Peak Reinsurance Company Limited (“Peak Re” or the “Company”) is pleased to announce that the Company is now one of the Top 50 global reinsurance groups, by gross written premium, ranked by A.M. Best.

As a relatively young player in the global reinsurance industry, Peak Re continues to develop strongly and sustainably. The Company doubled its gross written premiums to US$582.7 million in 2015, with operating expense ratio halved to a very competitive level of 4.8% and generated an underwriting profit of US$8.7 million, at a combined ratio of 96.8%.  In the first half of 2016, the Company has also grown its gross written premiums by 54% to US$274.4 million, up from U$177.7 million for the same period in 2015.

“We are very excited to become one of the top 50 global reinsurers,” said Franz-Josef Hahn, Chief Executive Officer of Peak Re. “Peak Re’s vision is to become a trusted and client focused reinsurance partner for our global clients and making it to the top 50 in just three years since inception is a strong testimonial that we are moving on the right track.”

“This is an achievement of the entire Peak Re team,” added Mr. Hahn. “They have delivered superior client service, demonstrated by the well-recognised claims settlement, the long-term and solid relationship built with our global customers, the strong local knowledge and expertise fitting different market segments, the enthusiasm in supporting and providing services to the emerging Asia, and the courage to deliver original thinking and tailor-made solutions towards clients’ specific needs. These qualities make Peak Re a stronger global player every day.”

Peak Re achieved two important milestones recently. The Company has secured a US$100 million capital increase from its major shareholder Fosun International at the end of August. It has also acquired a 50% stake in NAGICO, a leading Caribbean insurance group, which the transaction was also completed in end August. With International Finance Corporation (IFC) as Peak Re’s the other shareholder, this acquisition ties in well with IFC’s strategy to support emerging and developing regions such as the Caribbean.

Wang Qunbin, Chairman of Peak Re and President of Fosun Group commented: “We are pleased to see Peak Re enter the top 50 list. Their achievement is in line with Fosun’s expectation towards the Company since it first launched – to develop as a leading global reinsurer that grows together with their clients and creates value sustainably in the long run. Fosun, as Peak Re’s long-term shareholder, is confident about their future and has hence increased our investment in the Company by US$100 million recently to support future growth.”

Mr. Wang added, “For the insurance segment, Fosun always puts emphasis on the synergy between the invested insurance companies and that between its insurance segment and other business segments. We fully utilize our own resources to enhance the development of our invested insurance companies. Fosun also supports its invested insurance companies to look for complementary acquisition opportunities, which will strengthen their market position in their respective market segments or regions. Peak Re’s acquisition of 50% stake in NAGICO is one of the good examples. With a stronger Peak Re, we trust this will bring significant value to the entire Fosun insurance segment.”

About Peak Re

Peak Re is headquartered in Hong Kong with shareholders’ equity of US$816.9 million as of 31 August 2016. It is authorized by the Office of the Commissioner of Insurance of Hong Kong and is rated “A-” by A.M. Best, a leading international insurance industry credit rating agency. The Company is backed by Fosun International Limited (656.HK) and the International Finance Corporation, member of the World Bank Group, who have respectively invested 86.93% and 13.07% in the Company.

Peak Re offers reinsurance treaty services covering a range of lines across Asia Pacific, EMEA and the Americas, tailor-making risk transfer and capital management solutions to best fit clients’ needs.