Peak Re results soar thanks to new business
Peak Reinsurance Company (Peak Re) has reported strong financial results for 2015 – its third year of operation.
The Hong Kong’s firm said that its income grew by a substantial 42 percent last year to $59.2 million, despite a challenging investment environment.
Gross written premiums (GWP) also increased by 102 percent to $582.7 million. The company said that premium growth was driven by larger shares gained and new business from Peak Re's core Asia Pacific markets, the company’s geographical expansion into Europe and the Americas, as well as its entry into new lines of business such as life and casualty reinsurance.
Net written premiums increased to $564.2 million, up 102 percent from $279.7 million in 2014.
The firm also delivered an underwriting profit of $8.7 million, with a combined ratio of 96.8 percent.
Franz Josef Hahn, chief executive officer of Peak Re, said: “2015 was a successful year for Peak Re. We demonstrated the validity of our lean and efficient business model by significantly growing our book of business in a tough market environment.
“Peak Re delivered strong results on all fronts. Our premiums doubled, which testified the strengthening of our client franchise, both by expanding geographically and line of business, as well as developing larger shares and new business from existing clients. In addition, we started to replicate our successful Asia Pacific market approach in Europe and the Americas, by building our Zurich branch and our strategic investment of 50 percent stake into Caribbean insurer NAGICO.”
Hahn also said the firm was aided by its focus on technical excellence, which helped yield a good underwriting profit and a further substantial reduction of the firm’s cost ratio.
