Reinsurance News

Peak Re

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

Tight market to persist amid rise in demand for protection: Peak Re CEO Hahn

12th September 2022

While it remains too early to predict how the January 1st, 2023, reinsurance renewals will develop in Asia, current trends suggest that tight market conditions will persevere as demand for protection rises, according to Franz Josef Hahn, Chief Executive Officer (CEO) of Hong Kong domiciled reinsurer, Peak Re. Reinsurance News spoke ... Read the full article

Peak Re’s insurance financial strength rating downgraded by Moody’s

30th August 2022

Peak Re has seen its insurance financial strength rating (IFSR) downgraded to Baa1 from A3 by Moody’s. Moody's said it has also downgraded the backed subordinated debt rating on the subordinated perpetual securities issued by Peak Re (BVI) Holding Limited to Baa3(hyb) from Baa2(hyb). These securities are irrevocably and unconditionally guaranteed ... Read the full article

Peak Re appoints Piotr Nowakowski to Chief Underwriting Officer

12th August 2022

Hong Kong-based global reinsurer, Peak Re has appointed Piotr Nowakowski, currently Director, Head of Product Underwriting for Property and Casualty (P&C) business, as the Company’s Chief Underwriting Officer. Within this new role, Nowakowski will continue to be based in Hong Kong, where he will lead the P&C business team with a ... Read the full article

Peak Re reports $2,145mn GWP for 2021

4th July 2022

Peak Reinsurance Company Limited – the Hong Kong-based global reinsurer, has reported a 9% increase in gross written premiums (GWP) in 2021, as it rises to $2,145 million, compared to $1,966 million from 2020. Net profit for the year was $73.2 million, compared to $87.1 million in FY2020. At the same time, ... Read the full article

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

17th June 2022

Moody’s has placed the A3 insurance financial strength (IFSR) rating of Peak Reinsurance Company Limited (Peak Re) under review for downgrade. The rating agency is concerned of contagion risks to Peak Re increasing as Fosun's credit profile weakens. This action follows the rating action placed to review for downgrading the Ba3 corporate ... Read the full article

Peak Re sponsors 144A cat bond in Hong Kong

6th June 2022

Hong Kong-based global reinsurer, Peak Re has issued a US$150 million 144A catastrophe bond via Black Kite Re Limited, a newly established special purposed insurer in Hong Kong. As part of the transaction, Peak Re has entered into a retrocession arrangement with Black Kite Re, providing Peak Re with a multi-year ... Read the full article

Zurbuchen joins Board of Peak Re Bermuda unit

31st May 2022

Barry Zurbuchen has been appointed as a Non-Executive Director to the Board of Directors of Peak Capital Ltd., the wholly-owned Bermuda subsidiary of the Hong Kong-based global reinsurer, Peak Re. He joins the Board of Peak Capital after a 35-year career specializing in risk management, actuarial analyses and capital modelling. Zurbuchen was ... Read the full article

Peak Re names David Menezes as Deputy Chief Risk Officer

12th May 2022

Hong Kong domiciled reinsurer Peak Re has announced the appointment of David Menezes as Managing Director, Deputy Chief Risk Officer. Menezes, who currently serves as Chief Reserving Actuary at Peak Re, will take over his new position from Eckart Roth, who plans to retire in September after a 30-year career. In this ... Read the full article

Peak Re adds Piotr Nowakowski to P&C business

24th January 2022

Hong Kong domiciled reinsurer Peak Re has appointed Piotr Nowakowski as Director, Head of Product Underwriting for the firm's Property and Casualty (P&C) operation. Effective February 1st, 2022, Nowakowski takes on direct responsibility for the underwriting function, which includes underwriting governance and controls, portfolio management, and product development for Peak Re's ... Read the full article