Peak Re expands capacity for warranty insurance market in Asia Pacific

Peak Re has entered into a managing general agency (MGA) agreement with NexAssure Agency to expand its presence in the warranty insurance market in Asia.

NexAssure Agency, a Hong Kong-based specialist in the extended warranty business in Asia Pacific, will now provide Peak Re with capacity for the region.

“While the extended warranty market is still in its infancy in Asia, this partnership will allow both parties to capitalise on the opportunities in this growing sector,” said Peak Re.

The newly created MGA will focus on China and other Asian countries, and will offer reinsurance support to insurers on a range of products, starting with motor.

Tony Hobrow, CEO of NexAssure Group, said: “This is another exciting step forward for NexAssure as we seek to expand our products and services across the Asia Pacific insurance markets. In teaming up with Peak Re, NexAssure has found a partner with a rich and deep understanding of the region, who are committed to Asia Pacific in the long term”.

Franz-Josef Hahn, CEO of Peak Re, commented: “Peak Re is pleased to support this venture with NexAssure, working with NexAssure’s underwriting team to expand our offering in the class of extended warranty.

NexAssure’s principal officer is Dermot Reilly, who is based in Hong Kong and will lead the new MGA.