Peak Re mulls IPO in Hong Kong
Peak Reinsurance is mulling over a possible flotation in Hong Kong to support the reinsurer’s long-term growth and development, AM Best said in its Sept. 5 Best Week Asia-Pacific edition, citing Fosun International chief financial officer Robin Wang.
If the plan to list on the Hong Kong stock exchange goes ahead will depend on the development of Peak Re and the condition of the capital market, Wang reportedly said at Fosun’s interim results conference in Hong Kong. Peak Re is majority-owned by China’s investment group Fosun International.
The IPO would be for new shares issuance in the stock market to strengthen the capital position of Hong Kong-based Peak Re. A listing on the A-share market in China is not being ruled out.
In the first half of 2017, Peak Re’s premium income increased 72.2 percent to $472.4 million. Net profit was $36.1 million.
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