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Peak Re to acquire remaining 50% stake in NAGICO

28th July 2021 - Author: Luke Gallin

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 logoPeak 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.”

RMS

The agreement remains subject to regulatory approvals and other customary closing conditions.

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