Peak Re secures approval for Zurich launch; appoints CEO
Peak Reinsurance Company, the Hong Kong-based reinsurer, has secured approval from the Swiss Financial Market Supervisory Authority (FINMA) to establish a subsidiary in Zurich.
Jacques Burri, currently head of Europe for Peak Re, has been made chief executive of the Swiss unit. Franz-Josef Hahn, chief executive of Peak Re will be the executive chairman of the new subsidiary. Cathy Chen, chief financial officer of Peak Re will join the board as executive director, and Dr. Ulrich Fricker, formerly the chairman of the Swiss National Accident Insurance Fund, will become Peak Re AG’s independent non-executive director.
Hahn said: “This is a major milestone for Peak Re, as Europe is an important market for us. In order to enhance our proximity and offerings to our European clients, we have started to expand our footprint in this market by setting up an office in Zurich in September 2015. With the new Peak Re AG, we further emphasize our commitment to our clients in Europe.”
Burri added: “We are very excited about the opportunities that a fully licensed Zurich based subsidiary will provide to Peak Re’s expansion in Europe. By combining our presence in Zurich with our Hong Kong based operations, we are able to maintain a single underwriting platform, which will provide our clients with a service offering that is fully compliant with European regulation, while delivering Peak Re’s values of strong client focus and prompt claims settlement.”
Today’s top stories
Chubb reveals leadership for new positions in UK and Ireland
Axis Capital expects $50m charge from Ogden rate slash
No need for major overhaul of EU recovery and resolution rules for insurers
TMK expands property owners team with another hire
Bulk annuity market behaviour driven by Solvency II, claims Aon
Did you enjoy reading this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
