EN

Peak Re Happy with Progress Made at July 1 Renewals

12 Aug 2013

Building on a last minute start on 1st January and the momentum of a better than hoped for reception in Japan and Korea at 1st April this year, Hong Kong based Peak Re reports that it made further progress at the important 1st July renewals.

1st July is a key date which sees the renewal of many major programmes in Australia and New Zealand, as well as two of China’s largest catastrophe programmes. Commenting on the 1st July renewal season Chris Kershaw, Peak Re’s Managing Director – Global Markets, said the team had felt the renewal season had gone well.

“We are grateful for the reception we had from buyers in Australia and around the region at 30th June, and we are delighted to see a good number of them become our clients. This certainly gives us a good platform from which to grow our relationships and business in the future.”

Australia was not the only success for the newly formed reinsurer. In China, Peak Re was able to deploy capacity in a selective way on the major cat programmes at prices they felt commensurate with the risk – an important consideration given its extensive investment in pricing tools, modelling systems and its analytics team and in a competitive environment.

The build out also involved South East Asia, where Peak Re added clients who fit their risk appetite in Indonesia, Malaysia, Philippines and Thailand. “While there is undoubtedly ample capacity available at the moment, we believe there are also still very good opportunities available to a reinsurer offering solid capital with an understanding of the way business is conducted in Asia Pacific.” Chris Kershaw added.

Peak Re noted that buyers are increasingly looking for evidence that reinsurers are managing their books so as to giving comfort on future prompt claims paying. This supports the growing belief that Peak Re has timed its entry to the market well, and is well positioned for further growth in increasingly sophisticated and diversified markets.


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 to launch its underwriting operations with a territorial scope encompassing Asia Pacific, and rated “A-” by A.M. Best, a leading international insurance industry credit rating agency.

The Company is led by a dynamic team of highly experienced reinsurance professionals with a diverse range of market experience. Founded on time-tested principles and united by a collective determination to embrace the rapid changes in the modern era, the management of the Company believes that Peak Re brings new solutions to the Asia-Pacific reinsurance industry.

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