In response to an erroneous figure made by AM Best’s “Best Asia-Pacific Weekly”, Issue 10, published on 11 March 2014

Peak Reinsurance Company Limited “Peak Re” is responding to an article published by AM Best in their “Best’s Asia-Pacific Weekly” newsletter, issue 10, dated 11 March 2014, which stated an erroneous figure for Peak Re’s after-tax loss in 2012.

In 2012, Peak Re recorded an after-tax loss of USD 3.041 million, which was derived from the establishment cost of setting up Peak Re’s systems and office in Hong Kong. Peak Re has reqeusted an urgent correction on the issue and AM Best has now published the amended version.

Peak Re started underwriting on 28 December 2012 with 2013 its first full year of operations, and the audited results for 2013 will be published shortly.

About Peak Re

Peak Re is headquartered in Hong Kong with an initial capital base of US$550 million. It is authorized by the Office of the Commissioner of Insurance of Hong Kong to launch its underwriting operations with a territorial scope encompassing Asia Pacific, and rated “A-” by A.M. Best, a leading international insurance industry credit rating agency.

The Company is led by a dynamic team of highly experienced reinsurance professionals with a diverse range of market experience. Founded on time-tested principles and united by a collective determination to embrace the rapid changes in the modern era, the management of the Company believes that Peak Re brings new solutions to the Asia-Pacific reinsurance industry.