Peak Re boosts capital by $100m, eyes renewals growth

Peak Reinsurance (Peak Re) has increased its shareholder funds by $100 million to $816.9 million to support its growth in time for the upcoming renewal season.

Peak Re’s gross written premiums for the first half of 2016 were $274.4 million, a 54 percent increase, up from $177.7 million for the same period in 2015.

The increase in capital came from Fosun Group, Peak Re’s largest shareholder.

International Finance Corporation (IFC), a member of the World Bank Group and another shareholder of Peak Re, may participate in the capital increase at a later stage, the company said.

Franz-Josef Hahn, chief executive officer of Peak Re, said: “Founded in late 2012, Peak Re is one of the few locally established reinsurers in Asia-Pacific, underwriting property and casualty and life and health business for our customers both in emerging and mature markets.

“Our capital increase is an important milestone in Peak Re’s strategic development. It serves the dual purpose of strengthening our contribution to reducing the prevailing underinsurance in Asia’s emerging insurance markets, and, at the same time, to further diversify and expand our global portfolio.”