Moody’s assigns first-time A3 rating to Peak Re, outlook stable
Hong Kong, 16 June 2020 – Peak Reinsurance Company Limited (“Peak Re”), a Hong Kong-based global reinsurer, is pleased to announce that it has received from Moody’s Investors Service (Moody’s) an A3 insurance financial strength rating (IFSR); and the rating outlook is stable.
Moody’s rationale for Peak Re’s A3 IFSR is a reflection of the Company’s good franchise in the Asian reinsurance market, solid capitalization, expanding product and geographic diversification and product mix with low reserving risks.
Peak Re’s CEO Franz Josef Hahn says, “I am extremely delighted of this new rating for Peak Re. It is testimony to the years of hard work of our team. I appreciate the strong support by all of our stakeholders as from the humble beginning as a start-up company eight years ago.”
Peak Re was founded in 2012 with the clear purpose to support the needs of communities and emerging middle-class society through meeting reinsurance needs in Asia and around the globe. It now employs a dynamic team of over 110 serving more than 560 clients in 73 countries and territories. Its unique in-depth insights into the Asian markets, combined with strong underwriting and effective risk management, have helped the Company achieve steady earnings and profitable growth throughout its nearly eight years’ operation. It now ranks the top 30 global reinsurer in terms of net written premiums, according to S&P.
For more information on the rating, please see Moody’s press release.
About Peak Re
Peak Reinsurance Company Limited (“Peak Re” or “the Company”), authorised by the Insurance Authority of Hong Kong, is a global reinsurance company headquartered in Hong Kong. It is one of the few locally established reinsurance companies in Asia Pacific underwriting both life and non-life reinsurance business.
With shareholder equity of US$1.1 billion as of 31 December 2019, it enjoys an A- rating from A.M. Best, a leading international credit rating agency for the insurance industry, and ranks among the top 30 global reinsurance groups in terms of net written premiums.*
Peak Re strives to provide innovative and forward-looking reinsurance services for customers in Asia Pacific, Europe, the Middle East and Africa, and the Americas. It tailors risk transfer and capital management solutions to best-fit clients’ needs.
Fosun International Limited (00656.HK) and Prudential Financial, Inc. hold approximately 87% and 13% of Peak Re via Peak Reinsurance Holdings Limited, respectively.
* Source: S&P Top 40 Global Reinsurance Groups 2019