Reinsurance News

Peak Re

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

Emerging Asia growth to drive demand for risk protection: Peak Re

24th October 2022

A new report from Peak Re claims that the emerging Asian middle class shows clear signs of optimism despite economic headwinds with future economic prosperity increasing the demand for more risk mitigation and protection solutions that will create ‘significant opportunities’ for the re/insurance sector. According to the survey, the emerging Asian ... Read the full article

AM Best turns negative on Peak Re and Swiss subsidiary

17th October 2022

Rating agency, AM Best has revised the outlooks to Negative from Stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Peak Reinsurance Company Limited (Hong Kong) and its subsidiary, Peak Reinsurance AG (Switzerland). Best suggests that the negative outlooks of ... Read the full article

Moody’s places Peak Re’s IFSR on review for downgrade

7th October 2022

Peak Re’s Baa1 insurance financial strength rating (IFSR) has been placed on review for downgrade by Moody’s. The rating agency has also placed on review for downgrade the Baa3(hyb) backed subordinated debt rating on the subordinated perpetual securities issued by Peak Re (BVI) Holding Limited. It had been previously downgraded ... Read the full article

Re/insurers need to step up their efforts to narrow protection gap: Peak Re CEO Hahn

14th September 2022

A widening of the protection gap, says Franz Josef Hahn, Chief Executive Officer (CEO) of Hong Kong domiciled reinsurer Peak Re, is "perhaps one of the most imminent threats" to the reinsurance business. Speaking to Reinsurance News, Hahn discussed some of the main threats to the reinsurance business, including the impact ... Read the full article