Peak Re delivers encouraging financial results for 2013 underwriting operations

• Solid progress in first year’s underwriting operation
• Outstanding investment returns
• Successfully demonstrated the potentials as a leading player

Peak Reinsurance Company Limited (“Peak Re”), the Hong Kong based reinsurer, has delivered an encouraging set of financial results for 2013, its first full year of underwriting operations.

The after-tax profit for the underwriting year ended December 31, 2013 was US$102.99 million on the back of solid progress in its property & casualty treaty reinsurance business and significant gains from investment income. As a result of its first year of operations, Peak Re’s gross written premiums for the launch underwriting year were $103.19 million and total net assets amounted to $652.75 million.

Peak Re’s underwriting portfolio included property & casualty treaty reinsurance across a range of markets including, but not limited to China, Japan, South Korea, South East Asia, Australia and New Zealand, achieving a balance between mature and emerging markets.

Wang Qunbin, Chairman of Peak Re, said: “Peak Re has made a strong start in its first underwriting year and this set of results demonstrates the potential the company has to develop as a leading reinsurer in the region. Reinsurance business plays a vital role in the world financial system, and according to our understanding of the global reinsurance market, we believe Peak Re will play an even larger role in both the Asia Pacific and global reinsurance market in future with the full support of its board of directors and shareholders.”

Peak Re’s chief executive officer Franz Josef Hahn added: “These results are very encouraging for our stakeholders and clients alike. When we launched Peak Re, we believed we could add real value to the reinsurance markets with our expertise and unique brand of professionalism, and we are demonstrating this with our satisfactory first year of results.”

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, tailor-making risk transfer and capital management vehicles to best fit clients’ needs.