Peak Reinsurance AG (“Peak Re AG” or the “Company”), the Swiss subsidiary of the Hong Kong based global reinsurer Peak Reinsurance Company Limited (“Peak Re”), is pleased to announce that A.M. Best has assigned a financial strength rating of “A-“ (Excellent) and issuer credit rating of “a-“, both with stable outlook to Peak Re AG.
According to A.M. Best’s release, “The ratings reflect Peak Re AG’s sound business plan, supportive risk-based capitalization and retrocession support provided by its parent company, Peak Re.”
Peak Re established a Swiss branch office in September 2015 and has been granted approval by the Swiss Financial Market Supervisory Authority (FINMA) in December 2016 to establish a subsidiary Peak Re AG to accept reinsurance business from 1 January 2017.
Peak Re and Peak Re AG will continue to operate as a lean and nimble organisation and will remain firmly integrated offering single operating platform.
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$841.1 million as of 31 December 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.
For media enquiries, please contact:
Vice President, Corporate Communications
Peak Reinsurance Company Limited
Tel +852 3509 6529
M +852 9271 6680