Peak Re named “Asian Reinsurer of the Year” for the fifth consecutive time
Hong Kong, 7 August 2020 – Peak Reinsurance Company Limited (“Peak Re”), a Hong Kong-based global reinsurer, is proud to announce that it has won the “Asian Reinsurer of the Year” award at the Asian Banking and Finance Insurance Asia Awards 2020.
The award honours Peak Re’s unique approach of contributing to the sustainable development of the insurance industry and helping society prosper by providing protection to people under the umbrella of insurance. Since its foundation in 2012, Peak Re has built a leading reinsurance platform from its base in Asia with a geographical reach encompassing close to 600 clients in over 70 countries.
Looking back at the past twelve months, Peak Re delivered a strong result in 2019, smoothly navigating through a year of frequent natural catastrophes and high financial market volatility. Continuing in 2020, Peak Re further strengthen its alternative capital markets capabilities with the acquisition of Bermuda-based Insurance-Linked Securities investment specialist, Lutece, and the formation of Peak Capital. In June 2020 Moody’s Investors Service rated Peak Re for the first time, assigning it an A3 insurance financial strength rating with a stable outlook.
Franz Josef Hahn, Chief Executive Officer of Peak Re, said: “We are very honoured to be recognised as the best Asian reinsurer for the fifth time in a row at this prestigious Asian insurance awards event. It is a true testimony to Peak Re’s team of more than 110 employees who consistently provide excellent services to our clients worldwide, working together towards a better future for the emerging middle-class society in Asia and around the globe.”
About Peak Re
Peak Reinsurance Company Limited (“Peak Re” or “the Company”) is authorised by the Insurance Authority of Hong Kong. It is one of the few locally established reinsurance companies in Asia Pacific, underwriting both life and non-life reinsurance business.
With a shareholder equity of US$1.1 billion as of 31 December 2019, it enjoys an “A-” rating by A.M. Best and a first-time “A3” rating from Moody’s, two leading international insurance industry credit rating agencies, 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 the Asia Pacific, Europe, 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