Peak Re has entered into an exclusive quota share arrangement with Lion Rock Re II to reinsure part of Peak Re’s global property portfolio.
The move follows on from last year’s placement of Lion Rock Re, Asia’s first reinsurance sidecar transaction. Lion Rock Re II has been launched with an increase in capacity for 2020 to US$77 million, up from US$75 million last year.
Franz Josef Hahn, chief executive of Peak Re, commented: “We said that last year was a milestone for the reinsurance market in Hong Kong, but the confidence shown in Lion Rock Re II really shows that Hong Kong can become a hub for ILS investors.”
Hahn (pictured) added: “Lion Rock Re II will allow us to continue our drive towards modernising reinsurance and bringing more communities under the umbrella of protection that insurance and reinsurance provides.”
Aon Securities was the structuring and placement agent of the transaction.
Lawrence Cheng, managing director – underwriting, Peak Re said” “Creating a sidecar has always been part of Peak Re’s long term strategy, and the trust shown by investors will allow us to continue to develop our relationships with ILS managers and investors as we go forward.”
He added: “The judicious allocation of risk to Lion Rock Re through 2019 certainly helped us to deliver returns for investors and we look forward to following this through in 2020.”
Aon Securities was the structuring and placement agent of the transaction.

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