Peak Reinsurance Company Limited (“Peak Re”), a global reinsurer based in Hong Kong, is pleased to announce that AM Best has affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-“ of Peak Re and its Zurich-based subsidiary, Peak Reinsurance AG (“Peak Re AG”). The outlook of the credit ratings of both companies is stable.

2018 has been a significant year for Peak Re. After completing five full years of operation, the international reinsurer from Hong Kong has continued to reach new heights:

• It has become the 36th largest reinsurer worldwide according to AM Best, leaping from the 43th position in 2017;
• It has been awarded the Asian Reinsurer of the Year for the third consecutive year by Asian Banking and Finance;
• It has opened a representative office in Japan, further strengthening its foothold in its target market of Asia;
• On 9 December, the company announced that it has launched Asia’s first sidecar transaction, which represents a significant milestone in the Asian reinsurance market.

For more information about the ratings, please see the AM Best press release.

About Peak Re

Peak Re is headquartered in Hong Kong with shareholder equity of US$1.02 billion as of 30 June 2018. It is authorised by the Insurance Authority of Hong Kong and is rated “A-” by AM Best, a leading international insurance industry credit rating agency. Fosun International Limited (00656.HK) and Prudential Financial, Inc. 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.