Peak Re eyes Caribbean expansion with latest acquisition move

Hong Kong-based global reinsurer  Peak Re is to become the 100 percent owner of  NAGICO Holdings following its agreement to acquire the remaining 50 percent of the Caribbean insurer that it did not already own.

Peak Re acquired a 50 percent stake in the company back in 2016. The latest transaction is a "natural next step" and in line with Peak Re's strategy to diversify its portfolio globally.

Upon completion, NAGICO will become a wholly-owned subsidiary of Peak Re, and benefit from the reinsurer's expertise and balance sheet, to further strengthen its capabilities and offerings in the region.

Franz-Josef Hahn (pictured), CEO of Peak Re, said: “ NAGICO is a leading composite insurer operating in the Caribbean region. It provides a broad range of personal and business insurance solutions. The acquisition of the remaining 50% stake in NAGICO will enhance Peak Re’s geographical and portfolio diversification.”

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