Sunday, February 5th, 2023

Peak Re declares ninth straight yr of premium development

“A number of extreme pure disasters have been a key characteristic that underpinned the 2021 efficiency of the worldwide reinsurance business and Peak Re’s P&C enterprise,” mentioned Franz Josef Hahn, CEO of Peak Re. “However the firm’s sturdy analytical functionality to discern dangers and a globally diversified portfolio helped mitigate the monetary impacts.”

Peak Re’s life and well being (L&H) reinsurance enterprise grew strongly in 2021, accounting for 11% of whole gross written premiums. Over the yr, Peak Re reported steady income development in Asia-Pacific and vital premium will increase within the Americas and EMEA. In 2021, 55% of the corporate’s income (based mostly on gross written premium) was generated from Asia-Pacific, 33% from the Americas, and 12% from EMEA.

The corporate’s whole fairness reached $1.47 million as of December 31, 2021, which Peak Re mentioned is instrumental in supporting the expansion of its P&C and L&H reinsurance companies. As well as, the corporate’s solvency ratio was 320% as of the tip of 2021, adequately above the statutory requirement set forth by the Hong Kong Insurance coverage Ordinance.

Different developments highlighted by Peak Re in 2021 have been:

  • Entered the longevity enterprise within the UK
  • Accomplished third Lion Rock Re sidecar transaction, elevating $107 million of third-party capital
  • Reached a definitive settlement to accumulate the remaining 50% issued share capital of the Caribbean insurer NAGICO Holdings
  • Ranked twenty seventh in S&P World Scores’ High 40 World Reinsurance Teams in 2021 by way of internet reinsurance premiums written
  • Maintained a seven-year monitor file of over 90% of claims settled inside 5 days

“Peak Re has come a good distance since its starting 10 years again,” Hahn mentioned, forward of the reinsurer’s tenth anniversary in December. “With a agency foothold in China and increasing elsewhere in Asia and across the globe, our purchasers have come to respect us for who we’re and what we need to be. We stay dedicated to partnering with our purchasers to assist their endeavors.”

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