24 July 2015 News

Peak Re acquires stake in Nagico

Hong Kong-based reinsurer Peak Re is set to acquire a 50 percent stake in Caribbean-based insurance group Nagico.

The acquisition is part of Peak Re’s strategy of diversifying into non-Asian markets.

Nagico provides personal and commercial products and casualty products in English, Dutch and French-speaking areas of the Caribbean.

Franz Josef Hahn, chief executive officer of Peak Re, said: “NAGICO is a well established leading P&C insurer in the Caribbean market. This investment provides us with attractive growth prospects in this region.

“With the International Finance Corporation (IFC), a member of the World Bank Group, as one of our shareholders, Peak Re shares its enthusiasm in supporting the insurance industry in developing areas of the world such as the Caribbean. We look forward to working closely with Nagico and sharing our reinsurance and asset management capabilities.”

Imran McSood Amjad, chairman of Nagico, added: “Nagico is excited to have Peak Re as a strategic partner and shareholder. Peak Re is a fast growing global reinsurer with solid financial strength and extensive experience in the Asia Pacific market.

“This strategic partnership allows us to exchange knowledge and capabilities in our respective regions, gain access to like minded professionals and experts in the insurance realm as we would become a part of the Fosun Group and thus enable us to offer and deliver additional value to our clients. We look forward to a long-term and mutually beneficial relationship as we continue our quest to become one of the largest and most trusted insurers in the Caribbean.”

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