Peak Re CEO bullish on 2020 outlook after 'balanced' 2019

Hong Kong-based Peak Re's CEO Franz Josef Hahn is "confident" about the company's 2020 outlook despite the challenging environment and market volatility. The reinsurer reported a strong growth in 2019, driven by profits from both underwriting and investment.

The reinsurer highlighted a net profit of $35 million for full year 2019, compared with $19.5 million in 2018.

The gross written premiums rose to $1.7 billion, up from $1.38 billion in 2018.

The company said that its strong underwriting performance and effective risk management enabled it to navigate smoothly through a year of frequent natural catastrophes and market volatility.

Chief executive Hahn said: “2019 is best characterised as a balanced year. While the global reinsurance industry was affected by the recurring number of natural catastrophes and rates hit the bottom of the pricing cycle, we have adopted a fresh perspective that allowed Peak Re to weather these uncertainties well, demonstrating the inherent resilience in our business model as well as our ability to seize opportunities as they arise.”

Hahn added: “We thank all of our clients, business partners and shareholders for their trust, the team for its relentless hard work and our board of directors for its strong guidance. We are pleased with what we have achieved together and confident of our outlook for 2020 and beyond.”