Hong Kong, 29 April 2025 – Peak Reinsurance Company Limited (“Peak Re”) is pleased to announce the successful issuance of the second catastrophe bond, via Black Kite Re Limited (Series 2025-1) (“Black Kite Re”), a special purpose insurer (“SPI”) in Hong Kong. Building on the success of its inaugural 2022 issuance, this transaction secures US$50 million in retrocessional reinsurance protection, extending coverage in Japan to earthquake and typhoon risks while introducing parametric earthquake protection for China and India.

This issuance represents a significant advancement in the use of insurance-linked securities (ILS) to address Asia’s growing catastrophe risks. For the first time, India has been included in a 144A catastrophe bond, expanding risk transfer to one of the region’s fastest growing and most dynamic markets. It also marks the first multi-peril, multi-territory catastrophe bond issued by an Asian sponsor from an Asian domicile, underscoring Peak Re’s leadership in driving innovation across the region and addressing Asia’s evolving catastrophe risks. In addition, it is the first time a Hong Kong Special Purpose Insurer (SPI) has been reused for a second issuance, further highlighting the scalability and maturity of Hong Kong’s ILS framework.

Supporting Resilience and Innovation in Asia
“This transaction underscores our ability to pioneer innovative risk transfer solutions for the Asia-Pacific region,” said Franz-Josef Hahn, CEO of Peak Re. “By combining developed markets like Japan with emerging markets such as India and China, we’ve created a unique diversifier that strengthens resilience for our clients and their communities.

We are also proud to contribute to Hong Kong’s establishment as a global hub for ILS issuance and innovation. This bond reflects Peak Re’s broader mission to address Asia’s evolving catastrophe risks while fostering sustainable growth across the region.”

A Sophisticated Approach to Risk Protection
“The Black Kite Re 2025-1 bond provides us with a unique structure that combines industry-loss-trigger coverage for Japanese earthquake and typhoon risks with parametric earthquake protection for China and India,” said Iain Reynolds, Head of Third-Party Capital at Peak Re. “Its transparency and diversification not only deliver effective risk transfer but also offer a compelling opportunity for investors to participate in Asia’s dynamic catastrophe risk market.”

“This structure integrates the security of a fully collateralized retrocession with the efficiency and rapid response of parametric triggers, which benefits both Peak Re and ultimately our cedants.” added Sascha Bruns, Head of Global Retrocession at Peak Re.

Trusted Partners
GC Securities, a division of MMC Securities LLC, acted as the structuring agent and bookrunner. Mercer Investments (HK) Limited acted as a structuring agent and co-manager with respect to qualified Hong Kong investors. Cadwalader, Wickersham & Taft LLP acted as international counsel, and King & Wood Mallesons acted as Hong Kong counsel on the transaction.

The issuance reflects Peak Re’s ongoing mission to deliver tailored risk transfer solutions and strengthen resilience across Asia’s economies.