S&P Global Ratings has assigned a first-time A- long-term issuer credit and financial strength rating to Peak Reinsurance Company Limited (Peak Re), a Hong Kong-based global reinsurer, with a stable outlook.
The ratings from S&P complement Peak Re’s existing financial strength ratings of A- (Excellent) from AM Best and A3 from Moody’s.
S&P highlighted Peak Re’s strong market standing as a key contributing factor to the rating, with the agency expecting strong premium growth over the next two years, driven by geographical expansion and new underwriting platforms.
The ratings agency also underlined Peak Re’s robust capital position, with capital adequacy expected to remain above the 99.95% confidence level under S&P’s risk-based capital model. This is expected to provide a sufficient buffer to support future growth, alongside a healthy regulatory solvency position.
Peak Re also has an insulated credit profile, reflecting its track record of operational independence and financial autonomy, supported by strong governance and regulatory monitoring, as well as an additional layer of governance through KKR’s active oversight.
Victor Kuk, Chief Executive Officer of Peak Re, commented, “We are pleased that S&P’s first rating of Peak Re is aligned with the strong financial strength ratings we hold from AM Best and Moody’s. It provides further independent recognition of our strong market position, robust capital position and sound governance. With S&P now joining our rating coverage, we broaden the external validation of Peak Re’s credit strength and increase our visibility among clients, brokers and capital providers in markets where S&P is widely referenced. This will support our growth by strengthening stakeholder confidence, expanding our access to business opportunities and reinforcing our ability to provide reliable capacity and consistent service to clients worldwide.”
