Hong Kong-based reinsurer Peak Re has completed its acquisition of the capital of Lutece Holdings and its subsidiary Lutece Investment Management, which will be renamed Peak Capital.
The Bermuda-based ILS investment specialist is now a wholly owned subsidiary of Peak Re.
The completion of the transaction follows the fulfilment of customary closing conditions, including the receipt of regulatory approvals.
ILS veteran and Lutece founder, Erik Manning, and Peak Re’s Managing Director of Underwriting, Lawrence Cheng, are Co-CEOs of Peak Capital.
Angus Ayliffe and Julia Henderson from the original Lutece team continue to be Chief Financial Officer and Chief Underwriting Officer, respectively, of Peak Capital.
“This is a team of top-tier professionals with strong ILS and structuring expertise,combined with in-depth insights into the Asian markets,” says Peak Re CEO Franz Josef Hahn.
“Under the leadership of Erik and Lawrence, Peak Capital will create new opportunities to develop differentiated and innovative (re)insurance products to both our customers and investors, and eventually expedite Peak Re’s mission to closing the protection gap in Asia.”