Hong Kong-based global reinsurer Peak Re has announced the completion of its third successive reinsurance sidecar transaction via Lion Rock Re Ltd, the company’s Bermuda-domiciled Special Purpose Insurer.
This latest transaction saw Peak Re successfully raise $107 million.
At $107 million, Lion Rock Re III saw investors exceed the $77 million raised by the sidecar’s previous iteration.
Peak Re first ventured into the Insurance-Linked Securities (ILS) market with its Lion Rock Re sidecar structure in 2018, which was the first reinsurance sidecar from an Asia-based sponsor.
“ILS has become an integral part of Peak Re’s retrocession strategy, and we have been building up our ILS capabilities since the launch of the first sidecar vehicle in 2018,” said Franz Josef Hahn, Chief Executive Officer of Peak Re.
“We will continue to provide innovative options for investors and bring more capacity to narrow the protection gap in the emerging middle-class society in Asia.”
In collaboration with Aon Capital Partners, Aon Securities LLC is the structuring and placement agent for the transaction.