Hong Kong headquartered reinsurer, Peak Reinsurance Company Limited (Peak Re), has agreed to acquire the remaining 50% issued share capital of NAGICO Holdings Limited, a leading Caribbean insurance group.
Peak Re acquired a 50% stake in the company back in 2016 and this latest transaction is a natural next step, says the company, and is in-line with its strategy to diversify globally.
Once the deal is finalised, NAGICO will become a wholly-owned subsidiary of Peak Re, and stands to benefit from the reinsurer’s expertise and its strong balance sheet to bolster its capabilities and offerings to clients.
Franz-Josef Hahn, Chief Executive Officer (CEO) of Peak Re, commented: “NAGICO is a leading composite insurer operating in the Caribbean region.
“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.”
The agreement remains subject to regulatory approvals and other customary closing conditions.