reinsurance Groups, by gross written premium, ranked by A.M. Best. 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 continued sound risk-adjusted capitalisation, ability to achieve its targeted premium size and geographical diversification, and profitable operating performance since its inception… The company also achieved favourable operating performance that was relatively better than its regional peers since inception in 2013.”
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$816.9 million as of 31 August 2016. 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 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.
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