HONG KONG, July 28, 2023 /PRNewswire/ — Peak Reinsurance Company Limited (Peak Re), the Asia-based global reinsurer, is proud to have won "Asian Reinsurer of the Year – Gold" in the Insurance Asia Awards 2023.
The award is a testimonial of Peak Re’s achievement over the past decade and a recognition of the Company’s contribution to the development of the insurance and reinsurance industry in the Asia-Pacific region. Notably, the Company sponsored the first 144A cat bond placed in Hong Kong through a special-purpose insurer in June 2022, providing multi-year protection against Japan typhoon risks. This is the third financial innovation sponsored by Peak Re, after launching Asia’s first reinsurance sidecar in 2018 and being the first Hong Kong-based reinsurer to issue public hybrid securities in 2020.
Moreover, the award citation highlights that Peak Re has successfully deployed a multi-pronged approach to respond to the dislocation of the global reinsurance market in 2022, including actions to mitigate the impacts of rising interest rates and heightened market volatility. Overall, the Company weathered the challenges of the last two years with agility and finesse, maintaining uninterrupted services for nearly 600 clients in 58 world markets.
"It is a strong endorsement of Peak Re’s business approach to long-term partnership and technical underwriting," said Piotr Nowakowski, Chief Underwriting Officer and Member of the Executive Committee of Peak Re, who represented the Company to receive the award at the Awards Dinner in Singapore on 27 July. "We are very honoured to be recognised as the best Asian reinsurer at this prestigious Asian insurance awards event. And the honour goes to every of the 120 plus staff of Peak Re, whose dedication, perseverance, and professionalism have underpinned the success of the Company."
Franz Josef Hahn, Chief Executive Officer of Peak Re, said: "I would like to thank the judges and the organiser for this great honour. I am proud of the work we do as an Asia-based reinsurer and the impact we have had on our clients. This award is a strong motivation for us to do better."
About Peak Re
Peak Reinsurance Company Limited ("Peak Re" or "the Company") is a Hong Kong-based global reinsurance company. Since commencing its operations in 2012, the Company has since grown steadily to rank 27th among global reinsurance groups in terms of net reinsurance premiums written.* In the year ended 31 December 2022, Peak Re reported gross written premiums of USD2,295 million. With total equity of USD1,198 million as of 31 December 2022, Peak Re enjoys an "A-" rating by AM Best.
Peak Re is authorised by the Insurance Authority of Hong Kong under the Insurance Ordinance (Cap. 41). The Company offers both Property & Casualty ("P&C") and Life & Health ("L&H") reinsurance. It strives to provide clients around the globe with innovative and tailored reinsurance, risk management and capital management solutions.
Fosun International Limited (00656.HK) and Prudential Financial, Inc. hold approximately 87% and 13% of Peak Re via Peak Reinsurance Holdings Limited, respectively.
* Source: S&P Global Ratings’ Top 40 Global Reinsurance Groups 2022 by Net Reinsurance Premiums Written
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