Peak Re To Acquire Remaining 50% Stake In Caribbean Insurance Group NAGICO
Hong Kong, 27 July 2021 – Peak Reinsurance Company Limited (“Peak Re” or the “Company”), a Hong Kong-based global reinsurer, announces today that it has reached a definitive agreement to acquire the remaining 50% issued share capital of the Caribbean insurance group NAGICO Holdings Limited (“NAGICO”). Upon the completion of the transaction, NAGICO will become a wholly-owned subsidiary of Peak Re. The transaction is subject to regulatory approvals and other customary closing conditions.
The transaction is a natural next step following the Company’s initial investment in NAGICO in 2016, in line with the Company’s strategy to diversify its portfolio globally. NAGICO will benefit from Peak Re’s expertise and its strong balance sheet, to further strengthen its capabilities and offerings to customers.
“NAGICO is a leading composite insurer operating in the Caribbean region,” said Franz-Josef Hahn, CEO of Peak Re. “It provides a broad range of personal and business insurance solutions. The acquisition of the remaining 50% stake in NAGICO will enhance Peak Re’s geographical and portfolio diversification.”