• Led by Erik Manning and Lawrence Cheng as Co-CEOs.

Hong Kong, 5 May 2020 – Peak Reinsurance Company Limited (“Peak Re”), a Hong Kong-based global reinsurer, today announced that it has completed the 100% acquisition of the capital of Lutece Holdings Ltd. (renamed as Peak Capital Holdings Ltd.) and its subsidiary Lutece Investment Management Ltd. (renamed as Peak Capital Ltd. (“Peak Capital”). The Bermuda-based ILS investment specialist is now a wholly owned subsidiary of Peak Re.

The completion of the transaction follows the fulfilment of customary closing conditions, including the receipt of regulatory approvals.

ILS veteran and Lutece founder, Erik Manning, and Peak Re’s Managing Director of Underwriting, Lawrence Cheng, are Co-CEOs of Peak Capital. Angus Ayliffe and Julia Henderson from the original Lutece team continue to be Chief Financial Officer and Chief Underwriting Officer, respectively, of Peak Capital.

“This is a team of top-tier professionals with strong ILS and structuring expertise, combined with in-depth insights into the Asian markets,” says Peak Re CEO Franz Josef Hahn. “Under the leadership of Erik and Lawrence, Peak Capital will create new opportunities to develop differentiated and innovative (re)insurance products to both our customers and investors, and eventually expedite Peak Re’s mission to closing the protection gap in Asia,” Mr. Hahn says.

About Peak Re

Peak Reinsurance Company Limited (“Peak Re” or “the Company”), authorised by the Insurance Authority of Hong Kong, is a global reinsurance company headquartered in Hong Kong. It is one of the few locally established reinsurance companies in Asia Pacific underwriting both life and non-life reinsurance business.

With shareholder equity of US$1.1 billion as of 31 December 2019, it enjoys an A- rating from A.M. Best, a leading international credit rating agency for the insurance industry,

and ranks among the top 30 global reinsurance groups in terms of net written premiums.*

Peak Re strives to provide innovative and forward-looking reinsurance services for customers in Asia Pacific, Europe, the Middle East and Africa, and the Americas. It tailors risk transfer and capital management solutions to best-fit clients’ needs.

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 Top 40 Global Reinsurance Groups 2019