Peak Re growth nearly triples in 2014
Peak Reinsurance Company, the Hong Kong based reinsurer, delivered a solid set of results in 2014, its second year of operations.
The reinsurer posted a 180 percent increase in gross written premiums to $288.1 million in 2014, compared with $103.2 million in 2013. It said that this growth was primarily due to Peak Re’s expansion in the Asia-Pacific region, which accounted for 80 percent of the company’s premiums, and diversification in EMEA and the Americas.
Its net written premiums also soared; Peak Re posted a 188 percent increase to $279.7 million in 2014, compared with $97 million in 2013.
However, Peak Re’s profits fell to $41.6 million in 2014, compared with $102.9 million, which the reinsurer said was driven by an exceptional investment result.
Franz Josef Hahn, chief executive officer of Peak Re, said: “2014 was a year of expansion. We continued to grow our franchise in our home markets in Asia Pacific and started to build a sizeable portfolio in EMEA and the Americas.
“Furthermore, we added credit and surety and life reinsurance to our suite of offerings. As a result our top line expanded considerably. More importantly, only in our second year in business, we were able to turn in a technical underwriting profit of $15 million.
“Our premium growth in 2014 was mainly achieved with existing clients who have chosen to allocate larger shares to Peak Re. This fills us with pride and demonstrates that we are on the right track. Delivering on our promises will remain a guiding principle of Peak Re’s business conduct as we move forward.”
