Fosun vice president becomes Peak Re chairman

Fosun International vice president Li Tao has been appointed as chairman of the board of directors of Hong Kong-based Peak Reinsurance Company.

Li was already a non-executive director of Peak Re. Peak Re is majority-owned by China’s investment group Fosun International.

In addition, Peak Re chief financial officer Chen Kaihong has been appointed as executive director and Fosun Insurance Group chief financial officer Yuan Xi as non-executive director, all with effect from July 27, 2018.

Furthermore, Fosun International chairman Guo Guangchang resigned as non-executive director of Peak Re and and Wang Qunbin resigned as chairman of the board but will remain a non-executive director of Peak Re.

Peak Re CEO Franz Josef Hahn said: “After completing the first five years of successful operations at Peak Re, it is now an appropriate time to implement a major change in the board of directors. On behalf of the board, I would like to express my sincere thanks to Mr. Guo who provided great support to Peak Re as non-executive director. Since the inception of Peak Re, he has been willing to listen to new ideas with an open mind. I truly appreciate and am grateful for Mr. Guo’s foresight and courage to back the start of Peak Re and increasingly entrust more responsibilities to our board of directors and Peak Re’s management, following the success of the past few years.”

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

Aspen grants CFO $2m retention award

Lloyd’s agencies eager to embrace ILS

Admiral CEO pleased with UK motor as H1 profits rise

IAG grows insurance profit by 11% in 2018 FY

Capsicum Re boosts cyber division

Reinsurers align third-party capital with their needs

Don't miss our insurtech email newsletter - sign up today