Annual Report 2013
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While being committed to investing in knowledge and technology, insights shared with our clients help to manage and mitigate the risks faced by the communities our clients seek to protect.
It is Peak Re’s founding mission to support the development of the global reinsurance industry with special focus on developing markets. Our clear and consistent business strategy is based on this commitment.
“The courage to deliver” has been developed as part of Peak Re’s brand platform since the beginning of our operations, demonstrating our determination to serve our clients and communities. This has been well received by the market.
Peak Re has made solid progress in its first year of operations. We are confident Peak Re will grow together with clients to create value sustainably in the long run.
I would like to sincerely thank all our stakeholders for the support you have given us throughout the year, which helped us build a stronger foundation than we could have dreamed for.
Peak Re was officially launched on January 9th. Joined by Chairman Mr. Wang Qunbin and International Finance Corporation’s Regional Industry Director, Financial Markets in Asia, Mr. Serge Devieux, Peak Re’s CEO Mr. Franz Josef Hahn and CUO Mr. Eckart Roth outlined the Company’s business plan and strategies with a wide audience from global, regional and local media during the press conference.
Peak Re celebrated the official office dedication together with various stakeholders on April 19th. As a Hong Kong domiciled reinsurer, Peak Re respects and follows Hong Kong’s culture and custom and held Lion Dance to bring good luck and happiness to the office.
The Company enjoyed an encouraging reception from different markets in the region during the year, and this promising start allowed Peak Re to build a strong foundation. Events were organised in various markets to show the team’s appreciation for all the support the clients and brokers have given us.
Thanks to Peak Re’s solid capital foundation together with sound risk management and prudent business plan, the international rating agency, A.M. Best, reaffirmed the Company’s “A- (Excellent)” rating with stable outlook on December 19th.
2013 was an eventful year for Peak Re. Having been granted a licence in late December 2012 we took our first steps into the market as an active reinsurer at January 1st 2013, with the first real test of client response to our proposition coming at April 1st, the major anniversary date for the Japanese and some of the Korean reinsurance buyers. We were truly delighted by the welcome and acceptance that we received from our Japanese business partners and we are sure that their endorsement by allowing us to participate in their business was a major factor in the wide acceptance by markets that we were to find later in the year. Korea is also an important market for Peak Re, which forms a meaningful portion of our portfolio.
2013 has been a fruitful year for Peak Re and we thank you for all the support you have given us. 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. We will continue to provide our best service and seize the growth opportunities together with you.www.peak-re.com