Reinsurance News
Peak Re
Moody’s changes Peak Re’s outlook to stable from negative
19th April 2024
Moody's has changed the outlook of Peak Reinsurance Company Ltd. to stable from negative along with affirming the firm's insurance financial strength rating (IFSR) as Baa1. The outlook change is attributed to Moody's view that contagion risk from the reinsurer's majority shareholder Fosun International Limited, particularly in the form of strain ... Read the full article
Peak Re expands Structured Solutions team to deliver customised reinsurance to clients
11th April 2024
Hong Kong-based global reinsurer Peak Re has expanded its Structured Solutions team to enhance product diversity and deliver customised reinsurance solutions to both its Property & Casualty (P&C) and Life & Health (L&H) clients. The expanded Structured Solutions team will reportedly operate independently, underscoring its commitment to providing the most effective ... Read the full article
Peak Re sees record profit in 2023, P&C underwriting CoR drops to 87.3%
28th March 2024
Hong Kong-based global reinsurer Peak Re is expected to post a record net profit of $200 million for 2023, despite the year being characterised by high inflation, rising interest rates and a continuation of costly natural catastrophe events. According to the Fosun annual results which includes unaudited figures for Peak Re, ... Read the full article
Fosun reportedly recommencing sale of Hong Kong-based Peak Re
8th February 2024
Fosun International Ltd. has ostensibly renewed its plan to sell Hong Kong-based Peak Re, seeking a valuation of about $1 billion, according to a new report from Bloomberg. Citing people familiar with the matter, Bloomberg said that BNP Paribas SA is helping Fosun find a buyer for its majority stake in ... Read the full article
Peak Re’s survey reveals Asia middle-class prioritise financial planning & mental health
10th November 2023
Hong Kong-based global reinsurer, Peak Re, in collaboration with Intuit Research, has released the key findings of its flagship 2023 Asia Middle-Class Consumer Survey. This year’s study zeroes in on consumers’ attitudes and needs concerning health, mental well-being, and cybersecurity. When faced with a serious illness, consumers prioritise financial planning (18%), access ... Read the full article
Greater demand for re/insurance across Asia is not going away: Peak Re CEO Hahn
26th October 2023
Across property and casualty (P&C) and life and health (L&H) markets in Asia, demand for insurance and reinsurance protection is rising, and this trend is expected to persist against a backdrop of climate change and inflationary challenges, according to Franz-Josef Hahn, CEO of Hong Kong reinsurer, Peak Re. “The demand for ... Read the full article
The outlook is positive, but it’s not yet time to celebrate: Peak Re CEO Hahn
24th October 2023
Hong Kong domiciled reinsurer Peak Re recently reported an impressive set of half-year results, and while the outlook for the future is positive, Chief Executive Officer (CEO) Franz-Josef Hahn isn’t celebrating just yet. After efforts to rebalance its portfolio to capitalise on hard market opportunities, Peak Re announced record profits ... Read the full article
AM Best affirms Peak Re’s ratings and maintains negative outlook
20th October 2023
AM Best has affirmed the Financial Strength Rating of A– (Excellent) and the Long-Term Issuer Credit Rating of a– (Excellent) of Hong Kong-based reinsurer Peak Re and its subsidiary in Switzerland, while also maintaining a negative outlook, reflecting the rating agency’s concern over potential contagion risk in case of an ... Read the full article
Peak Re posts net profit in H1’23 vs year-ago net loss
5th October 2023
Hong Kong-based global reinsurer Peak Re has recorded a net profit of $160 million for the first half of 2023, compared to the prior year’s net loss of $103 million. Peak Re reported reinsurance revenue of $750 million, reflecting a slight decrease from $971 million in the same period in 2022. Property ... Read the full article
Fosun Intl. sees 40% dip in profit in H1, Peak Re records $833m in GWP
31st August 2023
Fosun International Limited has released its results for the first half of 2023, which included a 40% loss in profit, as the company posted a RMB 1,35 billion profit, compared to last year's RMB 2.28 billion. At the same time, Peak Re, which Fosun Intl. is the major shareholder of, recorded ... Read the full article
Peak Re records $81mn net loss in 2022 results
3rd May 2023
Hong Kong-based global reinsurer Peak Re has recorded a net loss of US $81 million in its full-year results for 2022, compared to the prior year’s net profit of $73.2 million. At the same time, the company reported a 7% rise in gross written premium (GWP) to $2.3 billion, up from ... Read the full article
Peak Re takes net loss for 2022, but grows top line
29th March 2023
Hong Kong-based global reinsurer Peak Re has recorded a net loss of US $79.8 million for 2022, while also growing its gross written premiums from $2.14 billion to $2.29 billion. The results were disclosed as part of the annual report of Peak Re’s main shareholder, Fosun, which cited rising catastrophe losses ... Read the full article
Peak Re targets global cyber expansion with help of CyberCube
15th March 2023
Hong Kong-based global reinsurance company, Peak Re is targeting to expand its presence in the global cyber market with help of cyber risk analytics specialist CyberCube. According to the announcement, Peak Re - which has a global portfolio with a heavy presence in its core Asian markets - will licence CyberCube’s ... Read the full article
Fosun appoints adviser as it mulls Peak Re sale: report
22nd November 2022
Fosun International, a Chinese multinational conglomerate holding company, has reportedly appointed Deutsche Bank to advise on a potential sale of its share in Peak Re, the Hong Kong domiciled reinsurer, according to a Reuters report. Citing four people with knowledge of the matter, Reuters notes that the potential sale comes as ... Read the full article
Fosun weighs options for Peak Re as it looks to pay down debt
27th October 2022
Chinese conglomerate and investment company, Fosun International Ltd. is considering selling its majority stake or a minority interest in Peak Reinsurance Co., according to Bloomberg News sources. A transaction could value Peak Re at $500 million to $1 billion, and potential buyers have shown interest, including private equity firms, sources said. ... Read the full article