Peak Reinsurance Company Limited (“Peak Re”), the Hong Kong based global reinsurer, is pleased to announce a partnership with Shanghai Typhoon Institute (“STI”) of China Meteorological Administration.

Peak Re and STI will collaborate on research projects related to North West Pacific basin and South China Sea tropical cyclone activities and the impact of these cyclones on the insurance market. China is one of Peak Re’s core markets. The cooperation with STI is a major step for Peak Re to join forces with a highly recognised research institute in China to provide firsthand data on tropical cyclone activities. The upcoming tropical cyclone seasonal forecasts will benefit the insurance industry to better mitigate the related risks.

Commenting on the collaboration, Lawrence Cheng, Head of Analytics for Peak Re, said: “We are excited about this exclusive partnership with STI and are delighted to support such projects and contribute to the advancement of valuable forecasting on China typhoon activities. This partnership shows our commitment to providing added values to our clients’ to best serve the Chinese community.”

Dr. Lei Xiaotu, Head of STI, added: “STI is honoured to form this strategic partnership with Peak Re. This collaboration not only promotes cutting-edge scientific research, but also assists the insurance industry to better quantify and manage risks. It achieves the purpose of applying research findings to benefit society. Peak Re is a young and passionate company which aims to become a top-tier reinsurer. We look forward to growing with them through this partnership.”

STI is a state-level institution founded with the approval of the Ministry of Science and Technology, the Ministry of Finance and the State Commission Office for Public Sector Reform. Its mission is to undertake basic and applied research related to tropical cyclones. As one of the research units providing the best route predication for tropical cyclones in East Asia, STI has developed and maintained a database of meteorological information specific to cyclone activities in China.

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 and is rated “A-” by A.M. Best, a leading international insurance industry credit rating agency.

The Company is backed by Fosun International Limited (HK.656) and the International Finance Corporation, member of the World Bank Group, who have respectively invested 85.1% and 14.9% in the Company.

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