Peak Reinsurance Company (Peak Re), a Hong Kong-based global reinsurer, has received from Moody’s Investors Service (Moody’s) an A3 insurance financial strength rating (IFSR); and the rating outlook is stable.
Moody’s rationale for Peak Re’s A3 IFSR is a reflection of the company’s good franchise in the Asian reinsurance market, solid capitalisation, expanding product and geographic diversification and product mix with low reserving risks.
Peak Re was founded in 2012 with the clear purpose to support the needs of communities and emerging middle-class society through meeting reinsurance needs in Asia and around the globe. It now employs a dynamic team of over 110 serving more than 560 clients in 73 countries and territories. The reinsurer’s in-depth insights into the Asian markets, combined with strong underwriting and effective risk management, have helped the company achieve steady earnings and profitable growth throughout its nearly eight years of operations. It now ranks among the top 30 global reinsurers in terms of net written premiums, according to S&P.
Peak Re is authorised by the Insurance Authority of Hong Kong. It is one of the few locally established reinsurance companies in Asia Pacific, underwriting both life and non-life reinsurance business.
With a shareholder equity of $1.1bn at 31 December 2019, it enjoys an “A-” rating by AM Best.
Fosun International and Prudential Financial hold approximately 87% and 13% of Peak Re via Peak Reinsurance Holdings, respectively.