Peak Re is latest Asian insurer to set up shop in Europe
Peak Re has had an office in Zurich since September of 2015. Franz-Josef Hahn, executive chairman of the reinsurer, said that the new Swiss operation would provide reinsurance solutions on a multi-line and long-term basis to clients in Europe and marks and important step forward for Peak Re. Peak Re Europe head Jacques Burri is Chief Executive Officer of the new subsidiary.
Meanwhile rating agency AM Best has affirmed Peak Re’s financial strength Rating of A- (Excellent). The outlook is stable.
The agency said that the ratings reflect the Hong Kong based reinsurer’s continued “sound” risk-adjusted capitalisation, ability to achieve its targeted premium size and geographical diversification and profitable operating performance since its inception.
The company also received a capital injection of US$100m from Fosun in August 2016 to support its planned business growth.
AM Best said that the company’s underwriting performance was impacted “moderately” by the Tianjin explosion loss in 2015 but pointed out that an “appropriate” retrocession was in place to contain its retained loss at a manageable level.
It also said that the company has also achieved a favourable operating performance relatively better than its regional peers since inception in 2013, mainly because of stronger investment income.
