Change in Peak Re’s Board of Directors
Peak Reinsurance Company Limited (“Peak Re”), a global reinsurer based in Hong Kong, announces that Mr. Li Tao has been appointed as Chairman of the board of directors (the “Board”), Ms. Chen Kaihong as Executive Director and Ms. Yuan Xi as Non-Executive Director, all with effect from 27 July 2018. They will all serve as members of various board committees of Peak Re (“Board Committee”), in addition to taking their seats on the Board.
Mr. Li, an existing Non-Executive Director of Peak Re, is the Vice President at Fosun International Limited (“Fosun International”) and CEO of Fosun Insurance Group. He has vast experience of managing financial lines, actuarial, investments and overseas insurance business. Prior to joining Fosun International, he held several senior positions at China Taiping Insurance Group.
Ms. Chen serves as the Chief Financial Officer of Peak Re, overseeing the company’s financial and operational management. Ms. Chen has more than 18 years’ of accounting and financial experience in both the insurance and reinsurance industry. Prior to joining Peak Re, she held several senior positions at renowned insurance organisations including Lloyd’s Beijing representative office and Swiss Re.
Ms. Yuan serves as the Chief Financial Officer of the Fosun Insurance Group. She has extensive knowledge and experience in the insurance and reinsurance sectors, specialising in actuarial and risk management. Prior to joining Fosun International, she held several senior positions in various insurance and reinsurance companies.
In addition to the above changes, effective from 27 July 2018, Mr. Guo Guangchang, Chairman of Fosun International, resigned as Non-Executive Director of Peak Re, and Mr. Wang Qunbin resigned as Chairman of the Board but remains as Non-Executive Director and a Board Committee member of Peak Re. Mr. Guo and Mr. Wang will increase their focus on the strategic direction, development of major projects and new business opportunities of Fosun International.
The new Board of Directors is led by Mr. Li Tao (Chairman), and Mr. Franz Josef Hahn (Vice-chairman), and includes Ms. Chen Kaihong, Ms. Kang Lan, Mr. Wang Qunbin, Ms. Yuan Xi, Mr. Monish Kant Dutt (Independent Non-Executive Director “INED”), Mr. Stephen Bernard Roder (INED), and Mr. Hui Ou-Yang (INED). Mr. Wang, Mr. Hahn, Ms. Kang, Mr. Dutt and Mr. Ou-Yang have been on the Board for four years or more.
Mr. Franz Josef Hahn, Chief Executive Officer of Peak Re, said: “After completing the first five years of successful operations at Peak Re, it is now an appropriate time to implement a major change in the Board of Directors. On behalf of the Board, I would like to express my sincere thanks to Mr. Guo who provided great support to Peak Re as Non-Executive Director. Since the inception of Peak Re, he has been willing to listen to new ideas with an open mind. I truly appreciate and am grateful for Mr. Guo’s foresight and courage to back the start of Peak Re and increasingly entrust more responsibilities to our Board of Directors and Peak Re’s management, following the success of the past few years.
I would also like to thank Mr. Wang Qunbin, who made a great contribution to Peak Re as Chairman of the Board during his tenure of service at the Board in the past.
With the new appointments, I am glad to have Vincent (Li Tao) as Chairman of the Board and delighted to welcome Cathy (Chen Kaihong) becoming Executive Director and Cynthia (Yuan Xi) joining as Non-Executive Director. They are now members of our various Board Committees too. I am confident that their presence on the Board will support Peak Re in its drive to provide innovative and forward-looking reinsurance solutions for customers across the regions.”
About Peak Re
Peak Reinsurance Company Limited (“Peak Re”) is headquartered in Hong Kong with shareholder equity of USD911.6 million as of 31 December 2017, prior to the addition of new investor of Prudential Financial, Inc. (“PFI”). It is authorised by the Insurance Authority of Hong Kong and is rated “A-” by A.M. Best, a leading international insurance industry credit rating agency. Fosun International Limited (00656.HK) (“Fosun”) and PFI hold 86.9% and 13.1% of Peak Re via Peak Reinsurance Holdings Limited, respectively. 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.