Peak Re enjoys solid start in 2013 results

Peak Reinsurance Company, the Hong Kong based reinsurer, has delivered an encouraging set of financial results for 2013, its first full year of underwriting operations.

The company made a net profit of $103 million in 2013 on the back of a solid start writing property & casualty treaty reinsurance business and significant gains from investment income, it said.

Its gross written premiums for the year were almost identical to its profit at $103 million while its total net assets were $652.75 million.

The company said its underwriting portfolio included property & casualty treaty reinsurance deals in markets including China, Japan, South Korea, South East Asia, Australia and New Zealand.

Wang Qunbin, chairman of Peak Re, said: “Peak Re has made a strong start in its first underwriting year and this set of results demonstrates the potential the company has to develop as a leading reinsurer in the region.

“Reinsurance business plays a vital role in the world financial system, and according to our understanding of the global reinsurance market, we believe Peak Re will play an even larger role in both the Asia Pacific and global reinsurance market in future with the full support of its board of directors and shareholders.”

Peak Re’s chief executive officer Franz Josef Hahn added: “These results are very encouraging for our stakeholders and clients alike. When we launched Peak Re, we believed we could add real value to the reinsurance markets with our expertise and unique brand of professionalism, and we are demonstrating this with our satisfactory first year of results.”