Hong Kong, 29 August 2024 – Peak Reinsurance Company Limited (“Peak Re” or the “Company”), the Hong Kong-based global reinsurer, is pleased to announce that on 28 August 2024, AM Best has reaffirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating of a- (Excellent) of Peak Re in Hong Kong and its subsidiary Peak Reinsurance AG in Switzerland. At the same time, the rating agency revised the rating outlook of both companies to stable from negative.

In the opinion of AM Best, Peak Re has a very strong balance sheet strength, adequate operating performance, neutral business profile and appropriate enterprise risk management.

The rating agency’s revision of rating outlooks to stable reflects the strong and effective ring-fencing measures that Peak Re has in place to manage potential contagion risks from its primary shareholder, Fosun International Limited (“Fosun”). The rating agency also takes into consideration Fosun’s stabilised credit condition and the subdued likelihood of a potential adverse credit event at the company, which may expose Peak Re to contagion risk over the short to intermediate term.

Franz-Josef Hahn, CEO of Peak Re, shared his appreciation regarding the update to the rating outlooks: “We are encouraged by AM Best’s decision to revise Peak Re’s rating outlooks to stable. This marks a significant step towards full recognition of our robust fundamentals and our adept risk management strategies. It reflects our team’s unwavering dedication and the hard work they have invested, and it reinforces our resolution to strive for continuous improvement. With this endorsement, we reaffirm our dedication to excellence and dependability in serving our clients, whose steadfast loyalty and support have been crucial to Peak Re’s success through the recent challenging years.”

For more information on the rating, please see AM Best’s press release.

For more information on Peak Re and its services, please visit www.peak-re.com.